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Steemit Crypto Platform Overview


November 22, 2020 | 

JOHN K MWANIKI |  0 Comments| 



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Social media has revolutionized human interaction. Not long ago, one would never imagine how easy it would be for billions of people to connect at a go. The platforms are now the to-go entities for entertainment, information, business, and more.

Behind the booming social media platform are the users. They keep on churning content and information every other second. Through all this, most don't gain from their content. They only get more shares, comments, and retweets. The only gaining entity is social media creators.

This explains why social media platforms have all become multi-million companies.

What if you could earn from every social media activity? That is what Steemit is all about.

Cryptocurrency has revolutionized several sectors in the economy. It's social media's turn to undergo the needed change. Steemit is part of the crypto boom, and it's making interactions profitable than ever.

This simple guide gives you all you need to know about the cryptocurrency Reddit. By the end of the article, you will understand the token's purpose. You will also have history and functionality.

Steemit Basics

1. Learning the terms

Steemit, as a platform, has several new terms you have to master. You first have to know the essential words like upvoting and downvoting. These are liking and disliking, respectively.

Resteeming is the same as sharing or retweeting when using Twitter. You also need to understand the effects of every action on the platform. For example, upvoting content reduces your voting power by 2%.

2. Getting started

Once you have the basic information about the platform, you are good to get started. Steemit provides for an easy signup process. You don't need a lot of information when joining the forum.

The next step is to learn the community guidelines. The platform has a detailed user guide to know everything. It provides for interaction rules and also the consequences of breaking them.

Proceed to create a user profile once conversant with the user guide. The profile is what showcases your personality on the platform.

After that, you are good to place your first post.

How to get the most from Steemit

You first have to understand Steemit is not a get rich quick scheme. You have to consistently put in the work over a duration of time before beneficial results. You will also have to attract followers and impress others for upvotes.

One of the best ways to make the most from the platform is to engage the other users. Upvote their posts and even comment on the ones you like. The more active you are, the likely others will notice you. You, however, need a proper engagement plan to avoid depleting your coins early on.

Your content also determines how much you can gain from the platform. Steemit allows you to do random thoughts, photography, or any other thing you like. Whatever it is, you must ensure quality. Users everywhere are drawn to quality content.

Steemit Coins

1. Steem coin

Steem coin is the fundamental coin of Steemit. It was launched in 2016 and has since been the operational base of the social media platform. It works such that it increases by 100% every year.

It currently trades at $0.151071 and has a market cap of $55,318,526. Its current circulation supply is 366,548,464 coins, with an infinite limit.

The Steemit produces Steem coins daily. These, it distributes among the authors and curators of the platform. It also awards the Steem Power holders and rewards miners.

Due to the laws of demand and supply, the sustained Steem coin production is not great for its value. Users thus don't need to hold it for long. You can convert to other coins like Bitcoin, Ethereum, or Ripple.

2. Steem Dollars

Steem Dollar is the stable cryptocurrency on Steemit. It was created for trade at 1:1 with the USD. It has yet, over the years, gained or lost to the dollar. At one point, it traded at the highs of $13. It currently trades at $0.9.

Steem Dollar is popular in several top crypto exchanges. It allows for trade with other cryptocurrencies. You can also convert and withdraw it in the form of fiat currencies.

3. Steem Power

Steem Power (SP) is the token that measures the user's strength in the platform. The SP comes with voting rights at a ratio of 1:1. Having a higher SP means more power. You also gain a lot from interactions with those with higher SP. For example, you gain more when an account with 110SP reacts to your post than an account with 20SP.

The SP, though, is not tradable in the crypto exchanges.

Steemit Concerns

Even though blockchain social media is a success, it has some issues. The first primary concern is the focus on earnings. Social media is for entertainment and connecting humans.

Most people use it for pastimes and learning. This is different from Steemit, with money being the biggest motivator.

There is always pressure on the users to provide the content that gains traction. They are ever on the lookout for new ways to create awesome content. While this improves quality discussions, it also puts pressure on the users. The general feeling turns from a hang out place to work like.

When money is involved, the users would not shy from fraudulent upvote mechanisms. Some also use bots and other software to interact on their behalf. This eliminates all the need for social media in the first place.

The other concern is plagiarism. Not every original idea gets traction. That means users don't get an appreciation for originality. The only means to earn more is to look for posts that are already doing well. Even though it assures income, the move does away with all the value in the system. Not even the curators can do anything to stop the vice. They are also looking to make the extra bucks from the content.

The platform must do everything possible to solve the issues. While money is a big motivator, it should not be the only end gain. Steemit will have to find ways to stop the plagiarism. Otherwise, it would end up like a workplace and tire the users.

Bottom Line

Steemit is a way to get entertained while getting paid. Nothing gets better than this—the earlier to join, the better.

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