Chinese Dominion over Bitcoin & How Steemit Is Just Right for You
Bitcoin has become a multibillion-dollar industry. In its conception, Bitcoin was to exist beyond the control of any single government or country. It would be based everywhere and nowhere. Centralization, a word that is like kryptonite to the superheroes of Bitcoin’s digital currency space. No one wants Bitcoin’s future, transactions, or funding to be centralized.
China is probably the major power which is the most pro-bitcoin. China seemed to discover Bitcoin in the summer of 2013, and the Bitcoin mining and exchange markets have never been the same. As of 2015, about 80% of the Bitcoin mining takes place within The People’s Republic of China. The government is really pushing bitcoin and internet finance. A handful of Chinese companies have effectively assumed majority control of the Bitcoin network. 70 percent of the transactions on the Bitcoin network were going through just a few Chinese companies, known as Bitcoin mining pools. China’s dominance is raising worries about Bitcoin’s independence and decentralization.
Like a breath of fresh air in the domain of cryptocurrency, Steemit is a new social media platform launched in May 2016, powered by an open source blockchain called Steem. It works like Facebook and Reddit, where the community rewards individuals when they submit their blog posts or vote on articles, images and commentary that become popular. Users are paid half in “Steem Power,” a token that supercharges voting power, and half with Steem Dollars, a token worth about one USD.
STEEM is a cryptocurrency token, the fundamental unit of account on the Steem blockchain. The main difference between facebook or reddit and Steemit is the transparency, decentralization and of course the reward in cryptocurrency token system. A perfect work from home solution for today’s youth.
How does the reward system work?
There has never before been a currency that had this kind of potential, as STEEM is the first coin that will pay you for posting pictures of yourself or food, or writing about your day, or sharing videos. But it cannot do it alone. STEEM's value is based on community involvement. People love to share. That's why sites like facebook and twitter have become so famous. We love to let others know what we think, what we do and what we believe in. Many people will post all sorts of crazy stuff on facebook, but the fact that Steemit rewards you for what you post will definitely encourage today’s youngsters to explore their ideas and expand their minds.
Once you get on the Steemit website, which is basically like a web wallet, you create an account and post or vote or comment or trade. Your rewards are decided based on how many upvotes you receive. These votes get you the steem dollars or steem power. Both, those who post and those who vote get rewarded for your efforts. The power to make money at home, while doing what you like.