What is Steem?
In order to really focus on Steem, we have to go over a bit about the Steemit platform.
Every day, the Steemit network creates new Steem units and distributes them to its users. The users can then exchange these units on the open market for Bitcoin, other cryptocurrencies, or fiat.
Steemit has really gathered some “steam” (excuse the bad pun) in the content and cryptocurrency community because it virtually allows anyone to write about interesting topics and start earning money.
Steemit is different from other cryptocurrencies like Bitcoin because it doesn’t solely rely on mining to generate new currency units. While you can technically mine Steem, the network creates new Steemit currency units and automatically distributes them to people who are writing on and engaging with the platform. The amount you get is correlated with the number of upvotes the content you write gets and the amount you engage with the site (upvoting and commenting).
Steemit solves a HUGE problem the content world is facing.
Read More: What is Steem? http://bit.ly/2xGQxEG via @realcoincentral
This is very helpful in understanding how Steemit works. Thanks for the insight!