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Steemit.com - Blockchain based Revolutionary Social Networking Site!

Steemit.com - Blockchain based Revolutionary Social Networking Site!

Meghan Naik   ¦    Oct 20, 2016 05:17:49 PM (IST)

Steemit is like Facebook or Reddit but instead here you post blog-style articles for other users to comment or upvote your posts. Unlike other social media sites who earn from your use of their website, Steemit lets you to earn from your participation on it.

A good way to get started is by writing an excellent introduction post and making it interesting. Add a ‘steemit verification image’ and use the tag- ‘introduceyourself’ for categorizing this type of post. If a user with massive SP (known as a whale) upvotes your article, you are likely to earn a few hundred $ in payout from a single upvote itself.
Steemit.com - Blockchain based Revolutionary Social Networking Site!-1An upvote on your article or comment results in social rewards paid out as Steem Power (SP) and Steem Backed Dollars (SBD) after 24 hours of posting your article. You also earn curation rewards in SP for curating content ie. upvoting others’ articles.

My first 4 weeks on Steemit

As an early adopter of Steemit platform I’ve managed to earn and withdraw over Rs. 30,000 in the first month with just 4-6 articles. My investment in terms of financial input is zero!

I started my a/c with 10 Steem Power worth an estimated value of $2.39 at the time. Now I have 1250+ SP with my a/c valued at over $1850! As the value of Steem and it’s market capitalization increases overtime this too will increase, even if I don’t earn any more Steem from blogging/curating.

Since Steemit is a decentralized platform and fully transparent you can view my Steemit wallet and verify everything. The blockchain records everything and nothing can be deleted from it.

Where does the Steem (money) come from?

The value of any cryptocurrency comes from community involvement and trading volume on exchanges. Steem platform is built using a highly secure ‘blockchain software technology’ that runs on computers. This blockchain basically creates new Steem and SBD everyday. This goes into a reward pool for distribution amongst users of the platform who add value to Steemit by way of blogging and curating content.

The ecosystem has three kinds of assets: Steem and SP are equivalent to a company stock. Steem is basically a tradeable token on the Steem internal market or external market such as Poloneix. It’s similar to the stock of your favorite Indian company on the Bombay Stock Exchange. The third SBD is basically issued to contributors in the ecosystem as currency and is created to serve as a loan on Steem collateral for the platform.

How do I get paid in Indian Rupees?

Converting Steem and Steem Dollars into Indian Rupees is easy. You can use cryptocurrency trading exchanges like Poloneix.com or Bittrex.com to sell Steem or SBD to Bitcoin (BTC).

Now transfer your BTC to your trading wallet on Coinsecure.in or any other Indian BTC exchange. You can then sell BTC for INR and withdraw money to your bank account.

The process takes a few clicks of your mouse button and in under 60 minutes you can have the money in your a/c. But, you will need to undergo a quick KYC with Indian BTC exchanges to add your Savings or Current a/c for withdrawals.

Will the taxman come knocking at my door?

Disclaimer: This is not a legal/taxation advice so kindly clarify with your personal auditor. Due diligence is a must!  

Trading in BTC is now legal in India. But since you are not trading in BTC you may not have to pay Capital Gains tax. You may show your earnings as ‘other income’ or ‘professional income’ in case of self-employed individuals and the usual tax slabs should apply.

Steemit.com - Blockchain based Revolutionary Social Networking Site!-2Is Steemit for me?

Success on Steemit is a hit and miss. Currently the experience feels like a game. Everyone seems to be betting on their content to earn big money but infact Steemit requires a calculated and consistent approach.

The learning curve is about 2-3 days. You need to write excellent articles and build a following of users on the platform to get noticed. You can use the search functionality on the site to learn as much as you can using the various guides on Steemit. Sign up on Steemit.chat to network with fellow users of Steemit platform for collaborations.

Steemit is currently in beta with approximately 70,000 users and is giving away $4 in Steem to get you started. The platform and the technology behind it has endless possibilities. The general expectation is that it could be the next big social networking website in the world!

Using Steemit as an additional source of Income

If you are still unsure, remember this: Facebook or any other social network makes millions from your participation and never gives you a dime! On Steemit you have the possibility to legally earn a decent amount of cryptocurrency!

Although, right now you shouldn’t quit your day job or quit blogging for money on other traditional platforms for Steemit. Personally, I’ve been using Steemit to generate a strong additional stream of passive income week after week and so can you!  

Connect with Meghan Naik and follow his blog at: Steemit.com/@firepower

(This article was published in the recent issue of Karnataka Today Magazine)