Making money on Steemit

Key Takeaways

hey what's up everyone in this video we're going to get into the topic that everyone wants to know which is how you make money on steamin so as we've discussed in previous videos on steam it you can get paid for creating content in the form of post and you can also get paid for interacting with others post on the site as well to explain how this works we first need to touch on the topic of the cement reward pool each day a fixed amount of steam tokens are produced from the Steam blockchain and unlike other block chains where the miners receive all the tokens created from producing a new block on Steam it the majority of the new tokens 75 percent to be exact are allocated to steam its reward pool then out of the remaining 25% 10 percent is allocated to steam witnesses who power the blockchain and 15 percent is allocated to holders of something called steam power in the form of interest for holding this asset we'll get into what steam power is in just a few moments let's get back to the reward pool so the rewards in this reward pool go to authors and curators on steamin authors are people who create posts and curators are people who interact with posts these two roles are not mutually exclusive so in the last video for example I was considered an author because I created a new post and I was also considered a curator because I up voted another users post when you create a post up to 25 percent of the rewards for that post are allocated to the curators Steam it deems these curation awards as an award for the people who discovered the content the other 75 percent of the rewards is awarded to the author of the post now an important piece about getting paid for your posts and comments are that post are only eligible to receive rewards for 7 days so from the time we post our content to seem it we have 7 days to earn money from that post after the 7 days are up the posts are still visible and people can still comment on them however will no longer be getting compensated for the interaction or engagement that these posts received once the 7 day period is / you're then able to claim the rewards for your posts we'll get into the technical details about how to do this later now let's get into the form of compensation you receive we've mentioned steam tokens several times now throughout the course of this playlist so far but there are two other forms of compensation on steam ax as well one is called steam power often abbreviated as SP and the other is called steam dollars often abbreviated as SB D we're going to breakdown all three of these assets now steam is the base currency token for steam it comm and it can be thought of as a general crypto currency like Bitcoin for example it's a liquid token meaning that it's relatively easy to trade into and out of you can trade steam for other cryptocurrencies on exchanges including block trade Polonia X bitter X and shape-shift you are also able to purchase them just as you would any other crypto so you don't necessarily have to be active on steam ax and earning steam to hold the token an alternative is just to purchase it outright let's now move on to steam power steam power is a measurement for how much influence a user has within the steam network the more steam power you hold the more you're able to influence the value of posts votes and comments so with this it's important to note that votes in steam are stake weighted so voters with more steam power have a greater influence over the allocation of the rewards for a particular post than voters with less steam power due to the value that having more steam power grants steam it gives the ability for users to trade steam tokens for steam power the act of doing this is called powering up the opposite is true as well you can trade steam power for steam tokens and this is called powering down there is a catch - powering down though because steam power is a less liquid asset the process of trading steam power for steam tokens is not a smooth as trading steam tokens for steam power if you want to power down then you'll receive your steam over a 13 week period whereas powering up is instant users are also given the option to delegate steam power to other users this is one way to help new users have more influence in the community if you have delegated steam power then when you vote and interact with other posts the influence you have on these posts is based on the entire amount of steam power you have both the true amount you have plus the delegated amount that you have when you sign up on steam it you usually receive a small amount of delegated steam power now the last of these three assets we'll discuss our steam dollars steam dollars are liquid tokens that are pegged to one u.s. dollar steam dollars can be traded with steam and can be used on marketplaces such as peer hub comm which accepts steam dollars as a form of payment like steam tokens steam dollars are also tradable for other cryptocurrencies as well and you can convert your Steam dollars into steam tokens currently this process takes three and a half days if you want to convert your Steam dollars into steam power then you first have to convert them to steam tokens and then power up the steam into steam power as we discussed earlier so now we'll navigate to our wallet on steam it where we can view all of our steam steam power and steam dollars we can get there by clicking on the user icon in the top right corner then wallet from this view we can see our current amount of all three assets in our wallet we first have steam up top then steam power then steam dollars this amount of steam power at the top is the true amount of steam power in our wallet and then this amount in parentheses is the delegated amount of steam power we've received we also have this savings section and you can think of this just as you would an ordinary savings account but with this account you save steam and steam dollars if you hold assets in the savings account this will act as an extra layer of security as there's a three day withdrawal waiting period to get anything out of savings now lastly we have an estimated account value and that just shows the current balance in USD for the sum of everything in our wallet ok so we've talked about where the rewards from your posts come from the rewards pool now how do we actually get them well first remember in our last video when we made a post we had a rewards drop down that we could choose from this is where we choose how we want to be compensated for our post the default payment is 50/50 this means that half of our rewards for this post will come in the form of steam power and the other half will come in the form of steam and steam dollars the ratio of how much steam to steam dollars that's rewarded is based on network conditions at the time of payment you can also choose to be rewarded for a post completely in steam power and to do this you would choose the power up 100% option and lastly you have the option to decline any payout if that's what you want to do so after you make your decision on how you want to be paid for a particular post you then post it and then your post accumulates rewards over the 7 days that it's active after the 7 days your rewards will be transferred to your wallet and you'll be able to check them out there the same thing is true for rewards you receive for interacting with other posts as well you can also look directly at your post or any other posts for that matter to get an idea of how much money it's made so far and you can check out how much a particular comment on a post has made as well the amount shows up right underneath the comment itself so this sums it up for how you get paid on Steam it as well as all the different forms of payment that exists here in a future video we'll be covering how to do transfers from your wallet and how to power up we'll also go into more detail about some of the economics like where the value of these assets comes from and how the prices of these assets are determined thanks for watching and stay tuned for more steam at goodness you