Steemit is a social network and blogging site, which works on the Steem blockchain pattern. This gives benefit to both curator and creator. It can also be seen as a gaming zone where everyone is trying to get the attention by putting in new content and discovering new content. Curator gets to benefit by upvoting the contents of the others and the creator gets to benefit from the upvoting of their content. The site creates new token consistently, these token are awarded to the creator and curator, and some are shared with blockchain witnesses and the ones who hold Steem power. This site rewards tradable money which is the Steem and SBD (Steem Based Dollars) for the content posting, finding likable content and commenting on it. Steem and SBD are cryptocurrencies. These can be said similar to the money or token we get while playing video games, which can be exchanged to get updated features and new tools.
What is a Cryptocurrency?
Cryptocurrency is also known as Digital Cash or Virtual Money. This is different from Digital Currency as it follows decentralized control rather than the Central Banking system or Third Party systems. To keep financial transactions safe and secure it uses Cryptography thus keeping in check the assets transfer and creation of new assets.
One can verify the validation of this currency through blockchain. A blockchain follows through peer to peer network. It has continuously increasing record list called blocks which are linked using cryptography. A website like www.Steemit.com can help you earn this cryptocurrency.
How do you make money on these Websites?
If you are one of those who looks for Work from Home Options, maybe because of some issues or just because you are not 9-6 kind of person or it can be added income even if you are working. These sites can be an answer to your prayers. These websites function on blockchain and help you earn money through different methods.
- Content Writing – If you are good at writing original content or can rephrase the content and is plagiarism free. You can earn through posting it on these sites.
- Voting – Some sites allow you to earn points for voting or liking the post.
- Curating – If you discovered or liked a post before it became famous then as a curator also you can earn.
- Mentor Others – You can mentor others on these sites and earn accordingly.
- Application Development – You can develop an application based on cryptography and can sell using these networks.
What can you post on these websites?
You can post anything starting from content to quotes, phrases, pictures, videos, memes or songs. You just need to unravel your creative side and let it go. Maybe even you yourself will be surprised.
How do you convert Cryptocurrency to Real Currency?
Since you have a lot of money online, you would still want to cash it out at one time. Maybe it is need-based or to fulfill luxuries demands. Don’t worry you can get Real Currency through different agencies. There are various ways to Encash your Cryptocurrency
- Trading or Exchange – First Signup on a trading site which is supported by your website. Deposit or transfer Cryptocurrency you have earned. Exchange it with Bitcoin by paying some fee for Exchange site. Get the address of your wallet and since you have linked your bank account to the Trading Website you can deposit it in your bank account.
- Peer to Peer Transfer – This requires documents for verification and a bank which allows faster payment. You will be listed as a Seller. This involves moderate risk, but the return is generally good as you can demand a 20-25% increase in the same.
- Face to Face – There are many enthusiasts who meet at public places to encash Cryptocurrency. The security is an issue. Returns can be good and you can get upto 35% of the increase from the market price. The risk is high in this scenario.
Countries which have banned Cryptocurrency (G20 Cryptocurrency Results):
There are some countries which have banned Cryptocurrency to be exchanged in banks.
- China has declared it an illegal activity.
- South Korea, Mexico, Russia, Saudi Arabia have declared it as Restricted.
- Some other countries like India, Argentina, Indonesia, Rwanda,and Senegal are Neutral.
Banning Cryptocurrency will have a great impact on the businesses which are related to crypto. Some of these are ICO investments, Trading, selling, buying bitcoins, and consulting. The demands are to make it more transparent and show how cryptocurrency is regulated in detail.
Should one go for Earning through these websites or not?
We can see a lot of growth in Cryptocurrency and people are becoming more and more aware of these websites. It is both a boon and curse to our generation.
It is a boon because it is providing options for people to earn extra money, is secure from third party fraud as it follows decentralized control and helps you connect with like-minded people. When you discover some post which is really intriguing, you would want to share it with others also if you have a heck of Content Writing or know your way with words. These sites can really benefit you and help you improve a lot. If you put in enough amount of smart and hard work you can get great results.
It can be a curse as well since most of the people see it as a way to earn easy and fast money. Sorry to disappoint you nothing comes easily. Money is definitely not one of those things. Also, your money value on these sites works like the stock market. If at the time you are looking for exchange and the Value of your Steem is down. You can end up losing the amount you put in. It has moderate to the high risk involved.
You should work it out on your own whether you have the patience and skills to work on these platforms and if so give it a go. Maybe many new horizons are waiting for you.