The great thing about Steem is that anyone can earn Steem, as you don’t have to mine it using super GPUs or CPUs, that may cost thousands of dollars.
Steem is earned in the platform called Steemit. I’ve been writing about this over the past few weeks.
Founded by Dan Larimer and Ned, Steemit is basically a blogging cum social media platform that allows you to earn Steem or Steem Dollars (SBD). Hence, even those with no knowledge of cryptocurrencies can blog on the platform and earn Steem. Steem can be converted to Bitcoin and eventually to fiat money (e.g. USD).
Basically, users vote on each other’s posts and the votes give you Steem or SBD. Of course, not all votes are created equal. Anyone with Steem can “power up” their account into what’s called as Steem Power. The higher your Steem Power, the more valuable your vote is. There are users with Steem Power of above a million (i.e. above USD $1 mil) and their upvote may give you a few hundred dollars alone. Hence, you have those people as your followers, you will do well on this platform.
For the rest of us, our vote may only give a few cents at most! That’s due to the big difference in Steem Power. Basically, this encourages people to pump money into the platform and it helps the platform to survive. You can read more on this here.
Why is Steem valuable?
It PAYS you to write! Which social media platform does that? Facebook? Nah. It’s probably the other way around in Facebook. I had to pay them for advertisements for my blog posts and whatnot. Hence, I believe Steemit (or a similar platform) will be the future for social media.
Furthermore, newer coins are also taking the mining factor out of it. They pre-mine all of the coins and sell them via an ICO. Even Ethereum may take the mining out soon if they go on a fork.
Steemit is also introducing Smart Media Tokens soon. What’s that? Think of Steem becoming a network like Ethereum and allowing anyone to create their own tokens. All of these tokens will be based on the Steem blockchain.
To add to that, Utopian.io which is a new initiative that rewards open source projects is now on the Steem blockchain. Think of GitHub but a version that actually pays contributors.
If you’re not on Steemit yet, do join it as it’s fun. It has a community spirit, unlike Facebook or Reddit or most social media platforms. Currently, there are only about 300,000 registered accounts. If it goes mainstream, the value of Steem should rise. The best part is you don’t need a capital to make money from Steemit, although it helps.
Thanks for this! I’ve sent it to a few friends who are interested in Steemit but dont quite understand it!
Yes! I am doing the same. Steem on!
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.ordinaryreviews.com/2017/08/21/three-altcoins-rise-2018/
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