Steemit is a blogging site, where you post blogs, and if noticed and commented on you can get upvotes, which will pay you a little bit of money.
The place is really controlled and owned by the "Whales". That is a term of the accounts that have $1,000,000 or more of STEEM currency.
When a whale votes for your post, that might be worth $100
When a minnow such as myself votes for one of your posts, that might be worth $0.01
The site is a lot like real life. If you are in the clique of a group of powerful whales, you can do very well.
If you are a minnow swimming along, you will collect pennies.
If your posts have good content and you develop a following, you can grow into a dolphin and eventually a whale.
Takes a lot of time and personal intensity to even imaging that outcome
RE: Question #1 "What is Steemit?"