How I Made $15,000 in 12 Hours on the New Blockchain Based Social Media Site Steemit

Here at The Dollar Vigilante, we are the most prolific followers of cryptocurrency and blockchain technology developments.

We've been covering bitcoin since $3 in 2011 and Ethereum since this January, and it has risen 600% since then. We've also covered numerous blockchain related companies including Arcade City, the new decentralized Uber killer app.

All of these have been covered in our newsletter first (and is a good reason to subscribe) and some of our subscribers have made fortunes.

But today I want to tell you about a new blockchain based social media site and cryptocurrency that could be the next big revolution. And, even better, anyone can make money on it right now without doing anything but publishing their content on the platform.

The site is called Steemit; and the cryptocurrency backing it is called Steem dollars.

HOW I MADE $15,000 IN 12 HOURS ON STEEMIT

I had heard of Steemit a few months ago but it is just one of dozens of interesting new blockchain based enterprises that crosses my virtual desk every day. I knew it was a blockchain based social network, but that was the extent that I knew (you can read more about how it works here).

But I kept hearing about it and two days ago I decided to post something on it. All I posted was a very brief introduction of myself called, "The Dollar Vigilante Is Now On Steemit"

Much to my surprise, within 5 minutes, the post had already made me $350. And, by the end of 12 hours (the post only makes money on upvotes for 12 hours) it had totaled at one point over $15,000 (the value changes slightly all the time as the value of a Steem dollar trades higher or lower in the market).

Now, I should point out here, that the site is both blockchain based and has attracted many freedom minded/libertarian/anarcho-capitalists. And, of course, I am one of the biggest names following cryptocurrencies and blockchain and am one of the most famous anarcho-capitalists in the world... so, clearly, the main reason I made so much from one post was because many people on the site are already big fans of mine.

However, I know numerous other people who have been on the site for a few months and have made thousands just posting content there.

Now, many of you are probably asking, how is this possible? How can this site pay so much for content?

The answer is actually quite ingenious. It is all based on the development of two cryptocurrencies, Steem Power and Steem Dollars and on the value placed upon those currencies by speculators who believe Steem may become the cryptocurrency backing all decentralized, blockchain based social media platforms.

I got a hold of the two founders of Steemit, Dan Larimer and Ned Scott for a full interview for my podcast, Anarchast, to ask them all about how it all works. You can see it here:

Steemit is only six months old but is already growing massively in popularity and the Steem cryptocurrency is already the third most valuable cryptocurrency by market capitalization after bitcoin and ethereum.

Where it goes from here is anyone's guess. But I advise anyone who creates content to begin publishing on Steemit now. It costs nothing to do and if your content is popular you can make money very easily. And if the platform continues to gain popularity you will be an early adopter (the site is even still in beta), which will mean you already have started growing your following and accumulating "Steem Power", which gives you more power on the system to upvote others content that you like as well as earning more Steem Dollars.

If you follow me on Steemit I'll soon be posting an article there giving you the tips I have learned from my first post so your first post will get as much traction as possible.

And, I haven't even mentioned the best part of Steemit. Unlike Facebook or Twitter, there is no censorship. This is becoming very important as people like Milo Yiannopoulos have already been banned from things like Twitter just for holding a non-politically correct stance. The only "censorship" comes in the form of how many people like or dislike your content. The more who like it, the more your content will be seen (and you'll get paid).

It is definitely a platform and cryptocurrency to watch.