Understanding Steemit For Beginners

Steemit not easy to understand the overall concept of Steemit because its economic fundamentals are quite different from other cryptocurrency. Reading the document whitepaper Steemit 44-page thick is also quite confusing head especially if not impatient. The purpose of writing this article to share an understanding of Steemit so far. It should be understood that sy also just started to learn it and not a Steemit expert, if there is one please understand and more happy if you want to help correct it by commenting below this article.

How is Suppy Steem created? The answer is from Proof of Work when solving a block. Steem can be mined through Windows and mining power is determined based on your Processor, not GPU like Ethereum. So ... Steemit Network starts from 0 supply and based on what's written on its whitepaper: there are about 800 new steems created every minute.

Second ... Steem Power is the value of a convertible unit of Steem. For you to re-convert from Steem Power to Steem takes 2 years, gradually as much as 104 x payment. Why 104 x payment because steem power you convert to steem will be paid every week