The Growing Influence of Steem as a Beneficial Cryptocurrency

By now, most of the people who spend hours on the internet knows well about cryptocurrency and related platforms like SteemIt. If you still don’t know about it, let us sum it up for you.

SteemIt and Steem

Cryptocurrency is made on top of a unique and new technology called Blockchain. Many famous cryptocurrencies like Bitcoin, Ethereum, Steem, etc. have emerged, and become popular with time. Based on cryptocurrencies, a number of platforms and decentralized apps (dApps) have also emerged and one of the most popular platforms is SteemIt.

Now, SteemIt is a blogging platform that is built on top of blockchain and uses Steem as its cryptocurrency. SteemIt users can create and post all sorts of content on this platform but the utility of SteemIt doesn’t end there.

Along with sharing the content, users can also monetize their content and earn steem through it! The popularity of SteemIt has grown a lot over the past years, and people are using the platform extensively to earn Steem and make money with SteemIt bot.

If you’re here because SteemIt has ignited a business idea in your mind, let’s have a closer look at Steem as a growing cryptocurrency.

Steem and SteemIt Ecosystem

SteemIt is a very huge network and has recently announced having over 1 million users. This tells a lot about the success of this platform and the amount of steem being earned through it!

Basically, the SteemIt ecosystem supports 3 types of digital tokens that depict Steem. These are:

-          STEEM: the basic cryptocurrency of this platform

-          Steem Power (SP): when STEEM is vested as Steem Power, it is counted as the voting power of the user and to get an influential voting power, users invest more in SP

-          Steem Blockchain Dollars (SBD): this is the unit of STEEM used to reward the SteemIt users and is powered by USD

Steem Rewards

It might seem like a complex task to earn something as popular and beneficial as Steem but once you’re on the SteemIt platform, it’s just a piece of cake! All you have to do to earn rewards is to post your content on the platform and make money with SteemIt bot or through user up-votes.

-          The more up-votes you get on your content, the more steem you can earn

-          The more the Steem Power of a user, the more value their vote will add to your reward

-          SteemIt bots with high Steem Power can be asked to vote for your content by bidding on their vote

-          Steem can also be earned by commenting and voting on other users’ content

This whole reward system is wider than it seems and once you get on the SteemIt platform, you can learn everything in detail.

The Commercial Side of Steem

Many people have recognized the influence and power of SteemIt in the world of blockchain and cryptocurrency. This is why they come up with their own business ideas on how they can utilize the influence of SteemIt for their own benefits and make profits out of it. Some of the leading business ideas are:

-          Creation of quality content for SteemIt to earn more and more steem

-          Creation of SteemIt Bots with the help of a steem bot developer and using them to vote and earn through bids

-          Creation of dApps and putting the Steem earned by others to a better use

-          Creation of a platform based on the idea of SteemIt and introduction of a new cryptocurrency

All these ideas and a lot more have been introduced in the previous years, and people are diligently working on them. However, if you have one such idea in mind but have no experience or skill with cryptocurrency and blockchain, you might fail!

Hire Steem developers and blockchain experts to execute your plan in the right manner and achieve success! With the right help, a failsafe plan, and perfect execution, you can be the mind behind the next SteemIt! So, get in touch with a steem bot developer, today!