Breif History about Steemit.com
Steemit is a blockchain-powered blogging and social networking platform that rewards its users with the crypto STEEM for writing, posting and curating content and the platform is controlled by Steemit Inc., a privately held company located in New York City and headquartered in Virginia. Earn money on Steemit
How does Steemit work?
The overall Steem system is based on stable blockchain software that runs on a computer network. At the core of the network is the currency STEEM, which is your standard transferrable, exchangeable, freely moveable token (comparable to bitcoin). The currency comes in three versions namely, the Steem, the steem power and the SBD.
- Steem – is the main cryptocurrency used to control the entire network. It’s like the rocks used to produce Steem Dollars and Steem’s power. You can buy and sell Steem, trade on its price, or convert it to Steem dollars and Steem power. But if you don’t want to speculate on the amount, or if you don’t spend off your Steemit earnings.
- Steem Dollars -This is the token of the Steemit Network and is also known as the SBD (Steem Back Dollar). This is what people give to each other when they upvote any Steemit posts. The possible explanation to why it’s named Steem Dollar is because 1 Steem dollar represents any amount of Steem needed to hit 1 USD based on the current exchange rate.
That being said, with the exception of Steem, you can’t use Steem dollars outside of the Steemit network. You’ll need to exchange your Steem dollars to Steem first, and only then should you be able to transform the Steem to Bitcoin or USD.
- Steem Power – Also recognized as SP in brief, is simply a token that symbolizes how much power you have on the Steemit website. When you have a lot of SP, your upvotes will contribute more and will also give SP and Steem dollars to various authors.
How to Earn tokens on steemit
- posting -You can receive up-votes from members of the group by sharing your articles. Depending on the amount of payment you get, you can get a portion of the “rewards pool.”
- Voting and curating – If you discover an article and upvote it until it becomes famous, you will receive a reward (curation reward). The payout level depends on the amount of Steem Power you possess.
- Purchasing – Users can buy STEEM or Steem Dollar tokens direct from their Steemit wallet using other cryptocurrencies like Bitcoins, Ether or BitShares tokens as a means of purchase.
different choices for post reward
- 50%/50% – This rewards half Steem Power and part STEEM / Steem Dollars. The ratio of STEEM liquid to Steem Dollars remunerated is based on the conditions of the system at the time of payment. This is the default payment option.
- Power Up 100% – This choice rewards a 100 Percent Steem Power update.
- Decline Payout-Use this method to get no post incentives. Votes will impact the location of the post on the trend list, but no prizes will be paid out of Steem’s reward pool. Replies sent to the post are also eligible for rewards.
Powering up – this involves getting more SP either through upvotes or by purchasing it via Steem.
Power down – means you’re going to liquidate your SP into Steem.
SP can also be powered down for Steem in a long process that takes days to complete. SP is considered to be a “long-term asset” on the Steemit website. That’s why, other than taking too long to cash out, it also exhibits a very high interest rate, tempting people not to pay.
Steem is an open platform designed to host and accept any legal content that conforms with our terms of service. Users can post whatever they want, whether it’s words, quotations, blog posts, stories, images, videos, memes, songs, and more. Be imaginative.