What Is Steemit And How You Can Make Money Using It?
Steemit is one of the online platforms where you can make money with. Steemit has been getting significant friction in the most recent couple of months. It currently flaunts more than one million users and is one of the most-visited sites on the planet.
Well, before we break down how you may make money on Steemit, you need to get a grip on how it works.
So, in this article, we will explain how you can make money using Steemit.
What Is Steemit?
Steemit is a blockchain-powered social networking and blogging site. The name of its blockchain is Steem Blockchain, and the users are called Steemians. The platform pulls in loads of Steemians every day because it is an incentivized platform. In other words, members get system rewards for many activities on it.
When readers present “upvotes” to original posts, their content writers earn system rewards. Likewise, comments on posts can also get upvotes from readers, and the commenters additionally get system rewards. More imperatively, upvotes have different values, as the value of each upvote depends on the Steem Power of the Steemian who voted the comment or content.
Steemit Reward Sharing
One fascinating actuality about Steemit is that the platform shares rewards among Steemians according to a specific percentage. One final method of obtaining rewards from Steemit is through a voting process that shares 25% of the incentives among every one of the members who upvoted the post. These system rewards are called curation rewards. Through writing and social networking, Steemians can increase their profits. According to the Steemit whitepaper, this type of consent mechanism is called Proof of Brain. The whitepaper describes it as a consent mechanism that leverages the insight of users to determine the value of content and determine the measure of reward that it deserves.
Purpose Of Steemit
You might be thinking to yourself, “What is the purpose of Steemit?” Most likely, it is one of the subjects that we will objectively talk about in this piece as it will help you understand the platform better. Moving forward, Steemit intends to bring new users and preserve existing ones by rewarding them for their contributions to the blockchain. Like this, it is allocating tokens to a broader set of users, accordingly making the platform mainstream with the blockchain industry. Those are the purposes that the Steemit founders set out to accomplish.
Likewise, the platform encourages developers to build more decentralized applications (dApps) using the Steemit blockchain. Up until this point, users have been able to develop some dApps. Furthermore, the prominent ones are a YouTube clone called dTube, and a 9gag clone called dMania. Additionally, the developers have successfully cloned Twitter and called it Zappl.
Steem’s Smart Media Tokens
As a result of the success that the Steemit Inc team finished with Steemit and its dAppp, they came up with the idea of Smart Media Token (SMT). SMT enables pretty much any developer to create their token using the Steemit platform. After that, the developer can incentivize their users with the Steem reward pool’s payment. When this happens, it incentivizes the forum users to drop comments and vote too. This enables content creators to monetize their online content, without relying on advertisements. With SMT, users have the economic incentive to participate actively in engaging online communities.
How Does Steemit Work?
Now, you may already be interested in making money from Steemit. In that case, you should understand how Steemit works first before thinking of how to make money from the platform. So we won’t skip the gun.
Coming to Steemit rewards, they are of three categories:
- The root currency, Steem, is like Ethereum (ETH) and Bitcoin (BTC).
- The second is called Steem Power (SP), which is the brilliant get that powers the blockchain. Besides, Steem Power enables transaction verification and determines voting power. It’s noteworthy that there exists a process called powering down, which is the 13-week period it takes to convert Steem Power to Steem.
- Then the third category is Steem Backed Dollars (SBD). Looking at SBD, it is a debt tool that is quite often equivalent to $1 of Steem, meaning that a user can in any case trade SBD for $1 of Steem.
How Might You Make Steem Dollars and Power?
Since you already know how Steemit works, we will progress to the next stage. While you can trade SBD and Steem on exchanges, you can’t trade SP. Moving on, earning from Steemit is unarguably the most important piece of this guide. Trust us to explain everything to think about this. There are a couple of approaches to earn SBD.
Well, the most widely recognized method for accomplishing your goal is to write engaging, impactful and relational content on the platform. Afterward, the Steemians will vote on the blog post. It is appropriate to note that payouts on Steemit take around one week. On the seventh day, all upvotes on the content don’t check any longer. Furthermore? As a poster, you wouldn’t take all the payouts; as we mentioned earlier, the platform additionally rewards voters (called curators.) In this way, as the post creator, you will earn 75% of the payout while curators take home 25% of the payout.
The next point we should feature is the second way you can earn from Steemit. You are already aware that upvoters earn 25% of the system bounty. Hence, the best bet is dependable to be the first to vote before other curators come to hit the upvote tab. In truth, as Steemit is increasingly expanding, earning on the platform becomes more and more challenging. Steemians are presently taking advantage of the way that you could drop an insightful comment on an author’s post. Believe it, and this works well. When such comments get upvotes, system rewards trickle in.
Correspondingly, you can likewise earn Steem and SBD by participating in competitions. Without a doubt, this method is becoming famous among Steemians also. The beneficial thing is that the payouts are 15 SBD or less, which makes it extremely useful for beginners. More imperatively, other Steemit blockchain-based platforms allow users to gain. These platforms are dTube for videos, Zappl for tweet-like posts, dMania for memes, dSound for songs, etc. You can take help of them, as well.
Steemit opens an extensive exhibit of opportunities for users to make a decent profit. Some trending posts on Steemit earn as high as $1,000. However, just Steemians who have been on the platform ideal from the earliest starting point could gain such an aggregate. Honestly, new users could remain on the platform for a considerable length of time with zero earnings.
But one thing is although sure; if you remain active on the platform, things could turn positive for you faster than you ever thought. Indeed, that is because you will earn from the comments you left on other authors’ posts. Realistically, you may not earn from your posts even a long time after joining the platform.
This article ought not to be taken as and isn’t intended to provide, investment advice. Users are eventually responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is an exceptionally hazardous action. Do consult your financial adviser before making any decision.