I've had people close to me who expressed doubts about powering up their earnings from blogging on the steem blockchain. It's understandable and I wouldn't advise anyone to invest for the long term in something they don't 100% grasp.
This is why I'm compiling here all the reasons why I HODL my STEEM even when they went as low as $0.10 each in the beginning of this year.
Let's jump into it, shall we?
What happens when you power up?
With the SBD is worth $10, this means you can get incredibly cheap STEEM on the internal market...something around $0.18 per STEEM. An incredible buy opportunity for people who makes author's rewards.
So if you are wondering what you get in exchange for vesting your STEEM for 13 weeks, you get the ability for your vote to have an increased value. This means that it's easier to get your article in the "hot" section.
An hidden benefit is that you, if you are not a pro trader and want to reduce the chance for you to sell on an emotional impulse, powering down gives you a week to reflect on whether or not you should sell.
Why Power-Up
1. STEEM is more than steemit.com
Steemit.com is only one portal to get to the steem blockchain. The more portal there is, the less single point of failure exist and the more entry points there is to the ecosystem, the more users can come in, etc.
Here are a few of them:
d.tube => Steem Powered Decentralized Video Platform
dlive.io => Steem Powered Decentralized Video Streaming Platform
dsound => Steem Powered Decentralized Music Streaming Platform
steepshot => An Instagram Like Platform Powered by Steem
dmania.lol => 9gag for Steem!
utopian.io => Rewards the Open Source Developpers!
And more...
2. Steemit.com alone has over 35 Million PageViews per month
No cryptocurrency project has near the impact that steem has on the search engine. It's social, it creates communities and is to this day the best on-ramp to crypto in existence.
3. Steemit.com is the 2000 most visited website on the entire internet
Check out Steemit.com alexa rankings, WE JUST CROSSED THE 2000!
4. The STEEM blockchain is proven to be the best when it comes to high performance
Blockitivity tracks the use of blockchain, the volume of transaction and the capacity utilization index.
Go check it out and you'll see that even with a 1,000,000 transaction per day, it's still in the green!
5. Impressing features beyond social media use case
No transaction cost! That's HUGE! Instant transaction! That's HUGE
These are 2 of the biggest pain in the neck when using crypto and steem got it solved.
6. First to market, strong team and miles ahead from the competition
Steem is the first blockchain to rewards it's user for creating content. There has been a lot of growing pain and lessons taken in the past 2 years. But it's already at the scaling stage with #HF20 coming soon. If a competitor were to come in, there would be a lot of catching up to do to compete successfully with steem.
Conclusion
To me, it's a no brainer to power-up right now (or anytime). You want the biggest piece of that pie that you can get your hands on if you think that those are clear indicator of strong upward potential in term of price and impact in the world.
Please let me know if you think I forgot to mention something here.
I literally have been trading my sbd to Steem and it’s crazy how much Steem I am able to get . My plan is to save 1000 Steem in my account and then start powering up for future investments , I believe the price of Steem will rise next near with the new features coming out
I think that's a great idea, to save and power up continuously. I wonder how much interest could be accrued after a year? I am definitely considering on powering up after reading this post and comments.
It’s also has the best crypto wallet in my opinion. Be pretty hard to hack into and steal funds if you have it in savings or in steem power.
Yeah, that's what I like Steem more than any typical wallet.
Being onboard with steem power and getting an interest of 1.9% APR is more than enough in Cryptosphere. No wallet gonna reward you this much unless they are something like PONZIS (Kidding!)
Been powering up since I got here and never pulled anything out yet because I believe in the power of compounding and getting higher rewards. So far I have no been disappointed! Power UP!
Is it because of spare money that you had? I think people(most of steemians) is not powering up due to their low bank balance. Alsoy the could invest own pennyes to ICO and loss their money.
Let's not forget that you get an interest rate for holding Steem Power.
Thanks for sharing that info, I had no idea that you could draw interest on Steem Power. I will definitely keep this in mind for future reference.
what is the interest rate for holding steem power dude
About 1.9% currently.
This is something I was looking for.Really helpful for the community.Thank you very much for sharing such useful information
Your Steem Power earns interest. It varies, but is currently at about 1.9% APR:
https://steemit.com/steemit/@preparedwombat/how-much-interest-does-your-steem-power-earn-i-finally-figure-it-out
Granted, that doesn’t keep up with Steem’s inflation rate, but increasing market cap will more than compensate. Anyway, 1.9% is more than any bank in America is paying on fiat right now. 😂
I want steem to 10 dollars, not steem dollars. This most likely is not going to last long.
From day 1 I have found steemit to be a community geared as borderless and if I am going to spend my time I am going to back its growth 100%.
And that to me says it is a no brainer to be powering up!
Great arguments for powering up. I’ve been doing this since the SBD increase. Long Steem!
I completely agree with you that now is a very profitable time for the acquisition of the SP, and many, including myself, use this. So your list of projects where you can earn the STEEM correct, the only one I added here is busy.org Thank you @cryptoctopusand keep us informed.
This is a really enormous amount of very good information. I did not register for Steemit for monetary gain. My very good friends and trusted advisors on You Tube were being de-monetized and censored. Severely anxious that freedom to decide and hear all sides would be curtailed, I followed them to Steemit. So naïve about social media, when they said "sign up through your Reddit account" I did not know what it was. Slow but steady I began to get Steemit in my own way. I power up everything and am joyous that my upvote finally has value beyond recognition and appreciation. Great, great post.
Same! I did not register an account at Steemit for monetary gain mainly. It was an excuse for myself to start writing again, then after a lot of reading on the platform, I found that steemit is more than just reading and writing, which makes things interesting!
Appreciate the reply. Didn't mean to disparage the financial side. Love it!
Absolutely agree with you, now is a great time to save power, in the future it is very useful. We have a chance and it's stupid to miss it.
Been powering up every think I get since I started. I heard that SP was necessary basically to get going and get ahead. I only wish I'd had more SBD's when they went up so drastically compared to Steem.
I read an article just yesterday, can't recall the author :(, but it was about the question of why isn't Steem going up like many of the rest of the altcoins with BTC. A conclusion I heard from it was Steemit is not leading with the strongest angle for investors, speed of transactions with no fees, but for those who want to make money. This has the potential to attract scammers and those who want something for little or nothing, and makes people skeptical of the platform.
With this in mind, powering up and essentially locking in your investment becomes a risky adventure if you are skeptical. You're right, powering up should be a no brainer, if you trust the platform.
I mostly find the whole steem this and steem that confusing, power up, dollar, saving and so on. But with the 0.001 I got I did power up!
Remember, we are still in beta with this and i think Steem will get a major overhaul in 2018. I agree that the powering up is confusing and they need to explain it better. We are still at the beginning and powering up is the way to go.
I totally agree. I have no idea how to power up let alone know if I want to. I need to find some information somewhere that's presented in a visual way since I find that much easier to follow. I won a competition a couple of days ago and was advised to go to the internal market and power up. Still trying to work out what that means! :-)
Powering up is the best option to do now with the spike in the price of SBD.
Because when you power up your upvote will be tangible enough, so when upvote yourself you can earn more SBD and Steem. Also when you curate people's work you earn more curation rewards.
A friend who powered up with the few Steem he had, his upvote which was worth $0.01 is now worth $0.03.
Here is the smart man! Nice :)
Thanks for that. It helps. But how do you know how much your upvote is worth. Most of the time when I upvote the amount doesn't change.
I agree 100% with the sentiment in the article, I reroll all of my rewards into steem power, and when I have a little extra crypto dough, I pick up a little more steem. I figure at the very least it allows me to better support the content creators I enjoy by engaging with them.
The way the market is now it is the best time to power up... my sbd is always zero now. Lol everytime i get a reward from one of my posts i check the internal market and get me some steem that tehn power up 😁 still holding on some steem at the same time because we never know when it will get even higher and take some profit from that eheheh
Thank you, I powered up, will do on a regular basis
I just joined Steemit but I also know that first thing to do in any reward system is to start compounding.
Sometimes I forget the staggering number of transactions this blockchain handles with ease on a daily basis. We only have to look at ETH crumbling under the weight of some kitties to know what a gem STEEM is.
I’ve previously grasped the idea of powering up as it lets you have more influence on the site. But the reason I’m up voting is simply because I see Gohan powering up. From now when ever I power up they’ll be a little scream in my head...
Excellent post my friend and apart from that our lovely steem has no tx fees as well and also it consumes no electricity as it is mined with proof of brain or proof of stake so no need of huge amount of electricity there even a 5 year old child can mine it, so in my opnion steem is the No. 1 and the best cryptocurrency present and buying and holding steem now is a wise decision indeed because after those SMT's and communities launch steem will go to the moon, thanks for sharing the very nice information with us, Stay awesome.
This is a wonderful explanation, I'm just doing it and I've invested a lot in Steem Power
Great points. now that I've got something of a portfolio with my first few post s in this $10sbd madness, I'm going to focus on powering up cause it's about time I have some weight around here :-)
This new apps that work on top of the Steem blockchain will make the price of Steem to go up and I guess it's one of the reasons the price is rising at the moment...
I am not powering fully now because Steemit is like my full source of income at the moment...I plan on massive power up early next year.
Upvoted 😎 I have been waiting to change my Steem Dollars to Steem for a while, got 5 Steem for one Steem Dollar. Is that normal?
really to increase power is better than holdings the bcz in holdings the chance of profit are only 50 50 not sure when u make good profit but to increase power we sure we get profit when we need and when we want every day and every week of whole life @cryptoctopus
damm steem has grown that much over the year interesting one more reason to power up the game :)
As I said before, I am powering up to a certain extent. But I also use the current value of SBD to give my family some extra income. For me, this dual way works best.
I knew it, the more you invest for a long term goal, the more you are becoming stable. many thanks for this post, there are many people who are blinded with the big amount of SBD, you let me realized that a long term action will benefit me more. Great work, very informative.
From the start here on Steemit last june I have been powering up all my earnings. I believe steemit has a great future ahead. Up to now I have accumulated 1300+ SP. My goal before the end of the year is 1500-1700 SP, I set goals every week on the number of SP I should have by then.
Great article and rightly shows why users have to power up.
Selling STEEM is a short term game. If you are invested in the platform and want to invest in your long term success then power up!
I like this 6 point analyse, clear and logical. I made also an analyse like this about the Bitcoin/BitcoinCash situation, with 12 points.
Yess!! I've been powering up for the last couple last weeks! The other big pro - I love that my upvotes are worth a tiny bit more now as well after choosing to power up!! heheh :D
Great info for a newbie like me. I have been powering up as much as I can. I totally believe in Steemits future and investing. I think it will be big and have been inviting friends.
Soaring past 2000 on Alexa, something we all can be proud of :)
impressive features, this multi-faceted community, a huge and multi-faceted platform that has surpassed all by kilometers, and will continue to grow, I'm proud to be a part of it ... thanks for the great post)
Luckily, I've never powered down. I've stayed with Steemit even through the hard times.
Things are going OK right now, but I get the impression that truly great things are coming. With SMTs and other implementations of Steem gaining traction, the sky is the limit.
Of all the inflationary currencies, Steem has to be my favorite (much more than the dollar, naturally).
I'm powering it all up. No transaction fees and fast, as you say, it's a no brainer.
There is one thing that is actually holding back steemit: user interface and usability.
When the steemit team get this right, the number of users Will increase a lot.
But there is a lot of Hope around this, mostly because i see a lot of users contributing with steemit and its ecosystem on utopian.io (one of the greatest ideas i have seen around here so far)
Right there with ya.. Powered Up all mine from a post last night :D
ive never powered up before but , this will make me to do so..
helpful info coming from you
I don't know what to do... I already have a big part of my crypto portfolio in steem power...
Rationally I should go all in on steem but I want to stay diversified.
What do you guys think?
Rationally you should not go all in on Steem and should try something like a 50% Bitcoin, 25% Ethereum , 25% Steem/other cryptocurrency split or something like it
thank you for this.. you are SO right.. I got impatient after some months of dips and have been trading out my SBD.. but what you say is SO right and its good to remember these points.. with patience i think we will look back and WISH we had powered up EVERY SBD we had..
Wonderful post. I agree with you to hold steem and power up. Even with the release of SMT, it will open new opportunities for steem blockchain.
Power up has to be done now but I don't have much money so I am trying to get SP by delegation to build my account.
Very true. I converted all my SBD to Steem Power. I wanted to fill my bags before Steem moons but looks like Steem has already started Mooning. I was expecting Steem to reach 10USD after six months or so. But it has already started mooning :P
https://steemit.com/steem/@gokulnk/steem-to-the-moon-again
Today's growth seems insane. I am thinking whether to cash out a little and re enter :P
The Steem is the Future :)
totally agree..... thanks for the nice enlightment article !