steemit for the beginners

philiparniebinag (60)in #steemit • 8 years ago

Disclaimer: I do not own all of the ideas in this blog post. I made this in a form of research. When I added the source of the content, that idea is fully credit to the source.

Objective:

After reading this blog,

You will learn the history of steemit
You will understand better how it works
You can gain knowledge to improve blogging techniques
You will be inspired how steemit transform lives

I. History

In 2016, steemit was founded by Ned Scott and Dan Larimer. The two are previously partner of creating BitShares. The two are founders of the Steemit Inc. company, which runs the Steemit website and funds ongoing development of the platform. It has been on the news that on March 15, 2017, Larimer announced his resignation from the company.

(Picture from up: Ned Scott and Dan Larimer)

II. Concepts

The general concept is similar to other blogging websites or social news websites like Reddit, but the text content is saved in a blockchain. Using a blockchain enables rewarding comments and posts with secure tokens of value. Images can be uploaded and hosted on Steemit. Other multimedia content must be embedded from other web hosts. For formatting, there is a WYSIWYG editor. Users can also opt to use Markdown formatting with HTML elements.

User accounts can upvote posts and comments, and the authors who get upvoted can receive a monetary reward in a cryptocurrency token named STEEM and US dollar-pegged tokens called Steem Dollars. People are also rewarded for curating (discovering) popular content. Curating involves voting comments and post submissions. Vote strength and curation rewards are influenced by the amount of STEEM Power held by the voter.

Steemit has a reputation system, where new accounts start with a reputation of 25. An account's received votes can influence its reputation up and down, incentivizing online etiquette and interaction with the community. (wikipedia.org)

As of now, our population here in steemit community, please see picture below.

(source: wikipedia.org)

III. How It Works

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.

With other cryptocurrencies like Bitcoin, the actual currency units that are created each day are distributed to the people who run a special bitcoin software program on their computers that perform a process called Bitcoin Mining. The amount of computing power you have dictates how much money you get.

Steemit allows for currency mining as well, but it’s not the primary way to earn money. Every day, new Steemit currency units that are created by the network and distributed to the people who engage with the site. The more you engage, the more you get.

People who create content are rewarded for their content. People who upvote content are rewarded for helping to curate the best content available on the site. Commenters who add to the discussions are paid too.

The 3 Steemit Currency Units:

One big difference between Steem and other digital currencies is that there are three different kinds of Steemit currency units.

There is Steem, Steem Power, and Steem Dollars.

Steem:

Steem are the units that are bought and sold for actual money on the open markets. You can trade them as you would bitcoins or a company’s stock.

But you don’t want to hold on to these for too long because more Steem Units are created every single day. If you hold onto Steem Units for a long time, they will become diluted and lose value.

Steem Power:

Owning Steem Power Units is essentially like making a long term investment in the currency because you can’t sell Steem Power Units for 2 years. But there are a lot of good reasons to have Steem Power.

By keeping your currency as Steem Power Units, you will be able to make considerably more money in the long run because you essentially have ownership in the network. As the network grows, so will your piece of the pie.

And you’ll be heavily rewarded along the way. The way things are set up now, 90% of the new Steem Currency that is generated every single day is distributed to the people who already hold Steem Power Units in the form of additional Steem Power Units. (The other 10% goes to content creators and curators).

Half of the pay you receive for your content will be in Steem Power Units.

Also, 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. (When you upvote someone’s work, they will get paid more as well.)

Steem Power Units also play one final and very important role. They prevent massive price swings and volatility on the open markets. Because everyone is locked in for 2 years, we can’t all sell our currency all at once if the market starts to dip, which would crash the price were it to happen.

Steem Dollars:

Steem Dollars are the third and final form of the currency and never get diluted or lose their value. They are designed to be a stable currency that you can sell at any time. When you create popular content, 50% of your pay will be in Steem Dollars.

And you’ll be rewarded for holding Steem dollars too. It’s not nearly as much as the rewards for holding Steem Power. But because it still keeps the currency in the network, holding Steem Dollars pays 10% interest.

(source:https://www.quora.com/What-is-STEEM-and-how-does-it-work)

IV. Invest

If you to want to earn a reward, you have to invest. We don't need money to invest to earn an interest. But in my own perspective, you have to invest something. And that something is time and effort.

Posting something like you did in social media will not work in here. You have to be more creative. Invest time to think what might possible story that makes a quality blog. Put an effort to it. Don't just share about what you see and what you hear. Make an effort in writing. Explore your imaginative power. Don't just entertain the readers but you have to lecture them. Always remember quality will always come together in writing. Make a quality post and it will result a gold.

I'm new here in steemit community, I didn't have much follower. One of the reason to earn is to use your talent. Invest effort in it. There are a lot of challenges or contest had been held in the community. Find one that fits your talent and join for it. I'm pretty sure, your talent will be recognize by the community. Don't be afraid, show everthing what you got.

Another way to improve blogging is to make friends with others. We're all here in the community to transform our lives. There are a lot in here who's willing to help. Be friends with them. They might help you by resteeming your post. Don't be selfish, remember others when you become rich.

V. How steemit transform lives

A have a friend in our university. He is now also a graduating student like me. The only way that put him to collage is through being a working student. He just slept only 4 hours every weekdays because he has to study his lesson first before sleeping and wake up early in the morning because he needs to make up approximately 5 hours duty everyday in the school. But I see him now transform. Though he is still a working student but his life was transform by steemit. He already have some important gadgets to be use in studies, like a laptop, a cellphone and a savings.

He said this, "Make an effort and just invest time. And enjoy your stay in steemit community."

For me, don't think for the reward. A reward will always come at last if you did good.