Steemit Puts Cryptocurrency to Work Paying Bloggers

Steemit Puts Cryptocurrency to Work Paying Bloggers

Blogging is one of those “new industries” you keep hearing about from people who insist that technology change won’t cripple the economy as we know it, only make it different and possibly better.There are plenty of bloggers out there today, and for Steemit, the company’s trying something a little new when it comes to getting bloggers paid: cryptocurrency.The concept is a comparatively novel one; Steemit works a lot like Reddit, only with direct cash incentives. Users publish blog posts on a topic of choice, at whatever length they like, and publish, waiting for the readership to weigh in.Upvotes give the writer Steem Power, a measure of how valuable the article is. Said Steem Power can then be redeemed for Steem Dollars, which currently trade at around $3.25 U.S per Steem Dollar.Though Steem Dollars aren’t widely known, Steem represents the third largest cryptocurrency behind only Ethereum and the king of them all, bitcoin.With more and more places offering not only to take such cryptocurrency in direct trade for goods and services but also offering to convert cryptocurrency to whatever currency a local user may ask for, this kind of thing might catch on.Of course, a system like this might not draw the best in blogging talent, but it may well catch the eye of dilettantes looking to make a few extra bucks in the evening.It may well pull some Redditors’ interest, and even possibly catch the eyes of magazines and the like looking for writers.One of the first things many new writers are told is not to write for free. This point is then promptly debated by other writers who succeeded by writing for free, and the discussion often turns into a shouting match from there.A system like this, meanwhile, can offer some kind of reward for writing, and potentially allow a writer to build a following. Followings are valuable currency for writers, as it can be a negotiating tool for higher pay or the like.The writing business can be an odd one, and tools like Steem may well make it even odder. The use of cryptocurrency, however, and its instant nature can be preferable to dealing with businesses who prefer paying by mailed check, and the delays that come with that.