Steemit has been a little difficult for me to grasp. Feel free to explain it. I get the blogging, voting, etc. I just don't quite understand if you can actually cash out the money made on here.
It isn't just creating something from nothing I have had to explain to several friends and family that most people are spending hours and sometimes days to create a great post and if it is a flop of a post we get almost nothing. But the pay is good if you can create some good posts that get lots of votes and attract whale voters.
50% of the Steem is paid in Steem Dollars that can only be cashed out over a 104 week period so you only get about 1% of the Steem per week for 2 years. Then the remaining Steem is paid as 25% in Steem dollars and 25% goes to voters. You have to transfer your Steem to an exchange like Poloniex or Bittrex that has to be sold to another person for Bitcoin then you can sell your Bitcoins for real money. It only has a value because people are willing to pay for it with Bitcoins, the same reason Bitcoin has a value people are willing to give up there paper fiat for Bitcoins. Fiat functions the same way technically you are purchasing goods or services with paper just because someone is willing to give it for that........
Steem dollars are only worth $1 each it is the equivilant of $1 US dollar it is Steem you are thinking of that's worth $2.75 each right now but you have to convert those Steem dollars to Steem. Steem dollars are more stable though because they will always be worth $1 and they earn 10% interest a year. But Steem might be worth less in a few years because they have a high inflation rate. But if you own Steem power you earn 90% interest a year on those but they take 2 years to cash out
You have to transfer those Steem dollars to Poloniex and you can convert to Bitcoin or Steem and sell for US dollars if you want. Look up some beginners manuals for Steem
It isn't just creating something from nothing I have had to explain to several friends and family that most people are spending hours and sometimes days to create a great post and if it is a flop of a post we get almost nothing. But the pay is good if you can create some good posts that get lots of votes and attract whale voters.
That's what sucks. I take my time and really put a lot of thought into a post and really think people will notice it and nothing happens.
50% of the Steem is paid in Steem Dollars that can only be cashed out over a 104 week period so you only get about 1% of the Steem per week for 2 years. Then the remaining Steem is paid as 25% in Steem dollars and 25% goes to voters. You have to transfer your Steem to an exchange like Poloniex or Bittrex that has to be sold to another person for Bitcoin then you can sell your Bitcoins for real money. It only has a value because people are willing to pay for it with Bitcoins, the same reason Bitcoin has a value people are willing to give up there paper fiat for Bitcoins. Fiat functions the same way technically you are purchasing goods or services with paper just because someone is willing to give it for that........
So if I have 40 steem dollars that has an estimated value of $80. If I convert it to Bitcoin by selling it how much of that $80 will I actually get?
Steem dollars are only worth $1 each it is the equivilant of $1 US dollar it is Steem you are thinking of that's worth $2.75 each right now but you have to convert those Steem dollars to Steem. Steem dollars are more stable though because they will always be worth $1 and they earn 10% interest a year. But Steem might be worth less in a few years because they have a high inflation rate. But if you own Steem power you earn 90% interest a year on those but they take 2 years to cash out
You have to transfer those Steem dollars to Poloniex and you can convert to Bitcoin or Steem and sell for US dollars if you want. Look up some beginners manuals for Steem