What is Steemit?
Steemit is a social media plateform. Like Facebook, Instagram, Twitter where user are allow to share their thoughts to public or to other users but Steemit has a huge difference.
Why Steemit is different from other platefroms?
Because Steemit pays you for your good quality content and when someone upvotes your content and comment then you earn. Content means your posts and upvote means like in Steemit.
How it is possible?
Maybe you are hearing first time that you got paid when someone like your post or comment on it.
Yes it's really true and it's not scam. And all of this is possible because the Steemit platform is built on a digital currency which is known as Steem. (Steem is a cryptocurrency)
In Steemit website user earn in Steem and later exchange this digital currency to real money. Currently Steemit is providing 2 ways to sign up one is free and one is paid.
How steemit work?
Every day you have to get engaged with the site. The more you engage the more you earn. And people who make content they are rewarded for their content. People who upvote content are rewarded for helping to curate the best content available on the site. Who comment on the contents they are also get paid.
Here are 3 Steemit currency units:
Steemit website has 3 steemit currency units and those are :
- Steem
- Steem Power
- Steem Dollars
Steem : Steems are the units that can sold for actual money. This are similar to Bitcoin. So you can trade this whenever you want.
But you don't want to hold this currency because Steem Units are created everyday. If you wanna hold it for long time maybe it will loss it value.
Steem Power : If you keep your Steem Power then you are going to make more money with it . Because you have ownership in the network. As the network grows your return also increase.
With more Steem Power you can give more upvotes in people contents. By those you will have more influence in the website and you will get paid for upvoting others people contents.
Steem Dollars : It is the final form of the currency. Advantage of this currency is it's never loss it's value. This currency is made for to have a stable value and sell at any time. When you will create a quality content which will get popular then 50% of your pay will be in Steem Dollars.
And if you hold this currency you will get rewarded too.
After earning how to get payment?
After earning you have 3 choices to get your Steem Dollars. And these are :
Convert the Steem Dollars to Steem and sale it immediately in market for instant real money.
Hold your Steem Dollars and the network pays you 10% interest. In future you can sale when the value goes up. And I think this is the best option when we sale cryptocurrency.
Exchange of your Steem Dollars for Steem Power.
This was the Background of Steemit. If you enjoyed reading this post then don't forget to Upvote and Comment as it will help me alot as a newbie.