That is right. In the very near future, you can edit your content past the 7 day period.

The 7 day limit is in place because most content receives votes in the first week. It was though that this would be sufficient. Well that is changing with release of Steem software (v0.19.10).

Looks like Steemit will get the change, but other apps will have to implement the change to their front-end.

When will we get the ability to update posts?

will be deployed to steemit.com after a sufficient number of witnesses have updated.

Well,... however long that takes.

I don't think we will have to wait too long. Check periodically if you get an edit button on your content that is older than 7 days.

I hope you enjoyed reading my Blog. Please remember to Upvote, Resteem, and Follow. Thank you.

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For a breakdown of how Steemit Rewards system works:

https://steemit.com/steemit/@socky/steemit-rewards-breakdown-a-simplified-explanation-with-illustrations

For a breakdown of Steemit Keys:

https://steemit.com/life/@socky/do-you-understand-your-steemit-key

For a breakdown of why Steem Power is Important:

https://steemit.com/steemit/@socky/why-is-steem-power-important-beginners-read