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Since their inception, cryptocurrencies have been and always will be a hot button topic. They are a new way of representing the concept of currency, and depending on which digital currencies you own, you can make a lot of money from simply being tech savvy. They're a hobby, an investment vehicle, and a technological breakthrough.
Most virtual currencies that exist are a lot like Bitcoin; they require special mining rigs to mine the currencies. They usually take a lot of effort to mine, so you might need to get a new mining pool every so often, and yet, they always seem to be worth it.
One cryptocurrency is a little different, though. Rather than require proof-of-work to mine, Steem is a currency that awards people based on the quality of the content they publish on the platform. Steemit, the site that makes Steem, is a major hotspot among crypto fans. That does leave a lot of people asking though, "Is Steemit legit?"
Let's talk about Steemit first.
If you don't know much about Steemit, then it's really hard to determine whether Steem is a legitimate cryptocurrency. It's the world's first social media platform that awards quality content with cryptocurrency, making it one of the easiest coins to mine if you're a proficient writer.
You can either buy Steem to award to others, or earn it by creating good articles on any topic you choose. It uses a built-in base token called Steem to make everything run.
Steem is a blockchain-based cryptocurrency. So is Steemit a legitimate cryptocurrency-based site? Yes, if that's what you're looking for in terms of legitimacy.
Getting Steem is a little complex.
Steemit uses three different token variants to power its site. They are as follows:
- Steem. This is the base token, and the cryptocurrency you keep hearing about.
- Steem Power. Also known as SP, this is a token that has a 13-week vesting schedule. The more SP you have, the more your vote is worth when you comes to your ability to give away tokens.
- Steem Dollars. SD, as they're called, are an interesting promise. They promise a dollar in Steem to the holder. They can be used in exchanges to cash in on your crypto.
The fact that Steem Dollars exist is a good indicator that Steemit's the real deal.
Every day, more Steem is minted.
The cryptocurrency that's minted is added to the "community rewards" pool. This means that people who make high quality content will be able to get rewarded for their work.
Every newly minted Steem batch is distributed in a unique formula. Of the people who hold Steem Power, 15 percent is distributed. Next, 75 percent goes straight to content creators. The last 10 percent is paid out to Steem miners.
So, is Steem legit as far as a payment method goes? Yes. And if you already know how to calculate mining profitability, you can probably see how brining Steem into your life may work out for you.
Steem is also featured on a lot of cryptocurrency exchanges.
It really wouldn't be a legitimate currency without having a home on some exchanges, right? With Steem's popularity slowly rising (and falling, and rising again) it only made sense that several major exchanges would start to carry it.
So, if you want to exchange Steem for Bitcoin, it's possible. The same can be said about converting Steem into dollars.
You can even use Steemit on certain crypto debit cards.
If you're privy to crypto, you might have also heard about cryptocurrency debit cards that have been making rounds on the net. If you're the owner of a debit card from UQUID, you will be able to spend Steem directly at any retail store you want.
You don't have to ask whether Steem is a scam or not at this point; it's clearly a cryptocurrency that has established itself as useful. This debit card still doesn't ship to the US though, even if plans are allegedly in the works.
Though Steem has a lot of promise, it's also got a lot of pitfalls.
There's no doubt that Steem has a lot of good to offer. It's a legitimate cryptocurrency and a real social media platform. People have used it to make a lot of money before, and it's a great introduction to the crypto world.
Steemit does have its issues, I'm not going to lie.
The problem with Steem is that its value plummeted.
One of the reasons why people are asking, "Is Steemit legit?" deals with its value, as we all know that world fiat money affects crypto price in real time. Steem is currently wafting around 15 cents a token, and it's been kind of just hovering there for a while.
Even so, some Steem is better than no Steem. There's something to be said about just being able to have crypto without all the tech work usually associated with it, right?
The other issue is with Steemit's overall promotion model.
The thing about getting Steem is that it's not easy. You can't just plop articles there and hope for the best. To actually make a lot of money on Steemit, you have to work the system.
Most people agree that Steemit would be a lot more profitable if there was a built-in way to promote your work. So far, they don't have that, which means you have to advertise your own work a lot in order to gain Steem.
It's not like you can't get some good money from it, though.
A lot of people have been wondering if Steemit's a profitable source of cash. Truth be told, it can be. There are plenty of examples of people who wrote content that was financially successful. Some viral stories have already been worth thousands.
If you are willing to work the Steemit system, you can make a lot of money. It's just hard to be absolutely sure that you're able to do it.
It's also worth pointing out that Steemit's a legit company, too.
Steem is a currency that was created by a company that comes complete with headquarters, whitepapers, and investors. So to answer question: Is Steemit legit? Yes, absolutely. The only question that actually remains is, why haven't you gotten Steem yet?