WHAT IS STEEMIT AND HOW DOES IT WORK?
Steemit, a blockchain-based social media platform, has taken this desire for Internet popularity points and turned it into a mechanism for bloggers to earn money.
Unlike Facebook, which makes money by having people utilise its platform, Steemit pays users for publishing, commenting, and even upvoting. That means if your beautiful waterfall photo makes it to the "Trending" tab, you might earn hundreds of dollars in STEEM.
Here's how you can get engaged and what you may expect:
GETTING A NEW ACCOUNT
Unlike other social media sites, you are placed on a waiting list once you join up with your email and phone number. An administrator may validate your account in as little as a day or as long as a week.
Steemit accounts cannot be cancelled or removed, which is another distinguishing feature. They, like ordinary cryptocurrency purchases, are permanently kept on the blockchain.
NAVIGATING, POSTING, AND COMMENTING
The homepage should resemble your Reddit feed once you've logged in. There's an endless stream of posts, ranging from in-depth discussions to YouTube videos that have been repeated.
You can navigate to other feeds using the tabs on the upper-left of the page, close to the Steemit logo. Posts with a lot of participation and votes are considered "trending."
A "Post" button may be found in the upper-right corner, which will allow you to begin participating in the Steemit community. Rather than posting to a specific subreddit, you can just label your post with relevant labels.
If your article or comments are funny, insightful, or simply get a lot of attention, you'll begin to accumulate some digital currency in no time.
STEEM, STEEM POWER, STEEM DOLLARS
STEEM is the platform's base token and is analogous to bitcoin. It can be converted into two different types of digital currency.
STEEM Power (SP) is a measure of influence on the platform. The more SP you have, the more you can affect how much other posts are recognised. It's like being a well-known critic. You can exchange STEEM tokens for SP, but you'll be trading liquidity for Internet clout.
The value of Steem Dollars (SBD) is set at $1 USD. You can exchange them for STEEM or move them to other accounts for commerce.
THIS WILL NOT GET YOU RICH QUICKLY
While this may appear to be a simple and quick way to gain money, it is not.
To earn a significant quantity of rewards, the content you submit must go viral on the site, but anyone who has tried to make it to the first page of Reddit knows how difficult this is.
You can't pay out your incentives right away, either. Your SP and SBD are deposited into your wallet one week after the post is published.
However, if you constantly post, comment, and vote, you can amass a respectable bitcoin holding. Not bad for a Reddit replacement.