Steemit is a social network that looks and functions a lot like Reddit, but with one HUGE difference:
This is possible because the Steemit platform is built on top of a new kind of digital currency called Steem. (Think Bitcoin, which is another kind of digital currency that has been around for a while.)
Every day, new units of the currency are created by the network and distributed to its users, who can exchange these digital currency units for actual real money. And it’s completely free to get started.
In some ways, Steemit is similar to other digital currencies. For example, Steemit currency units can be traded, bought, and sold on the open market just like all of the other digital currencies.
With other cryptocurrencies like Bitcoin, the actual currency units that are created each day are distributed to the people who run a special bitcoin software program on their computers that perform a process called Bitcoin Mining. The amount of computing power you have dictates how much money you get.
Steemit allows for currency mining as well, but it’s not the primary way to earn money. Every day, new Steemit currency units that are created by the network and distributed to the people who engage with the site. The more you engage, the more you get.
People who create content are rewarded for their content. People who upvote content are rewarded for helping to curate the best content available on the site. Commenters who add to the discussions are paid too.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.quora.com/What-is-STEEM-and-how-does-it-work