Knowledge is power. If someone is looking for information, they are often referred to Google for answers. However, the cryptocurrency industry has found the answer to burning questions as well. It’s called Steemit.
What is Steemit?
Steemit is a site that is built on its very own blockchain, where people can blog, chat and reward one another for content. It is the perfect example of a crypto/blockchain community that is self-sustaining. Even though there is a lot of cryptocurrency content on Steemit, it is not only for cryptocurrency bloggers. It features an equal amount of content about nature, food, travel, DIY, gardening, art, photography, music, and science to name but a few. It is a library of wealth contributed by just about anyone and everyone. Thus, making this the perfect decentralized platform to share one’s knowledge and experience. The best thing about it is that readers can choose to reward their favourite content and how much money (Steem and Steem Dollars) a blogger earns, is totally up to them. You can even get rewarded for commenting, reposting (resteem) other posts and discovering or curate popular content.
The Steemit social networking and blogging platform was created by Ned Scott and Dan Larimer in July 2016. Scott was an advisor for Appics whilst Larimer, a financial analyst is the creator of cryptocurrencies EOS and BitShares. The company is based in New York with its headquarters in Virginia. Steemit is described as a “blockchain-based social media platform” and thus far has been very successful in its mission. Since its inception, it has gained momentous prominence amongst the crypto community and is the go-to for investors and no-coiners (people who do not have any cryptocurrencies) looking for information. The Steemit platform is built on technology developed by Larimer himself called Graphene.
Steemit in the media
Whilst excelling in the media/publishing industry, Steemit itself has been featured in prominent publications across the globe. Investopedia’s Adam Hayes wrote in July 2016 that Steemit is a “disruptive blockchain-based media community” whilst a Steemit member himself, author Neil Strauss wrote an article about Steemit for the Rolling Stone. Strauss described the platform as “particularly clever.” According to an article that was published in Wired, Andrew McMillen said that project is transparent due to the content being reviewed and rewarded by the public. McMillen also mentioned Steemit’s ability to allow people to earn cryptocurrencies by means of posting content as opposed to having to buy cryptocurrencies.
The only real bad publicity about Steemit was in July 2016 when they were hacked. A total of 260 accounts were hacked and about $85 000 in Steem tokens and Steem Dollars were stolen.
How does it work?
First, you need to open an account (at no charge) on Steemit.com. You may have to wait for a day or two before your account has been registered but it is well worth the wait!
Next, write something about yourself as a way of introducing yourself to the Steemit community. This is actually one of the most popular categories!
If you don’t feel like writing a full blog, you can even post interesting photos with a caption. As the old saying goes, a photo says a thousand words.
Vote your way to the top
When you have posted your blog, your followers can “vote” for your content and reward you with Steem. Whilst you’re waiting for the money to roll in, feel free to browse the site for other bloggers you can connect with and “follow” them. You can “resteem” content from other bloggers and comment on their blogs.
Just a few house rules you should know about. Steemit is very strict on copied content and the system is very effective at finding such content. You will be warned and even penalized. Best to stick to original content!
The great thing about Steemit is that you can write as much or as little as you want. The same goes for photos on your blog. The sky is the limit!
How much can you earn?
There is no flat rate you will receive for every upvote. It depends on how much Steem Power a specific voter has. Steem Power is rewarded to users based on how powerful their content is. Some voters may have 1 000 Steem Power whilst another may have 10 000 Steem Power. A vote from the latter will be worth more.
If you wish to convert your Steem Power to Steem token (the base currency), you can do so but it will take place over a course of 104 weekly conversions.
Then there is also Steem Dollars. Both Steem and Steem Dollars can be traded with on various leading exchanges such as Bittrex and Poloniex to name a few.
Once you’ve posted a blog on your Steemit page, you will be rewarded with US dollars (based on the value of the token) within 12 hours. This will then be equally divided into Steem Dollars and Steem Power in your Steemit wallet. There is a second reward pool that occurs a month after your blog were posted.
Remember to store your login details to your Steemit account in a safe place. Steemit does not give one the option of retrieving your lost password like other platforms may do.
You don’t have to be part of the Steemit community to benefit from the content. The Steemit search engine works very much like Google in the sense that you can use it as a free source of information. However, if you wish to interact on the platform, earn Steem tokens and resteem blogs, you need to be a registered user.
Overall the Steemit community is very welcoming and will make new members feel right at home. The community is quick to respond and likes to give advice and be of assistance. Blockchain technology is open source after all!
Dtube is the Steemit platform’s answer to YouTube. Content creators can upload videos to Dtube and get rewarded on the same basis as they would be blogging on Steemit. Dtube is built on the Steemit platform.
Whilst many YouTubers are complaining about the platform’s payment structure, Dtube is the perfect alternative! It is no secret that YouTube has some very strict ad policies that is making it difficult for YouTubers to earn ad revenue. For example, if you want to earn money from ads, you should have 4 000 watch hours under the belt within a 12-month period and more than 1 000 subscribers. This directly impacts small creators and they are now turning to the decentralized Dtube platform.
Dtube is still in its early stages as it was only released in January 2018.
According to Coinmarketcap, the price of Steem (STEEM) is currently at $1.97. It has a circulating supply of 255 million tokens and total market cap of more than $500 million. In June 2017, STEEM was trading at a mere $0.22.
Steem Dollars (SBD) is currently trading at $2.04 and has a total market cap of more than $22 million. SBD has a current circulating supply of 10.8 million coins. SBD reached $22 during its peak in May 2017.
Both currencies are available on the following exchanges:
Steem is currently standing at number 28 on Coinmarketcap according to its market cap. There is no doubt that Steemit is one for the books! With every passing day, the number of bloggers who are making Steemit the platform of choice is growing. The same growth applies to the number of people making use of the information provided on Steemit. Whilst the platform and technology make Steemit appeal to the masses, the blockchain features other nifty tools. For example, Catch-a-Whale tracks cryptocurrency whales’ votes whilst SteemMarket is a platform where you can rent, buy and sell products with Steem tokens.
There are plenty of people who make good money with their blogs on Steemit. An example is a girl writing under the name Sweetssssj. She makes anything from $500 – 800 per travel blog. Her blogs are extremely popular as she poses good content accompanied by many excellent photos of her travels in Asian, America, even the Maldives! She is living proof that if you work hard at it, you can make it big in the Steemit community.
The best time to register on the platform is now. Since the site is growing in popularity every day, it might become more difficult in the future to get a spot on the platform.
For more information on Steemit, refer to their Q&A section here.