How do I get rich on Steemit

Steemit: Everything you need to know

It's true that social media has changed the way people interact and network. Some of these connections were deemed necessary to advance people's careers and improve their social skills. So far, these advantages have had no direct monetary value and leave a gap that has long been gaping. Steemit tried to change that by introducing a social platform where people can generate income through content posting and upvoting.

Steemit is a new and exciting blockchain-based social network that rewards crypto enthusiasts and everyone else by posting relevant content. You can also earn points by curating quality content through upvoting and holding Steem-based currencies in a vest fund, and that generates interest.

Steemit's design is similar to Reddit's. The only difference is that Steemit is able to share the revenue with its users, unlike Reddit, where users only share content. Another interesting Steemit feature is that it does not allow ads and ‘sponsored’ links or advertised ’posts. The absence of these ads gives the user a smooth experience when viewing content, unlike other social media websites where one is bombarded with ads that are sometimes annoying and irrelevant.

Steemit contains three major currencies: Steem, Steem Backed Dollars (SBD), and Steem Power (SP). Steem is the liquid cryptocurrency that can be used outside of the Steemit platform. It can be exchanged and converted into Bitcoin, Steem Power, or Steem Dollars. Steem Power, on the other hand, is Steem that is included in the Vest Fund for a period of more than 3 months and receives interest from it. Steem Backed Dollars are basically used on the Steemit system which is only used as a reward. SBDs are designed to protect content creators from any kind of volatility. They can be traded for up to $ 1 worth of Steem. Users also earn interest on SBDs, but conversion to Steem can take 5 days.

How to Earn Reward Points (Cryptos)

There are several ways in which one can earn the crypto on Steemit. You can be rewarded with a voting, which is the most interesting way. All you have to do is search for posts and feeds and vote them up or down. The more you choose, the higher the profit. The income is split into two parts: 50% Steem Dollars and 50% Steem Power. The Steemit system is very easy to use. You can log in and upload content, curate content and also vote. You can also confirm your Steem wallet after logging in.

Advantages and disadvantages

Steem is very easy to use and works on the principle of transparency, in which the members curate content and defend themselves against inappropriate content. While the majority of digital currency requires you to invest first, Steem allows you to earn cryptocurrency by simply voting, posting content, and curating content. For example, you can convert Steem to Bitcoin.

The downside is that Steemit works on the principle that members manage themselves and avoid inappropriate content. This can lead to abuse, as inappropriate content can find its way to the site. There is no moderation, quality control, and richer members bully those who are not rich.