I have been using Steemit for a few months now. Ironically, there are still many things I don't quite understand about the platform and I find myself reading tutorials on various topics in Steemit about Steemit. Below is a quick tutorial of how Steemit works in as little words of explanation as possible.
There are two currencies that Steem operates:
SteemThis is the most famous Steem cryptocurrency that's ranked top in Coinmarketcap, you can get it only through exchanging from Steem Dollars to Steem or traded in various cryptocurrency exchanges
Steem Dollars (SBD)This is what you earn inside Steem. Every up-vote you receive from others or upvoting your own post, the dollar amount you see is the amount you earn. Steem Dollar is not equivalent to an actual dollar but more. The actual worth of the monetary value can be found inside various exchanges.
The other stuffs
Steem Power (SP)This is what determines how much your voting power is worth. The more steem power the "more" valuable becomes. Just to put it in monetary value, a low steem power may mean an upvote gives you close to nothing in steem dollar versus a real high steem power may translate to a vote that is worth $40-50 Steem dollar or even more.
SavingsAt the time of this post, there has been no benefit that encourages users to put their steem or steem dollars here for whatever reason. I think the long term plan from Steemit is for people to put them here to encourage steem from staying within Steemit.
RewardsPower up 100% - this just means that your reward of your blog post goes directly to your steem power.
Default 50%/50% - This splits your reward to 50% towards your steem dollar and the other 50% to your steem power
Decline Payout - Simple, no rewards. Who wants that?
Curation RewardsIn a high valued blog post let's say has a total upvoting value of $100 SBD. If you have upvoted this post, this means that 50% of the reward goes to the author, while the other 50% of the rewards goes to the people that upvoted the post. So let's say 50 people upvoted the post then $50 SBD is split evenly to everyone so everyone gets roughly around $1 SBD.
Author RewardsThis is based on how the community feels about the quality of your post inside Steemit
Author ReputationThis is the number that is the sum of all upvotes minus all downvotes of posts that you have been putting up on Steemit. So if someone that has a high reputation downvotes your post, this will have a big impact on your author reputation score. Therefore it is encouraged on Steemit to always be nice! :)
I hope the above explanation helps you guys out there that are confused up on Steemit as it has definitely helped me out quite a bit!
Your Fellow Crypto-Knight,
- mastaz -