Proof of Work, Proof of Stake and Proof of Wallet!
Proof of Wallet: How I to earn rewards on Steemit.
I joined Steemit this year to earn rewards for the content I produce. I first read about this platform while reading about cryptocurrency and blockchains. I was learning about POW which means Proof of Work, as a way of making money. Then I learned about POS which means "Proof of Stake" as a way to make money. Then I read about the Steemit platform and the concept called POB or Proof of Brain, as a way to make money. The Steemit platform allows writers, artists, musicians, comedians and others to use their brain to make money and it is called Proof of Brain.
Now as wonderful as it was to learn what POB or Proof of Brain means as a concept, I have had to learn a lot more things to make money then just learning what Proof of Brain meant. And it is those things, which I am sharing with you here, which I call "Proof of Wallet" or PROFIT since the acronym POW is already taken. 😀
I want to stop for a moment here and say thank you to everyone who taught me how to make money here on Steemit. I can't begin to name all of you, but I have you on Stemautovote, so I never forget to thank you with Steem. To be clear, I have learned a lot, I am still learning and I expect to continue to learn more going forward. So to my teachers past, present and future I say Thank you!
One of the most important things I can tell you about Steemit is interact with people.
I write comments on posts, I ask questions about posts and I ask people to explain and tell me how things work in Steemit so I can be successful. And SURPRISINGLY these people tell me! I am sure they don't tell me everything and I don't always understand everything they tell me, but by reading and following their suggestions and advice I learn and benefit financially. That's one of the beauties of this system, It is possible for us to benefit by helping others be successful. I read that Dan Larimer, one of the founders of Steemit said his goal is to create a system where people are rewarded for doing good things.
In the Steemit economic system sharing my money-making tips with you doesn't hurt me, it helps me. I help you and your success helps me, but not through a pyramid or Ponzi scheme. In Steemit your success can be my success,because if you like my content, follow my blog and upvote my posts I benefit. This is a long term investment I am making in you and in this platform. My readers are my upvoters, the more Steem they make from my tips the larger their upvotes become. I will benefit from your success. So you and I are in this together: We are like the tree below shaking hands with our roots as our efforts together help us both grow.
Part 1: Enthusiasm, Interaction, Relationships versus Followers and Reward (Money).
I started Steemit with a lot of enthusiasm. That enthusiasm pushed me to interact with others n the platform. This leads to making friends and finding special people: the ones whose posts you want to look at and who you want to look at your posts. This allows you to give meaningful feedback and hopefully upvote their posts. Then they can read and upvote yours also. These people become your follower and you become their follower. But there is an important difference here, you and these people now have a relationship. That is something special. Its one thing to just go out and get as many people as possible to follow you by asking, begging or pleading. But that doesn't build relationships with mutual feedback and mutual upvotes. It is your mutual interest in each others content, success and ability to reliably interact and upvote which creates a relationship. This will result in rewards. Now depending on how much your individual followers invested in Steem and Steem Power the rewards can be substantial. But remember your relationship should help both of you succeed and grow and as you each grow, your upvotes benefit to each of you grows. One person lifts the other up taking turns and both benefit and succeed.
Part 2: Essential
Minimum payout level payout.
There is a minimum amount of either author or spending reward that a post or comment should earn for you to get paid. I did not know this when I started and wondered why my smallest reward did not come out in the wallet after seven days. If your prizes earned is less then 0.020 you will not get paid. The rewards are called "dust". That's frustrating because the reward of 0.019 may be your first author's reward, but it does not pay you. Sadly all you need is 0.001 more to get paid. Fortunately there is a solution called "dustsweeper" and I explain it below.
30 minute policy.
After an author submits a post or comment a timer begins and the closer to the time of posting you give your upvote the smaller the percentage of the rewards go to the curation pool. But the closer you are to 30 minutes after the author submits the post the greater the percentage of the curation reward you can earn. So early upvoting may result in zero rewards for you, while upvoting in 30 minutes will give you maximum curation reward. In 30 minutes the author got 75% and the curators split 25% of the post reward.
Comments Rewards.
You get paid a reward when someone upvotes your post in proportion to their voting power. But do you know that you can upvote the responses and pay those who support you in upvote? I did not know it at the beginnning but now I upvote comments that people make on my posts to reward them for interacting. Then I go to their blog, read, comment and sometimes upvote their posts if I want to develop a relationship. This is how we build relationships. Sometimes if you read the comments below a post you can see the six responses between the author and a follower or advocate. Each of the answers may have a reward and as long as it is over the "dust" border of 0.02, they are paid.
Resteem Posts.
You can "resteem" a person's post, which means sending it electronically to all who follow you. This means that this will also be listed on your blog and on your followers feeds. This is a way of displaying posts to more people. It has two effects: (1) It may increase rewards for the author and (2) It can increase the curation reward for you. This is a win-win situation where you can both benefit.
Part 3. Three Fast Methods to make money.
Get Paid for dust!
The first thing you need to do when you first start as an individual or a community is stop losing dust rewards. When you write a post you will get author's rewards and when you comment on a post you get curation rewards. When you first start the rewards are divided into two different pools of rewards and they will be small. The most important thing to realize is that if either of the pool total rewards are less than 0.02 dollars, you can not get paid. Steam rules call all rewards for a post or comment below 0.02 "dust reward". You do not get paid for these "dust rewards" they just disappear. This means that new members write posts, earn some rewards, but don’t get paid. BUt there is a Solution !!
You can get paid these dust rewards by participating in the program called "dust sweeper". The "dust sweeper" is a bot; A bot is an automated computer program that performs a function or carries out a transaction. If you pay the "Dustsweeper" the "sweeper" "bot" checks each of your post author's rewards, and your comment rewards on day Six and if any is below 0.02 and it upvotes them to an amount over 0.02 so that you get paid. It eliminates the loss of Dustrewards. So now you get paid a little money for each post you write or comment you make. And I think these small payments mean a lot when your new to Steemit.
How does this work?
You pay 1 SBD and the bot uses your money to upvote your dust reward level posts until it's almost gone, then it will send a note to your wallet asking you to pay more.
You may be thinking of that your just getting your own money back, but that’s not the whole story. The upvote is added to existing upvote rewards less then 0.02. So get your money plus these dust rewards. Which means you profit every time. Follow this link to sign up on Twitter: @palikari123/dust-sweeper-turn-dust-votes-into-profit
Steemit Basic Income Steemit Basic Income Steemit Basic Income Steemit Basic Income
The second thing I suggest is that you make a gift called "Steemit Basic Income". You are giving this gift by paying a fee and purchasing a "part" of this program and the program ensures that one or more posts per week are upvoted to a certain amount. The amount of upvote depends on how many posts you have written. The good thing about this program is when you buy a "share" for someone else you will automatically get a "share" for you. You can also provide two "shares" instead of getting a "share" yourself. This is a great way for community members to bond with one another or for leaders and founding members to ensure that new members are paid. Follow this link to sign up at: https://www.google.com/steem/basicincome/@steembasicincome/steem-basic-income-a-complete-overview
Buy upvotes and Upvote "bots".
You can pay someone else to Steemit to upvote your post a certain amount. We all have ten 100% voting power in one day, which we can give away or sell. If you gather enough Steem to Power up your Steem Power at nearly 100, your upvote is worth the money. Some people freely give their votes, others sell their votes. These people are advertising on their Steemit profile that they sell votes and this is their choice. They usually make it profitable for you to buy their upvote by selling you a 0.04 upvote for 0.02 SBD or Steem. Some sell 1.0 SBD upvote for 0.5 Steem. Remember, there are votesellers who take your money and do not provide upvotes. I suggest you read their replies from their customers to see if there are problems and more importantly how they deal with it. You want to see how easy it is to get refunds. Once again interaction is important: ask people who use votesellers who they use and what their experience is, so you know what to expect and how to ask for refunds.
The second way to pay for upvotes is by using the "bot". A bot is an automated computer program that performs a function or carries a transaction. There are "bots" referring to the upvoting "bot" you pay for and they upvote your post with a certain amount of dollars depending on how much other people bid. It is like paying someone, but it has important differences, which can make you lose money or not profit from "bots", so read the instructions and rules carefully.
Steembottracker An Application created by By
There is a website called "Steembottracker" which lists all the bots and explains the "bidding process". In this bidding system you pay to make a 10% or greater gain: or money. It also tells you if the boots are useful. It may be helpful, but if you do not read the instructions or if you have not read the payout value in "Steembottracker" you can not earn money or even lose money. Note that refunds from "bots" are hard. I suggest you deal with people who sell votes with high reputation marks.
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Photo Credits
All images are royalty free Pixelbay, shutterstock or public domain.
Dustsweeper images by
Steemitbottracker image from the website
Sources
Dust sweeper Explained: https://steemit.com/community/@palikari123/dust-sweeper-turn-dust-votes-into-profit
Dust sweeper FAQ: https://steemit.com/dustsweeper/@dustsweeper/dustsweeper-faq
Dust sweeper update: https://steemit.com/community/@danielsaori/dustsweeper-update-send-gifts-to-users
Steem Basic Income: https://steemit.com/basicincome/@steembasicincome/steem-basic-income-a-complete-overview
Steem Basic Income Interview with user/ supporter and Steem witness: https://steemit.com/steembasicincome/@steembasicincome/steem-basic-income-interview-with-f3nix
Steem Blue Paper
https://steemit.com/steemit/@shortsegments/steemit-newbie-important-information-part-1-four-quick-tips
https://steemit.com/steem/@shortsegments/steemit-newbie-important-information-part-2-three-quick-ways-for-newbies-to-make-money
https://steemit.com/steem/@shortsegments/steemit-newbie-part-3-security
https://steemit.com/steem/@shortsegments/steemit-for-newbies-part-4-downvotes-flags-plagerism-rules-steemcleaners-and-cheetah-bot
https://steemit.com/kr-exchange/@shortsegments/steemit-for-newbies-part-5-the-cheetah-bot-my-short-summary
Dust sweeper Explained: https://steemit.com/community/@palikari123/dust-sweeper-turn-dust-votes-into-profit
Dust sweeper FAQ: https://steemit.com/dustsweeper/@dustsweeper/dustsweeper-faq
Dust sweeper update: https://steemit.com/community/@danielsaori/dustsweeper-update-send-gifts-to-users
Steem Basic Income: https://steemit.com/basicincome/@steembasicincome/steem-basic-income-a-complete-overview
Steem Basic Income Interview with user/ supporter and Steem witness: https://steemit.com/steembasicincome/@steembasicincome/steem-basic-income-interview-with-f3nix
Steem Blue Paper
https://steemit.com/steemit/@shortsegments/steemit-newbie-important-information-part-1-four-quick-tips
https://steemit.com/steem/@shortsegments/steemit-newbie-important-information-part-2-three-quick-ways-for-newbies-to-make-money
https://steemit.com/steem/@shortsegments/steemit-newbie-part-3-security
https://steemit.com/steem/@shortsegments/steemit-for-newbies-part-4-downvotes-flags-plagerism-rules-steemcleaners-and-cheetah-bot
https://steemit.com/kr-exchange/@shortsegments/steemit-for-newbies-part-5-the-cheetah-bot-my-short-summary