Steemit Review – Is Steemit A Scam Or Legit?

Steemit Review - Does it work to make an online income?

Steemit Review – Does it work to make an online income?

I’ve been hearing a lot about an online ‘social network’ called Steemit.  The information I have been seeing is that people claim that money can be made online there.  That got me curious and I had to check it out for myself.  Does it work, or is Steemit a scam?

Jumping into this review I want to point out that I am not affiliated with Steemit in any way.  The information below in my Steemit review is based on research I have done online, and also by signing up and creating an account with them.  My opinions below are just that, my opinions.

Steemit Review

So what is Steemit?  Basically it’s a social media community where people who are members share content and are ‘rewarded’ for participating.  Participating means sharing ideas such as posts, commenting on posts, and upvoting posts.  They conveniently provide a detailed FAQ page.

Steemit has its own cryptocurrency, and you earn digital tokens called STEEM, when you participate on Steemit.  The more you contribute to the community, the more tokens you earn.

Every day new tokens are minted and get added to what Steemit calls the community “rewards pool”.  As people contribute to the community they earn the tokens.

Sounds pretty simple, don’t you think?  The more you post and share content, the better chance you have to get ‘upvoted’.  If you provide good content and the other members of the community like what you share, you can get upvoted and earn some tokens.

Check out the screen shot below.  It shows you a couple posts that were created and some pertinent information about tokens earned and, upvoting, and comments left.

Curious to learn more about Steemit?  Then keep reading.

Does Steemit Work?

Can you really make money with them?  The short answer and the easy answer to that question is that yes, you can make money on Steemit.

There is a longer answer to that question.  Does Steemit work… yes, but there are many nuances to how you can make money there.

In order to make money on Steemit you need to post content and have that content upvoted by other members of the community.  That’s not so easy to do.  You need to build an audience of followers, and that can be a long process.  Once you have followers you have a better chance of getting your content upvoted.

I have found that a great many users have had to post as many as a hundred to two hundred posts before making money, and then they make money on a just a couple posts.

All this means is that if you want to make money on this unique social media platform, you need to get followers.

(Here is what Forbes has to stay about their social network)

Getting Paid From Steemit

So lets say you have a couple thousand followers, a couple hundred posts, and you have earned some STEEM tokens and you want to get paid.  How do you do that?

While it is possible to make money, STEEM Backed Dollars, (SBD), getting paid into cash money in your hand may not be so simple.  In order to get your SBD, Steemits own cryptocurrency, traded into real money you need to go through an exchange network.  Once you do that you can money deposited into your bank account or PAYPAL.

However, here is the problem; Cryptocurrencies are only valuable to the people who use them, or believe in them.  Any SBD you have today that is work $25 may only be worth $0.02 tomorrow or the day after.  On top of a valuation that fluctuates, you also have to find somebody who wants to buy it on an exchange network and pay you cash for it.  SBD is only traded on a few exchange networks.

So while you can make money on Steemit, getting paid may not be that easy.  And the conversion rate on SBD to dollars, or whatever currency you want, may not be that great.  You could 250 SBD and may only be able to sell it for $75 dollars.

Is Steemit A Scam?

No, not at all.  It’s nothing like Facebook On Fire which is a total scam.  Steemit is a social media site where members can create content to share, and discuss in the community.  No, it is not a scam.

However, is it a valid way to earn an online income?  To that I would have to say no way.  If you are looking for a means to make money online, look someplace else.  I’ll tell you why… if you are going to take the time to share hundreds of content posts, you should do it yourself by starting your own blog.

  • If you are going to take the time to post content on Steemit, as much as 200 posts to try and gain followers, you might as well create your own website and start a blog.  Why?  Because you will make a lot more money… a lot more.
  • Steemit could vanish overnight and any content and work you have shared would be gone.  If you have your own website, that’s not going to happen unless you let it happen.
  • The money you make as a blogger sharing content on your website is yours.  You would own it and could make money easily from such a content filled website.
  • The money make from your own blog is going to be in your governments currency.  You can pay bills with such money, unlike SBD.

Steemit Review Conclusion

I spent several hours over a couple days researching Steemit.  It’s an interesting social media site.  I can see it being a fun place to post and share content with a community… but that’s about as far as it would go.  Anybody hoping to make an income on Steemit will be disappointing, in my opinion.

There may be a few people who are doing that, but they very few and far between.  And if/when that site disappears , like similar sites have done in the past, those people who are earning are going to be out of luck.  All their content will be gone.

If you are going to spend that much time online creating content, then you should do so on your own website.  Just like I have done here with this website.  I make a very nice income every month working part time as a blogger on a couple websites that I own.

If you are interested in doing the same I can tell you how to get started, even if you have no experience working online.  Starting a website is as easy as clicking and pointing your mouse and coming up with a nice website name.  And it costs almost nothing to get started.  In fact you can do this for no cost at all, and I can show you how.

Interested in learning more about blogging and how to get started?  Check out my Wealthy Affiliate review here.  You won’t be disappointed.

Thanks for reading me Steemit Review.  Be sure to let me know any questions you may have.


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