Understanding your Steemit wallet & Powering up

in #steemgreet4 years ago

This is brief explanation of our Steemit wallet which i hope will make understanding your wallet simpler,

Wallet Overview

Lets start with the Wallet itself and explain the 3 types of Steem

  • Steem
  • Steem power
  • SBD - Steem backed dollars

Here is a snapshot of my wallet from just before, i broke it up by having some different coloured boxes

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The blue area is your Steem, but in this form its liquid which means you can transfer to another account or trade it on the internal market or power it up to Steem power

The green area shows your Steem power which is locked up, think of it as investing in Steemit inc & you.
To make this liquid again you will need to power down which takes 4 weeks. Having more Steem power allows you to comment and perform transactions like posting but also increases your stake overall.
holding steem in this form will help your account & influence grow

The yellow area represents your SBD - Steem backed dollars which can be traded for Steem on our internal market, or transfer to another user etc.

You will see i have placed some pink boxes to the right which show the drop down boxes you need to click to perform some of the above transactions.


Lets do a Power Up!

As you can see in my wallet i have 87.186 steem which if we remember above it's in a liquid form, i want to Power that Steem up so i can continue to build my own Steem power!

first click on the drop down box and scroll down and choose "Power Up"
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Next this screen will ask you how much of the liquid steem you want to power up? The red highlighted box shows how much liquid steem i have and the bluebox is the amount i input to Power Up
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i am powering the whole lot so i just click that and press the Power up button
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After a couple of seconds it should show your Steem power has increased
a.jpg

i hope you have better understanding of your Steemit wallet :)

This guide is for the Steem blockchain :)

Please join us on July 1st for our Monthly Steem power up day where you could win some awesome prizes!

#SPUD4STEEM

I am @kiwiscanfly

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I love the way you simplified Steemit wallet which is
*Steem
*Steem power
*SBD-steem backed dollars
Than you so much @kiwiscanfly

Very informative,thank you very much . Now i better understand my wallet better

Great explanation and very easy to follow. Thank you!

I will join SPUD for sure... but i don't think i will be able to rank top 5!😉

In the past 2 months some of the winners of #SPUD4STEEM have said the same :)

do it :)

I have in this moment a bit over 10300 SP and i will Power Up most probably with a bit over 1100 SP so an increase of 11% i don't think will rank me top 5... but in the spirit of SPUD and maybe to be an example for others i will join for sure.
I hope on 1st July SPUD will have a super Power Up Fiesta!

I must be a beneficiary of #spud4steem in no time, though I’m new.

Thank You @kiwiscanfly for this detail class on a general overview of a steemit wallet.
It captured everything, explaining;

Steem
Steem power
SBD - Steem backed dollars

You went on to demonstrate how one can power up his steem.
This will go a long way helping me present my Achievement 2 Task.
Thank you once more

Thanks for the feedback :)

Just remember keep your steemit account keys safe in a couple of places - even a printed copy is a good plan.

Okay.
Thank You

Thanks, really help to understand

Excellent - don't lose your Steemit keys :)

ok,I put it in a safe place

Very educating , especially to the newbies.

But what is the relationship between the SBD and the American dollar at the moment? Is there any correlation??

I knew i missed something, SBD are pegged to stay around $1 USD

What is the relationship between steem and SP? I can't recall how much I had in SBD exactly, around $10, and I bought steem with it and powered it up. Now I have an account which has a much different value than it did, like 5x as much. Am I misremembering something or is powered up steem worth a lot more than SP, or something completely different?

So Steem power is what you have powered up or locked away

Steem is Liquid which is not locked up and can be sent/traded or exchanged for other cypto

The value of our Accounts is based on both Steem and Steem power relative to the 7 day rolling average of the steem price.

Hope this makes sense

Thanks. Noted!

Wow!! Interesting to know this too

Thank you @kiwiscanfly

Your presentation is always great. thanks for info

Thanks for your kinds words

Steem on

Thanks for your guideline.

Thanks, really help to understand

glad to hear it helps

have a great day