How will it feel like if you are paid money to use social media? In this article we will be looking at how to make money on Steemit.
The most trending thing on the internet is Social media: from Facebook to Twitter to Instagram and the the rest. People spend most of their days on social media. Have you ever wondered “what if I can make money from social media directly?.” The answer is yes you can: there is a social media network called Steemit that pays you to post and comment. Keep reading, we will be looking at how to make money on Steemit.
What is Steemit?
Steemit is a social media platform that rewards it users using a blockchain and a cryptocurrency called Steem. What this mean is that Steemit has its own cryptocurrency called steem and pay users with it. Just like you have Bitcoin and Litecoin, Steemit has its own built on blockchain and its called steem.
To put it in simple term, Steemit is a social media website that pays people for posting, commenting and upvoting on it webiste. If you are still confused, maybe this will help: It is like Facebook paying you for posting and commenting on Facebook. That sound very interesting right?
You can register or login into Steemit by clicking here. So now let’s look at how to make money on Steemit.
How Steemit works
Just before we look at how to make money on Steemit practiacally, there are few things we need to consider that will help you understand Steemit and how it works. These are Steemit languages that you will come across quite often as you try to make money on Steemit.
Here are some important terminology you should know if you are looking at how to make money on Steemit:
- Steem: Steem is the main currency token of Steemit. You can use it to power up Steem Power or trade it for Steem Dollars, transfer to other accounts and more. Like I mentioned earlier, it is crptocurrency just like Bitcoin and the rest.
- Steem Power (SP): If you are looking at how to make money with Steemit long term then this should be your chief concern. Steem power is the value of influence each memebers has on Steemit. The stronger your Steem power, the better your chances at making money with Steemit. You can influence posts and comments depending on how strong your Steem Power is. If you have a very strong Steem power, one upvote from you can take a post or comment from bottom to top.
- Steem Dollars (SDB): Steem dollars are liquid currency that are pegged at $1. You can use it to acquire Steem or for trading. You can also use it to shop and buy online in websites such as PeerHub.
How to make money on Steemit
Here are ways to make money on Steemit
1. Write Articles (Posting)
The number one way to make money on Steemit is to write and post contents. This will be perfect for you if you are good with writing. There is no limit to what you can write. Just write on what you are good at, build your follower base and you will make money.
The more followers and readers you have, the bigger the reward you get and the stronger your Steem power. The money each post generates is usually written below it. See screenshot:
This is a post in Steemit and you can see how much this post has made so far from it
As you can see, a post made by someone two days a go as earned over $700! That is good isn’t it?
But getting to that level requires work. You need to have good amounts of followers and network who engage with your content. And writing content is not easy unless it is one of your hobbies.
Just keep writing quality contents and building your network and strong Steem Power.
2. Commenting
As easy as it may sound, you can make money from Steemit just by commenting! This is good for you if are looking at how to make money on Steemit but are too lazy or don’t find writing long articles interesting. Just comment and upvote and you will make money.
But the money you will make commenting will not be as much as you will make writing unless you have a good Steem Power (SP).
See this screenshot of someone making money from his or her comment.
This is a comment from a post in Steemit and you can see how much this person has made so far from it
Comments will also help build up your Steem Power and remember, the stronger your Steem power, the more your chances at making money from Steemit.
3. Voting
As weird as it may sound, you can make money from Steemit by voting. But this is mostly useful when you have built up your Steem Power. When your have a high Steem Power, you can comment on a post and up vote, your vote will take your comment right to the top and give you potentials to make money. Once you build up your steem power, just a vote will make you good money.
4. Curation
This is similar to voting but this is about discovering new contents. If you discover a new post on Steemit that is not popular, you vote for it and it becomes popular later, you will be eligible to receive a curation reward. And like it always apply, the more Steem power you have, the better your reward. So curation is all about discovering new contents and upvoting them before they become popular.
5. Vesting
If your Steem tokens are powered up to Steem Power , you will earn a small amount of new tokens for holding.
6. Partnership
If you are good with writing and you are new to Steemit and you are just looking at how to make money on Steemit fast, you can partner with writers with lots of followers. There are writers with so many followers and influence that they can make so much on a post. Write for them and share income.
How to convert Steems or Steem dollars to cash
Well, since we have been talking of how to make money with Steemit and all we have been mentioning is Steem and Steem dollars, you may be wondering how you will get physical cash from it. How do you get paid from Steemit? It is easy. You can go to exchange platforms and convert your Steems or Steem dollars to bitcoin. A sample of such platform is Blocktrades. Then go to platforms like Coinbase or Etoro to sell your bitcoin and get US dollars.
Tips on how to make money on Steemit
Boost your Steem power
On Steemit, Steem power is everything. That is what will help you make money. If you have money to spare, you can purchase Steems from your Steem wallet with bitcoins, then use it to boost your Steem Power. With a strong Steem power, you will make money on Steemit. If you are looking for tricks on how to make money on Steemit, this is the number one trick!
Be consistent
If you are looking at how to make money on Steemit and you have decided to stick with it after reading this, I advice you stay consistent. Keep commenting, posting and boost your Steem Power
Effort
Put in effort! Write quality contents. Don’t expect things to work like magic, put in work.
How much money can you make on Steemit?
You can make big money or little money from Steemit. It all depends on your motivation and persistence. Two years ago, one post on Steemit earned $44,529.11. It is also very common to see posts earning over $1000 but it takes hardowrk and building to get there. The more realistic target for starters should be to earn close to $5 per day. As you build your Steem Power, you will join the big guys.
Conclusion
If you are looking at how to make money on Steemit, I hope this article has helped you. It is very possible to make money on Steemit but it will take effort and commitment from you. If you feel you can commit and put in effort, give it a try but dont expect to make it big short term. If you are looking at other ways to make money online, read our guide: How to make money online