You’ve probably heard about Bitcoin but there are several other digital currencies now and people are constantly coming up with new ways to utilize these new forms of money. I recently learned about a site called Steemit where users can post whatever they want and get paid in a digital currency called Steem. Other users have to upvote your posts in order for you to earn (but this doesn’t cost those other users anything). You can also get money for curating (upvoting other useful posts) and posting comments (if those comments get upvoted).
Steemit is basically Reddit except instead of earning useless karma points, your Steem can actually be turned into Bitcoin. You can then use Bitcoin to buy things (Bitcoin has become much more mainstream within the last few years) or you can exchange it for actual U.S. dollars.
Can You Really Make Money On Steemit?
Well, it depends on what you mean by “money”. According to some legitimate sources, like The Rolling Stone and Wired, there are people making thousands of dollars from writing on the site. But the trick to making good money is more than just writing good posts. You have to be SEEN. How can people give you upvotes if they never see your content? In my experience so far, being seen is damn near impossible.
My Experience So Far With Steemit
I’ve only been on Steemit for about a week (as of this writing). It’s kind of a tradition on Steemit for new users to write an introduction post (and tag it as “IntroduceYourself” so others will find it). I did that and my introduction post made about $8.48 for me and $2.41 for the curators that upvoted it. After 7 days I was able to claim the rewards for this post.
Steem, Steem Power, and Steem Dollars
Now, this is where things get a little confusing. On Steemit there is Steem, Steem Power, and Steam dollars (SBD). Steem are tokens that can be turned into Steem Power or Steam Dollars. Steem dollars are the currency that can be transferred to others on the site or exchanged for Bitcoin on a digital currency exchange. Then you have Steem Power, which is how much influence you have on the site. People with more influence make more money when they post and their votes are also worth more. Those with the most Steem Power are called “whales” and a lot of people tend to suck up to them hoping they’ll pay attention and upvote their posts. People that don’t have a lot of Steem Power are called minnows and people that fall in the middle are dolphins.
What I Did With My Rewards
So after getting my rewards, I decided to keep half of it in Steem dollars and put the other half in Steem Power. I then tried to exchange my $4.00 of Steem dollars for Bitcoin but so far all of the exchange sites that I’ve found have extremely high fees so I would have lost that small amount just on the transaction fees alone. Which means I’m going to have to save up some money before I can exchange it.
My Next Few Posts
My first introduction post earned me about $8.00 and I thought that was a good sign. So I made a few more posts and as of right now here are my earnings.
A honey mustard chicken recipe has earned a grand total of $0.01.
How To Treat Bipolar Disorder Naturally earned a whopping…$0.02.
A post showing some comic book coloring I did in Photoshop made $0.36.
An article about how Zac Efron is going to play Ted Bundy in an upcoming film…made $0.01
How Bitcoin Can Pay For Your Travels has made $0.01.
A post about my favorite pictures that I took in 2017…$0.03.
Another post about how I had $42 in Bitcoin and didn’t even know has made $0.14.
It doesn’t look like I’m going to be one of those Rolling Stone success stories anytime soon. 🙁
Pros Of Writing For Steemit
If you have an interest in cryptocurrencies then it’s a good place to earn some. On top of that, cryptocurrency is one of the topics people constantly talk about on there. Steemit is fine if you just want to post good content and have fun. I really enjoy the layout of the site. Blog posts look a lot like the posts you see on Medium. So it’s a nice, clean platform to write on.
And of course, you can earn money. If you already have a blog or a writing gig where you’re making money regularly then Steemit might not be worth your time. But if you have things you can’t post anywhere else or you just want to make a little pocket change it’s a pretty good option.
Cons Of Writing For Steemit
One downside to writing on Steemit is that each post is only able to earn money for the first 7 days. During that time you can edit your posts but after that, they are on the site forever. So I would be extremely careful about not posting anything you don’t want the world to see later on. How the site works and understanding the difference between Steem, Steem dollars, and Steem Power can be confusing.
The process of exchanging your Steem dollars for Bitcoin and then exchanging that Bitcoin for U.S. dollars (if you choose) is a huge hassle and pain in the butt. You can find plenty of tutorials about doing this. But there are so many different exchange sites and when I tried to turn my Steem dollars into Bitcoin the fees were so high I couldn’t do it. Apparently, that is a huge problem with many of these exchanges right now. They’re charging ridiculous amounts for “transaction fees”.
My Plans For Steemit
I’ve only been on there a week, so it might be too soon to judge the site. I keep seeing posts saying that the reason most people don’t make real money is that they give up too soon. Of course, it’s impossible to know if that’s really true or if that’s just inspirational nonsense from people that are kidding themselves. Nevertheless, I have a long-standing tradition of trying all the new ways to make money online to see how legit they are or how well they work. So I plan to keep posting on Steemit to see how things go. I’m also upvoting content I genuinely like and posting good comments that contribute to the discussion.
I’ve already read a great deal about the importance of building up Steem Power. So when I claim rewards I plan on keeping half of it in Steem dollars and putting the other half into Steem Power. I’ll post an update on this blog, later on, to show how things are going.
If you decide to sign up, you can find my Steemit account here. One of the cool things about the site is that if you check “wallet” on anyone’s profile you can see exactly how much they’ve earned. So if someone tells you they’re a “whale” you can check to see if that’s true.