It is true that social media has changed the way people interact and network. Some of these connections have been lauded as necessary for enhancing people’s career as well as improving their social skills. These benefits have so far been devoid of any direct monetary value, leaving a gap that has been gaping for a long time. Steemit has sought to change this by introducing a social platform where people can generate revenue by posting content and upvoting.
Steemit is a new and exciting blockchain based social network that crypto enthusiasts and anyone else can earn rewards by posting relevant content. One can also earn points by curating quality content by upvoting and by holding Steem-based currencies in a vest fund, and this generates interest.
The design of Steemit resembles that of Reddit. The only difference is that Steemit is capable of sharing revenue with its users, unlike Reddit where users only share content. Another interesting Steemit feature is that it doesn’t allow ads and ‘sponsored’ links or ‘promoted’ posts. The absence of these ads gives the user a smooth experience while viewing content, unlike on other social media sites where one is bombarded with ads that are sometimes annoying and irrelevant.
Steemit contains three main currencies that are Steem, Steem Backed Dollars (SBD) and Steem Power (SP). Steem is the liquid cryptocurrency which can be used outside of Steemit platform. It can be exchanged and converted to Bitcoin, Steem Power or Steem Dollars. Steem Power, on the other hand, is Steem that has been locked in the vest fund for a period exceeding 3 months and gets an interest from it. Steem Backed Dollars are basically used on the Steemit system acting only as rewards. SBDs are designed to protect the content creators against any emerging volatility. They can be traded for as much as $1 worth of Steem. Users also earn interest on SBDs, but converting them into Steem can take a duration of 5 days.
How to earn Reward Points (Cryptos)
There are several ways in which one can earn the crypto on Steemit. You can get rewarded by voting, which is the most interesting way. You only need to check out for posts and feeds and up-vote or down-vote them. The more you vote, the higher the earnings. The earnings you get are divided into two: 50% Steem Dollars and 50% Steem Power. The Steemit system is very easy to use. One can log in and upload content, curate content and also vote. You can also confirm your Steem wallet after logging in.
Pros and Cons
Steem it is very easy to use and operates on the principle of transparency where members will curate content and police themselves against inappropriate content. While the majority of digital currency requires one to invest first, Steem allows you to earn cryptocurrency by simply voting, posting content and curating content. You are able to convert Steem into Bitcoin, for example.
The downside is that Steemit operates on the principle that members will self-govern themselves, and avoid posting inappropriate content. This is subject to abuse as inappropriate content finds its way to the site. There is no moderation, quality control and wealthier members bully those who are not rich.