Why you should Power Up
First read the following from Steem Blue Paper
Voting with Staked-Tokens to Determine Allocation of Rewards
Steem operates on the basis of one-STEEM, one-vote. Under this model, individuals who have contributed the most to the platform, as measured by their account balance, have the most influence over how contributions are scored. Stake can be bought or earned. Users can not gain additional influence by owning multiple accounts, since one single account with an amount of stake will have the same influence as two different accounts sharing the same amount of stake. The only way for users to increase their influence in the platform is to increase their stake.
Furthermore, Steem only allows members to vote with STEEM when it is committed to a 13 week vesting schedule called Steem Power. Under this model, members have a financial incentive to vote in a way that maximises the long term value of their STEEM.
STEEM that has been committed to a thirteen week vesting schedule is called Steem Power (SP).
Steem Power is the influence token on Steem blockchain. More the Steem Power tokens you hold, more will be your influence. Since Steem Power gives the Steem blockchain long term stability with regards to price it gives the eco system to concentrate on inititiatives which will have long term value addition to the eco system itself. Since the users are vesting their Steem for a persiod of 13 weeks(One quarter) there are compensated in four major ways.
Advantages of owning Steem Power
New tokens are constantly being created on Steem blockchain. This is called inflation. There are certain rules for the rate of inflation which decreases as the time progresses. 15% of the new tokens are awarded to holders of SP. So you can also earn new tokens just by holding SP.
Out of the new tokens that are created 75% of the tokens fund Rewards Pool. Rewards pool is the total pools of rewards that is available to reward the content creators and curators. How the rewards from this reward pool are distributed amongst various content creators is decided based on the upvotes by the overall community. Your influence on this is proportional to the SP you hold. Users with more SP have more influence on the distribution of rewards. In simple terms your vote be valued higher if you hold more SP.
Earn curation rewards - If the content you have upvoted has been upvoted by more number of users have more Steem power then you will earn a curation reward for finding the content and promoting it. The higher Steem Power you have, higher can be your curation rewards.
You will have more bandwidth - Every action that you perform on Steem blockchain like post, comment, upvote, resteem will consume some bandwidth. The bandwidth that is allocated to each users is dependent upon the amount of Steem Power they hold. So the more Steem Power you hold, more bandwidth you will have which means you can perform more interactions on the network without hitting the limits.
You can checkout your Voting Power, Bandwidth remaining and other details on SteemD website. For example if you want to check details of @gokunk you can visit https://steemd.com/@gokulnk
Buy in or Work in
There two ways you can increase in on Steem blockchain. Stake can be bought or earned. You can either Buy in or Work In.
WORK IN
You can earn Steem or Steem Power by creating posts that are popular, adding insights to others posts through meaningful comments, by curating good content and so on. This can be hard work especially in the beginning. When you are a new user it can be really difficult to gain recognition as the number of posts being created on the platform is increasing day to day. There are many people who are fighting for attention to their posts.
BUY IN
If you are planning to invest considerable time and resources on creating a brand here on Steem you should definitely consider Buy In option. It will give you the much needed kickstart. Once you have more Steem Power your votes will be valued higer. Generally users tend to leave comments on posts by users who have higher Steem Power as their votes will be valued much higher than the votes by authors with less Steem Power. So in addition to buying Steem Power you should also make sure that you upvote good content including the content and comments by others. Make sure to upovote all the meaningful comments on your posts as it will drive more discussion and more users will start discussing on your posts. This will drive the visibility of your posts much higher.
If you are convinced by now regarding the advantages of holding Steem Power checkout the following sections on how to Power Up. Powering Up is the process of converting your Steem to Steem Power.
How to Power Up
I have used the following two options for powering up. I had used the option 2 when I was pretty new and didn't have accounts on other exchanges. Nowadays I use the first option as I already have some spare bitcoin on exchanges using which I buy Steem. I generally buy steem on Bittrex.
Powering up using the traditional route.
- Based on the country you are from you can purchase Bitcoin from one of the exchanges like Zebpay or CEX.io
- Once you have purchased Bitcoin visit one of the exchanges from the list https://coinmarketcap.com/currencies/steem/#markets. These are the exchanges which have listed Steem. You can click on your favorite exchange and trade your Bitcoin to Steem.
- Transfer Steem from your exchange to Steem account.
- Power Up on Steemit.
- If you use the advanced mode you can also transfer the SteemPower to somebody else.
Powering up using blocktrades
- Make sure that you have a popular currency in one of the exchanges.
- Generate the address on blocktrades.
- Transfer the coins to address and recieve your SteemPower
complete guide!
당신은 누구세요. 알고 싶어요.
전문가 다운 글과 내용으로 흥미를 끌고 있는데 시작하신지는 얼마 안되셨네요. 맞아요. 제 말이.....
Thank you thank you thank you
This is exactly what I needed to read about it all. Makes sense now. I might just try powerup eventually. I see huge potential here. Thanks for spelling everything out. Hope to see more posts like these.
I always buy (cash in) and sell (cash out) via @blocktrades with #Dogecoin :)
https://steemit.com/steempower/@pinay/how-to-buy-steem-power-with-dogecoin
Or, using SBD earnings I buy Steem from Steemit "Currency Market" and Power Up ;)
https://steemit.com/steem/@pinay/buying-steem-and-powering-up
Before Poloniex banned Philippines IP address, I use my Bitcoin from Poloniex to buy Dogecoin and withdraw Dogecoin (use for buying Steem Power) to save from blockchain/transaction fees. :)
I am always on mobile and I have an account with Bittrex but didn't use it because I find it difficult to navigate from mobile.
Great post @steemladder
Very helpful for all the new users coming along.
It is frustrating for sure to feel like you write something or post something worth reading, and it gets no attention. Outside of exploring, commenting on posts that you find interesting, and continuing to write posts, is there other ways to help get followers?
I know how it feels. Check out https://steemit.com/steemit/@steemladder/a-thumb-rule-for-steemit-minnows-50-100-200-25
And also consider powering up if you can afford it.
Thanks for sharing. i was searching for this.
Thank-you @steemladder, 😂 that made absolutely no sense to me whatsoever. Is there not an exchange wherein I can put some national money in exchange for Steem Cryptocurrency? It is a crypto, isn't it? I've no idea how to do any of that complicated stuff you seem to advocate. Doesn't anyone among the initial whales run an exchange. For ppl selling Steem for USD, or possibly in my case buying Steem with equivalent AUD to whatever amount exchange in USD?
I am not at all familiar with any Cryptocurrency, not with the internet, or indeed with computers other than this android, which I still don't know how to use to its capacity. I come from many places in dead ground. Nano-tech was nothing until I came into electric-train land a year or so ago, and didn't have any sort of new computer until very recently. 😂 fb for instance, is THE most complicated site I've ever had the misfortune to try to deal with. Already in six weeks, I am finding my way about steemit.com while fb confuses me after the kids have shown me any time these last fifteen years whenever I come to town.
Anyway, if I knew how, I would invest in Steem, not just my time and blog, but cash I might find spare, if I knew it was expanding and bettering the site.
For instance, I have an analogue idea that I am sure digital IT techies could rewrite, and make a saleable app from, but I don't have ten's of thousands for developers and from their emails, probably wouldn't trust them. I was thinking of it last night, and I'm pretty sure it could be developed as an add-on app for steemit.com as an index search bot. I've posted elsewhere with @spiritualmatters an idea I've got for refining tags in archives to divisions, and sub-divisions, and classes, but I'm leary of any comm via posts, and as I wrote in a post yesterday, I would be willing to enter comm via email to be an 'idiot' to an e-book author.
Ah well. I've a few names now to continue learning. Bandwidth limit prompt advices getting STEEM, but so far I don't understand how. In fact nearly all 'how to' posts that I've seen, are written by users to users, and rarely explain any 'how to', to me. 😇
There are some initiatives being started where you can buy steem with USD. I will repost once that comes through.
In the mean time you can make posts with your ideas and try to get the attention of developers. The best way to get attention would be to comment on posts by developers and whales.
All the best.
OK, cheers. Time and bandwidth, seems to be the catch 22. No hurry, I keep plodding along. I will try these suggestions, but am not computer oriented nor trained so, again, time. What you guys find so easy and familiar, I manage, following instructions from IT techie behind my shoulder, in five keystrokes, to crash cpu. We haven't figured out how yet, but I am relegated to my android still. 😂 Thank-you, I am following @steemladder @arcange and now @gokulnk so I will absorb eventually. Posting many steemit posts of interest to ppl I know with subject interest on fb, so as I've been saying since I first found this site, in 2018 it's membership will expand exponentially. 👍
welcome!follow me for steemit tips
visit my blog https://steemit.com/steemit/@measif/tips-for-getting-upvotes
I learn something new everyday. :) Thank you for posting this.
Follow me.
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STOPHi Sir, glad to meet you
Awesome post with SUPER useful information. I will be resteeming this one for sure. Please follow @swt3df1
helfull post
brilliant article! valuable hints.
Thanks for the post, as a new user I've found it much easier to navigate and discover steemit with your in detail guides. Please, keep up the good work!
As a newbie, i have less Steem Power. Will the SP reduced if i upvote many and use more bandwith?