My Understanding of Steemit: Part one (Introduction)
Hello Steemers/Steemians and hello people who don't know or understand Steemit.
To the Steemers:
I'm fairly new myself. I've read most of the FAQ on this site and I have to be honest, I'm still a little lost.
So here I am, reaching out to this lovely community to help educate myself and others. I'd appreciate any additional information or corrections in the comments from the pro Steemers out there.
If you've already written a helpful article for beginners, please leave it in the comments.
To the Newbies:
Are you familiar with terms like blockchain, cryptocurrency or Bitcoin?
- If yes, then a simple way to explain Steemit is that it is built on the same type of blockchain technology as Bitcoin. Instead of Bitcoin it uses a cryptocurrency called Steem.
- If no, then think of creating energy and storing it as a value on a decentralized database. If this is still confusing imagine a social network that is truly controlled by the people that create the content and curate it. Imagine if Facebook didn't use algorithms or ads to dictate what appeared on your feed but also paid you to post, like, and comment. Steemers - am I correct on this analogy?
This is possible through a unit of currency that we can invest in, Steem. The same way can invest in the stock market, we can invest in cryptocurrency and drive the value up. Simple economics of supply and demand.
This is just part one of a series of posts I plan on creating around this topic. The idea is to bring more exposure to Steemit through my other networks but in order to do this I need to fully understand it myself.
Let's start sharing with those outside of Steemit!