Let's Talk—Has Your Personal Finance Improved From Using Steemit?

in #steemit4 years ago

Steemit has paid out over $20 Million dollars worth of it's cryptocurrencies Steem and SBD in the past 1.5 years. All of us active users of this platform and other applications using the Steem blockchain have benefitted from the payouts we've received.

Steemit in my opinion is one of the best gateways to the world of cryptocurrencies. Especially, if you are weary of investing your fiat-money. You can still participate by using Steemit, earning a little bit of crypto along the way and do whatever you wish with it. Today you have new Steem blockchain based applications such as @busy.org, @jesta's Chainbb, @utopian-io, @steepshot, @dtube, @viewly, @zappl, @dlive and more where you can earn free Steem crypto. You can also post through the @esteem mobile app.


Source

Just as many others I began my investment in cryptocurrencies with Bitcoin. I wasn't an active investor for a long period of time until I stumbled into Steemit. Starting with 10SP at the time of registration I have somehow managed to grow my account significantly through hardwork and consistent participation.

In recent months I've begun actively increasing my cryptocurrency portion of my investment portfolio by reducing my crypto->INR conversions and withdrawals. Apart from traveling and a few other personal expenses I managed to save a lot of it in crypto. I have experienced first hand like many thousands of Steemit users, the benefits of being invested in the crypto space for the long haul.

I've realised very early-on the long term potential of this platform to create a new economy that could provide financial sustenance for thousands of users including myself. It was my goal to reach a certain figure in Steem Power before the price went up significantly and hence I stopped selling any Steem 11 months ago.

In the past few months I've sold SBDs to either buy SP or buy and hold Bitcoin. Both proved to be good decisions as Bitcoin went up significantly pulling up Steem as well. In the future when BTC prices pumps even higher I hope to re-invest some of my savings in Bitcoin back into Steem.

Holding SP throughout the year allowed me to increase my VP and bring new users from to the platform and support their work. My government forcefully cannot tax my Steemit tokens (similar to any other crypto in your wallet) unless I sell them and withdraw rupees. Steem is steadily rising to become a store of value and the massive potential for it's blockchain may yield a good return on investment in a few years. These are good incentives for holding SP.

I'm powering down to maintain some liquidity in case of any emergency including freak price pumps so I can sell and buy lower and increase my SP.

Using the platform and working to build it's community has given me a stable income from my content posted on Steemit. Steemit Wallet is one of the most secure wallets out there and I feel confident that my money is safe on my wallet here.

Earning Steem and SBD cryptos has allowed me to diversify and invest in other incredible projects and keep my money invested in this domain instead of withdrawing and paying taxes on it to a government that is least bothered about my financial security.

I'm able to pay my bills, afford good medical care and better insurance from my earnings on Steemit. I'm also able to give back any extra that I have to the community around me! It served as a backup when I met with my accident and even as I don't need to withdraw SP, it sits as a great rainy day fund slowly accumulating as I continue to post, curate and invest in it.

Some predict the Steem price to go over $10. But I'm happy even if it's at $1-$2 (better distribution) but we're at $500 million market cap today in about 2 years of the platform running and the future looks bright. I hope we continue to grow and change the world for the better, even if a little bit in the years to come! It is with this belief I log-on everyday and use this platform and it's blockchain technology.

Few days I wrote a post asking how you discovered Steemit. It received overwhelming response and I enjoyed reading each and every single one of the comments left by my readers and followers.

I welcome your opinions and stories about how the platform and blockchain has made a positive difference to your personal finance in the comments below.


If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:

  1. India Has The Highest Number of Facebook Users In The World—What Does It Mean For Steemit?
  2. 4 Tips For Steemit Account Recovery & Wallet Security!
  3. Steemit.Chat Contest #8 + Contest #7 Winners Announcement!

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STEEM is a monumental game changer for content creators on the internet. My life has improved in many ways from using this platform, and my wallet is only just a small part of the benefits.

I just started with STEEM. What do you do most to maximize your benefits?

Be yourself! Interact with other people in the community. Find people that post content that interests you and make comments to start intelligent discussions. With so many awesome people from so many different backgrounds in one place, STEEM is an incubator for brilliance.

Thanks jeffjagoe, that's a great advice. Hope its not too late to start with. I see STEEM has a lot of potential for new people. I think it gonna gain more attention and power than other social media.

It is not too late by any means! People who join these days are still early adopters of the platfrom, so there's still time left to grow here.

Yup you are right buddy

Steemit is a great opportunity for my family and friends in Viet Nam. But in Germany the extra Steem doesn't affect my life. Anyway I am not complaining and am happy to be part of this crypto journey with Steemit :D

I must say that steemit made it easier for me to invest in crypto. In the longterm i would like to use primarly steemit for social media and content creation. So i can say, it improved my finances💪

Dear @firepower, YES It did in a certain way !

Without the Steem I would not participate in Steem Fest 2 ! And Steemfest 2 changed my life forever so YES Steem changed something ;-)

But in my personal finance (like daily finance)... it could if I wanted to take off the steem out of the plateforme.

I don't want to power down and take off the money. I maybe will to support another steem account if we create one for the french community, but I will probably not use it for now.

I prefer to have more SP to reward more the people who interact with me and who create great content in the french community !

Also, I believe in Steem so... Hold is the key :-) You never know where the Steem will be in few months !

So, I do hope I can use this crypto in the futur to help me to improve my life. For now, I can still survive on my saving so it's ok :)

Hey @roxane
Can you please explain me in brief about Steem Fest?
How could I particpate in it?
Where do get the updates about it?

I'm glad you feel this way! I'm sure you will find greater success as you continue using this platform.

Yes! Steem is kind of revolutionary in a way because it bring two of the most important technologies together (crypto and Social media) I'm surprised it's still only $2 wich is great but i think it will go much much higher

Awesome post :)

I am trying to think of my Steem wallet as a kind of retirement account or maybe just to eventually pay off my car loan or even my house.

I recently joined the Steemit, but in this short time I managed to love this platform and the fact that it opens huge opportunities for all users. There are many smart and talented people from different parts of the world here, it is here that you can really learn something for yourself, raise the level of knowledge, communicate with interesting people of course, earn money. thank you for the interesting article, I'm proud to be part of this community

for me steemit is a container that can eliminate poverty in the world .. if everyone knows and can manage this platfotm well then, there will be no more trouble in this world. bravo steemi ..

I agree. Right now, I'm on the learning curve, but that's been fantastic. I learned about so many blockchain applications that I never would have known about without Steemit. Also, it's pretty fun to connect with people from all over the world. Of course, I hope to build my presence here over time, but that's not the main priority right now.

Sharing experience with others increase the collective wisdom of people. Practically thefirst crypto I 'earned' is SBD/STEEM. I have learnt alot from this platform, gaining knowledge from people across the globe is priceless. Future of cryptocurrency is bright and for steemit it is brighter.

I think steemit plays its role the most effective in Sounth east asia countries such as my country -Vietnam. income from steemit even higher than my main income in real life even I am working in lawfirm. But with some developed countries, it seems not effective that much. Example: western ppl wwill not interest with steemit. Because If they spend 1 hour to work in real life, they may earn more than write in this platform.

I strongly agree @hanggggbeeee here in Asia it is very hard to earn the earnings that we get here in Steemit even if you are a government employee, casual, or contractual :)

Keep posting!

Love
@micch

Yeah. That is why we need steemit most. :)

I agree. SE Asia has a lot of users from Steemit and it's quite beneficial for many to use this platform. As we scale I think people will use it irrespectively of how much they earn per post or per day.

Korea and some countries may invest a lot. But South east asia and africa, south american,... will develop it. I strongly believe that steemit will change my life in near future.

We have to HODL, and sure we will See it to the moon (and back into our pocket)

Let's HODL HODL HODL STEEEEEM! :D haha

Yes, @firepower. Steemit is the real game changer in the Blockchain game with its zero fee txn and high scalability option. I found steemit can be a full-time work for any content writer and vlogger also It can be a part time work for all other.

I haven't earned a significant amount from steemit yet but I've learned a lot. It was also my entry into crypto world. I also got to experience SBD going to $10, which really opened my eyes to the potential here.

@firepower Expect exponential growth for this number next year! Steem to the moon!

So I have been on Steemit for about 200 Days and I have never Cashed out. I live with my Parents so I don't need much Cash but just 2 Months ago my Dad quit his Job.
Don't get me wrong We have some Savings but at that Time I felt some sense of relief because I had something to offer to my Parents.

So yes Steemit has helped me in some ways. I am helpful to this Platform.

Wow good for you @arunava, Steemit really helps an individual in many aspects in our life, financial, talents, and even shoutout what you really feel in this day :)

Keep posting :)

LOve

@micch

The main reason I joined Steemit was to get over my Depression and look things in different perspective, and it worked out good for me.

I see you just recently joined Steemit so I hope you get lots of success in Steemit.

Thats nice @arunava, me as well.
Looking forward to a successful life through steemit :)

Love
@micch

I'm happy to hear that man! :)

i have benefited alot financially from steemit, and i think i can say this for us in the developing countries where unemployment is through the roof, steemit is a source of succour and it rewards hardwork. i thank God everyday for giving @ned and @dan the wisdom to come up with this great concept for us all.

Yes the platform is superb, but for us who are just starting, there is but little chance for our post to be noticed not to talk of getting any upvote or powering up of Steem. What would be your adviceon how to become noticeable also?

Steemit and crypto is an amazing ride! Hope it keeps going up :) But the true MVP is the Steemit community - It is amazing and like no other out there!

It really is the best place for this information. I've done well investing based on the content that I've digested from steemit

I just started using the platform but the possibilities are extraordinary. I'm excited to see what happens when the platform leaves beta and we see an influx of new people interested in cryptocurrency.

Steemit created a foundation for everyone to earn money + amuse!

@firepower Yes the platform is superb, but for us who are just starting, there is but little chance for our post to be noticed not to talk of getting any upvote or powering up of Steem. What would be your adviceon how to become noticeable also?

Steemit has help me alot , for the first time ever, I am able to make money online to pay for recurrent bills

Steemit is a very good possibility to improve the financial situation, but not for me yet 😁😁. I didn't make a powerdown yet and i keep saving money on my wallet. Maybe in half of year i will take some few dollars ( when Steem will go to the moon) and i will make a good present to my parents:)))

I hope you can achieve that soon! Keep on Steeming! :D

i am so happy with steemit and i just did cashout yesterday from steemit and its just 37 SBD but i receieved INR is 33245 and i so happy that this my best earning ever on any site because if i converted it in USD then it will 500 USD and this is only7 to 10 day earning and though there is 5 SBD of my friend .still its a lot, steemit have compeletly change my life and it will so helpful for my home renovation and i am glad i have mentor like you who always inspirred people.

That's fantastic man! Congratulations dude!

Hi @firepower... not yet.. but it will. I lost some money when entering crypto in my first 2 months... then I get to know steemit.. since that it changed... I am happy were I am after almost 6 months, but most important I know know how to value FOMO from FUD....

can you explain those words FOMO and FUD

@firepower Steemit has been a welcome support for many users. I believe its not the earning that matters but the amount of recognition/ fame and building a solid social group that gives your presence felt around the platform is more important. 👌👍

It is my early days into steemit nothing to share much, still not in radar of any big whales ☺. but the post does provide me an insight and a good guiding tutorials of building solid chain and how utilising your sp/ vp/ sbd to reach to the top.....☺

Thanks for sharing and an early morning lesson for all 😀.
@steemflow

I agree with you. The people are great as well and I've made many friends from Steemit and that's far too valuable than anything monetary.

Thats true...☺

I've been here for four days and steem has paid me massively in education. I have been wanting to get started on cryptocurrency for a long time but I was so inept that even the term "wallet" was elusive to me. Once upon a time, I was paid for something in bitcoin, and I didn't store it because "wallet" was too confusing. And now, here I am, considering spending my Christmas money to buy steempower.

That's great. I'm trying to increase my SP as well and I think most users who are here for the long term are doing the same.

Hasn't changed yet but I hope that some day it would be able to. Such a great community

My usecase is to find a revenue stream for some of the charity initiatives I am involved in. I am running seed nodes and servers which I am paying for any revenue that I receive from crypto is being given for a worthy cause so far. I feel happy about using the skills and finding value for it.

That's an interesting usecase. Do you think SMTs can help when they are launched next year?

I think thats an excellent idea to use SMTs for activities like charity drives & may be also for various exchanges between exchanges and perhaps kiva like initiatives.

Though IMHO there are 2 points to be considered:

  • stability
  • inter-operability / interchangeability
  1. I have read the white paper and tried to poke into the code but I am not sure whether SMTs can be exchanged for STEEM or SBD

  2. SMTs, if they are limited to that particular "community" or taking the note from "barter" exchange, it will be difficult to make this use case and in general any use case work. The issue with barter exchanges was this. There is Universal (Trade) currency : https://www.ucci.trade/ but even with that the trade didn't pickup. IRTA and similar organizations tried to push this in vain. I know people sitting with millions in trade currency but there is no liquidity. (apart from trade)

  3. Another aspect I would look at the stability of the SMT / STEEM / SBD. For example I just dumped few minutes back and now the price has shot up. And this is for SBD which was supposed to be pegged to USD for relative stability. Add forex fluctuations to this over the weekend and the situation becomes quite unpredictable - ie we / charity organization can't predict its revenues (P&L)

So I think SMTs are an excellent option for say, charitycoins BUT there has to be mechanism's to ensure stability and inter-operability. On the positive side, being on Graphene, the blockchain is extremely fast.

The fluctuations can be very dangerous as the organization I am trying to help is now training people to make umbrellas and raw material cost has to be managed with a stable currency. Another initiative I am interested in is http://www.uravu.net/ and they also buy - sell.

My selling price was the red arrow in the below diagram

Excellent post dear friend @firepower, congratulations for your active investment in cryptography.
Four years ago I work online all my life I work under dependence relationship, give up many years of antiquity to live on what I generate on the web, they were very dicid years, until I met steemit, now I have a life say live only of the income that I get here on the platform, I work many hours a day, much more than 12 hours, I do it because I feel very happy.
I wish you a wonderful day

Thanks buddy! Wish you great success on our platform and I hope you have a great weekend.

Your article spreads hope about the future of Steemit and the STEEM Ecosystem. During my time here is that my main question: How lasting is this platform.

I have to admit that I have until now not find the answer. But from what I see the signs are standing well​.

The platform will last as long as the team develops it and people continue using it. I reckon it will be around for a long time.

I truly hope that it will be that way :)

From the start steemit help me improve my income a little bit. Sometimes my post only earn some cent lucky me to earn some dollar but not a hundred dollar.

I really love the idea of Steemit and even though I knew nothing about it like 2 months ago I feel like it is going somewhere! I have not yet cashed out anything, cuz I am still super new, but I am excited about what the future holds on here. I really like writing and arting all day, as well as researching cool stuff, and then getting rewarded from it. I also love how the community rewards quality and good things for the most part. It has paid out for me mostly in the mental realm so far I guess

I suppose it will get better slow and steadily. Keep up your efforts! :)

yeah its started to show some more rewards within the past couple days! super exciting!

I am not that active, but will try to be more involved. It was a hard start.

being part of the steem community is very huge opportunity for me . i dont get my first pay yet but i am inlove and enjoying the privelge to meet lots of nice people and learn at same time. thank you

I agree @grace44, I also don't get my first pay out but I'm happy to know people from different places, and share your experiences in life.

Keep posting!

LOVE
@micch

Thank you Teacher Mitch :)

You are welcome @grace44 :)

Not really, I'm super new here only one day today so... we'll see but it's the idea. this whole concept of social networking and making money is just to amazing.... cheers everyone!

I just did a payout a few days ago to test it as I've never paid out any money from my Portfolio. But all the SBD I´m earning right now I invest in SP ans other cryptos, as it isn't enough to live of it and it doesn't make sense for me to get an extra 30dollar a month. 😁

That's one of doing it. :)

I was just approved an hour or so ago and I must say, all these comments here are very encouraging. I am looking forward to using Steemit to add to this community.

@firepower, well for me I am yet to start earning on STEEMIT which I honestly cant wait to because of great content am going to share with steemians. I just did my introduce yourself post, just for steemians to get to know me first. I pray steemit be a game changer for me as it has been for great steemian like you.

I wish you the very best here. I hope the platform grows and is capable of supporting it's users as it grows.

Yes personnel finance improved by using Steemit and other cyptocurrency. Cryptocurrency is one of the best investment platform in the world. So when I heard Bitcoin, I study in Bitcoin and other cryptocurrency and started investment in cyptocurrency. I working in Steemit to collect steem using steemit blog.

Im Utilizing the SBD earning to enroll coding classes online.
I always loved coding but due to some circumstances i was unable to join c.s
With recent price hike and little sbd i have, gives me a hope to join a good cerftification course.

And thank you so much for support <3

That's great man! Keep it up!

This is exactly what happened with myself and Steemit. I joined on july 1 and Ive recently earned money through Steemit! Made a trade into Litecoin and that went up too! 😎 I’m loving the whole crypto world and follow it all throughout my day!

Feels great doesnt it?

I just got my payout from my first post yesterday. I converted my SBD to Steem Power. I’m not sure if what I did was smart or should’ve invested it to Bitcoin instead. :( Anyway, hoping to stay consistently active in Steemit as the opportunities here are endless! Plus, you get to gain knowledge regarding cryptocurrency.

haha I feel ya on the not knowing really what to do, but it is slowly starting to make sense, maybe the morphic fields are helping us along lol. I feel like the pace of my learning is increasing, along with the growth on here, and community.

I wasn't really interested after I realized that copied content gets more prioroity here like on other Social Media Platforms. Then there is another lot of people indulging in bot voting, buying upvotes and all sorts of shenanigans. But then I came across folks who were working diligently, and honestly. At the same time they were encouraging newbies to adopt legitimate ways to work on this platform.

Now, after spending 20 active days here, I have earned 30 SBD which isn't bad at all.

Keep Inspiring all of us @firepower :)

Thank you for reading Tarun! :)

The recent rise in #steemdollar perhaps is the market's recognition of the potential value in a platform such as #steemit that rewards quality content. I've revisited the site recently as well, after signing up earlier in the year and being turned off by the spam posts.

Steemit has helped me start growing my finances and wow I am glad I joined Steemit.

The price is also on an upward trend and the introduction of SMTS early next year will skyrocket prices here.

güzel anlatım olmuş , teşekkürler

Hi! Just noticed your comment on one of my posts so wanted to check out your account. I'm definitely a late comer to Crypto and Steem but now I'm in, I'm ALL in! To me it seems that Bitcoin is the proof on concept in many ways. If Bitcoin succeeds, which - arguably - it already has done (even if we are riding a bit of a bubble atm), then surely Steem has to be the future of social media.

With social media channels like Facebook and Instagram limiting reach and encouraging paid posts, not to mention Youtube's dwindling payments. Steem and Dtube present a real viable alternative. Over time I'm sure we'll see a few big youtubers and bloggers make the move to Steem. I guess then we just sit back and watch the users roll in?

Anyway really enjoyed reading this post, looking forward to following your account :)

I'm glad to see you here and I hope this social media revolution envelops the web as Steemit and Steem blockchain continues developing. See you around.

Fingers crossed!!

To date is hasn't changed anything.
With the change in price, it will ( I initially only started on steemit to try to take/make $10 a day - a big increase in my daily budget, here in se asia where I live.

Saying that, I haven't withdraw anything, and really want to keep as much as possible in steemit.

(and having inquired about HOW to withdraw it here, it's a little problematic, I think - which is ok - for now - it makes me save! lol)

I have not yet really cashed out on any Steem, so my finance is exactly the same as it would have been without it. However, it is a huge security net for me, and it feels amazing to have a decent amount of crypto laying around in case anything bad happens and I need to get a good amount of money fast.

i was invited to the platform by @lloyddavis over a year ago.

i don't have a total for the financial side but what it has done more than anything is brought me back to social media because it actually feels we are now doing it properly. social had become marketers spinning plates and selling snake oil. no communications just white noise. on here i have friendships and real life relationships with people i really have a love for. steemfest 2 for instance this year was a game changer for me. i'M ALL IN.

When Smart Media Tokens are released...I think it'll go up way more than just 10$. Might even reach high as the current price of Ethereum. We've seen everyone jumping on the slow and inefficient Ethereum blockchain just because it supports customized ERC-20 tokens. Well STEEM blockchain will soon offer its SMTs too and it just needs a few of the successful companies to adopt it... Rumours has it that some of the big players are already ready to join the STEEM blockchain. Soon everyone will jump in and we'll all benefit from this... a lot!

I am starting to pile them up now. No withdrawals for atleast another year!

Great post, thank you very much! I'm very new to steemit, registered only 3 weeks ago. However, it's mind-blowing how much money I could make with it already. Not to mention the community... Every one is helpful and kind here, we all are in the same boat, creating a great community :)
Last but not least, I think I can spread to word about healthy lisestyle and healthful eating to more people here than on FB. People are very openminded, there are great contests here that help you bring your message to more people, etc... That's my passion, to help people reversing and preventing diseases, and I think Steemit is a the perfect platform for that.

I'm glad you think that way. Thanks for your feedback on my post. :)

Great info @firepower! It's always great to see others doing well on the platform. I myself have been doing great as well. I'm trying to get to the point to where I can make a consistent enough income weekly to take my day job hours down.

I def. agree that this is a great opportunity for others to gain a foot inside the cryptocurrency market. All this cost you is content! That's great! I've been trying to get more and more of my friends and other content creators into this.

It costs you no money and the amount of gains you can earn are amazing!

It costs you no money and the amount of gains you can earn are amazing!

I know right!

I have so far only cashed out 0.10 DASH. That's all. I have a long way to go. It's kind of hard without followers.

I am benefitted alot by steemit and also i get to learn lots of things , all credits for the knowledge i hold about cryptocurrency goes to steemit. It was the start and still it helps me alot

Fabulous meeting place @firepower. I appreciate that above all.

No income to talk about yet, after three months. But I can understand that now. My posts have been way too serious for starters, disappearing in a flood of startup posts unnoticed - because I did not build up an audience of like minded people first.

The pied piper must first play only an attractive tune, till he/she has enough interested followers to sit down for a serious discussion!

I see. I hope you don't give up from a lack of response. You could try building up and audience and then post things that you find interesting. If you want a channel for discussion or to bring a group of people together I can make one for you on Steemit.Chat.

Thanks @firepower, I will get back to you when I am ready for that. I've been wondering how those channels were created.

Steemit has totally opened me up to the world of cryptocurrencies. I first acquired Bitcoin because I learned of the process of converting Steem into BTC and then into USD. Now I'm totally sucked into this world, and can proudly say that Steemit was my introduction :)

Hey @firepower
It's been not even a month since I joined Steemit, I haven't yet withdrawn any amount. But I am pretty much sure that other than sharing my opinions and supporting other, Steemit might help me financially too.
I am glad that I got to connect with so many Mighty people around.
Especially, I am glad to see Indians like you here. I even witnessed you & will follow your tips & Tricks to do well on this community.
Thanks @firepower.

Thanks for reading and i'm glad to hear that my content has been useful. :)

I am new to STEEM, I dont know what it gonna bring me to?

May my personal finances improve too just like yours.

it's hard to start

yeah its a great platform to earn some extra money...i think its good if i get to know about this little early...but its okk......and its feel good a person from our country is at very high level on this platform....good job @firepower

I traded some Steemdollar for Litecoins yesterday just to try it, and to get some new motivation to make better content. It was not a lot of SBD, but it gave me an incredible rush. It acutally works!

I am now figuring out how I can make great content other Steemians can benefit from. I firmly belive if I'll do my best I can make decent income from this, and give real value to other people on this platform.

Great advice. Thanks for sharing this post.

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