Steemit: How It’s Used, How It Works, And How To Make Money With It!
In Case You Didn’t Know, Steemit Is Currently Blowing Up On The Internet
People from all corners of the world are now making literally thousands of dollars using this platform. However, despite its potential benefits, Steemit is quite complicated and tends to be rather confusing for newcomers.
The following information is intended to provide you with a better understanding and comprehension of this money-making blogging/discussion platform:
What Is It?
Experts in the field define Steemit as a social network platform that appears and works like Reddit, but with one main distinction; it offers compensation to both content creators in case their work gets upvoted and also to the individuals who curate the best kind of content on the website by upvoting the work of others.
This process is made possible since the Steemit platform is founded on the principal of a new kind of digital currency that is created each day and distributed to users who can exchange it for actual cash.
The good thing is that it costs nothing for one to get started.
For those interested, you can set up a Steemit user account at no cost today and start publishing your content right on to the site in a matter of minutes using the its blogging tools.
How It Works?
In one way or another, you can say Steemit is similar to some of the other digital currencies out there. For instance, people can trade, buy, or sell Steemit currency units on the open market just like most of the other digital currencies.
In the case of Bitcoin, the actual currency units generated every day are disbursed to the individuals who run a special kind of bitcoin software program on their PCs and laptops that conduct a process known as Bitcoin Mining. In most cases, the level of computing power you have will influence how much money you receive.
When it comes to Steemit, currency mining also applies, but it is not the primary means of earning revenue. Each day, fresh Steemit currency units are generated by the network and then disbursed to those engaging in various activities on the site. The more you participate, the more they get.
Those who create content receive compensation for their work. Individuals who upvote content also receive remuneration for their assistance in curating the best content found on the site. And last, but not least, commenters who engage in discussions are also rewarded for their efforts.
The Three Main Steemit Currency Units
Steem Currency
- Steem
These refer to the units which can be bought and sold for real money on the open market. Individuals can trade them as they would a firm’s stock or bitcoins.
However, you wouldn’t want to hold on to these sorts of currency for too long since additional Steem Units are generated every single day, which means that if you stick with them for a long period, they will more than likely become dilute and reduce in value.
- Steem Power
When it comes to Steem Power Units, it is like deciding to make a long-term investment since individuals are only permitted to sell them out evenly over a 2 year period. However, there are various benefits for opting to go with Steem Power Units.
For one, maintaining your currency in the form of Steem Power Units means you will be able to generate a substantial amount of money in the future since you will basically have ownership in the network. Therefore, as the platform grows, so will your stake in it.
Half of the pay you get for your content will also be in Steem Power Units.
Likewise, the more Steem Power Units you have in your possession, the higher your curation vote will count. You will also garner more influence on the site and receive extra remuneration for upvoting other’s work, (who in turn will also get some compensation in the process).
Steem Powers Units also play another critical role, which is preventing the occurrence of massive price swings as well as volatility on the open markets. This is possible largely because everyone is set or rather locked in for approximately 2 years and cannot sell their currency all at once in case the market begins to dip, if such a scenario were to occur, the prices might crash.
- Steem Dollars
Steem dollars are a unique kind of currency because they never lose their value or get diluted. They are designed in such a manner that they are able to remain stable, thereby allowing a person to sell them whenever they wish.
When you create liked and popular content, half your pay will be in terms of Steem Dollars and individuals holding on to this sort of currency also receive some sort of compensation. However, for such a scenario, the remuneration is not as nearly as high when compared to that offered for holding on to Steem Power. Due to the fact that it retains the currency in the network, compensation is offered in terms of interest which can vary from zero to 10% depending on the market situation.
What To Do With Your Earnings?
Whenever you are paid in Steem Dollars for coming up with content, you will have basically three choices:
• You can turn the Steem Dollars you get into Steem and then sell it right away on the open market for actual money, which is basically a way of cashing of out.
• You can choose to hold on to the Steem Dollars, which in turn will allow you to retain the money in the network in exchange for an interest payout. You can also sell them at any moment if you perceive their value will rise.
• Finally, you may opt to turn in your Steem Dollars in exchange for Steem Power. In most cases, such a scenario is best suited for those who are looking for a long term investment whereby one stands a chance to reap significant rewards later on.
Now that you know the basics regarding Steemit, the next step is for you to actually start using the platform and see if it works for you.!!