Crypto Enthusiast and blogger
How does steemit.com works15 min read
Everyone say, steemit.com easy explanation would be “it’s like facebook but you get paid by posting, imagine if facebook likes have a monetary value, steemit “like” button is called upvote and it has a monetary value”.
The explanation above is somewhat misleading which gives people wrong impression about the steemit platform. People think that it will be easy money, well it is but you have to put a bit of an effort in it.
Steemit is more like a blogging platform, the community would prefer a good quality content meaning you can’t just take a picture of anything, post it and expect to get $100 worth of upvotes.
How do you get paid in steemit.com?
After you published your article, video or picture in steemit.com, other’s will see it and they will upvote it. People who are upvoting your post also have an option on how much they will give you. They can also choose not to give you any and they can even choose to downvote or flag your post if they see that it is offensive, does not meet the community standard or just plain crap. Don’t worry these terms like upvote and flag will be explained later.
I will only cover the most asked questions to me about steemit.
Now this first is always the thing that is getting asked.
How is steemit.com paying their users? Where are they getting the money from?
Remember you are getting paid with tokens, crypto currency. Steem is inflationary which means the Steem network continually creates new digital tokens. Think of it as printing more money.
You can learn more about the steemit.com economics HERE: https://steemit.com/faq.html#Where_do_the_new_STEEM_tokens_come_from
There are 3 currencies within the steemit platform.
STEEM – STEEM is the base liquid currency token in the platform. STEEM can be powered up into Steem Power, traded for Steem Dollars, or transferred to other accounts. It is a cryptocurrency token, similar to bitcoin.
Steem Power – Steem Power (abbreviated SP) is a measurement of how much influence a user has in the Steem network. The more Steem Power a user holds, the more they can influence the value of posts and comments. Steem Power is less liquid. If a user wishes to “Power Down” SP, they will receive equal distributions of the STEEM weekly, over a 13 week period.
Steem Dollar – According to the steemit.com FAQ, Steem Dollars (commonly abbreviated SBD) are liquid stable-value currency tokens designed to be pegged to $1 USD. Not entirely true, steem dollar is not pegged to $1 USD because it is traded on the exchanges. At the time of writing this steem dollar is worth USD$2.40 and steem is USD$2.50.
How to create an account on steemit.com?
The normal way of creating an account on steemit.com is free, well not free really because you will need to provide your email address and phone number as payment. Also the account creation sometimes takes 24 hours and some have had their account approved after a week or two.
If you want to be anonymous, there are other third parties that can create an account for you for a fee.
SteemCreate can create an account for you for a fee of $45 at the time of writing this. 80% of the $45 will actually go into your created steemit account to power up your account. 80% of $45 is $36 so the actual fee is $45 – $36 = $9. If you create your account with SteemCreate you will also get Free stolen password recovery and extra support. This option is for you if you can only pay with your credit card or debit card, otherwise the methods mentioned below are cheaper.
Blocktrades can create an account for you for a fee of 2 steem ($5) at the time of writing this. Blocktrades recommend sending at least 10% more to allow for fluctuations in the exchange rate. Any amount over the base fee will be converted to STEEM and deposited into your new account. Blocktrades is cheaper than SteemCreate but you can only pay with cryptocurrency like bitcoin, ethereum, litecoin or dogecoin or other supported cryptocurrencies. Also it did not mention about stolen account recovery maybe they have one I just didn’t see it because I did not complete the account creation.
AnonSteem can create an account for you for a fee of 5 steem ($12) or 0.1 LTC ($12.22) or 0.0025 BTC ($19.10) at the time of writing this. It was not mentioned if some of that fee will go to your steemit account, I’m guessing some of it will go into your account because steemit account needs a bit of steem in there to power it. They also have a stolen account recovery system for your just in case your account is compromise or you just managed to lock yourself out by losing your passwords.
SteemConnect is good if someone you know can create the account for you. You could pay him / her or he / she can do it for free or as loan to pay back when you managed to earn enough steem. Step by step guide – creating steemit account on SteemConnect. NOTE: Always make sure to save and back up your password because without that you will lose your account entirely. NOTE: You can never delete your account. NOTE: You can never delete or edit your posts after 7 days. Be extra careful what you are posting because it will be visible and cannot be undone after 7 days.
Very useful links.
Steemit FAQ – all the things you want to know about steemit.
How to improve your earning in steemit. – A guide on how to make sure you will get the maximum amount of reward from your post in steemit.
How to cash out your steem or sbd from steemit.com to AUD– Australia.
How to cash out your steem or sbd from steemit.com PHP – Philippines.
How to cash out your steem or sbd from steemit.com USD– Others.
I don’t claim to be an expert about the article mentioned above. The article above is based on my own experiences and my own research. I don’t claim it to be 100% accurate.
I am not a financial advisor. The article above is just my own opinion. Please do your own research.
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