Steem? This Minnow has Questions...
What would you do with my money....?
Good day/night, Steem World!
I'll start by saying that it was a delight to be a part of Steemit Open Mic 63. I submitted an original song and checked steemit incessantly yesterday, waiting for the results.
I squealed with joy when I found out ...I won!
My prize: 120 STEEM.
SBD!! Yes!! Wahoo!!!
Wait.........uh......no, that's STEEM....um, that's...probably great too! .....right?
Of course all prizes are amazing and I'm so thankful to @luzypher for this gift.
But, my point is: I'm new here. And I need a little help understanding what to do with my Steemit earnings. Especially Steem and Steem Power (I've already crypto-cashed out some of my SBD and understand what's going on there, for the most part.)
I've read the Steemit FAQs and I vaguely understand that Steem Power gives my vote more weight. But exactly how does this translate? How much more weight? For how long? Is 'powering up' my STEEM the only option I have? Is there a benefit to letting it sit as it is, in STEEM form?
Maybe you have links, explanations, metaphors, cute cartoons, or anything simplified that could help me get on my feet and prevent me from making a few n00b mistakes. What helped you out the most when you were a minnow like me? What would you do with my STEEM?
It's a little taboo in North American societies to talk openly about earnings and money. That's one of the many reasons Steemit is so rad. Because, that's silly, in my opinion. I'm not bragging or flaunting. We have transactional transparency in this community - and I've got no secrets. I know I can feel comfortable reaching out to my new Steemit family for help and hopefully I'll be able to grab some hands (ahem...*fins?)
I could exhaust your time with more questions, but I'll leave it at that for now. I'm sure there's many who've already written on the subject. Thank you, thank you, Steem angels! I appreciate anyone's help!
Welcome to Steem Community @amyinautumn! As a gentle reminder, please keep your master password safe. The best practise is to use your private posting key to login to Steemit when posting; and the private active key for wallet related transactions.
In the New Steemians project, we help new members of steem by education and resteeeming their articles. Get your articles resteemed too for maximum exposure. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch
Thank you for the advice @newsteemians - I truly appreciate it! I'm not sure that I understand what you mean by 'private key'. As far as I know, I only have my master password.....
Congratulations on the win.
Simple way I see it is keep your steem liquid if you think you want to turn it into cash dollars.
However if your here for the long haul and believe in the value and future growth of the platform power it up it can always be powered down later.
That extra power lets you provide greater rewards to content creators you like, lets you better reward those followers that engage with you on your post by the power of your upvote.
General view seems to be powering up is considered an investment in both steemit and your own page.
If you haven't already you should consider following @hitmeasap @taskmaster4450 and @fulltimegeek they have some great articles about voting, commentings social and financial value
This is super helpful @shai-hulud. Thanks for helping me shed some light on the subject. I do believe in the platform and I definitely want to help the other creators on the site as much as possible, and help spread the love. Therefore, I've offically powered up!
Awesome I'm glad to be useful, keep winning those comps and you will be what I think they call a dolphin in no time.
I'm way too new for any advice, I can't figure any of it out either without my dad explaining it (and then I still don't get it!) but congratulations on winning! You deserved it!
Thanks @abyni! Glad we're in the n00b boat together ;)
In case you're curious, I wound up powering up @abyni. It seems it's more of an investment in the whole system. And the way I see it, I was just creating and writing about things I enjoy anyways, so might as well pour it back into the steemit system and help spread the love around.
My upvote was at .01, sometimes .00 before(I had 10.478 STEEM power then). Now, I have 131.029 Steem Power and my vote was worth .04 the last time I used it. Might seem small, but it all adds up! <3 <3
Congratulations on winning... I imagine you have quite the future ahead of you!
Thank you @davemccoy! Who knows what the future holds........ :)
Hi @amyinautumn. Nice to meet you. :)
Hello! Nice to meet you too :)
Having steem is something that can be traded aswell like SBD but SBD has more value in bitcoin form. You can look up price comparison for the both...
But powering up your steem can help you get more voting weigh... the more steem the more your vots is worth for starters when you start off you may get 0 to 1 cent per your vote but if you get more steem power (when you power up your steem) your increase in money per vote goes up..
Search in steem... "What is powering up" "Powering Down" "Difference between steem and steem dollars"
Your steem stays in your accoutn for aslong as you have it but powering up keeps it on hold until you "power down" to cash it out on other exchange sin to BTC or whathave you but it takes 13 weeks to do so but every week you get a payout from powering down.
Idk i may have confused you but just look up those terms i said and you should have the general idea :)
wowowowow! Congratulations! I liked your entry a lot and I am happy for you! Guess what I just figured this out yesterday. i could still be wrong but yes you can only get Steem Power by powering up.
I learned yesterday that you need 200 Steem Power before your vote goes up to just .02!
I have used all the searches I can think of and the question you ask seems to be one of the hardest ones to answer clearly.
From what I can tell so far.. but take with grain of salt: the smart thing to do for us Minnows seems to be to grow both Steem and Steem Power somewhat equally maybe. Once it is converted to Steem Power you have to power down to get it back and that takes I think 13 weeks. So if you want some funds available its good to keep Steem. Then, when we make it to like Dolphin status, we might want to change strategies, I am not sure.
This is the part i am still confused on is the comparative value of Steem vs SBD. Since you got 120 Steem , doesnt that mean when you convert it to USD you have like $300 ? Or at least thats what it says on http://steemdollar.com/...
$350 usd @ $2.92 using coinmarket cap right now
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