Bloggers have long got a cut of their traffic, with the more prolific ones earning a nice living, but social network Steemit rewards its bloggers in a different way, paying them in Steem, a new cryptocurrency.
Similar to Reddit, Steemit users publish a blog post on whatever topic they want, with any length they choose, and the other users vote on it or, in this case, upvote. Every upvote gives the blogger more so-called “Steem Power.” The more Steem Power, the better, because the Steem Power can be converted into Steem Dollars, which, according to a report, trade for around $3.25 each.
While Steemit isn’t huge like bitcoin, it is ranked number three in alternative currency, with bitcoin and Ethereum the only two ahead of it. Digital currency, while still reserved for the tech-savvy and those looking for anonymity, is gaining acceptance in the mainstream, thanks in part to players like Coinbase that provide an easy way for people to trade bitcoin and now Ethereum. For consumers looking to make purchases with digital currency, that got a little easier earlier this week when Plutus Tap & Pay, the upcoming Android-only mobile app that will let people make bitcoin and Ethereum contactless payments at any merchant with a compatible device, raised more than $1 million in crowdfunding in nine days.
The startup, which was coined “one of the most anticipated bitcoin projects in 2016” by cryptocurrency news outlets, had over 1,000 people participate in the crowdfunding round. What’s more, the company said more than 4,532 members have already signed up for the upcoming app. The company argues that Tap & Pay removes a big barrier to widespread adoption of alternative payment methods: merchant adoption. That’s because, with Plutus, customers don’t have to wait or worry if the merchant accepts bitcoin or Ethereum directly.