What is Steemit and how to earn for it legitly
Steemit is a blockchain-based social media platform that allows users to create and share content, similar to platforms like Reddit or Medium. What sets Steemit apart is its use of blockchain technology and cryptocurrency to reward content creators and curators. Here's an overview of how Steemit works and how you can earn from it:
Content Creation: Users can create and post various types of content on Steemit, including articles, images, videos, and comments. Each piece of content is stored on the Steem blockchain, making it transparent and immutable.
Voting and Curation: Steemit operates on a system of upvotes and downvotes, similar to Reddit. Users can upvote content they like, and the more upvotes a post receives, the higher its visibility becomes on the platform. Users who upvote content are essentially "curating" it.
Steem Tokens: Steemit has its native cryptocurrency called "Steem." When users upvote content, they are rewarding the creator of that content with Steem tokens. The amount of Steem a user earns depends on factors such as the popularity of the content, the Steem Power (influence) of the voter, and the timing of the vote.
Steem Power: Steemit has a concept called "Steem Power" (SP), which represents a user's influence on the platform. Users can convert their Steem tokens into Steem Power, which gives them more voting strength and influence. Steem Power is vested and cannot be easily converted back to liquid Steem, encouraging long-term participation.
Earning from Curation: Users can also earn Steem by curating content. When you upvote content that becomes popular and receives more upvotes from others, you receive a share of the rewards generated by that content. This incentivizes users to discover and promote quality content.
Payouts: Steemit has a payout system where users can cash out their earned Steem tokens after a certain vesting period. The vesting period is designed to encourage long-term engagement on the platform.
Communities: Steemit has various communities (similar to subreddits) where users with similar interests can gather and share content. Engaging with specific communities can help you build a following and earn more rewards.
Promotion: Building a following and earning substantial rewards on Steemit can be challenging. Success often depends on the quality of your content, your engagement with the community, and your ability to attract upvotes from influential users.
It's important to note that the cryptocurrency market and the Steemit platform can be volatile, and the value of Steem tokens can fluctuate significantly. Earning substantial income from Steemit may require a significant amount of time, effort, and engagement with the community.
Additionally, since my knowledge is based on information available up to September 2021, there may have been changes or developments on the Steemit platform or in the Steem ecosystem since then. Be sure to check the latest updates and guidelines on the Steemit platform to understand how it currently operates and how you can participate.