Steemit - what is it? Easily explained

Steemit has made a name for himself on the internet in recent weeks. But what is that actually? This practical tip tells you what you should know about it.

What is Steemit?

• Steemit is a social network based on blockchain technology. This is how every posting is saved in the blockchain.
• Another special feature of the network is the fact that users are paid for their posts. Payment is made according to the number of likes in Steem's own currency.
• On Steemit you will find a number of different posts: photos, interesting information and discussions about cryptocurrencies are the most common entries, but bloggers can also be found on the network. The posts are mixed, the content of the platform is somewhere between Reddit and Facebook.
• You can also share videos via the Steemit network. You can also only display videos via your own interface, so it is also an alternative to YouTube.
• As already mentioned, the blockchain is the backbone of the Steem network. This means that all information, such as the posts on Steemit, are stored in the blockchain. Different user interfaces can access the same blockchain and consequently display the same data in different ways. For example, the d.tube page only shows videos from the blockchain.

Earning money with Steemit - is that possible?

The big question now is: can I make money with it?

• The answer is: yes, you can. Whether you get rich with it is of course another question.
• If another member rates your posts positively, you will receive Steem Coins, which you can transfer to your account after a week and then switch to any other currency. However, this has the significant disadvantage that the Steem-Coins are subject to price fluctuations.
• Depending on how many users have voted on your post, you will be paid a different number of Steem Coins. How many currency units really get depends on several factors, such as the weighting of the individual votes that have liked your post.
• The Steem network will hardly be a real source of income, since Steemit will probably not be able to collect large sums and cannot provide a secure income.

For more ideas on how to make money online with cryptocurrencies, see the next article.