Making Money with Steemit
A lot of fuss has been going around SteemIt in the past few months. Steemit is kind of a social news platform that pays users with digital currency called Steem for posting and upvoting good content. Think of Reddit, but with a nice add-on of getting paid for your participation.
The problem as I see it with Steemit, is that the concept is just too hard to grasp. There are too many confusing concepts. For example, you have Steemit which is the platform, Steem – the digital currency, Steem power, Steem dollars and it all becomes one big mish mash of unexplained terms. In the end the average user who wants to get started with Steemit is left confused and leaves the platform.
Steem – Is the basic cryptocurrency used to power this whole system. It’s like the bricks used to build Steem Dollars and Steem power (will be explained in a moment). You can buy and sell Steem, speculate on it’s price or convert it to Steem dollars and Steem power. But if you’re not looking to speculate on the price or if you’re not cashing out your Steemit earnings, you don’t need to deal with Steem directly.
Steem dollars – This is the currency of the Steemit platform and is also known as SMD. This is what people send to one another when they upvote posts on Steemit. The reason it’s called Steem Dollar is because 1 Steem dollar represents any amount of Steem required to reach 1 USD depending on the exchange rate at that time (more or less).
However unlike Steem, you can not use Steem dollars outside of the Steemit platform. You will first have to convert your Steem dollars into Steem and only then you will be able to convert that Steem into Bitcoin or USD.
Here is a link for you to know what it is!
Video captured from ChampagneCrypto
Good post. More than it is a problem I think it's just going to take people a while to get around the learning curve. It's a lot of new concepts for folks to get used to when it comes to decentralization...
I have tried many times to grasp the concept of bitcoin since its inception to no avail. Steemit is the first crypto currency that I have found semi-user friendly. The community is so helpful that I was able to learn a lot quickly. I realize there is a lot to learn and a lot of tools to manage. Within 3 weeks I had 7 related tool site bookmarks I now flip between daily. Thank you for you helpful post - always learning still / STEEM On!
great post! thanks for sharing!
Good post, thx for the explaining.
I got a question and maybe some1 can help.
If you want to create a post, on the right bottom side are 3 options
-default 50%/50%
-power up 100%
-decline payout
any1 know the meanings of them? i have no idea which one to chose
I'm earning with steem...How? Not a lot here with my activity... but I own some ICN tokens, from Iconomi company which has steem tokens in its digital assets array basket... :) (and the value of my ICN tokens is 5x higher than half a year ago)....and I don't believe that the value will go down...only up...to the MOON :)
Congratulations @marcuscheung! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!