What Is Steemit and How Does It Work?

Steemit is a social networking site that pays its subscribers for their interaction on the site by writing articles, commenting on them, voting for them, and following people using the electronic currency steem.
Steem is a virtual electronic currency like Bitcoin. It can be sent to anyone who has an account in one of the wallets that supports steem, and it can also be converted into bitcoin through one of the exchange platforms such as Poloniex or others, and it can also be sold for dollars or euros in one of these platforms.
There are approximately 250 million steem currently, and the price of one steem is approximately $1. Daily, a certain number of steem is distributed to the participants on the site according to the number and strength of votes and the strength of their accounts. Steam, which is distributed daily, is a new currency that is issued from a software matrix (Blockchain). 1% of the total number of steem is issued annually, meaning that if there were 250 million steem in 2017, 2.5 million new steem will be issued in the same year, distributed daily to the participants on the site.
Steemit wallet explained
When anyone opens an account in steemit, they automatically have a wallet for electronic currencies linked to the account consisting of Steem, Steem Power, and Steem Dollar.

Account Power or Steem Power
Steem Power is a restricted currency, meaning that you credit a number of steam in your account, and the greater the number of restricted steam, the more powerful your account will be. You can retrieve the steam credited to your account within 13 weeks. Each week a number of Steem Powers are converted into Steem.
What is the benefit of account power? The stronger your account, the greater your influence, meaning that you get more rewards when voting for you, and greater rewards are given when you vote for a post. Some people buy steem to boost their account.

Steem Dollar
Steem dollar is an electronic currency equivalent in value to the dollar, meaning that 1 steem dollar (SBD) = 1 dollar. Unlike Steam, whose price changes daily. Steem dollars are almost fixed in price.
You can use Steam Dollars to promote your posts to reach more people. For example, if you promote a post with ten steam dollars, it will be on the Promoted Posts page and reach more people.
Rewards

When you post a topic (post) before publishing, the site asks you to choose the reward method
1 - To be 100% Steem Power to strengthen your account, and in this case you will not be able to spend the reward directly.
2 - To be 50% Steem Power and 50% Steem Dollars, and in the latter case, you can dispose of half of the value of the reward immediately after its arrival.
After publishing, the participants on the site can vote on your post within a full week. After the end of the week, the reward is transferred to your account, and it is not possible to vote on your post or increase the reward.

Any reward consists of two parts: the greater part of the reward is given to the author (author rewards). A small portion of the bonus goes to curators rewards. A small portion of the reward is distributed to those who voted for the post, which encourages subscribers to discover posts with good content.