Steemit is a new social media platform where you can get paid to write and upvote content. Steemit is powered by its value token Steem and all the payments are decentralized and blockchain based.
Steemit has three value tokens: Steem, Steem Backed Dollars (or Steem Dollars) and Steem Power.
Steem is the liquid value token that can be bought and sold at exchanges. Withdrawing Steem from Steemit is automatic.
Steem Backed Dollars are dollar pegged tokens that are worth around 1$ each. They exist to protect content writers from volatility and Steem's inflationary nature. Steem Dollars take 5 days to be converted into Steem.
Steem Power is Steem locked in a vest fund. It is used to curate (up or down vote) content and can only be withdrawn over the course of 104 weeks.
It is also important to note that Steem has a yearly issuance rate of 103%, which makes it an extremely inflationary cryptocurrency. The Steemit platform itself is also very new and has already been hacked once, though all the funds were reimbursed to the respective users. With any nascent technology there are many unknowns and so an extremely heavy dose of caution is advised.
There are many ways to earn Steem, Steem Backed Dollars or Steem Power in the platform, and today we want to show you how to do it! We can only show you how to use Steemit, then it will be up to you to create new quality content or to curate quality posts, by doing so you'll help yourself and the Steem ecosystem.
Where does this money come from? When mining steem 90% of the block rewards are allocated to a vest fund (Steem Power) that pays content creators, curators and miners. The other 10% are kept as Steem, which can be sold and bought at any time, and are used to reward content creators in Steem Backed Dollars.
Read the Steem Whitepaper
Check out CryptoCompare's Steemit blog!
Part 1 - Signup for Steemit
The first thing you'll need is a Steemit account. When you Signup a new Steemit account you'll receive $10 worth of Steem Power, so in order to prevent fake accounts from being created, you'll need to prove your identity by signing up to your facebook or Reddit account.
Part 1 - Signup for Steemit
The first thing you'll need is a Steemit account. When you Signup a new Steemit account you'll receive $10 worth of Steem Power, so in order to prevent fake accounts from being created, you'll need to prove your identity by signing up to your facebook or Reddit account.
Step 1: Go to Steemit.com and click "Signup"