Patti May

Blogger, Writer, Content Maker

Steemit And The World of Cryptocurrency

Sep 5, 2016 | Cryptocurrency, Steemit Ramble |

Ever heard of Cryptocurrency? Until a month ago I had sort of heard about it because I had heard about BitCoin. Then I read an article which mentioned a site called Steemit.

Being a curious sort, I went and took a look at the site. Then I dropped down a rabbit hole for almost a month. Well, not really but it has taken up some of my time this past month. It’s been interesting.

Blockchain Technology is the Way of the Future

The site is built on blockchain technology, something we’re going to be hearing more of in the future. Blockchain technology is what cryptocurrency is constructed on.

Money that you and I carry around in our pockets is called fiat money, while electronically created funds are called cryptocurrency. Bitcoin is just the tip of the iceberg of cryptocurrency. There are many more of them, being traded on online exchanges.

Bitcoin Empowers Economically Disadvantaged People

In some parts of the world, bitcoin empowers people. Paul Vigna, in his book The Age of Cryptocurrency, tells the story of a woman in Afghanistan doing some freelance work for a creative agency in the States. Now that sounds pretty straightforward lots of people freelance.

The problem is a woman in Afghanistan can not have a bank account. Any fiat funds she earns must be banked by a male, making her vulnerable to her hard earned funds being stolen.

The solution, pay her in bitcoin. She keeps the coin in an electronic wallet. There is a growing marketplace online of ways of paying with bitcoin to get what she wants. It’s not a perfect solution but it enabled her to buy her own laptop for a start.

I’m still wrapping my head around the world of cryptocurrency, blockchain technology and decentralised platforms. I will write more about it as I learn more about it.

Back to Steemit.com

So, back to this Steemit site. Interesting concept. The site is about six months old and it runs on its own cryptocurrency called Steem which is loosely pegged to the US dollar.

Steem has risen quickly to become one of the top trading cryptocurrencies. Although the last 2-3 weeks it has taken a drop. I’ve read many posts about the drop in Steem value, many feel that it had to happen as it rose way too fast and it needs a course correction. Needless to say, naysayers believe it’s a sign the whole concept is a death waiting to happen.

Like any new concept, debate rages on how solid the concept is or not.

The Basics of Steemit

The site itself is somewhat like Medium.com in that people post on their own ‘blog’ on the site. Others read the posts and either like them (upvote) or not and they can also comment on them. A community has developed around the interactions.

Where the site is different is that when you upvote a post, depending on your reputation and how much Steem power you have, you can actually generate income (in Steem dollars) for the writer.

Your reputation builds as you participate on the site and build a following. Your ability to earn largely grows along with it. Some of the members on the site have enough of a following their posts can make some serious income.

The Site is in Beta

The site is still in beta so it is a work in progress and likely will be for some time to come. One of the growing pains it is going through right now is that there are a lot of smaller members who are writing good quality original content but are getting lost in all the noise.

Some interesting initiatives by the community are underway to help bring the good writing to the notice of those who can upvote and help the writer get some of the pool of funds available each day.

The Quality of the Content

A lot of the original content on the site is well written. A growing range of topics is represented there. I find myself spending a lot of time there reading, voting and commenting.

Like any site, there are those who slap stuff together and hope to make a bundle. There is an issue with plagiarism but many members of the community are actively working to find it and identify the plagiarists.

I’ve written eleven blog posts. A couple of days ago I decided to take notes while I’m doing my reading and create a blog post over there to share the better articles with others. I’ve made a personal challenge to myself to do this daily for 30 days.

My Writing Motivation

I’ve completed day 2 at this point. When I finish this post, I’ll write another post to share the links to the first two days and then will continue to share the posts here as I write them.

While I’ve not made much, dollar-wise, on the site. I am finding my motivation to write has increased and that is definitely a plus. The articles posted can receive income from upvotes for up to 30 days after being posted.

If you’d like to follow my challenge, just join my mailing list and I’ll send out a note when I post each day’s “Steemit Rambling”.

Consider joining Steemit.com, you will always have reading material. Maybe it will move you writing 🙂

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