What is Steemit and How can you Make Money ( crypto ) on Steemit

Steemit is a social media platform that runs on the Steem blockchain and rewards its users with blockchain and cryptocurrency called steem for creating and engaging with content. Unlike traditional social media platforms, where the profits go to the owners and shareholders, Steemit distributes the value to the users who contribute to the network.

Steemit operates by utilizing its native cryptocurrency, called Steem, as a form of payment to users. Just as Bitcoin and Ethereum have their blockchain-based currencies, Steemit has developed its own cryptocurrency, Steem, which is used to reward individuals for their activities such as posting, commenting, and upvoting on the platform.

In essence, Steemit is a social media platform that compensates users for their engagement and contributions.

To access Steemit, you can register or log in by clicking here. Now, let’s delve into the process of earning money on the platform.

How Steemit Works

Steemit is based on the concept of proof-of-brain, which means that the users who provide the most valuable content and curation are rewarded with the most tokens.

The issue with Steemit, in my view, is that it’s kind of tough to understand. There are lots of confusing terms like Steemit (the platform), Steem (the digital currency), Steem Power, and Steem Dollars. It all mixes up, and regular users trying to start with Steemit end up feeling lost and often just quit.

There are three types of tokens on Steemit:

  • STEEM: This is the base currency of the platform, which can be traded on exchanges, converted to other tokens, or powered up to increase voting power.
  • Steem Power (SP): This is a token that represents how much influence a user has on the platform. The more SP a user has, the more their vote is worth, and the more they can earn from curation rewards. SP also generates interest over time, so holding SP is a way to grow your stake in the network.
  • Steem Dollars (SBD): This is a token that is pegged to the US dollar and can be used to buy goods and services on the platform or outside of it. SBD can also be converted to STEEM or SP, or traded on exchanges.

Understanding Steemit more.

Steem:

Think of Steem as the basic building block in this system. It’s like the bricks used to create Steem Dollars and Steem Power. You can buy, sell, or convert Steem, but if you’re not into predicting prices or cashing out your Steemit earnings, you don’t need to directly deal with Steem.

Steem Dollars (SMD)

Now, Steem Dollars are the currency of Steemit. People use them to upvote posts. One Steem Dollar represents the value of Steem needed to reach 1 USD, depending on the exchange rate.

Unlike Steem, you can’t use Steem Dollars outside Steemit. You have to convert them to Steem first and then to Bitcoin or USD. They were created to keep the value stable, pegged to the US dollar, making trading inside Steemit less affected by exchange rate changes. Steem Dollars are like IOUs – promises.

If you decide to cash out, you get Steem equivalent to the USD value. They also earn interest (currently 10% a year) to encourage people to keep them in their account.

Steem Power (SP)

Steem Power, or SP, shows your influence on Steemit. More SP means your upvotes count more and reward authors with SP and Steem Dollars. Powering up means getting more SP through upvotes or buying. Powering down is converting SP to Steem, but it’s a slow process taking two years, seen as a long-term investment in Steemit. The high interest rate encourages people to hold onto their SP.

How to make money on Steemit

Users can earn tokens by doing the following activities on Steemit:

1. Write Articles (Posting/blogging)

Users can create original content on any topic and publish it on Steemit. The content can be in the form of text, images, videos, audio, or any other format. Users can also use tags to categorize their content and reach a wider audience. The more upvotes a post receives, the more tokens the author earns. The rewards are split between the author and the curators (see below).

Absolutely, seeing a post earn over $700 in just two days is impressive! However, reaching that level does require effort. Building a substantial following and engaging network is crucial.

Writing quality content, though not always easy, becomes more achievable when it aligns with your interests. Keep at it, focus on creating valuable content, and steadily build both your network and Steem Power.

Success on Steemit often comes from a combination of consistency, quality, and a supportive community.

2. Commenting

Users can also comment on other posts and engage in discussions with other users. Commenting is a way to add value to the content and the community, and also earn tokens from upvotes. Comments are also eligible for curation rewards.

But the money you will make commenting will not be as much as you will make writing unless you have a good Steem Power (SP).

See this screenshot of someone making money from his or her comment.

Comments will also help build up your Steem Power and remember, the stronger your Steem power, the more your chances at making money from Steemit.

3. Upvoting

Users can upvote the posts and comments that they like and appreciate. Upvoting is a way to show support and appreciation to the content creators and curators, and also earn tokens from curation rewards.

The amount of tokens a user can earn from upvoting depends on their SP and the timing of their vote. The earlier a user votes on a post, the more they can earn, but they also take more risk, as the post may not receive many upvotes later. The rewards are distributed after 7 days from the post creation.

4. Delegating

Users can also delegate their SP to other users or projects that they want to support. Delegating is a way to lend your influence and voting power to others, and also earn a share of their rewards. Delegating does not transfer the ownership of the SP, and the user can cancel the delegation at any time.

5. Curation

Think of curation as discovering hidden gems. When you find a less-known post on Steemit, give it a vote. If that post becomes popular later, you get a curation reward. The more Steem Power you have, the better your reward. So, curation is about finding new content and upvoting it before it gets famous.

6. Vesting

If you power up your Steem tokens into Steem Power, you earn a small amount of new tokens just for holding them.

7. Partnership

If you’re new to Steemit and want to make money quickly, consider partnering with experienced writers. Some writers have many followers and a lot of influence, making good money on a post. Write for them and share the earnings. It’s a way to tap into existing communities and boost your earnings.

How to Get Started on Steemit

To join Steemit, you need to create an account and verify your email and phone number. You will also receive a set of keys that you need to keep safe and secure, as they are your access to your account and funds. You can use different keys for different purposes, such as posting, active, owner, and memo.

Step 1.

To sign up on Steemit, go to the official website and click onSign Upin the top right-hand corner. On the signup page, choose a username, and if it’s available, click on “Continue” to proceed with the registration process.

Step Two:

During this particular phase of the process, you will be prompted to enter your phone number to facilitate the verification procedure. So input your correct phone number and plus the country code. Make sure the number is available in your phone.

Subsequently, a verification code will be dispatched to the phone number you provided. Take the step to input this code into the designated space, thereby advancing to the subsequent steps involved in verifying your Steemit account.

Once you verify your phone, your account goes into a waiting list for approval, usually taking around 7 working days. I’ll be honest, mine took almost three weeks to get approved. But, in the end, the important thing is whether you get in or not.

So what’s next ? How do you get started on Steemit .

After three weeks, I found a welcoming email from Steemit in my inbox. Seizing what seemed like the perfect opportunity, I decided to explore what my friends had been talking about for quite a while. And that’s how I took my first step into the world of Steemit.

Step 1.

To proceed, click on the link supplied in your Steemit email. This link will direct you to a Steemit page where you’ll need to enter your username. It’s worth noting that after signing up with Steemit, remembering your username is crucial. Consider jotting it down for a more reliable reference.

Step 2.

Steemit offers the option to use a password generated by the platform. It’s important to save this password in a secure yet accessible location. This ensures that you can easily retrieve it when needed while keeping it protected.

Step 3.

In this next step, Steemit will prompt you to confirm your password, which is the one you generated and saved in the previous step.

Step 4.

Congratulations welcome to steemit, it’s time to make money off steemit by posting & commenting.

Once you have an account, you can start exploring the platform and finding the content and communities that interest you. You can also create your own content and share it with the world.

You can use the editor on Steemit, or use other apps that are built on the Steem blockchain, such as DTube (a decentralized video platform) or [Dsound] (a decentralized audio platform).

You can also customize your profile, follow other users, and join groups called communities. Communities are a way to organize and curate content around specific topics or interests. You can also create your own community and invite others to join.

To earn tokens on Steemit, you need to be active and consistent. You can post and comment every day, and upvote the content that you like. You can also delegate your SP to other users or projects that you trust and support. You can also invest in STEEM or SBD and power up your SP to increase your influence and earnings.

Steemit is a platform that rewards you for your creativity, knowledge, and engagement. It is also a platform that empowers you to have a voice and a stake in the network. By joining Steemit, you are not only joining a social media platform, but also a social economy that is built on the blockchain.

To understand How to use all the Steemit features, visit the official blog here: explore Steemit features

How to Easily withdraw your earnings on Steemit

To initiate the withdrawal of your Steem Dollars (SBD), begin by navigating to the WALLET tab within your Steemit profile. You can find it illustrated in the image below.

Click on the wallet option and then it will take you to your earnings page.

Click on the small arrow pointing downwards, and then select “Sell.” Take note of the other options available, such as “Transfer,” which allows you to send your Steem Dollars to another user on Steemit. If selling directly to another user suits you, click on “Transfer,” enter the username and amount, and submit.

The “Convert to Steem” option is there if you want to change your Steem Dollars to Steem. Click on it and follow the two instructions: re-authenticate and submit. Typically, the conversion process takes around 3-5 days.

After clicking on Sell on the steem dollar tab of your steemit profile in the Wallet section, it will take you to blocktrades.us, then you input the amount of SBD that you want to sell.

As you input the amount of Steem Dollars you wish to sell, the “Receive BTC” section will automatically update, displaying the estimated amount of Bitcoin you’ll receive. Beneath it, similar to the image above, paste your wallet address and click on “GET DEPOSIT ADDRESS.”

A box will appear below, guiding you on the next steps to take.

As illustrated above, you’ll be instructed to send the specified amount of SBD to the account name @blocktrades. Pay close attention to the memo, which acts like a Bitcoin address and is crucial to fill in the memo box.

Return to your Steemit wallet tab, click on the same downward-pointing arrow in the Steem Dollar column, and then select “Transfer.”

Fill the info in and Click submit

that is it, your bitcoin wallet address will automatically be credited immediately after three network confirmations.

Popular communities to join on Steemit

There are numerous communities in Steemit. You can just visit community tabthen search for a community. The popular communities are

  • Hive: This is a community that forked from Steemit in 2020 after a controversial takeover by Justin Sun, the founder of Tron. Hive is a decentralized and censorship-resistant platform that aims to preserve the original vision and values of Steemit.
  • DTube: This is a community that focuses on video content and runs on the Steem blockchain. DTube is a decentralized alternative to YouTube that rewards its users with cryptocurrency for uploading and watching videos.
  • Dsound: This is a community that specializes in audio content and runs on the Steem blockchain. Dsound is a decentralized platform for musicians, podcasters, and sound enthusiasts that allows them to upload and stream their creations and earn cryptocurrency.
  • SteemSTEM: This is a community that promotes and supports science, technology, engineering, and mathematics (STEM) content on Steemit. SteemSTEM is a curated platform that rewards high-quality and original STEM posts and helps users learn and share their knowledge.
  • Steemhunt: This is a community that showcases and reviews new and innovative products and services on Steemit. Steemhunt is a platform that rewards users for finding and introducing cool and useful products to the community

These are just some of the popular communities on Steemit, but there are many more to explore and join. You can find them on the [Communities page] on Steemit, or use other apps that are built on the Steem blockchain.

To join a community on Steemit, you need to follow these steps:

  • Go to the [Communities page] on Steemit and browse the list of available communities. You can also use the search bar to find a community by name or keyword.
  • Click on the community that you want to join and read its description, rules, and guidelines. Some communities may have specific requirements or criteria for joining, such as having a certain amount of SP, posting relevant content, or following certain etiquette.
  • If the community is open, you can join it by clicking on the Subscribe button on the top right corner of the community page. You will then see the community’s posts on your feed and be able to interact with other members.
  • If the community is closed, you need to request to join it by clicking on the Request to join button on the top right corner of the community page. You will then have to wait for the community owner or moderator to approve your request. You will receive a notification when your request is accepted or rejected.

Tips for growing my audience on Steemit?

  • Invest in STEEM and Steem Power (SP

buying and powering up STEEM, you can increase your influence and voting power on the platform, which will help you earn more rewards and attract more followers. You can also delegate your SP to other users or projects that you support and earn a share of their rewards.

  • Create high-quality and original content

The most important factor for growing your audience on Steemit is to provide value to the community by creating content that is informative, entertaining, or inspiring. You should also use proper formatting, images, videos, tags, and sources to make your posts more appealing and credible.

  • Engage with other users and communities

To build relationships and trust with other users, you should comment, upvote, and resteem the posts that you like and appreciate. You should also join and participate in communities that are relevant to your niche and interests, and follow the rules and guidelines of each community. You can also create your own community and invite others to join

  • Be consistent and post regularly:

To maintain and grow your audience, you should post and comment as often as possible, preferably on a fixed schedule. You should keep a steady, regular output instead of streaming in bursts and then going silent for unpredictable periods of time. If you don’t have much time during the week, don’t try to stream daily. It’s better to stream once a week or only on weekends if this is the case.

  • Promote your content and channel

To reach a wider audience and increase your visibility, you should promote your content and channel on other platforms, such as social media, blogs, forums, or podcasts. You can also collaborate with other creators and cross-promote each other’s content. You should also use relevant keywords and hashtags to optimize your content for search engines and discovery.

These are just some of the tips for growing your audience on Steemit, but there are many more to learn and apply.

How to earn more rewards from curation on Steemit?

  • Curation is the process of upvoting and discovering valuable content on Steemit. By curating content, you can earn a share of the rewards that are distributed to the authors and the curators. The amount of rewards you can earn from curation depends on several factors, such as:
  • Your Steem Power (SP): The more SP you have, the more influence and voting power you have on the platform. This means that your upvotes are worth more and you can earn more curation rewards. You can increase your SP by buying and powering up STEEM, or by delegating your SP to other users or projects that you support.
  • Your voting percentage: The higher the percentage of your vote, the more rewards you can earn from curation. However, you also consume more of your voting power, which takes time to regenerate. You can adjust your voting percentage on your wallet or use other tools that allow you to set your voting preferences.
  • Your voting timing: The earlier you vote on a post, the more rewards you can earn from curation. However, you also take more risk, as the post may not receive many upvotes later. The optimal time to vote on a post is after 15 minutes from its creation, as this is when the curation rewards start to increase.
  • Your voting strategy: The more selective and consistent you are with your voting, the more rewards you can earn from curation. You should vote for the content that you like and appreciate, and that provides value to the community. You should also vote for the content that is likely to receive more upvotes from other users, as this will increase the rewards pool. You can use tools that help you find and curate quality content, such as SteemAuto or SteemWorld.

These are some of the tips for earning more rewards from curation on Steemit.

Conclusion.

Steemit stands as a ground-breaking platform, challenging the traditional model of social media by empowering users with the ability to earn cryptocurrency.

By focusing on quality content creation, community engagement, and strategic use of Steem Power, individuals can unlock the full potential of Steemit and navigate the ever-evolving landscape of decentralized social media. As you embark on your Steemit journey, remember that success often lies in the balance of creativity, consistency, and community collaboration. Happy Steeming!.

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