There is no denying that the age we live in is one of social media. We are almost continuously glued to our devices, scrolling down content created by fellow netizens, showing some love to the posts we appreciate.
Now that that has become such a widespread norm, it is no wonder there have been attempts to generate value out of such social media activity.
One such example is found in the form of the Steem Coin, the native cryptocurrency used to facilitate payments in connection to Steemit platform. Launched in 2016 with the ticker symbol STEEM, this is a sufficiently old altcoin in the crypto market.
In this beginner’s guide, we will take a quick look at what the Steem Coin is all about and how it really works.
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What is the Steem Coin?
Steem Coin is a crypto coin that is completely decentralized, running on the Steem blockchain. Like most other cryptocurrencies, you can buy and sell STEEM on via crypto exchanges and P2P platforms.
The Steem Coin is closely associated with the site, Steemit.com . It is a social media site formulated along the general lines of Reddit.
However, unlike in Reddit, users here can enjoy rewards if they can produce good quality content that is loved by the community. If a content producer’s post is upvoted, he or she will earn rewards in the form of Steem coins.
Similarly, one can also earn coins by upvoting others’ content and curating good quality posts for the site. Those who have earned a higher number of Steem coins, are liable to have a greater influence in terms of upvoting rights.
While the Steemit platform uses three forms of currency in total (including Steem Dollars and Steem Power besides the Steem Coin), STEEM remains the most crucial coin on this blockchain technology-based platform.
Other than Steemit, STEEM can also be used on social media sites or platforms such as the Esteem mobile application, Steepshot or Busy.
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How Does STEEM Coin Work?
The Steemit platform generates new Steem tokens for every bit of engagement and content posting that goes on in the network.
It helps create a social media economy where users can monetize their content in a decentralized way, on the basis of merit. Only fellow users’ comments and upvotes can help them survive on this competitive platform and earn STEEM Coins.
The supply, in this respect, is infinite since STEEM Coins are generated for every social media interaction that goes on on this site. STEEM can be converted to Steem Power or Steem Dollar as and when necessary.
How To Earn Money Out of STEEM Coins?
Since the supply of STEEM is ever-expanding, its value usually lessens by a little over 9 per cent every single year.
The key is to convert it into Bitcoin or any other similar cryptocurrency through one of the top cryptocurrency exchanges like Bittrex and Poloniex as soon as possible, without sitting on it for too long.
Thereafter, you may simply follow one of the many ways to convert Bitcoin to cash to earn money out of STEEM coins.
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