I've been in the crytpocurrency space in since last year and have been going in pretty deep.
Here's why I think SteemIt is is a great platform to share thoughts and valuable content.
What is Steemit?
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Steemit is a social network and content rewards platform with a twist.
I leverages the attention economy and makes the crowd beneficiaries.
What does all this mean you might ask?
Quite frankly this means that users of the platform are taking part in a community where valuable and trusfworthy content get rewarded in the form of STEEM (there are a 3 different types of currency which I will address later).
This has redefined social media and allows power and a voice to be given to reputable sources and content creators who create genuine and valuable content. No longer will we have to be portray our content under the guidelines of youtube and facebook in order for content creators to generate an income. Steemit allows content creates to provided unhindered content and the people vote on whether they like it or not. A true content democracy.
Here's How it works
Steemit is FREE! You are able to post content and follow people who offer you content. People can upvote your content and resteem your content if they feel that what you provided is valuable. This means that you can now make money of providing solid content to Steemit users.
In addition to this Steemit is built on the blockchain and give every user a Reputaion Score. This allows for a whole new level of transparency and facilitates a who new level on trust for online content.
Digital currencies on Steemit
Steemit has 3 different digital currencies that it operates on
STEEM tokens that can be traded on exchanges for BTC, ETH, LTC ect
STEEM Power (SP) measures your influence levels. The more influences you have the more you can influence comments and posts
STEEM Dollars (SBD) are liquid stable currency tokens that are pegged to the $1 USD. This can be transferred between users and also used to buy things in the market place. Most commonly you can find STEEM dollars under posts indicating how much money a post has earned.
For more information you can check this link for the differences between the digital currencies.
https://steemit.com/faq.html#What_is_the_difference_between_STEEM__STEEM_Power__and_Steem_Dollars
Benefits of Steemit
I have already summarized the benefits above but now we can look at them in a little more detail.
- Steemit allows to content creators to make money.
How do people make money on steemit
You can make money with 3 ways on Steemit.
- Posting: by creating content in the form of posts you can earn upvotes (likes if your familiar with Facebook) from community members. Depending on the upvotes you ill receive a portion of the ongoing STEEM reward Pool. Currently the percentage is 75% for authors and 25% for curators (people who upvote posts) of content. however this is timing sensitive.
You can also earn money from comments if they are upvoted.
For a more detailed breakdown check out this link: https://steemit.com/faq.html#What_determines_how_much_of_the_curation_reward_goes_to_the_author_versus_curators
Voting and curating - If you discover a post and upvote it before it becomes popular, you can earn a curation reward. The reward amount will depend on the amount of STEEM Power you have.
Purchasing - Users can purchase STEEM or Steem Dollar tokens directly through the Steemit wallet using bitcoin, Ether, or BitShares tokens. They are also available from other markets and exchanges including BlockTrades, Poloniex, Bittrex, Shapeshift.io, and Changelly. STEEM tokens that are powered up to STEEM Power earn a small amount of interest for holding.
Hopefully that has given you guys a basic understanding of how Steemit works and how content creators are rewarded on the social network.
I personally can wait to test this out for myself. I'll be starting a youtube channel for crytpo newbies soon and will also be sharing the videos here on Steemit. Can't wait to see the response.
For anyone who is interested feel free to visit my fb group where I have created a close circle of people who are new to crypto and eager to learn more about blockchain and its potential.
Here's the group: https://www.facebook.com/groups/cryptonewbies/
Anyways remember to stay motivated guys and always do good things.
Peace Out
Fuble
PS this is my first post...loving it already :)