Many wonder how else they can earn with cryptocurrencies. In this article, we will explore a method of earning through the social network Steemit. Steemit is a decentralized, blockchain-based social network that rewards active participants. The social network's token, STEEM, is traded on major cryptocurrency exchanges and is worth $3.43 (as of March 5, 2018).
Traffic and user count on the social network are steadily increasing, as seen on Alexa Rank (Rank 937). At present, Steemit has over 800k users, with over 20k daily registrations. In terms of earning, it is important to consider income distribution, post promotion, account promotion, content preference, among other factors, to increase earnings on Steemit.
As mentioned, Steemit rewards users with popular content, as well as for curating content through upvotes. The amount of rewards depends on how many users upvote the content and how many comments it receives - the more, the higher the reward. Another crucial factor in earning through posts is the amount of Steem Power of the users who upvote - earning more with a single user with 200 STEEM POWER upvoting than with 30 users with 0.5 STEEM POWER upvoting. The formula for determining content value is complicated, but key factors include the total STEEM POWER of users who voted for it, the number of comments, traffic, etc.
The token system in Steemit is somewhat complex. Out of the total reward, 75% goes to the author and 25% to curators - those who voted and commented on the post. Of the 75% for authors, 50% goes to STEEM DOLLARS and 50% to STEEM POWER. STEEM DOLLARS is an internal currency initially valued at approximately $1, but is now valued at $3.51 on coinmarketcap.com. This currency can be withdrawn to Bittrex and converted to Bitcoin and fiat. STEEM POWER, on the other hand, is the weight of your vote. The more STEEM POWER you have, the more you can earn through content publishing, curation, and comments. It can also be withdrawn, but only in equal parts over 104 weeks. Tokens such as Steem can be purchased on exchanges and used to increase STEEM POWER.
To earn well by curating, it is essential to have a high STEEM POWER. Curators receive 25% of what the article earns. The challenge here is to maximize your STEEM POWER and vote for content that you believe has the potential to break into the top rankings.
It is preferable to post content in English, although a reasonable level of proficiency is sufficient. Steemit users enjoy posts with images, video inserts from YouTube, and well-formatted text. English posts can be combined with Russian content, although you won't earn much from it. Users frown upon unoriginal content. Topics that do well include crypto, travel, photo, entertainment, steemit, life, nature, music, etc.
To earn well on Steemit, apart from quality content, having a high STEEM POWER is key. It is also important to gain a pool of permanent and active subscribers for your topic and content. Try to attract moderators and whales who have a large amount of STEEM POWER. Follow as many users as possible to increase the number of subscribers.
There are many ways to monetize Steemit, including posting original content, participating in bounty campaigns, and embedding ads for CPA products in posts. You can also offer services for upvoting other people's articles or buy upvotes.
In conclusion, Steemit provides incredible opportunities for users to earn through its social network. Try and experiment with different methods to maximize your earning potential.
Hive is much more fun with games and other dapps. See you there.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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