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You know that feeling when you find something so ridiculously amazing you want to tell everyone…but you’re also a little nervous? Like it’s too good to be true? Or the people you tell won’t think it’s as amazing as you do?
Yeah – that’s where I am right now.
I recently discovered a new social media site. A blogger I follow shared a post he wrote on this platform, which was my first introduction. So I did some research. I’ll be the first to admit – I don’t understand crypto-currencies very much, but I tried it out. And man, am I glad that I did.
The Premise Behind Steemit
As far as I can understand (and explain) Steemit.com is a social media sharing site that is backed by a crypto-currency. You create content and post it and you get a portion of Steem for each upvote or comment your content receives.
And best of all it’s FREE to sign up!
Steem is the crypto-currency behind it. But there are three kinds: Steem, Steem Dollars and Steem Power.
Steem is the basic, liquid currency of the site. You can Power Up, and increase your Steem Power (see below), transfer it into Steem Dollars and send it to other Steemians.
The more Steem Power you get, the more weight or value you comments and upvotes have. You can Power Up to transfer Steem to Steem Power and add more influence behind your posts and comments, or Power Down and convert Steem Power to Steem (however it is spread over a 13 week period).
Steem dollars is similar to Steem in that you can buy it, sell it, or exchange it for things in other marketplaces, such as PeerHub.com.
Now I’ll be honest – I don’t understand a lot about crypto-currencies. I know there’s something about a blockchain and mining, but truly, it’s all over my head.
If you’d like the technical explanations behind it all, check out Steemit’s FAQ.
So How Do You Make Money on Steemit?
Post your content! Once you create an account (save your password! It’s auto-generated and you can’t change it), you simply hit the big black button in the upper right corner that says “Post”.
I recommend doing a quick introduction of yourself and what you’ll be writing about and use the “introduceyourself” (minus the quotations).
You’ll add up to 5 tags to each post. Consider this your categories – this is how people will find what you’ve written.
I’ll be honest, I don’t have the magic formula for what to write about, what tags do better than others, or how to make it big on Steemit. Some of my posts make less than $1 – but one of my post made more than $100.
It’s really about writing a lot, which gives you more exposure, and if the right people see it and like it, your payout is big! Write a lot, and engage with your readers! Comment back, follow people, comment on their posts. Getting paid is simply icing on the cake!
UPDATE >> I forgot to mention that you can earn steem just by commenting! So even if you’re not a writer or blogger, you can earn simply by joining in the conversation!
Once you have some Steem or Steem Dollars built up, you can sell it on Coinbase. You’ll have to covert your Steem to another crypto-currency (ie. Litecoin) and then sell that crypto-currency for Dollars.
I was super skeptical at first…really throughout the entire process. But it happened. I sold my Steem Dollars for Litecoin, sold my Litecoin for USD, and transferred my USD to my bank account. And it worked.
Here’s the proof:
What you’re seeing above is where I sold my Litecoin for USD twice, and then withdrew that $830 to my checking account. Not too shabby for a couple hours worth of work!
If you’d like to learn more, or want a follow up post with more Steemit training, leave a comment below and let me know! And if you make your way over to Steemit, drop by my page and give me a follow or a like! Hillsborough Homesteading on Steemit.