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RE: "WTF is steemit... Make it make sense." says UFC Heavy Weight Derrick "The Beast" Lewis sms screenshots
How about something like this: When you post on Steemit, you're paid in tokens called Steem. Like a stock, Steem gets its value by being traded on exchanges. Post on Steemit, earn Steem, cash it out for other currencies like the US Dollar or Bitcoin.
Short and simple. I think it gives understanding while avoiding potentially confusing terms and unnecessarily long explanations.