The rise in cryptocurrencies has really got me thinking, “Is it possible to earn a full time passive income from cryptocurrency?” I have come to the conclusion that you can do this, by working across a number of currencies and platforms and one of these is Steemit! What is Steemit?
Steemit is a blogging and social networking website on top of the Steem blockchain database. The Steem blockchain produces STEEM and Steem Dollars which are tradeable tokens users obtain for posting. Steem is on the rise and are constantly growing from posting quality content.
It is possible to make $100 dollars a week from steemit and there are already people exceeding this!
The Steemit referral-program allows you to use you’re a personal referral link to sign-up new Steemit-members, so that you get tagged as referrer. You can do this by sharing your personalised affiliate link to your blog or sharing articles online. For example:
1. My personalized link to refer people would be: https://steemit.com/@robpyne?r=robpyne
2. A Steemit blog article (regarding advice on entering the cryptocurrency market) can be seen at https://steemit.com/bitcoin/@robpyne/the-best-advice-i-can-give-is-open-a-wallet-now
All the best with Steemit and I hope you generate heaps of Steem for your wallet. Once you get seriously involved you will need to understand the three Steemit Currency units (briefly explained below).
Three Steemit Currency units
What is Steemit? has been answered, but what are the three currency units. The three units are Steem, Steem Power, and Steem Dollars.
Steem are units that are bought and sold for actual money on the open markets. You can trade them as you would bitcoins or a company’s stock.
But you don’t want to hold on to these for too long because more Steem Units are created every single day. If you hold onto Steem Units for a long time, they will become diluted and lose value.
Owning Steem Power Units is essentially like making a long term investment in the currency because you can’t sell Steem Power Units for 2 years. But there are a lot of good reasons to have Steem Power.
By keeping your currency as Steem Power Units, you will be able to make considerably more money in the long run because you essentially have ownership in the network. As the network grows, so will your piece of the pie.
And you’ll be heavily rewarded along the way. The way things are set up now, 90% of the new Steem Currency that is generated every single day is distributed to the people who already hold Steem Power Units in the form of additional Steem Units. (The other 10% goes to content creators and curators).
Half of the pay you receive for your content will be in Steem Power Units.
Also, the more Steem Power Units you have, the more your curation vote will count. You will have more influence on the site and you will also get paid more for upvoting other people’s work. (When you upvote someone’s work, they will get paid more as well.)
Steem Power Units also play one final and very important role. They prevent massive price swings and volatility on the open markets. Because everyone is locked in for 2 years, we can’t all sell our currency all at once if the market starts to dip, which would crash the price were it to happen.
What is steemit?