What is Steemit?

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Steemit is a blockchain-based social media website. Users can earn STEEM for publishing and curating content on the website. STEEM is a cryptocurrency that traders can trade on cryptocurrency exchanges like Binance, Huobi, and Bittrex. Steemit Inc., a privately held company based in New York City owns the Steemit website. Ned Scott and Daniel Larimer founded Steemit, Inc. in 2016. 

What is Steemit?

Steem Dollars

Users are paid in Steem Dollars (SMD) for posting content on the Steemit website. Steem dollars are equal to 1 USD. SMD holders earn more than 10% interest yearly on Steem Dollars.

Steem Power

Steem Power is a token that shows how much ‘power’ a user has on the Steemit platform. Users with a lot of Steem Power earn Steam Dollars quicker. Selling SP can only be done over a period of 104 weeks, which prevents users from withdrawing all their money and causing the Steemit economy to collapse.


Methodology
Business24-7 aims to help those interested in cryptocurrency make safe and informed investing decisions. We are dedicated to offering our readers unbiased reviews of leading cryptocurrency exchanges for traders at all levels. Cryptocurrency exchanges are included in our reviews if they are safe, liquid, regulated by proper authority, or decentralized. 

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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