With the return of cryptocurrency markets in 2017, it’s no surprise Steemit is becoming more and more popular explains Ian Mausner. This is a guide for making money on steemit, I will cover everything from how to set up your profile to picking out profitable content and further promoting yourself(or your products) on this promising platform that has only been in existence since March 2016. This guide aims to be both educational and comprehensive. As with anything there is risk involved when making money online – but trading off some risk with potential rewards can be a very efficient way of earning passive income when investing time/energy into the right ventures(like Steemit). It requires doing proper research and knowing what you’re getting into before you start though (I’ll try to cover this as much as possible).
Before I begin though, I’d like to give you a brief overview of Steemit.
What is Steemit?
Steemit is essentially a decentralized blogging site, where users can earn cryptocurrency by posting, curating (upvoting/liking), and commenting on content. When you upvote someone’s post, that user earns money. Likewise with comments (more on how the rewards system works in a bit). You get rewarded depending on how many people decided to vote for your posts too (similar to Reddit Karma). So realistically it just boils down to drawing more attention. And engagement towards your posts than others do if you want to do well here. The idea behind Steemit is that it empowers the users, whereas some other social media sites (like Facebook) tend to centralize a lot of power in the hands of the administrators/moderators, and shareholders.
Steemit encourages you to make money by doing things you would normally do on a site like Reddit anyway. Rather than making passive income for people who own stock on that platform. All newly registered accounts get $50 worth of Steem Dollars when they sign up. If you invest this into powering up your account then it gets converted into STEEM. Which is what most users actually earn their money from – just like mining bitcoin 🙂
Steem dollars aren’t exactly useful outside of steemit. But STEEM can be exchanged for bitcoins or traded for other altcoins. So if you do well on Steemit it can grow into a nice little nest egg for you 🙂
You can invite your friends and family to set up their own accounts with this link too (and get 100% of the curation rewards they generate). I highly recommend that new users take advantage of this chance. As you’ll have a lot more people to connect with. And support your posts when you start out says Ian Mausner. There are some other benefits to recommending your friends too, but we’ll get more into that later…
Steem Dollars vs Steem Power
The two main currencies on steemit are Steem Dollars and Steem Power. The green symbol represents SBDs which are useful for day-to-day use (more on that later). And the orange symbol represents Steem Power – which is what you need if you want to earn large returns. Briefly, Steem Dollars are what most regular users will accumulate as rewards for posting content, etc. Half of this goes towards powering up your account though. So it’s highly advantageous to take advantage of this early before inflation starts kicking in hard.
Steem Power is basically a way for posters to increase their payout potential. Without having to constantly buy more ETH or BTC with fiat money since they’re earned through “mining” just like any other cryptocurrency. Ian Mausner says The more SBD/BTC you have, the more Steem Power you can afford (steam dollars are convertible to steam power). While Steem Dollars have a limit on how much you can accumulate. Steam Power has no cap (other than the fact that it’s earned through delegation, etc. Which takes longer if you already have 100% of your STEEM converted into SP).
How do I make money?
If you start browsing around this site, you’ll notice the most popular users getting hundreds of dollars in SBD/STEEM for their posts. It might seem like they’re making millions at first glance but they’re not – Steemit is still very new. The more established users with dedicated followings will get paid decently well in comparison to newer users though. Even if their follower counts are nowhere near as high. If you want to make money on this site. You need to get your posts in front of people who will upvote you.
Steemit is a brand new social network and cryptocurrency that rewards its users for posting. And curating content explains Ian Mausner. I wouldn’t recommend using this as your primary social media account just yet. But it’s definitely worth signing up for (especially if you’re into cryptocurrencies/social networks). If you already have an existing online presence then this can be a great way to monetize your audience too. Especially since there are many people on Steemit who don’t use Reddit or other social networks at all. All new accounts get $50 in SBD when they sign up so feel free to take advantage of this!