If you are a writer who wants an honest, open, and uncensored writing experience, Steemit is a good place for you.
This Steemit review teaches you all you need to know about Steemit and how to earn money from it.
Steemit was founded by Ned Scott and blockchain developer Dan Larimer in the year 2016. According to them, it is a social media platform built upon the Steem blockchain that connects content creators, blockchains, and normal users.
Steemit allows users on its platform to write and publish content, post pictures, and interact with each other.
It even goes further to pay its users using their cryptocurrencies which can be converted to regular cash.
So, to enable you to understand this platform better, we have written this Steemit review just for you.
Let’s get started with what Steemit is all about.
Table of contents
What Is Steemit?
Steemit is a social blogging website that focuses on blockchain where you can create and publish content.
Its users can upvote or down vote a post and earn rewards for doing just that. However, unlike other social blogging sites like Reddit, Steemit offers its users rewards in form of cryptocurrency, Steem.
You can use this currency to “Power up” within the system. This increases your votes monetary returns and power and you can use it to purchase anything within the platform- Steemit.
You can even decide to transfer the cryptocurrency to other exchanges like Bittrex, convert to Bitcoin, and then transfer to your bank account as dollars. This makes the platform suitable for both content creators and normal users as everyone can earn a Steem.
Since its one-year launch, Steemit has shown its uniqueness from other blockchains with its in-built incentivization mechanism. This makes it a public publishing platform any Internet application can pull and share data. It has also exceeded Bitcoin and Ethereum in the number of processed transactions.
Besides its blockchain advancement features, Steem provides advanced features like Stolen Account Recovery 5, escrow services, user promoted content, a reputation system, and savings accounts to enhance user experience.
This, together with providing multiple confirmations and zero transaction fees, helps decide if Steemit is a scam or legit.
Now you understand this, scroll down to see how Steemit works.
Those who read this article end up readig 10 Best Book Writing Softwares for Writers in 2023
Steemit Review: How Does Steemit Work?
The first thing that people observe in Steemit is that its interface is very similar to that of Reddit and is very easy to use.
To become a Steemian (Steem User), you have to first sign up on the page and provide some of your details. Afterward, on the home page, you will see a wide variety of posts and other creations in different languages.
You can filter your feed to see either what is trending, the various communities, and lots more. This helps the content creator have an idea of how to curate content on the site.
If you are not a content creator, it does not leave you out as you can also sign up on Steemit and use it just like you use other social media platforms. You can post photos, interact with other Steemians (Steemit users), write opinions, and even upvote or downvote a post.
The good side is, you earn for doing all that. Steemit gives you cryptocurrency for your engagements.
The Steemit currency comes in 3 different ways:
Steem is the liquid currency majorly used on Steemit. Users can buy, sell, or convert it to other tokens like Steem Power and Steem Dollars. With this, they can exchange it for Bitcoin or other currencies like the dollar.
This helps you “power up” your Steemit account. Creating or engaging with content on Steemit is the major way for users to get Steem. You can also purchase it on an exchange or earn interest by holding Steem Power.
#2. Steem Power (SP)
Steem power is another currency on Steemit that shows how much power a user has. With this, the users’ account voting power will increase. This will award other content creators with Steem Dollars and Steem Power tokens.
When a user converts his Steem power to Steem, we know it as “powering down” which takes about two years to complete.
This indirectly forces the steam power holder to keep their tokens. Note, SP holders who keep their Steem Power token earn 2% interest every year.
#3. Steem Dollars (SMD)
Steem dollar is another currency along with Steem Power that users can earn. One Steem Dollar is more or less equal to one US dollar.
This allows users to trade within the platform with Steem or transfer them to other accounts for exchange. Users who keep their Steem Dollars earn a 10% interest every year.
Right now, you may be asking the most important question.
People who read this content also read Updated Swagbucks Reviews: Is It Legit Or Make Money Online Scam
Can I Get Paid On Steemit?
The simple answer is yes. You can earn cash or cryptocurrencies on Steemit. As a content curator, if you receive votes and likes with enough Steem Power, you can get paid on Steemit.
When you create content that earns money, you earn 50% of the money in Steem Dollars that can be exchanged for actual money immediately. The other 50% is paid in Steem Power.
You also earn 75% of Steem while they share the rest with other users.
Whatever you do on the platform, such as posting pictures or writing articles, you can still make money.
Some Steemit users say you only earn off your content after the first 7 days while others say you earn as soon as you get enough upvotes. This controversial statement makes you wonder if Steemit is legit or a scam.
Is Steemit Legit or Scam?
It’s no doubt that the Steemit platform is unique. A platform that lets content creators, blockchains, and normal users interact, share posts, and still earn rewards is amazing.
However, deciding if it’s legit or a scam can be difficult as some users say they have been paid on Steemit while others say they haven’t.
Anyone with the knowledge or desire to blog can join Steemit. But those starting out should expect a tough challenge when trying to earn money.
Also, while Steemit’s payment model is good, it’s not flawless. Payments are subject to crypto market fluctuations, and for many new users, figuring out how much and when they will be paid for various actions can be confusing.
This is why these Steemit reviews are necessary. With it, you can decide if it’s worth your time or not.
Steemit Reviews: Pros and Cons
Steemit is a very popular website, and it doesn’t mean it has just as good sides. There could be more downsides as there are good sides. If you’d like to find out, here are the pros and cons of Steemit.
#1. You Can Earn Money
The major reason people use Steemit is that they can earn money and cryptocurrencies. As long as you create good content that everyone loves and it has good engagements like – upvotes, you can get paid.
However, remember that you will not be paid directly in cash but in Steemit’s cryptocurrency which you would have to convert to regular cash.
#2. Variety of Topics
There are a lot of topics you can write about on Steemit. It is an open community and I think that’s another thing everyone loves about it.
#3. Plenty of Users
Steemit is one of the most widely used blockchains in the world. Because it is so active, it has surpassed Bitcoin and Ethereum in the number of processed transactions.
#4. Easy Way to Learn About Crypto
Or else you live on the moon, you must have heard about cryptocurrency. Steemit is a free way to learn about cryptocurrency.
#5. Outright Community
Steemit is an outright community with uncensored contents. There’s no law that goes against what you can or cannot say on the platform.
#1. Difficult Means of Building Up
As a first-timer with no initial followers, it can be really difficult to get a following.
#2. Unsteady Cash
Cryptocurrency is an unsteady way of generating cash. Remember, you have to first earn STEEM then convert to Bitcoin and sell before you can earn regular cash.
#3. Hard to Use
It’s hard to understand how Steemit works and how to earn especially if you do not know of cryptocurrency.
#4. Good Content Isn’t The Only Way
As a content writer, the criteria for earning a lot isn’t writing a good piece. In most cases, people with higher Steem Power vote for themselves and even get their friends to vote for them.
#5.Users with High Steem Power Are In Control.
Because the platform is decentralized, those with high Steem Power control the rewards. These users can vote themselves into a thousand bucks in a day.
#6. Poor User Interface
Steemits’ interface lacks the style needed in making blogging very attractive. If you want a nicely designed blogging experience, Steemit isn’t a good option for you.
Yet to decide about Steemit? Look at these reviews from users of Steemit.
Read this also 35 Sure Ways to make 200 Dollars Daily
Steemit Reviews and Ratings
Steemit has a Trustpilot rating of 2.5 with 14 reviews which shows that most users have an unpleasant experience using it. Here are what some people are saying about Steemit on Trustpilot.
I am a published author and have a YouTube channel. I’ve been waiting over 3 months for a membership. I applied twice and never responded. I got text confirmation for the application. Nothing else. If I could give a rating of 0, I would.
Steemit is a pyramid scam in which the wealthy with massive amounts of Steem power is manipulating Steemit and making all the money.
If you’re a content creator, it’s an excellent idea to create a Steem account and cross-post your content from YouTube, for example. You have nothing to lose. You don’t have to invest anything to use the platform. Steemit, Inc will give you a free account with some delegated Steem Power on it so that you can get started.
Steemit is nothing more than an illegal pyramid scheme. The platform claims to pay rewards for curating (voting on articles), but in reality, does not. Sure, they have a reward pool, but unfortunately, the payouts from that pool are calculated in such a way that 1 or 2 members at the very top of the pyramid will get 99% plus of the rewards, while the rest of the members get virtually nothing. As a newbie, you would be extremely lucky if you earned even $0.10 per month by voting on perhaps hundreds of articles. Steemit is the platform to AVOID!
How To Join Steemit?
If you would like to join Steemit and start earning on the platform either as a content creator or a normal user, click the button below to sign-up. You’d be required to provide a little information and you are ready.
This Steemit review gives you all the information you need to decide if it is a legit or scam way of earning money.
I hope this helps you decide to do better.
If there’s anything you’ll like me to add, kindly let me know in the comment section.
All the best!
- Arcadia Power Review: How Does Arcadia Power Work?
- XYO Network Apps Reviews: How It Works | Scam or Legit?
- 33 Best items to flip for heavy money| Make $10k/month
- What Can I Invest In With 100 Dollars? An Expert Advice