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Steemit: Read This Before Using Steemit

Updated on October 21, 2017
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What Is Steemit?

Think of Steemit as a site like Hubpages or other revenue sharing websites. However, instead of earning fiat currency like USD, GBP, EUR, etc. , you earn SBD, short for Steem Dollars. Steem is a cryptocurrency like Bitcoinm but SBD are not worth nearly as much as Bitcoin, at least not yet.

Whatever you want to call it—blogging platform, social media blogging platforms, user-generated content site—the bottom line is you can post, like and share articles on Steem with your followers on the platform.

In Steemit's own words (description), they are a social media platform.

Activities You Can Do On Steemit

You can publish posts, and they don't have to be a certain length. You can like/upvote other people's posts and you can re-Steem them, which is basically sharing their posts with your own followers. That brings us to the next activity you can do; You can follow other users and they can follow you too. Commenting on posts and replying to comments is another thing.

In short, you can:

  • Post
  • Like/Upvote
  • Re-Steem
  • Follow/Followers
  • Comments

That's the gist of things. I could go into great details and provide you with tips, but I just wanted to sum up the basics of what you can do on Steemit.

How Do You Make Money On Steemit?

I'll try to sum it. Basically you earn when:

  • You receive votes on your posts, but not every vote carries the same weight. There's something called STEEM, which gives users voting power/weight. The more Steem a user has, the more their vote is worth. This is a bit hard to explain, but you can find more information on Steemit's website.
  • You get likes/votes on your comments. If you leave a comment on a post and someone likes it, then you might make something. I say might because once again voting power factors in.

That is basically how you earn. Also, you earn both SBD and STEEM.

Steemit Review: The Pros & Cons

Now let's dive into a short review of Steemit.

The Pros
Steemit allows you to post anything, as long as it's legal and it's yours to post. Not only that, but it's easy to get the hang of posting, commenting and so forth. Another good thing about Steemit is you can build a following, which actually isn't that hard to do. The tricky part might be building a following that actually engages with your content.

Summing up the above, a few of the pros are:

  • post anything
  • easy to use
  • Build a following

The Cons
It can be difficult to make money on Steemit. Once you build an active following, then earning can become easier. Also, the platform can be confusing to complete newbies. Another con is it can be difficult to see who has actually earned a bunch of SBD and who has just invested it. For example, you can trade your real money for SBD. Furthermore, earnings can be slow coming in, at first.

Summing up the above, the cons are:

  • hard to make money
  • confusing for newbies
  • seems like people invest in it
  • slow earnings

Concerns

Some people have a few concerns, such as where does the money come from to pay Steemiit users? Users are paid in both STEEM and SBD. Steem Dollars are crypto-currency and you trade it for real cash. This means you need a digital wallet and join a platform that lets you trade crypto-currency for real money.

As for where Steem Dollars come from, I’m not too sure. Voting power is another concern for some people. The more voting power you have, the more your vote is worth. The more STEEM you have, the more voting power you have.

The above might be hard to grasp, but you can read through the FAQs section on Steemit and it goes into greater detail about voting power, STEEM and what not.

Should You Try Steemit

I say go for it. I wouldn’t invest in Steem Dollars or buy STEEM with your real money though. Instead, join and post, comment and be active and once you start earning SBD, then cash-out or use it to buy STEEM. It’s completely up to you.

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