What is Steemit?


Steemit is starting to show up in more and more Facebook newsfeeds as the crypto currency market grows. If you are not clued up with Crypto Currency then hey check out my Steemit post.

This is not going to be a crazy long in depth article about Steemit or any long history of the Alt Coin Steem, my goal here is to help you guys understand what it basically is and how you can use it as part of your skill set.

Steemit In short

Steemit is similar to the popular social media platform Reddit but it has one major unique difference, the text is actually stored in a blockchain, the advantage to this is that you actually get rewarded for your comments and posts within Steemit. The way it all works is geared up around commitment to the platform, rewarding you for sharing great content and your long term commitment to doing this.

User-generated content has created billions of dollars worth of value for the shareholders of social media companies, such as Reddit, Facebook, and Twitter. Steem supports social media and online communities by returning much of its value to the people who provide contributions by rewarding them with virtual currency. 

It certainly is one of the most interesting projects I have come across to date and if you are a blogger and crypto lover alike then I highly recommend you get on board with this.

What the video ...

So how are content creators and curators paid?

Payouts are distributed as 50% Steem Power and 50% Steem Dollars. Within Steemit you can actually change the way this works and alter your percentage to incentivise voting. Rewards are distributed by the blockchain, similar to how miners are paid by Bitcoin.

Anyone can do it

Steemit isnt just full of marketing and crypto currency, there are actually sections already laid out that are all completely different, you can blog about what ever you wish, the whole point of this is for people to connect with you so sharing what you had for dinner hey thats fine! People post all kind of randomness on Steemit and yes they get paid quite well in some cases! There are Tags which you add to your posts which work in a similar way to Twitter, Instagram and Facebook.

Steam power - Will steemit last ?

Steem power (SP) shows much power you have inside the Steemit platform. When you have a lot of SP your votes count more in the system. In fact you can’t vote if you don’t have any SP. You can Increase your SPand this this is known as "powering up"  and decreasing it is known as “powering down”.

This is why Steemit is quite stable because when you power down you are basically cashing in your SP into Steem and this can be done over a preiod of 2 years so that people don’t just cash out quickly and collapse the whole Steemit economy.

Are you on Steemit? you can follow me here

I hope this has helped a little and please do leave any comments below , if you are on steemit then leave your links too and lets grow together. Until next time Steemians ;)

                                                                CLICK HERE TO FOLLOW ME ON STEEMIT I WILL FOLLOW BACK

                                                               CLICK HERE TO FOLLOW ME ON STEEMIT I WILL FOLLOW BACK

Damian MooruthComment