Some Guidance On How To Work Steemit …
As part of my learning curve still being in the process of mastering Steemit and all it’s workings I decided to share with you some of my findings.
What is Steemit?
It’s a social network that pays both the content creators and curators.
- Content Creators - When the content you create gets upvoted you make money.
- Content Curators - When you upvote other people’s content you make money.
How Does Steemit Work?
Steemit is a lot like other digital currencies. The Steemit currency can be traded, bought, and sold on the open market just like all of the other digital currencies.
The primary ways to earn Steemit is to create, curate and engage on other peoples content.
- Create value adding content.
- Curate good content from other people and upvote.
- Comment and be part of discussions on other people’s content.
Steemit Currency Units
Steem - Steem are the units that are bought and sold for actual money on the open markets. You can trade them as you would any other digital currency.
Steem Power - Owning Steem Power Units is essentailly like making a long term investment. Some more good reasons for having Steem Power:
- Keeping your currency as Steem Power Units, you will be able to make a lot more money in the long run because you will essentially have ownership in the network. As the network grows, so will your piece of the pie.
- The more Steem Power Units you have the more your curation vote will count. You will have more influence on the site and you will also get paid more for upvoting other people’s work.
- They prevent massive price swings and volatility on the open markets.
Steem Dollars - Is the final form of the currency and never get diluted or lose their value. The currency is designed to be stable and can also be sold at any time. When you create popular content 50% of your pay will be Steem Dollars.
3 Choices When You Earn Steem Dollars
- You can convert the Steem Dollars to Steem and sell it immediately on the open market for real money, essentially cashing out.
- You can hold the Steem Dollars, which keeps the money in the network.
- You can exchange your Steem Dollars for Steem Power.
Newly Created Steem Distribution
- Every day 90% of the new Steem units are awarded to the people who holds Steem Power Units.
- 10% of the new Steem units are paid to content creators, curators and commenters.
- When you create content that actually earns money, 50% is paid to you in Steem Dollar Units. These units can be converted to actual money or Steem Power. The other 50% is paid in Steem power.
Understand The Following
- Where did Steemit come from?
- Why is it there?
- Where is it going?
This is it from me for now.
To my fellow Steemians,
Thanks for being here. You're awesome and I appreciate you …
