What is Steemit?

What is Steemit?
It is a platform for creating content and social networks without censorship, similar to Reddit, which financially rewards users in the form of cryptocurrency for contributing and creating content.

Steemit has managed to increase its user base to more than 500,000 in less than two years, as it has become particularly popular among cryptocurrency enthusiasts in developing countries who see the value of being financially rewarded for their content contributions in the platform.

When you set up an account in Steemit, you will have access to three different digital coins in your Steemit wallet that are: Steem (STEEM), Steem r (SP) and Steem Dollars (SBD). To contribute to the platform, you can earn the three digital coins mentioned above as rewards. Let's see each one below.

STEEM
Steem (STEEM) is the cryptocurrency that drives the Steemit network. Steem can be used on the Steemit platform to obtain Steem Power (SP) through a process called "on" or to buy Steem Dollars (SBD). As a liquid digital currency, it is convertible into fiat currency and other digital currencies in cryptocurrency exchanges such as Bittrex, Poloniex, UpBit and HitBTC. STEEM also dictates the value of the rewards paid to users for contributing to the platform.