I read about steemit on social media and thought to give it a try. I googled about it, how it works, what is blockchain, what is steem, how is it different from other cryptocurrencies, etc. Whatever information I have collected about steemit uptil now is that steemit is a social media platform just like Facebook, Twitter. It has a little bit similarity with Reddit but there is a difference in between these two, in Reddit members can vote up or vote down the other members work( articles, posts, links or images) and steemit is based on Blockchain.
Now the question arises what is this Blockchain. Blockchain is a digital ledger in which transactions made in bitcoin, steem or another cryptocurrency are recorded chronologically and publicly. Mean If you send Bitcoin, steem (or some other cryptocurrency) to a friend, or sell it, that information is publicly available on the blockchain. By design, the blockchain is a decentralized technology. A global network of computers uses blockchain technology to jointly manage the database that records digital currency transactions. That is, the digital currency is managed by its network and not any one central authority. The blockchain has changed the information technology in much the same way as the open-source software did a quarter of a century ago.
Steemit network is built on a special kind of currency, steem, which is like Bitcoin, another digital currency. This steem is created by the steemit network and is given to its users who can trade it in the market for real money. So steem is a new kind of money.
Steemit pays its users for their content based on the traffic on their content. When people upVote for users posts at Steemit, they will get Steem or SBD(Steemit based dollars) money in their wallet, that is to say, they can make money by writing at Steemit.com.
As we have got an insight about steemit and steem or SBD(steem Dollar) we should proceed to know how can we utilize these SBD in the real world. We can not use these steem Dollars in the real world to purchase things or pay our bills etc.
We have to convert these steem Dollars into the currency of your native country. First we will have to convert these steem Dollars into bitcoin, after that convert bitcoin into USD and then transfer that USD into our bank account via PayPal or Payoneer.
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