Some of you will say its wrong to compare a blockchain based social media platform that rewards cryptocurrency to a site that pays you in USD for your writing. Since I write on sites all over the place I figured I would explain the differences and similarities between the two platforms.
Both sites pay you for your writing. Steemit works by rewarding you based on who votes for you as opposed to how many people vote for you. Medium on the other hand is more egalitarian - they have an "upvote" system as well that they call a "clap".
Steem has a reward pool that is distributed based on staked voting (how much steem power a voter has). Medium charges $5 a month and users clap for articles they actually like. In real world terms - if you are good - Medium might pay you a couple hundred bucks an article. Neither offer instant recognition - both require some consistency - but the advantages Medium offers over Steemit are the lack of politics and a significantly larger audience with broader interests.
It may not be fair to compare the two because the economies are so different. If you have a lot of SP or if you know some people who do - posting on Steemit can be simple and rewarding. If you are simply a good writer with no Steemit friends and want to try your hand at earning some cash - Medium might be the better option.
Medium is also more socially acceptable. Links to Medium can easily be shared on other social media sites like Twitter or Reddit - the same cannot be said for Steemit links.
If you get your Steemit post above $10 your outbound links become "follow" which helps with your SEO. Medium is typically a no follow link - however - you will actually get traffic from the link unlike Steemit.
Editors on Medium also have discretionary spending. If you are a good writer but you aren't getting the attention - sometimes they write you a check to keep you around. On Steemit you sometimes see similar discretionary rewards happening when a "whale" decides to support a writer either temporarily or ongoing.
Steemit has more consistent engagement than Medium - but a lot of times they are your "following" - the same people you usually talk to. This is not a bad thing - its one of the reasons I like Steemit. If you are looking to gauge the quality or likability of your writing I recommend trying out Medium. It takes about a month to become established - but once you do - you will get a lot of "strangers"reading and commenting on your content.
Both platforms offer the possibility of monetizing creative writing and non-fiction. Both require a time investment up front while you build a following. Medium has the upper hand in my opinion when it comes to fairness of the reward system - while Steemit seems to have a much friendlier group of content consumers. Medium articles look better in your writing portfolio - and you can promote the links online which means the potential to get more readers is significantly higher.
I post on both and will continue to do so. There is a different audience on Steemit than Medium so I recommend you write to both. If you've spent 2 days writing something and are hoping for a reward (and don't have a following on Steemit) - I would post it on Medium and promote it on every social channel you have.
Both sites have their advantages and disadvantages. If you are a writer trying to navigate your way to a book deal - posting wherever you can and building as many followers as you can - is the only recipe for success. If you are a content writer and the only thing you care about it monetization - Medium is the place to write.
