How to Make Money on Steemit

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How to Make Money on Steemit

Cryptocurrencies have proven that they are here to stay. In fact, they have even anchored their roots in different platforms such as social media. 

One of the social media platforms that use cryptocurrencies is Steemit. It’s not like any other social network though. Steemit users can earn cryptocurrency Steem when they curate or publish content. It also offers additional unique features that elevate them amongst the other platforms. 

This article will tell you everything you need to know about Steemit and how to make money on this platform. 

What is Steemit? 

Steemit is a blockchain social media platform that pays you to use it. It was founded in 2016 by Dan Larimer and Ned Scott. If you haven’t heard this platform before, it’s basically a content-sharing website like Medium or Reddit. What makes it different is that it has been built on top of the Steem blockchain. 

When you go on Medium or Reddit, you simply read and upvote the content, follow topics that fancy your interest, submit your own content or interact with other users. With Steemit,  the story doesn’t end there. It is also a revenue-sharing website. You are actually rewarded if you’re the creator of the heavily upvoted content. Instead of regular flat currencies such as the US dollar, you get paid through Steem cryptocurrency. 

Most of Steemit users earn by posting content. Additionally, you can earn Steem for upvoting or commenting on other posts. 

How Does Steemit Work? 

Steemit

Steemit currency is similar to other digital currencies. Just like other digital currencies, Steemit currency can also be bought, traded or sold on the open market. Though Steemit allows currency mining, it’s not the only way to earn money. The more engagement you make on the site, the more Steemit currency units you can get. 

Steemit has 3 kinds of currency units: Steem, Steem Power and Steem Dollars. 

Steem: Just like any other cryptocurrency, you can buy and sell Steem for actual money on the open market. Steem units are created every single day so it’s unwise to hold on to them for a long period of time. They may become diluted and lose their value. 

Steem Power: If you’re aiming for a long-term investment, then Steem Power is the right choice as you can’t sell these units for 2 years. When you keep your currency as Steem Power Units, you’re more likely to make more money in the long run. 90% of the new Steem Currency generated every day is rewarded to those who are holding Steem Power Units. The more Steem Power you have, the more your upvote is worth on the network. 

Steem Dollars: This final form of currency never loses its value or gets diluted. For every popular content that you created, 50% of its payment will be in the form of Steem Dollars. You can also hold Steem dollars for a longer period of time too. You get 10% interest by keeping the money in the network. In addition, you can sell this currency in real-time, or you can exchange them for Steem Power if you want a long-term investment and bigger rewards. 

How Much Money Can you Make on Steemit? 

If you’re planning on a quick route to being rich, then Steemit is not the right platform for you. But Steemit can help you if you want to earn a consistent amount of money. 

If you get lucky, your post can get viral in a short period of time. However, in most cases, you would need to invest your time and effort. Just like with any social media network, you need to grow your following and this does not just happen overnight. 

There’s no limit in earning money on Steemit though. One famous user even made  $100,000 in just one week. For those who are just starting with this platform, work your way steadily until you reach this figure. 

How to Make Money on Steemit

woman on laptop

Do you want to know the secrets of earning higher rewards on Steemit? 

Here are some of the useful tips that you can apply. 

Create High-quality Content

There’s really no rule when it comes to the number of materials that you can post in a day. You can create as many contents as you like. The more content that you create, the higher your reward would be. If you would like to reach $100 in just a day, you can create 10 posts a day. This could potentially make you earn $700 in just a span of one week. 

How can you make your audience read all of your posts? 

One of the easiest ways to do so is by creating a series of content. Each material should be related to the previous one. The first one should be engaging enough to lure and captivate your readers. This way, they will look forward to your next materials. 

Stay as Active as You Can

Earning $100 on Steemit every day is not far-fetched. Aside from regularly providing high-quality content, you should also be as active on this platform as you can. The more engagement you produce, the more reasonable income you can earn each week. Simply comment, interact or upvote other materials and you’re on your way on establishing your presence. 

Upvoting and commenting are excellent ways of earning money on the platform, especially if you don’t want to spend too much time creating your own materials. When you comment, make sure that your opinion is informative and relevant. Another tip to get enough upvotes: go to the trending tab and create a comment that can grab the attention of thousands of audiences. 

Take Advantage of Steem Power

SteemPower serves as the symbol of influence in the network. A high SteemPower means that your upvote is more valuable. This doesn’t just mean that you can get higher rewards, but you can also help other contributors earn more. To establish your gains on the network, make sure that you have at least 500 SteemPower in your wallet. 

Increase the Numbers of your Followers

Just like with other social media platforms, you need to establish loyal followers to earn more money. The best way to attract people’s attention is by creating content that is interesting and engaging. It’s easy to get lost with what to write, especially when there are thousands of content to choose from every day. It would help if you create a niche of your own so you can target your audience. Make sure that your post is something that your readers can relate to. You will create more engagement when you involve your audience in your posts. 

Engage with Your Followers

Genuinely engaging with your followers would be a breeze if you really like what you are doing. When you post a content about something that you’re interested in or passionate about, your readers can feel this in your words. Your interests could awaken their interests too. People are drawn to contents that are honest and genuine. Engagement would then come naturally when there’s interest in both parties. 

Write for Other People

Most contributors invest a lot of time to create their brand and establish a following. 

If you want a quicker route to make money on Steemit though, then writing for other people is a good alternative. This option is perfect for those who have the knack of creating great content but haven’t built an extensive network yet. 

Search for accounts that are looking for people to write for them. Reach out to them if you want your content to be posted on their feed. Aside from curating content, you can also make money by being an editor. 

Affiliate Marketing

affiliate marketing

Affiliate marketing is very common for people who want to make money online. It’s a type of marketing where you promote a product and earn a commission when someone purchases a product through your website. A lot of bloggers and influencers have earned huge amount of money through affiliate marketing. 

Steemit can also be used as a venue to promote your affiliate product. Write a high-quality blog post on the platform and insert your affiliate links. If you’re capable of creating engaging posts, then maximize the use of Steemit to increase your earnings. Don’t just limit on earning rewards through Steemit currency. Think outside the box and use creative ways of using the platform to make more money. 

Click here to find out more ways on how to make money online. 

Maintain and Active Curation

If you want to earn steadily on Steemit, then you must invest your time in identifying what are the factors that make a good content. Maintaining an active curation is critical in attracting new followers and keeping your loyal ones. 

Final Words

Steemit may just be another social media platform, but it requires your time and effort if you really want to make money. Creating high-quality content regularly and constantly engaging on this platform are crucial if you want to earn huge rewards. Additionally, if you have your own blog or website, you can use Steemit to promote them and get more traffic. 

Clearly, Steemit is a good platform to make money online. If you haven’t already, there is no better time in creating your own Steemit account than today. The whole Steemit community is waiting for you and what you can offer on the table. 

Author
C. James

C. James is the managing editor at Wealth Gang. He has a degree in finance and a passion for creating passive income streams and wealth management.

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