The 7 Fundamental Questions About Steemit

in #steemit6 years ago

Steemit is a wonderful piece of technology, but, to the regular user, it may have quite a steep learning curve. On the surface, it looks like a simple, normal social media site, but under the hood there are a lot of revolutionary, and sometimes complicated, processes.

I decided to put together a post in which I'll try to answer to the most basic questions, providing then links or guidance to other posts in which I go into details on a specific topic. If you're new here, I recommend to bookmark this post as the "root" of all the explanatory posts linked form here. Also, feel free to share it with other people, if you think it's useful.

Without further ado, let's start!

1. Where Does The Money Come From?

Simply put, from inflation. Steemit is a website built on top of a blockchain, which produces tokens, just like Bitcoin and Ethereum do.

I know, when you hear this, at least a dozen of other questions are arising, so you'd probably want to know:

  • how is the money distributed?
  • in what currency am I paid?
  • what is the reward pool?

All these questions, and a few more, are answered in this article:

Steemit Newbie FAQs: Where Does The Money Come From?

2. What Is A Witness And Why Should I Care?

A witness is a person operating a witness node, which validates Steemit blocks. It has a similar function with a miner in a Proof of Work blockchain, only in Steemit, you don't need that amount of hashing power. In simpler words, witnesses are the ones supporting this blockchain, without them, there will be no content, no voting, no tokens.

As always, I can sense the next questions:

  • how do you vote for a witness?
  • there are different types of witness: top 19 and runner up? Why?
  • can I delegate somebody else to vote for witnesses on my behalf?

The answer to all of these and a lot more details about how the block generation works on Steemit, here:

Steemit Newbie FAQ - Witnesses: What Are They And Why Should You Care

3. Can I Get Hacked On Steemit?

Hey, this is (still) the internet, of course you can get hacked. Only here you get hacked in a different way. The most important difference is that your account is not stored in a central database, somewhere, that somebody can recover for you. Instead, it lives directly in the blockchain and you're the only one responsible for its security.

Wait, but what about:

  • what is a public / private key pair?
  • if my account is public, everybody can access it?
  • what is the Steemit master password?

All these, and a few more, are answered in this post:

The Beginner Guide To Not Getting Hacked On Steemit

4. Is It Ok To Ask Around People To Upvote Me?

Short answer: no.
Long answer: no, and if you do this, a unicorn will die in wonderland.

Seriously, there is a lot to be learn in terms of social behavior on Steemit, specifically because this site is loaded. The presence of money changes dramatically the goals and the approaches of people here. From spamming to whale-hunting, newcomers are trying all sorts of strategies to increase their rewards. Most of them fall dramatically.

If you really want to make it here, I recommend starting here:

Netiquette: How To Avoid Being A Steem Douche?

5. How Accurate Are The Rewards Displayed Next To My Posts?

Not very, at the moment. It has to do with the currencies in which you are paid and also with a thing called "the peg" between SBD and the USD, which, at the moment, is broken. So, if you really want to understand what is going on, I highly recommend the explanation on the following article (it also has a nice simulator, so you can see in real time how much you're getting for any arbitrary amount - also, there are a lot of nice stats there):

Steem.Supply: Rewards Calculator

6. Can I Mine The STEEM Token, Just Like I Mine Bitcoin?

It used to be possible, in the beginning, but, due to a bug in the implementation, the mining queue was hijacked by only a few players, making it almost impossible for other people to get something. It may be possible that mining will come to Steemit in another forms (specifically, for mining the fee for creating an account), but, at the moment of writing, there is no possibility to do that.

If you want to know all the details, have a look here:

How Can I Mine Steem And What CPU / GPU Power Do I Need For That?

7. Can You Make Money On Steemit?

Short answer: yes.
Long answer: yes, but...

I'm gonna be really, really, short on this one and send you instead to a longer post I wrote last year, after I reached my 5000th post here. Yes, you read that right: the 5000th post.

Can You Really Make Money On Steemit? 5000+ Posts Later My Answer Is: "Yes, But..."


Well, that's it! I think these are the 7 most fundamental questions about Steemit. If you have suggestions or questions, feel free to ask them in the comments.

Steem on!


I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.


Dragos Roua


Wanna know when you're getting paid?

I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards

It's free to use, but if you think this is a useful addition, I'd appreciate your witness vote.

Thank you!


Sort:  

good info for people who dont understand how this works

That would be ME @lasper! lol The info in this post is exactly what I needed, after floundering around on Steemit for the past few weeks. Excuse me while I do a Happy Dance...

Add this: Is Steemit fair?

No, it's not.

Grasp that reality and move forward.

WAY more fair than Facebook slave labor! lol

Add this: Is Steemit fair?

No, it's not.

Very, very true.

Took me a bit to embrace that idea. Before that, I was merely writing everyday hoping for a break. Now I comment and get to know others.

Don't play fair in an unfair life to get ahead in life.

Disclaimer: Don't be an asshole.

That's my approach too, and I still stand firm behind the idea of commenting more than I post. I have learned so much in these few months that it's hard to imagine life without Steemit everyday.

Getting to know others helps build a stronger community and you find value in being on the site regularly, or at least I do!

Chicken and egg. Once you get higher rewards you'll definitely be posting more.

Yes, I can see where it would become addictive! It already is for me! I really enjoy the feeling I get from interacting with others here, unlike being on the mainstream social media websites.

@dragosroua
This is by far the best guide for getting started i've found here on steemit. And i really searched a lot to inform myself. The work you put into it is simply overwhelming. I subbed and will check your posts first every day, because i have the feeling that i can learn so much from you. Thanks again. I Can't thank you enough.

What if someone with a regular account got voted in as witness? Is the steem client hard to set up amd run? How do we know we are voting on a good, up-to-date node? I could probably give 7 questions here.....🤔

Have a look at the specific article first, it may answer some of the questions.

You can't get votes as a witness if you're a regular account. In order to signal that you're eligible as a witness, you have to broadcast a specific transaction on the blockchain, which basically says: "hey, I set up my client and I'm ready to produce blocks". From that moment on you can receive witness votes.

Makes sense. Usually a logical answer if machines are involved.....humans, not so much. I have a bunch of machines, 2 of them powerful. I feel they should be raking in some cryptos, somehow....

go for it :)

What's necessary to set up a client? I'd like to look into this in the future.

I just now noticed this post. I read it with wide eyes and bookmarked it. I really enjoyed the netiquette parts.

Write on.

Resteeming this for friends who've just recently joined.

Thanks for sharing!

Having seen (and commented on) so many "where's the money from" entries lately, this answers a few fundamental questions. Thank you. I'd resteem this, but I'm suffering from "bandwidth issues," along with half a squillion other people right now.

@dragosroua I have been here for a year and a half and I learn something New all the Time. That is a Good Thing. The more you learn the more you can share with others..............

Number 6 intrigues me... we may not be able to actually mine Steem or SBD, but we mine our minds, our passions and our emotions all the time. This platform is a "Proof of Self". Keep it coming sir.

The minining, is us.

No wonder Unicorns got extinct. :)

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