Before we look at how to make money using Steemit let’s look at what Steemit actually is.
Steemit is a relatively new social media platform where you can get paid to blog online, upvote blog posts and also comment.
Steemit Background:
Founded in 2016 by Ned Scott and also Daniel Larimer.
Steemit is powered by new blockchain technology and uses cryptocurrency (Steem & SBD) to reward its users who are active on the platform.
This includes:
- Writing a blog article
- Uploading images
- Commenting on other blog articles
- Upvoting other blogs
- Upvoting other comments.
Users of the platform are paid in both Steem Power and also in SBD (Steem Backed Dollars)
This can then be sold and transferred back to your bank account.
How Does It Work?
Steemit is very similar to many digital currencies on the market today.
(If you are unsure of what digital currencies are then I suggest you have a read of this article as it explains all about Bitcoin and digital currencies and then come back where you left off —–> Click here )
With other digital/cryptocurrencies like Bitcoin, Litecoin, and Ethereum the actual coins that are created every day are distributed to the many people who are mining the coins.
Steemit also allows for mining, but it’s not the primary way to earn rewards/money on the site.
Every day new Steemit currency units are created by the network and then these are distributed to the users on the platform.
The more you are active and engaged on the platform the more rewards you will receive. This is how you make money using Steemit.
I know at first it can a little hard to understand and get your head around, at least it was for me.