Could someone explain to me how Steemit rewards work?
Hi Everyone
I am trying to understand how steemit rewards work . I post, vote and resteem and nothing is entering my account. I looked the wallets of people with way more traffic and I see nothing. I did some research, some articles say it takes 12 hrs to get paid, others say 1 week. I am not sure if this works at all.
Could someone explain to me very simply how this works.
Thx
Hello, the way steemit works is a little bit complicated, so bear with me while I try to explain it.
As of right now, it takes 7 days to get paid. A lot of the articles are older. The amount of money people get from an upvote depends on the upvoters steem power. Generally, the best way to get more steem is to comment or post. The people that have millions of steem power are called whales, as a single upvote from them could give you dollars. Of the amount listed as a possible reward, 50% of it will be able to be withdrawn instantly (as steem/steem dollars) but the other 50% goes into your steem power that can be withdrawn weekly over the course of two years, but also gains interest at a very fast rate.
In general, resteeming does not give you any steem or steem power.
If you have any questions, please feel free to ask.
Just a small correction - starting with hardfork that took place some 3 months ago, power down process takes 3 months instead of 2 years. 13 equal payouts, one every week.
Thanks a lot Joshglen. Very clear answer. I wish they had some easy diagrams for people to understand...
Welcome!
There are two main possible ways:
Write valuable material that a lot of people upvote; and/or
Curate valuable material by upvoting and you will be rewarded.
There are some algorithms that calculate how much will be paid. The more Steem Power the upvoters have, the more you get Author rewards (#1). The more Steem Power you have, the more you get Curation rewards (#2).
Enjoy!
Thanks Jvper