I'm not an expert in Steemit, however, this is my understanding about it completely based on the information available. When I started to use Steemit I was a bit skeptical about using it. I wanted to know if its real or just another scam. If you're like me then I hope to answer some of the questions you might have about starting on Steemit. Again this is just my opinion.
You can create a Steemit account for free.
Steemit is a social network that pays you for the content published depending on the up votes your article gets and also you get paid when you upvote others.
There are 3 types of Steemit currencies; Steem, Steem Dollars and Steem Power.
Steel (Digital Currency)
This is the form of currency that you can either transfer into Steem Power or Steem Dollars. You can even buy and sell Steem just as you would use Bitcoins.
Steel Dollars:
When you post an article and no matter how much you get paid, 50% of that amount would be in Steem dollars. On top of that if you hold your Steem dollars without exchanging them you get paid an extra 10% interest.
There are 3 ways to use Steem dollars;
- Convert: You can convert it into Steem and sell it or use them just as you would use bitcoins.
- Keep it: Keep Steem dollars as they are and in return for keeping them within the same network you get paid extra 10% Interest. If you want you can Convert or Sell them any time.
- Exchange: This is the best option according to me. You can exchange Steem Dollars for Steem Power and this gives you an upper edge when you up vote others blogs they get paid more and when you get upvoted you get paid more for holding Steem Power.
And the 3rd type of currency is Steem Power:
All I know about Steem Power is that it is the most powerful currency on Steemit and can help you in the long run to make more money. Having Steem Power means having ownership with Steem network. As the Steemit value increases so does the value of your share. The more Steem Power you have your upvotes get paid more. Once you get Steem Power you can't sell it for 2 years.
Steemians this is all I understand about Steemit. Please help me understand it more by adding your valuable comments and enlighten me. If there is something you feel I've not understood please let me know. If there is something I have mentioned incorrectly please let me know. So I can correct myself and learn from my mistakes.
Thank you for the time taken to read my article. Enjoy your Bank Holiday.