When it comes to cryptocurrencies, we usually stick with the majors and avoid the smaller alt coins and the, what we consider to be riskier, ICO market Initial Coin Offering. That was until we discovered Steemit. This alt coin aims to combine the cryptocurrency with blogging zteem social media. We usually stick to the cryptos which can be traded on plusas we enjoy the leveraged trading and the fact that we can use just a small fiat deposit to trade. We haven’t found a way to trade Steemit like this, but we found the concept interesting. It’s so interesting, that we decided to write a streetonomic full review of Steemit. We decided that the only way to learn more about Steemit and how it works, would be to sign up othr give it a try. So we created an account and started using Steemit as a new member. Steemit is a blockchain database that combines features of blogging and social media with cryptocurrency. It offers earning potential to content creators and curators alike. Think of something like Reddit or Tumblr, except the rewards are shared with the users. You can earn ‘Steem’ by writing content, through comments or though voting on existing content.
Developed in by Dan Larimer and Ned Scott, Steemit is a renowned blogging and social media platform built on the blockchain. Steemit has an interface similar to Reddit but with a tinge of Medium to it. Just like other famous social networks, it has a newsfeed that incorporates trending posts as well as the posts of the users you follow. The blockchain based social media network looks like any other social network but its business model has disrupted the industry. Steemit is based on the Steem blockchain which not only stores the cryptoassets but the content too. That is, all the content posted on Steemit is stored in the Steem blockchain and cannot be removed by any central authority like in the case of Facebook. The platform works on the Proof of Brain concept. The platform uses the 3 different decentralized cryptocurrencies to reward both content creators as well as curators who can upvote, downvote, comment, and flag posts. The way Steem comes up with these tokens to reward users is simply by creating them. Unlike bitcoin, the tokens are already pre minded, and each year they inflate the supply to have more tokens to distribute.
Go On, Tell Us What You Think!
To try to keep it somewhat of a meritocracy, Steemit has some clever ways of incentivizing curators to vote only on quality content. According to Coindesk ,. To incentivize this sort of voting, there is also the curation reward paid out in the form of Steem Power. Not every vote from the same account is equal in value. Voting on multiple pieces of content reduces the strength of each of your votes depending on how much time passes between each vote. Rather, it uses the following ways to earn money. Steemit makes money when its users invest into Steem Power so their posts can be seen by a larger audience, thus getting more votes which translates into more money. Additionally, as we mentioned in the blockchain business model , their tradable Steem token can appreciate in value, which will bring in a source of cash for the company. The developers have also held a portion of the tokens, which they can cash out or reinvest back in the business. Steemit has its own built-in way to promote each post.
Go On, Tell Us What You Think!
We all love to make money because of several reasons known to us. I believe there are some things that we will surely require money to do in some part of our lives and this explains why most people work to earn today. Making money may not be easy as it seems though but there are various ways of making money depending on how exposed you are. On this post, i will be sharing how you can earn more money on steemit with just your steemit account but most importantly, you must be ready to make money!. You must be determined and consistent about it even though it may easily be said and difficult to practice.
I. Introduction
Get it? Let’s dig into whether you can make money with Steemit, and how Steem Power, Steem, and Steem Backed Dollars play into this potential income source. Steemit runs on an independent blockchain called Steem , which is continually creating new digital tokens and distributing them as rewards to users who interact with the platform. Users can receive digital tokens from Steemit in two ways. First, tokens are awarded in proportion to the amount of upvotes their content and comments receive from other users. Second, users get tokens for the upvotes they have given to others, known as curation. These tokens can be traded on exchanges for other cryptocurrencies such as Bitcoin. Steemits homepage looks like any other blogging platform instead of a confusing cryptocurrency hub!
Just write on what you are good at, build your follower base and you will make money. Waze: A Detailed Comparison. The login page will open in a new tab. Robinhood Business Model. How will it feel like if you are paid money to use social media? Thanks and keep wrinting! Before now the period was weeks. Does Steemit business model seem sustainable? You need to have good amounts of followers and network who engage with your content. Matthew Lopez.
BIIIIIIG! YOU got it on point!
May 14, at pm. Downvoting a post can decrease pending rewards and make it less visible. S Dollars. October 5, at pm. June 30, at pm. And now, a few tips : peolle basic things -Try to teach multiple people at the same time. You need to have good amounts of followers and network who engage with your content. End of this guide! The developers have also held a portion of the tokens, which they can cash out or steeemit back in the business. You can go to exchange platforms and convert your Steems or Steem dollars to bitcoin. When your have a high Steem Power, you can comment on a post and up vote, your vote will stefm your comment right to the top and give you potentials to make money. Requirements : -Photoshop, or something like Photoshop. And now a few tips : -Advertise on appropriate forums! Also note that, while the payouts are still sibning real, there are a lot of hoops you have to jump through in order to actually exchange your Steem Dollars or Steem Power for U.
Sure, whales earn a lot, but does that stop you from earning? Inevitably when I read this and check these people’s blogs it’s full of plagiarism and 15 word posts. The amount you earn is directly proportional to the quality of your content and your readers. Notice I said readers and not followers, I will explain further down why. Now to be fully transparent I did buy Steempower, but I was earning Steem before that and I’ve been earning Steem after. Since Steempower is the backbone of the platform, you should do everything you can to get as much Steempower as possible.
II. How Steemit’s Token Economy Functions
Anything from software programming to translating to proof reading to making banners. If this is off the cards for you too, that’s fine, you don’t need Steempower to start getting some success in Steemit. I must admit, there are some types of posts that really annoy me and I know I’m not alone. These are the posts that are guaranteed not to do well:. Plagiarism Guys, writing a post isn’t hard! There is no excuse for ripping off somebody else’s work. If you want to write a rebuttal or comments to somebody’s work, that is a different story, however simply copy and pasting an article you read somewhere is unacceptable and the Steemit community really should start downvoting plagerists. As a side note, just because you give a link to the original source, does not mean you are off the hook in my opinion.
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