So do a lot of people, and they make even more, I hear you say. Well, most of them do so via affiliated links, advertising and selling things. I did none of that. All I did was blog and network like I normally do here. Interested to hear more?
You will have probably heard of Bitcoin, a cryptocurrency. There are currently over 900 cryptocurrencies, including one called Steem. Steem is minted each day and is distributed to bloggers via a social media platform called Steemit.
Bloggers share the Steem when they blog, upvote (like), comment or resteem (reblog) a blog, and can claim the reward 7 days after a blog is posted. The actual amount of Steem (SBD) you get depends on many factors, like how many other posts were published within the same 7 days and who by, the voting activity for those posts, the number of upvotes and comments your post got, who from, and when the upvotes occurred. In addition to SBD, every blogger have some Steem Power (SP). This determines how powerful you are on Steemit, ie how much influence you have on the above dynamics and reward pool distribution.
Steemit is a relatively new social platform that started early last year so is still in its infancy. Here are a few things that I’ve found out about it so far
- It has over 26k registered users and is growing very quick. Having said that, probably around only 15k users are active.
- Steemit works on a shared ledger that means all the data is open to everyone. You can see everybody’s followers, who they follow and how much they have in their wallet. There is no hiding. Of course, password is an exception.
- Since it is based on cryptocurrency and a shared ledger, a lot of the users are very tech savvy, and are experts in programming or cyber currency.
- The difference between the whales (top bloggers) and the minnows (newbies) is very apparent. Some whales may get over 1000 upvotes and I’ve seen some earn USD600/700 for a single post. This also gives them more SP, so if they upvote or comment on a post, their vote has much much greater impact than me on determining how the rewards are distributed.
It’s a lot to take in right? It is very daunting, and I’m still learning. So far I have USD46 in my wallet and 14 SP which is very low compared to many other bloggers who joined around the same time as me. At one stage I did consider throwing in the towel, but since I have many posts from WordPress which I could repost, I thought I’d give it a bit more time to see how I get on. If anybody decides to join Steemit, do drop me a message and follow me on https://steemit.com/@livinguktaiwan