Where does the money come from to pay steemit posters? I heard about millions being made...
Forgive me for being relatively new and clueless, but I understand a little about how steemit works.
And am clueless on the whole - that said, maybe someone can explain why anyone would trade
worth real dollars bitcoin for steemit currency? OK, the value of steem keeps going higher, so?
I absolutely like the idea of the DAPP and tokens and blockchains. Steemit, steem, has been gaining
tremendous successes and advancements yet remains as unknown as a ghost living on a webpage.
Enlighten me please.
And if enough people upvote this maybe the post entry could match better the post output. I hate to look sloppy!
I was around the steemit circuit a year or two ago, I've got some steem in my wallet, and I've read plenty of explanations and never a great one of how all that powering up and cashing out works. I'm still clueless. Fill me in.
THANKS and please, share and upvote this, I really could use some more crypto wealth to go with my 610Ghz of Bitcoin mining, and do you more experienced crypto cats think this will be meaningful? PLEASE, tell me, I really wonder...
Source
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Hello @coolthingssite!
I noticed you have posted many times since you began your journey on Steemit. That is great! We love active partipants.
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People are investing in other currencies rather than bitcoin because
a. its very costly nowadays to buy one whole coin
b. its not very suitable to trade such a huge amount
that being said people are investing in steem because you can get more money out of it even without spending the initial investment by SP steem power
steemit pays us on upvotes / comments / posting
and people who have large amount of steem power can also upvote themselves and get huge chunk of rewards just by themselves
that's what the whales do here (people who have lots of steempower)
Welcome to Steem, @coolthingssite!
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Hey @coolthingssite, Welcome to Steemit. If you have any questions don't hesitate to ask me. I will keep an eye out for your work here. In the meantime, if you want to learn more about how this amazing platform operates, please check out my blog, where I wrote an in-depth article about a week ago about Steemit. The money on steemit comes from the same place any currency comes from "nowhere" . let me explain simply, content is created here and it is valued by the people who curate it, it is similar to anything, people write and they are paid. Value is created based on the content created. interestingly the value of fiat currency comes from "nowhere" if you dig down far enough. You are more than welcome to follow me, I discuss cryptocurrencies in my work, if you wish to learn more about tech/blockchain. Welcome again.