Steemit is a blockchain-based blogging and social media website, which rewards its users with the cryptocurrency STEEM for publishing and curating content, and is owned by Steemit Inc., a privately held company based in New York City and a headquarters in Virginia (Wikipedia).
How Steemit work
Steemit.com is one of the many websites (including Busy.org, DTube, and Utopian.io) that are powered by the Steem blockchain and STEEM cryptocurrency. All of these websites read and write content to the Steem blockchain, which stores the content in an immutable blockchain ledger, and rewards users for their contributions with digital tokens called STEEM.
Every day, the Steem blockchain mints new STEEM tokens and adds them to a community’s “rewards pool”. These tokens are then awarded to users for their contributions, based on the votes that their content receives. Users who hold more tokens in their account as “Steem Power” will get to decide where a larger portion of the rewards pool is distributed.
How To Create an Account
Click on the “Sign Up” link at the top of steemit.com to get started.
You will be asked to enter your email address and verify your phone number. After your information has been verified, you will be added to the waiting list to receive an account. You will be notified via email once your account is approved.
After you receive notification that your account is approved, click on the link in the email to finish the account creation process. Be sure to save and backup your username and password. It is very important that you do not lose your password. There is no way to recover your password or access your account if it is lost. Once your password is saved and backed up, click on the “Create Account” button to create the account.
How to add images and photos to post
You can browse your hard drive to add an image by clicking on the “selecting them” link from within the editor.
If you have an image copied to your clipboard, you can simply paste (ctrl + v) while in the post/comment editor, and your image will be uploaded into your post or comment. Due to the file size of these pasted images, this method is only recommended for simple graphics. Photos (.JPG) should be uploaded from your disk.
Pictures can also be hosted on an external site. Paste the image’s web address (URL) into the editor and it will automatically be added.
What tags are
Tags are a way to categorize your content, so that others can find it. The more relevant the tags are to the post, the more like-minded people will come across it.
Tags to be used
Try to use tags that are relevant to your post, and that will be popular for other people to browse. For example, “mytriptoalaska” may be relevant to your post, but readers are probably not going to go searching for that. Using “travel” would be a better choice for a tag in this case. You can browse through commonly used tags using the “Explore” link, in the main menu.
Be mindful when choosing tags. If your tags aren’t related to your post, your post may get downvotes for mistagging. All tags must be lowercase letters. Spaces aren’t allowed, but hyphenated words with a single dash are.
Difference between STEEM, Steem Power, and Steem Dollars
- STEEM – STEEM is the base liquid currency token in the platform. STEEM can be powered up into Steem Power, traded for Steem Dollars, or transferred to other accounts. It is a cryptocurrency token, similar to bitcoin.
- Steem Power – Steem Power (abbreviated SP) is a measurement of how much influence a user has in the Steem network. The more Steem Power a user holds, the more they can influence the value of posts and comments. Steem Power is less liquid. If a user wishes to “Power Down” SP, they will receive equal distributions of the STEEM weekly, over a 13 week period.
- Steem Dollars – Steem Dollars (commonly abbreviated SBD) are liquid stable-value currency tokens designed to be pegged to $1 USD. Steem Dollars can be traded with STEEM, and transferred to other accounts for commerce or exchange. Steem Dollars may also be converted into STEEM via a process that takes 3.5 days.
How to get more Steem Power
With STEEM tokens in your wallet, click “Power Up” to turn them into Steem Power. If you have Steem Dollars, you can convert them to STEEM from your wallet, and then power up the STEEM.
If you don’t already have STEEM or Steem Dollars in your wallet, you can purchase them using bitcoin (BTC), Ether (ETH), Litecoin (LTC), or BitShares (BTS) tokens. You may purchase BTC on various exchanges, such as Coinbase.com or Localbitcoins.com.
- Click “Buy Steem” from the main menu in the top right corner of steemit.com, or from your wallet.
- Select the currency to deposit, and enter the amount of that currency you wish to use.
- Enter your Steemit account name (without the @) for “Your receive address”.
- Click the “Get Deposit Address” button.
- Send the currency to the provided address.
STEEM purchases made via steemit.com are facilitated by BlockTrades.
How to send money to another user
- From your wallet page, click the STEEM or Steem Dollar balances with the down arrow next to them.
- In the drop-down menu, click ‘Transfer’.
- Type the username of the account you want to send the STEEM or Steem Dollars to. Double and triple check the spelling.
- Enter the amount of STEEM or Steem Dollars to send.
- Enter a memo to go along with the transaction (optional).
- Click Submit.
- You will be prompted for your password. You will need to enter your master password or active key.
Different choices for post rewards
- 50%/50% – This rewards in half Steem Power, and half liquid STEEM / Steem Dollars. The ratio of liquid STEEM to Steem Dollars rewarded is based on network conditions at the time of payout. This is the default payout option.
- Power Up 100% – This option rewards the post in 100% Steem Power.
- Decline Payout – Use this option to receive no post rewards. Votes will affect the post’s position on the trending ranking but no rewards are paid from Steem’s reward pool. Replies made to the post are still eligible for rewards.
Up to 25% of a post’s payout is awarded to curators (the people who upvoted the post) as a reward for discovering the content. The other 75% is awarded to the author.
If curators vote for a post within the first 15 minutes of it being created, a portion of their curation reward remains in the rewards pool for other authors/curators. This portion is linear to the age of the post between 0 and 15 minutes. As an example: upvoting at ten minutes will donate 1/3 of your potential curation reward back to the rewards pool.