I’ve recently become a 'Steem' Evangelist.
“You should start a Steem blog as quickly as possible!”
“What?!! We get compensated just for a short posting?!”
Let’s go and do it!
And then…
Everyone’s having a mental breakdown.
Why is this blog concept so difficult to understand..?
Hence, I’ve spent some time to explain the concept of 'Steem'.
If you happen to be a Steem coin holder, you should read the explanation below.
I’ve held Steem coins for more than six months. This is my way of understanding Steem and
please refer to other member’s comments if my posting is not sufficient to understand.
So, what the heck is a Steem coin? That's actually very simple. If you hold this coin, it's like a company stock. To exercise your right as a Steem shareholder, you have to go through a process of 'Steem Power Up'.
Proceeding with Steem Power Up for the first time
Steem power = You can exercise your right as a Steem shareholder
If you just hold a Steem coin, you are not able to exercise your right as a Steem shareholder.
For instance, there is a general meeting of stockholders in the stock market, and they have voting rights for deciding the direction of a company. Speaking of this as a Steem version, if a Steem coin holder converts their coin to Steem power, they can participate in 'SteemIt; and exercise their voting right.
You should be aware that if you exercise a voting right on SteemIt, you can only sell your Steem coins through a three-month power down process. Naturally, you would get a high compensation if you have high Steem power.
If you want to check your accumulated compensation, you should check the website below.
https://www.steemnow.com/upvotecalc.html
- Check voting with your Steem power with ID
https://www.steemnow.com/@healings - Check your account evaluation with ID
Newbies might be thinking like this.
Is my Steem coin used for each voting that I make?
The answer is: No
If you do voting (like), it will bring you a fortune! (Money)
It’s called 'Author Reward' or 'Curation Reward'
If 5 dollars is shown when I press 'like' (voting) for a posting that is posted within 15 minutes, all compensation goes to the writer. If a user presses 'like' (voting) after 15 minutes, 25% of the compensation amount goes to the Curator.
Where does the compensation come from?
The company does mining and makes a buffer for its compensation.
Steem coin issuance increases slightly every year.
Therefore, we do not need to worry about the compensation
Compensation system
There are 3 ways of getting compensation when the user makes a posting.
- Steem power 100%
- Steem Power 50% + Steem Dollar 50%
- No compensation
There are those three functions.
I used to choose the first way, but the 2nd way is the right choice for a Steem It user.
Why is that?
Ironically, the Steem dollars have been pumped dramatically.
Here is an example.
Let’s calculate an actual reward of posting where 15 dollars has been written down as a reward.
Among $15, 25% of the total reward amount will go to the curation (people who voted for the posting), and $11.25 will be split into two rewards that are $5.625 dollars of Steem power and $5.625 dollars of Steem dollars.
So, if Steem power is $5.625, and Steem is $7, 0.80 Steem power and $5.625 Steem dollars should be distributed as rewards. If we convert this amount to the current Upbit market price, 0.80 Steem is $5.625, and 5.625sbd is $73. In total, $15 reward will be converted to about $78.625 at the end.
The actual reward is 5 times higher than $15 of the stated reward on the posting because the value of the Steem dollar is 8 times higher than $1.
Oh…. Then we just pump Steem power up, do voting and then celebrate?!
The answer is.. of course not.
http://steemd.com/@healings
If you refer to the above posting, there’s a voting power.
What is voting power??!
Whenever people make a vote, it decreases with a certain %. It recovers 0.8% every hour, and decreases by 1.85% when the user make a full voting. If the user make a voting with 100% voting power, loss and recovery will be offset.
What would be a problem if voting power decreases?
The user can only exercise their voting right depending on the voting power, and if a value of voting is $5, then 90% will become $4.5 and 10% will become only 0.5 dollars
That’s why I cannot overuse it.
Uh..? So then the user can only vote for 10 people a day?
The answer is.. No. From 500 Steem power or more, the user can adjust their power for voting.
This gives you a choice for choosing voting power between 1% and 100%. That means 1% of voting power could give a vote for 1000 users, 10% for 100 users and 100% for 10 users.
This question might come up.
If I do self-voting 10 times every day, it would make 60% compound interest annually..?
Yes, the above problem has been criticized, but if you, the user, does that continuously, it can be restricted as 'down-voting'. Down-voting can be initiated by putting the flag next to the article. So, the user cannot do bad things such as continuous self-voting.
Of course it allows you to do self-voting once in a while if you spend lots of time posting a great article. However, please make sure that you do not make a 'voting alliance' and give voting to each other continuously. Who is voting for other users can be searched because Steem is a block-chain technology based blog.
In conclusion, if you want to make a long-term investment, convert your Steem dollars to the Steem power regardless of its usage. Either you post an article or just vote for other users.
If you only want to make an investment of Steem dollars, do not convert your Steem dollars to Steem power because it takes approximately 3 months to re-convert the Steem power to Steem dollars.
It's all up to you, but I would recommend you to convert your Steem dollars to Steem power, and then start voting or posting. Who knows? It could become a very famous Steem blog and make you a fortune!!
For newbie only this time use introduceyourself
Thank you @healings for explaining how the rewards are distributed and split among authors and curators. Best part was to be familiar with the two websites Steemnow.com and Steemd.com. Checked my status their already. Now I am more tempted to write comments and up voting others as I know how much voting power I am utilizing and how much I am getting benefit out of it. Thank you so much for explaining.
So glad to hear that my first English posting is helpful. I believe Steemit has a tremendous potential which is likely to replace other major blogs in the near future. This is just a beginning :)
아니 힐링스님 맞으십니까? 유창하시네요. 부럽습니다.
저도 깜짝 놀랐습니다 ㅎㅎ 한글로 쓰신 글만 접하다가, 그나저나 영어로도 정말 재미있게 잘 풀어쓰신다는 생각이 드는군요.
영어가 짧아서 재미있게 쓰신건지 모르겠 ㅠㅠ
저도 사실 잘 모르겠.. 그냥 느낌으로 때려맞춘..?
아닙니다 하하..
감사합니다 더 열심히 해보도록 하겠습니다~
Wow!! Good Posting!!
Thanks a lot!!
haha ^^ You're doing so well on Steemit as an evangelist! I thought your Korean version of artices were quite impressive and also HILARIOUS, but the english version is also quite funny and, informative, IMO. RIP your recent invensment on Steem, but we both know the price would be skyrocketed someday! Let us keep Steeming!
I’ve been pretty enjoying doing this, and I really appreciate your praise. Steem is a long term investment and I believe it’ll be priceless someday despite of recent price fluctuations. Let’s keep Steeming!!
information that is very useful for everyone who does not understand the coins
Thanks a lot! This is my first English posting and I will keep translating my posting for those who want to start a smart investment. Please revisit here once in a while :)
really great, if I may say so...🍀
so glad if my posting is informative.
Good post but it will be better if you would add how to exchange 😉
I’ve prepared another posting for you. It will be translated soon so please revisit here once in a while.
FEPE thanks you !!!
haha what is it? Soooo cute
So cute!!
Thanks a lot!
Thanks for this tutorial. Didn't know much about steemit before
Healings I wish you can help me on steemit pls??
Very helpful, thank you. Resteemed
Thanks a lot!!
Thank you for this. As a new user who is feeling a wee bit lost at this early stage it really has been enlightening
so glad my posting’s been helpful for the new Steem users. Hope you get more informative contents as I will post various contents in English version as well :)
Great post, explains the Steemit ecosystem very well. I also appreciate the pepe thumbnail, really caught my attention.
More useful information will be posted in English soon! Thanks a lot
Woow interesting posting. Keep up the good working. Dear healings.
Thank you for reading my post. Please visit frequently. I intend to translate all the postings in English.
멋지십니다^^!!!
its great
감사합니다~~
헐 =ㅅ=;;;
외쿡인들에게 좋지 않은 예제를...
좋지않은예제라뇨!! 양갈래팬 인증입니다!
외국 분이신줄 알았습니다~ㅎ 다행이 번역기가 있기에 구글번역기로 돌려서 읽었습니다. 보상은 어디로부터? 이부분은 아직 이해가 더필요할 것 같아요ㅋㅋ 전 스팀을 하면서도 이부분은 아직이해가 잘 안되서요~
이글은 원래 한국어버전이있습니다 https://steemit.com/kr-join/@healings/52bqpm
잘읽었습니다!! 아직도 스팀파워와 스달로 가지고 가는 두가지 선택에서 애매한 위치를 취하고 있었는데 파워업에 비중을 더 두는방향도 신중히 고려해 봐야겠어요~ ^^
영어로 뉴비 가이드를 쓰시다니.. 대단 하십니다!ㅋㅋ
아 영어 울렁증 땜에 큰일이네요
아닙니다 열심히 컨텐츠생산해보겠습니다 가즈아~~~~~~~~~~
힐링드리고 갑니다.
감사합니다!!!
힐링님 왜 무섭게 갑자기 영어쓰세요 ㅠㅠ
그저 많은 분들에게 도움 됐으면 하는 바램입니다ㅎㅎ
영어로 유창한 설명이라니..멋있습니다!
아닙니다..
아직 많이 부족하지만 열심히 포스팅 해 보도록 하겠습니다!
healings님 힐링글이 보고싶어 왔는데
바쁘신가봐요 ..)
앗 힐링글 열씨미 포스팅 하고 있습니다!
자주자주 방문해 주셔요:)
Great post, thank you so much, i'm so new to Steemit. This will definitely help!
so glad to hear that. Hope you become a whale someday!
저도 내일부터 실험을 해볼까 하는데 영어 VS 한국어 포스팅, 어느게 더 보팅 많이 받을까 한번 해봐야겠어요. 힐링느님 영어도 잘하셔 우워어어어
앗 아니에요.. 아직 많이 부족한데 예쁘게 봐주셔서 감사드려요..!
우와~ 영어 포스팅까지 하시는군요!
저도 독해할 순 있지만, 여긴 보팅만 하고 한글로 읽겠습니다.ㅎㅎ
보팅 감사드려요!! 저도 방문 드리겠습니다~ 슝
와우 이제 영어권까지 동시에 섭렵(?)하셨군요~!!
많은 가르침 부탁드립니다 ㅎㅎ
섭렵이라뇨.. 아직 많이 부족한데 좋게 봐주셔서 감사드립니다..! 열심히 한번 포스팅 해볼테니 자주 방문 부탁드려요~
Very good posting!
Thanks a lot!
I'm a newbie and this helps but it is still confusing! I will get there. I'm going to post my intro soon.
Yeah it can be a bit complicated, but should be fine soon..! visit my steem once in a while as I will keep posted new contents in Eng.