Hey Everybody!
My name is Brian and this is my first post. I've been watching Steemit grow up over the last week and I decided to invest my Bitcoins so I wanted to share how that went. Hope this helps a lot of people!
Why Buy STEEM Power?
- Capitalize on the explosive growth of Steemit.com
- Increase your influence -- others get paid more when you upvote, and you get paid more when you upvote successful posts
- Avoid the inflation inherent to regular STEEM tokens
- Support the platform as a long-term investor (STEEM Power is locked up for 2 years)
I should point out that when you cash out ("Power Down") your STEEM Power, you get 104 STEEM payments over 2 years, meaning that you receive payments constantly until the last one at the end of 2 years (thanks to @dafar for bringing this up!)
Two Options for Buying STEEM Power
- Buy directly on Steemit.com from the wallet or right side-bar
- The easier option: Just send Bitcoins to the address in your wallet under STEEM Power --> Deposit
- Buy regular STEEM tokens on an exchange and "Power Up" into STEEM Power
- Get a better exchange rate: I received 5% more STEEM Power by buying regular STEEM on Poloniex exchange and converting it to STEEM Power
- Plain STEEM is converted to STEEM Power at a 1:1 rate!
Buying from the Steemit Wallet
For some reason this doesn't work on Safari for Mac OS. Use Chrome on your Mac, or a mobile device instead.
- Click the "hamburger" on the top right of your screen
- Click Buy STEEM Power
- (Optionally) Enter the amount of Bitcoin you want to convert and click Get Estimate
- Send the amount of Bitcoin you want to invest to the Bitcoin address given
Buying from an Exchange
The big thing I learned by doing this is when you want to withdraw STEEM from your exchange you simply provide your Steemit nickname as the withdrawal address (justbc in my case).
- Buy STEEM on your exchange (I use Poloniex and most of their customers love them).
- Withdraw the STEEM you just bought to your Steemit name (ie, justbc for @justbc. No need for a crazy nonsense address like Bitcoin)
- Click your avatar or person icon in the upper right of your screen
- Click Wallet
- Click on your regular STEEM balance --> Power Up
- Enter the amount to convert to STEEM Power and click Power Up
- Enter your password to confirm
Summary
STEEM Power is the recommended way to invest in Steemit and will also give you more influence and earning potential.
There are 2 main ways to buy STEEM Power -- directly from your wallet on Steemit or indirectly by buying plain STEEM on an exchange, withdrawing it, and converting it.
Buying directly is much easier but I got an extra 5% for the same investment by purchasing my tokens on an exchange.
How much of your BTC are you putting into Steem?
I'm holding my precious BTC. I bought Steem just to increase my BTC holdings. But I'm considering purchasing Steem separately and turning it into SP.
2 years is a long time though.... there's so much that can happen in crypto within that timeframe... I.E. last week's hack. I wouldn't even put that much faith in bitcoin
I agree with pretty much everything you said. I'm putting about 5% of my BTC into SP at a time, and looking for a sharp correction to possibly buy more at once. I'm definitely still holding both BTC and SP because I see BTC becoming a true currency and that is a tremendous accomplishment and obviously has huge value to the world.
As for 2 years -- yes it's a long time, but I should also update this post to show that you get 104 payments over the 2 year time if you "Power Down" your SP into STEEM. So you would be receiving installments over the 2 year period and it would finish converting in 2 years.
Great point about exchanges potentially giving a better return when purchasing STEEM.
Great post, good job ;-)
Welcome to Steemit mate. Hope you have an awesome time. Great info you've chucked down, I see you've been researching :) Keep up the good work.
Thanks guys! Great vibes around here and plenty to learn!
Thanks for this post ;)
Or maybe you didn't actually? :-O