Steem is a cryptocurrency constructed on the website where bloggers are awarded for their efforts in cryptocurrency. Earning money with Steemit is a constant job. Users post content, curate it, and have fun too. Social media plays a big role too.
Steemit is a publishing platform where the community shares experience, creates content. Now here are more than 30.000 active users on Steemit. From it, whichever Internet program such as social media or other bloggers can take and share data giving users of Steemit the opportunity to be awarded.
Steemit offers a blockchain database that contains aspects of blogging and social media with cryptocurrency.
Founders: Ned Scott and Dan Larimer
Business type: blockchain-based website for bloggers and social media
Revenue type: cryptocurrency
Earning potential: moderate level
How does earning money with Steemit work?
Let’s start from the beginning, explaining terms, creating an account, and the main activities needed for money-making at Steemit.
How does Steemit operate?
STEEM creators use a website called Steemit, where users get cryptocurrency-based awards after voting and commenting on blogs. Social media is intertwined in this process.
Cryptocurrency’s name is STEEM. There are curation rewards that go to users who find and upvote content. This particular content must be upvoted by other users afterward.
How to start with Steemit?
As everywhere, you need to create an account and get five keys to perform various tasks.
There are simple steps:
Go to www.steemit.com, or you can download an app too.
- Click Sign Up
- Fill out your email address.
- Confirm your email
- Check the window that you are not a robot.
- Enter your phone number
- Confirm your phone number
- Enter account name
- Enter the generated password
- Re-enter generated password
When you first register with Steemit, you get a master password, which is the most important thing for your account.
The importance of the master password
There are four hierarchical keys in the Steemit account that have their own purposes.
- Owner key
- Posting key
- Active key
- Memo key
With the owner key, you can change other keys.
Master password rules all hierarchical keys in the STEEM blockchain. It is similar to the Lord of Rings. One ring rules all. It is like the foundation from that start all key.
The master password does not participate in the key’s hierarchy.
You will get a master password after creating an account. It must be saved in a remote place such as a safe deposit box when you print or write it on the paper.
You can use password managers such as LastPass, where nobody except you will have access.
If you lose the master password, you will lose access to your account forever.
You would ask, why do I need a master password?
A master password plays a role when you need to obtain one or all keys. It is a sensitive thing that cannot be replaced when it is lost.
With a master password, you can
- Derive all private keys such as owner key, activation key, posting key, and memo key
- Perform all activities
You would think about why to use other keys?
The reason to use other keys is a necessity to protect the account from hackers and other intruders.
For everyday usage, it is enough above mentioned four keys.
Remember: put a master password somewhere safe where only you have access.
How to find your Steem keys?
After creating your account, you go to the permissions tab inside your Steemit wallet. When you press on the keys&permissions, you will see all four keys such as
- Posting Key
- Active key
- Owner key
- Memo Key
Let’s check that these keys do for you at the Steemit.
As you see from the name of this key, it is for use on social networking. You can vote, comment, post using this key. Copy and paste this key, and you will have access to these particular activities.
Posting key has limited abilities, but it works for this purpose. It protects you from losing money if somebody will regain access to the posting key.
Posting key is good for:
- Edit post or comment
- Publishing post or comment
- Upvote or downvote
- Follow people
- Mute accounts
- Resteem content
This key has more abilities to perform some actions such as exchanging and transferring tokens. It is related to wallet activities and requires to enter your Active key for authentication. You need to be careful and use this key for apps that you do trust.
Besides, it is advisable to store this key in a safe place.
The active key is used for:
- SBD conversion
- Power Steem up or down
- Transfer tokens
- Place an order on an exchange
- Vote for witnesses
- Publish a witness price feed
- Certain profile changes
- Create a new user
The owner key able to change other keys. It is good for account recovery, declining voting rights, reset Owner, Posting, and Active keys.
It is an important key beside the Master key. It must be kept in a safe place, best offline.
As you can see from the key’s name, it is for encryption and decryption of private messages.
You can use the memo key for
- View an encrypted message
- Send an encrypted message
Okay, now you registered an account, have a Master key that secured online, and used only for recovering the account and creating Owner and other keys if you need it.
What does follow next?
First, protect your password and all keys, most important Master Key and Owner Key. Keep it somewhere offline, accessible only to you.
According to Steemit, it is not possible to recover your password once it is lost. La Finito, End, Caput.
Next, you can write articles, post them.
Copying and stealing content is a big NO.
It is advisable to cite sources and use copyright images. I use subscriptions from stockunlimited.com and Scopio images. I bought unlimited access paying over twenty dollars when these companies had promotions. Besides, you can use Canva to enrich content and deliver the message. It is for free.
Update your profile on the Settings page
Display name, information about you, a website increases chances to be seen and attract the audience.
Information about you
You can write more about you, list your hobbies, and social media accounts.
How can you vote under other posts?
You can gather votes for posts and comments over a period of seven days. It is interesting that if you earn payout after receiving enough votes, it will split between you(an author) and voters(curators)50-50.
There tree types of currency:
- Steem Power(SP)
- Steem Dollars(SBD)
STEEM is based on blockchain technology, called Graphene. STEEM is the base currency. It uses “witnesses” instead of “miners.” With Steem blockchain, 90% of new STEEM coins go to curators, content producers, and Steem Power holders.
Steem Power describes how much influence you have on Steemit. When you post a blog or another content, you can get SBD and Steem Power (SP). You can power down Steem P0wer to back to Steem. When you have Steem, you can trade it, spend, withdraw, or transfer in exchange places such as Blocktrades.
Steem Dollars or SBD are currency tokens that are liquid and stable. Steem Dollars can be transferred to other accounts or converted into STEEM.
What is strange that you cannot earn right away STEEM. It would be best if you used SP and SBD to gather tokens(rewards), and after that, you can convert them into STEEM.
How do you earn money with Steemit?
Remember, Steemit is a platform, a publishing one, where members post various content.
You can earn money writing blogs or posting videos or something else. It is opting for you.
Most important that your creations would attract voters who will upvote your content. In this way, you will earn SP and SBD.
Experienced users advise at first to increase your influence on this publishing platform. Later on, when you get upvotes, you can decide what to do with SP and SBD.
Overall it takes time, about 13 weeks, to convert SP to STEEM. This process is called “powering down.”
It is a lot better if you want to earn with the Steemit app or website, gather tokens or rewards, and power up SP and SBD at the beginning.
Later on, when you have plenty of influence (rewards), you will see that 50% of that added to your account as SP. Having enough SP and experiencing what it is about, you can decide if you want to wait 13 weeks till SP will convert to STEEM, a liquid cryptocurrency.
You can earn money when posting valuable content. You can get acquainted with people worldwide and experience different content posted on social media.
It takes time to earn money on the Steemit platform. The content does not belong to you. You earn some money for Steemit company. However, it does take plenty of perseverance and patience. You can lose the Master password, and your account will be gone forever. It does not happen often, but it is a tiny chance to lose your account—besides, hackers like blockchain-based currencies.
STEEM is a currency
Steemit is a website and an app where bloggers and users post content using social media.
You will get a reward when other users upvote your content.
You earn at Steemit, writing attractive content that appeals to users and gets votes. Bloggers will earn SP and SBD when they receive upvotes.
The amount of SP and SBD depends on how much up-voter holds Steem Power.
This publishing platform is legit and popular among people who open to new possibilities, such as cryptocurrency.
However, the time and amount spent on this website will not pay off immediately. Besides, you need to constantly interact with users, comment, upvote, and post content.
This place is no way to get rich after one or a few months.
Yes, it is worth trying if you have plenty of time on your hands. Good luck.