Have you always wanted to make a living with your writing? Well that might just be possible thanks to the blockchain based platform called Steemit. Over the past couple of years, I’ve managed to make over $2000 on Steemit. While this isn’t a lot of money, a lot of this income has been earned passively.
What is Steemit
Steemit is a social networking site that uses the steem blockchain to reward people for writing on the platform and curating content. It’s a bit like if you took bitcoin and reddit and combined them.
Steemit is a lot like Reddit. You’ll see lots of content that has been created by people all over the world and it can be upvoted just like on Reddit. But unlike Reddit, both content creators and those who upvote and comment on content get rewarded.
Every day, new Steem units are created and distributed to the users of Steemit. Here is a breakdown on some of the different terms:
Steemit is the social network part of the Steem ecosystem. It is where people post content.
Steem is the currency that can be bought and sold and traded like other cryptocurrencies. More Steem is created everyday, so you don’t want to hold onto it for too long as it will become more diluted. Steem is a bit like a companies stock.
Steem power is basically influence. The more Steem Power you have the more influence you have when curating content. You earn steam power by creating content, but it can also be bought. Steem Power is locked for 2 years. Meaning you can’t sell it as soon as you obtain it. By holding onto Steem Power you’ll earn more money in the long run. 90% of new Steem is distributed to Steem Power holders and the other 10% is distributed to content creators and curators.
Finally there are Steem Dollars. These are designed to be a stable currency. And this is what you’re paid when you create content on Steemit. Steem Dollars are designed to be pegged to the U.S dollar. So they should always be worth around $1 each.
Steem can be Confusing
Steem and Steemit can be a little confusing to begin with. That’s because there is a fair bit of jargon to get your head around. I believe the easiest way to learn more about Steem and Steemit is to just start using the platform.
It doesn’t cost anything to join or be a part of Steemit. So I suggest creating an account and start being a part of the community.
How to Make Money with Steem
So how do you actually make money with Steemit and Steem? Writing quality content. The more content you create and the more that content is seen and appreciated by the community, the more you’ll earn.
Here are the ways you generate Steem:
- Writing content
- Commenting on Content
- Upvote a post
- Earn Upvotes
How to Cashout Your Steem
The easiest way to convert your Steem into U.S dollars is through Changelly and Coinbase. Basically you can convert your Steem or Steem Dollars into Bitcoin on Changelly and then cashout via Coinbase. To cashout, simply input the amount of Steem or Steem Dollars you want to send to Changelly and then input your Coinbase wallet address. Your steem will then be converted into Bitcoin and that bitcoin will be sent to your Coinbase wallet.