Making money with steemit
The problem as I see it with Steemit, is that the concept is just too hard to grasp. There are too many confusing concepts. For example, you have Steemit which is the platform, Steem – the digital currency, Steem power, Steem dollars and it all becomes one big mish mash of unexplained terms. In the end the average user who wants to get started with Steemit is left confused and leaves the platform.
In this post I will try to make some sense out of these terms and the platform in general, and help you understand how to get started with Steemit if this is something you’d like to pursue.
Steem (the digital currency, not to be confused with Steemit the website) was first described in a whitepaper in March 2016. Steem and Steemit were in Beta until July 4th 2016. Once the platform (Steemit) became live and payments were made to the contributors, the currency saw a 1800% increase in its price from $0.24 to $4.63. However, since then the hype dulled down and the currency has slowly declined back to $0.28.
This explosive growth and fast demise of the currency made people suspect Steem was perhaps just another Pump and Dump scheme. In such a scheme the founders and early adopters drive up the currency value through media hype and then sell off their coins at a huge profit. The people who get hurt by this are the late joiners who are stuck with a lot of coins that lost their value.
You have to remember...
This site is only 1 year old and already trending hard...there will be a zillion hiccups before we see the full potential of this site.
Facebook and Google took a couple years before they hit they stride.
Blockchain is a new technology, so they're battling the tech while also juggling user growth.
Not easy.
Expect in 5 years this to see tremendous growth.
Do you still think Steem is a Pump and Dump scheme?
I see the utility of a Blockchain based social media platform and that it will survive because of its usefulness instead of price speculation.