What is STEEM and how does it work?

Alright Guys and Gals. Steemit is blowing up!
People are making thousands of dollars and if you’re reading this, I’m willing to bet that you want to be a part of this incredible new community too.

Steemit pays both the content creators when their work gets upvoted, as well as the people who curate the best content on the site by upvoting others work.

How does Steemit work?
In some ways, Steemit is similar to other digital currencies. For example, Steemit currency units can be traded, bought, and sold on the open market just like all of the other digital currencies.

How are the newly created Steem distributed each day?

Every day 90% of the new Steem units are rewarded to the people who hold 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 that can be exchanged for actual money right away (or converted into Steem Power). The other 50% is paid in Steem Power. The Steem Power Units are locked up for 2 years.

Is Steemit legit or scam?
Well, if you are asking either Steemit is legit or scam in the terms of legal authority policies, then at the moment it is neither a legal nor a scam because it is completely new kind of business which takes time to get accepted by legal authorities. Actually, new businesses also can fall down due to the unpredicted reasons. So, we don't think legal authorities will take any action pretty soon about this site and may be will observe the results for at least some years.