So, you’ve heard of a platform named ‘Steemit’ and you want to know whether it’s real or whether you should focus your attention elsewhere? If so, you’re in the right place because we’re discussing the most common question today; ‘what is Steemit about?’.
Below, we’re going to explain what the website offers, how it works, and whether it’s worth your time. As an unbiased review, you can trust the views and opinions since our only interest is getting you into a position where you can earn money online!
What Is Steemit?
As a social media/social news space, users are paid in digital currency (what is digital currency?) whenever they post blogs, interact with the community, and perform other simple tasks. Every time you engage with the website in some way, there’s an opportunity to earn ‘Steem’ which is a digital earning tool. With this, you aren’t paid directly in dollars but the Steem currency can be converted into Bitcoins which can then be converted into USD.
As you may have noticed, this is a complicated system and one that many people don’t like. Since the value of Steem can rise and fall freely, the amount you earn can vary just because of the conversion rates with Bitcoin and USD. If you’re looking for a stable currency, Steem perhaps isn’t the best and the way in which users are impacted by changes also isn’t ideal. When Steem enjoys a boom, the early starters and founders seem to benefit whereas the newest users pay the price when the value is lost and this can be frustrating.
If you look on the Steemit website, they don’t tell you how much you can earn with them and this is because they couldn’t possibly guess. Even as you earn Steem, you aren’t sure how much this is going to be worth when you convert and this is enough to turn many away from the platform. In terms of the earnings themselves, we believe there are better opportunities available.
Elsewhere, Steemit also uses a ‘thumbs up/down’ system to see how valuable content is and this can be manipulated with ease. Instead, we think the platform could be improved by changing this to comments, traffic, and overall engagement. Sometimes, deserving members of the community aren’t being rewarded as they should because others use ‘spamming’ techniques to get more thumbs up.
In recent times, the US Securities and Exchange Commission (SEC) has been hot on the tail of various blockchain businesses that offer token sales. Up until now, we’ve seen many services being forced to refund all customers or close operations completely. With Steemit offering this social networking platform alongside a blockchain database, there are concerns about Steemit’s future. Since the Steem currency is tradable, there’s nothing stopping the SEC from shutting the website down and this could leave you back at square one in the near future.
What is Steemit about? Ultimately, it’s a social media platform offering currency for posting content as well as engaging on the content of others. From the outside, this seems like a sensible idea and one that could excel. Once you take a few steps inside, however, it’s unfortunately littered with issues which leads to us recommending other services as opposed to this one.
Does It Work?
If you were to take the risk, would the platform work for the purpose intended? In short, yes. However, not many earn enough money to justify the amount of time and effort they invest into their work. If you’re looking for some extra pocket money with no real aims of turning this into a full-time venture, you’ll have the right expectations. If you’re looking for a new career, you’ll be left wanting a little more.
If you’re a beginner with no real experience of sites like this, it could also be a little difficult when you first start. In truth, we think they could have made the platform much easier to operate but, if you feel comfortable with how it all works and manage your expectations, while also investing significant amounts of time, you can earn a little extra money on the side.
The Future of Steemit
Whenever websites like this arise, there’s always a worry that they’re a scam or illegal. With Steemit, we come across a platform breaking new ground so we can’t exactly answer this question. At any moment, the relevant authorities could investigate this new niche and decide they have to act by breaking it down and this would mean the end for Steemit and all their users. This being said, the authorities are normally very quick about taking this kind of action if they don’t want a platform to continue and Steemit has probably escaped the initial hammer that can sometimes fall.
When considering the future of Steemit, this is another question entirely (even if they’re allowed to continue without an issue!). As you’ve seen so far in this ‘what is Steemit about?’ guide, there are numerous questions surrounding the platform. As more people head online, could this get the ball rolling and really generate some interest or will the problems outweigh the positives this website brings? For now, Steemit continues to operate but it’s incredibly difficult to predict any sort of sustainability.
What is Steemit about? If we look at the premise alone, this is a great idea because it rewards people for wanting to start discussions and engage with one another. As the popular articles gain attention, engagement keeps people talking and allows money to be earned at the same time. In practice, there are too many problems for us to recommend the platform and this is sad for us to admit.
Firstly, and perhaps the biggest problem, the rewards just aren’t enough unless you’re happy to be earning a few dollars here and there. In an age where it’s common for people to work from home, you need a better opportunity if you’re trying to join this group.
Secondly, the voting system can be manipulated with ease which means the most talented writers aren’t where they should be. After spending hours devising fantastic content, you could be let down by the thumbs up system without getting the credit you deserve. For a website like this to work, it needs to be fair and this is a huge issue.
Thirdly, we just don’t know what’s going to happen in the future. If you start producing content today and end up doing really well, you’d be disappointed to have your profile suddenly removed or for the website to close down. Until this area of the internet has been investigated, there are no promises this won’t happen.
Overall, we think there are many better websites and platforms that offer fewer issues and more earning opportunities than Steemit. For example, Wealthy Affiliate is a superb program for building websites and making sustainable channels of income. With all the learning resources you need, you can really build a career for yourself in the industry while creating passive income opportunities too!
I hope you enjoyed this post and if you have any questions about Steemit or want to leave your own personal experience, leave a comment below. I would love to hear from you!