STEEM, like all Cryptocurrency 2.0 tokens, gives people a couple of options.
This is different from traditional currencies like the USD. Under this system, one has the option of income. Sure, you can use the currency to build wealth by investing it in other financial assets which either appreciate or provide some type of return on investment. The currency itself is not going to appreciate.
STEEM can do both leaving Steemians with a choice.
When acquiring STEEM, the token itself has the possibility of becoming worth more. In fact, we have seen this occur over the past few months. There is no need to buy another financial instrument. Just holding the currency puts one in the position to profit from any increase in price.
At the same time, if one moves STEEM and SBD to SP, one can influence the return he or she gets through increased voting power. This will affect both personal upvotes and all curation. Here again, we see a technique which can be used to build wealth.
In my view, building wealth should be every Steemian's primary objective. We are in the early stages of the cryptocurrency/blockchain movement, one that STEEM is really poised to take advantage of. For that reason, there is a very good chance that STEEM will be worth a lot more in the future. While many might say this is wild speculation, when you consider the technical capabilities of this blockchain along with the present user base, it is easy to conclude there is a lot of room to the upside.
I make no secret of my forecast of $100 STEEM. Consider how much different your account will be if all the STEEM you accumulate is moved into SP. Taking 100 STEEM out now pays you roughly $600, a nice sum for simply posting, upvoting, and commenting. However, a year from now, if my forecast is correct, that same STEEM will be worth $10,000.
Which would you rather have?
Of course, there are many people on here who are using STEEM to help pay the bills. That is one of the wonderful aspects of this blockchain. STEEM is already changing the financial lives of many people. My guess is over the next few years, this number is going to grow into the millions.
Therefore, if you are one who is in a position of need, by all means use the STEEM as you have to. I understand that concept since I could well be in position to have to pay my bills out of STEEM (and other avenues) in a short period of time. For the moment, I am trying to hold onto the income as long as I can while I amass as much STEEM as possible. Over time, I believe that STEEM will appreciate in price meaning less STEEM will be required to pay the same bills.
The decision of using STEEM as income versus building wealth is a personal one. However, as I stated, even if you are taking STEEM out, each Steemian should be focusing upon building wealth. The opportunity here is life changing. Hence, my suggestion is to do both if you can. While taking some out because of necessity is the only choice for many, try to leave some in to grow.
I can promise that in a year, you will be happy you did.
2018 is going to be another big year for cryptocurrencies. HODLing some STEEM to take advantage of the upward ride is a wise move.
Personally, I want to see every single person on this site become financial free. STEEM is a wonderful path to achieving that end.
If you found this article informative, please give it an upvote and a resteem.
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Steemit more than wonderful... because gave us a lot of mental and financial freedom.
Here you don't feel exploited..... Like Facebook: People are posting on Facebook and the owner of Facebook is the one who benefits financially from advertisements. And from selling their personal data...
sometimes I feel the people are stupid because of they interested in Facebook.
And sometimes I feel sad because people don't know about Steemit...
I always try to spread Steemit among all my friends so they won't be exploited by other social media companies....
thank you @taskmaster4450 for you unique post
Great post! You nailed it! The ability to generate cash flow based on steem power as well as potential capital gains based on the price of steem is what attracted me to this community. Where else can you get capital gains and cash flow in crypto currencies that's not a ponzu scheme (bit connect / USI tech)? I haven't found it anywhere else! Great post! The opportunity is amazing!! 🙌🙌
It really does combine the best of both worlds....plus there are a number of different way to generate STEEM on here....
Early in my time at Steemit, I converted some SBD into Bitcoin but other than that have been powering up.
With Steem at two digits, I will be smiling. With Steem at three digits, I will be retired. With Steem at four digits I will be walking the grounds of my vineyard in the south of France.
I’m not far off from paying off my mortgage!
Hahahaha, we always use the 'South of France' as our eventual rich lifestyle destination.
I won't be able to retire with Steem at 3 digits, but I will be able to be way more relaxed about job opportunities... I'm glad you got in as early as you did, it really must help... but I'm glad I got in as early as I did... it's been an amazing 2 months!
Yes! Can i visit? lol! I'm making a vineyard in the states and would love to drink some incredible french wine :D You can visit me too!
In some developing countries like here, lots of people used Steemit to pay the bill like some sort of income. But I'll borrow some wisdom from Strive Masiyiwa. He mentioned that people should give their business a life and treat it different from theirs. I would suggest that all steemians who use Steemit as source of income to decide how much to pay themselves from the reward and the rest should be used in building wealth. Doing both, like you rightly mentioned is the best way to financial freedom.
That's what I'm doing in Bangkok. I take half the sbd each day into my bank account and invest the rest back in.
Always enjoy your posts. Thats one of my favorite things about steem I could earn with my sp and my goal is to accumulate as much as i can for now. I also like neo and have invested a good chunk of my portfolio in neo because you get gas tokens for holding. $100 steem is a reachable goal for this next year. 🤑
I first bought Steem Power a few months ago on the advice of a couple of subscription newsletters, because of the potential for 150x gains. I've come to really enjoy the community and the exchanges among the members. Even though the site is open to anyone, I've been pleasantly surprised at how friendly people have been. When large numbers of people have the ability to post anonymous comments on the internet, usually the discussion becomes crude and uncivil as the trolls come out. I'm glad that hasn't happened here and hope it never does. It's good that people have an incentive to behave respectfully.
What I really love about Steemit is it takes care of your now and your future. you can really eat your cake and have it. But one has to be smart to find a good balance.
lovely post.
I also believe in powering up, as I have seen this to be the best way in moving forward, for me, on steemit. You're right on about SP being the wealth of steemit, as this is by far the best way to reward yourself, as well as other fellow steemians, too. With every 1 steem= 1 SP then when powering down you will still ultimately benefit from the price of steem, which is only going to continue upward in the future as you mentioned.
Great post, as usual my friend @taskmaster4450
This is everyone's prayer and as you have said it, I believe so much that steem will offer every serious Steemian financial freedom, say about a year from now
i love that you called it a prayer!!!! YES
I can't even imagine powering down at the moment... I definitely power up every single bit of Steem and SBD I can scrap together... definitely in for the long haul... and it looks like Steem could very well overtake the price of SBD... so I'll be super excited to 100% power up my posts if that happens!
I've wanted to ask you for a while, and I guess now is as good a time as any....
I 100% upvote all my commenters, because I want to encourage people to stay for a chat... but I've noticed most other people don't reward their commenters but instead 100% upvote other people's posts in support.
I'm constantly at a low VP (between 17% and 40%) so I can't do both... do you have an opinion on the most successful strategy to win friends on Steem?
Yeah, I think you need to cut down below 100% for most upvotes. With your personality type I don't see you not turning back to upvoting a lot of stuff. Cut waaay back until that vp recovers, then raise the percent until you find stability.
I know... you're right... and I do vote a lot of stuff at 15%... but I still just get excited and think too many times throughout the day "This is definitely worth 100%". I definitely need to rein that in.
Thanks for the advice, you are totally on the ball.
That’s a problem right there. Walk away for a few days, and then keep it at least above 80% from now on. Above 90% is even better.
You're right, of course.
I'm actually going to be away for 10 days in early Feb at the Grand Canyon, where I imagine wifi is non-existent. I actually can't wait to get my VP back to 100%... it's not been higher than 60% since I started. I went too hard too early and never quite recovered.
You have over 500 SP now so you can change your vote %. Once I found out about voting power I was at about 30% and my vote was worth$0.00. It was a painful 72 with no upvoting. I did go a but comment crazy and apologised for not upvoting posts due to low VP. Many people understood and those who didn't wanted to know more about VP. So by not voting I helped them understand how it worked better too. If you did get back too 100% then your full vote would be worth $0.24 so even at a reduced % of let's say 25% woulkd give an upvote of $0.06 and increase your 24 hour votes from 10 to 40 without reducing your VP too much. Well worth holding off for a few days. Best of luck.
Thanks Aussie!
Yes, I'm often voting at 15% to try and build my VP back up... I was so happy to get to 500SP and I will never ever do anything to go below it (although I think with Busy.org you get the slider straight away, tip for rookies). The problem is that I still get too excited and still do 100% votes because I just want people to be rewarded for their efforts.
I had to start laughing the second I saw the upvote come through from ginabot. Honestly stop upvoting for the next frew days to recover it, it will be well worth it as right now you really are wasting all that awesome Steem power you created. Think of what a 0.24 vote would do for people verse a 0.01 vote. How much more excited they would be.
Although i like the idea of Busy and the VP slider bar pre 500sp when you have less than 500sp moving the power chang ed very little. So even when posting thru busy I leave it at 100% and just control my votes.
I know... I laughed when I voted you.
Okay, alright... I'll stop upvoting and just put effort into amazinggreat comments instead. It's hard, I appreciate everyone's kindness and effort and it's hard to not reward that to the best of my ability.. .but yes, obviously $0.24 is way more helpful.
It is soooooo hard. But will be well worth it in the long run! Best of luck!
I upvote my commenters but not at 100%....that will drain things very quickly....
I use different percentages based upon what is posted. Plus I also space out when I upvote the comment section...there are time I wait overnight and do the upvoting in the morning after my VP recharged.
I try to value my VP as precious....and constantly monitor where it is at.
If I am running low, like 87%-88%, I pull back from voting.
Actually I have noticed you do that... we'll have a great conversation and then much much later I'll see a upvote come through from you and have to figure out what it's for.
I monitor my VP as well... it's just tricky when you feel like you're in an 'account building' phase... but mostly, I just really enjoy everyone's work on this platform.
Yes I'm in that "account building stage" AND i love so much content!! it's hard to choose. i'm a social butterfly so going out and making smaller % votes is hard as i wish i could give more! but i love to spread my vote around. Until i have a ton of SP, that's just the way it is :D Happy to have the slider. I'm in the 70s% right now. I should probably pull back based on what you guys are saying, but maybe I'm addicted to steemit LOL :p
Hahahaha, I hear you loud and clear!
I always figure the 100% means so much more than the monetary value... but I'm probably wrong about that. If people would just stop being awesome...
haha damnit stop being so awesome ;P ! lol! i agree, 100% is more than the $$. when i see a hundo on my steemnow.com... i'm like, that person really likes me! hahaha
See... you get it... but if we keep along this addiction we'll never break above 20%..... sigh. I wish people could lend me their VP.
How do I make smaller %votes
Thanks for this definite information you must create a great troa of steem coin.
I have a question why do some countries prohibit dealing in alkorton currencies and impose penalties on their users?
How will we convert this currency into personal accounts?
Thank you again
Being only 2 month old in crypto .As a newbie I made a huge mistake investing on shitcoins for some quick gains without proper research on fundamentals of those coins .I hope my investments on shitcoins would recover someday , I would invest them on steem asap .
I agree. I'm excited to see Steem grow, and I am really happy that, even if I need to pay the bills with it now, I can still make more of it. However, I saw the opportunity that might come if I just hold on to my Steem, so I've been keeping it all.
I got this man!
For sure, I will be on Steemit trying to swim with the whales, dolphins, minnows, and even those longtooth sharks!
I want this to work. I'm going to make it work for me.
BLAST OFF!!!
JGV
@taskmaster4450
Do you suggest we just keep most in Steem, and not power all of it up, because I have been powering all my earnings and my deposits,
to increase voting power as you say, will Steem Power increase with the price of Steem offering the same benefits? I know I have to wait for the 13 withdraws system, at the moment, but as you say, get to 1000 steem, so right now I don't need to take it out. Do Both? Whats the best strategy in your opinion?
Lynn
I do not keep any in STEEM or SBD....I power it up....
When I seriously began posting on Steemit in December I was upvoting my own posts and comments, and I'm sure alotta newbie's start out that way.
But then I learned about the 20% recharge rule and trying to only upvote 10 quality posts a day. Well they were my posts, so they had to be quailty, right?
One night I was laying in bed and thought, what if I could find 10 better quailty posters than myself, and comment on their posts. Even if they upvoted my comment with .05 SBD it was more than my .001 SBD, so why waste a upvote on myself.
Now, I'm getting better at my posting and I don't upvote my own posts. (Maybe when I get a slider) lol. Great post Task. Good night.
This is a wonderful aspect of crypto currencies - the opportunity to build multiple streams of income and build wealth in a way that has previously been closed (unless you were one of the lucky few who has access to capital and / or the right contacts).
The crypto space is becoming a great leveller.
Right on. Steemit is amazing. I think it was ingenious to have Steem Power and Steem. SP I feel like is my savings account. I can add to it and watch it grow. Then if I need cash for anything I have Steem and SBD. It truly is a great financial instrument. I sure hope your $100 Steem prediction is right. You are talking about life changing amounts of money.
I will pay my bills first and worry about the possible increase in value later. Yeah, I might regret it in the future if I see Steem mooning, but hey, what is the worth of a currency if nobydy's using it?
With cryptocurrencies in their infant stages (toddler at best) we should see significant growth not only in 2018, but over the next 2-4 years at a minimum. Those who are actively building their accounts here and building wealth could very possibly find themselves financially free by 2020. On the other hand, the powers that be could create such a difficult regulatory framework for crytpocurrencies that the whole space comes crashing down. Everyone has to balance the potential risks with the possible rewards. I'm definitely optimistic about the rewards.
Really appreciated how you pointed out the difference between settling for a pay check today and building wealth for the long term.
I agree with you, $100 Steem is very possible so for me it's simple...Steem Power for 2018 and then see where we are at near the end of the year.
The possibilities and potential for this platform are so huge. We are so lucky and blessed to be here now at the 'beginning'.
Great point @jongolson.
There is no reason to treat this like it is written in stone. Power up while you can and see where it goes. Great mindset.
I think at the end of the year, STEEM will be much higher so those who used the STEEM to build SP and acquire more will be very happy.
i love the confidence with which you give this forecast! keep it in there, you're telling us, i can promise you you'll be glad you did...
ah so good to see such encouragement and hope. i believe, too! the more I am on this platform, i see it like this too:
Here's to continued steeming and holding it until next year. thanks again for your hopeful forecast...Steem on!! <3
Everything we do on Steem is set aside for long-term wealth building and growth. Steem does have great potential and Hodling is the only way to go if you don't want to be disappointed later when the value like you said hits $100 or even higher etc. Power up and HODL.
I believe Steem will reach $1000. I don't know when (and I'm not going to make any McAfee type bets about it) but that's my impression. Anyone who can afford to hodl should but I can understand that not everybody can.
I think this quote sums it up pretty nicely !
Thank you for this post ! It's really refreshing when I think of 100$ Steem !
He has dropped yet another masterpiece from his analysis of steem. thanks @taskmaster4450 . reading Your post are never a dull moments..
i hope you are on discord
The World is yours
Thank you for this great post! Sure it's fantastic to get paid to contribute to the community. I have been here for few days, and I'm preparing my introduction. I got interested by Steemit, after I started to invest in cryptos, but I'm having fun, I learn a lot, and I might even have the opportunity to put my development skills to use. Sure I want a 100$ Steem, but there's more to it.
I used to worry about the future as so many jobs are being and will be lost to technology and no government seems to be be preparing for it. Now I can see alternative ways for people to be able to survive and thrive with the blockchain. Interesting times.
Completely agree with what you say about the potential of steem (and other crypto currencies). I really like the fact, that it already gives more financial freedom to many talented people, who's potential is largely ignored in today's business world.
The one thing I can't quite figure out, is which is better too keep STEEM or SBD, as a backup for tough times. Over Christmas the SBD was definitely the better to have (and spend), but when the talk is about growth, people always see STEEM on the rise and I wonder, if it would be good in the long run, to buy STEEM for SBD now...?
Hard to say...SBD is worth $1 of STEEM, at least at face value. Many, including myself, thought it would head back down to that level by now...it hasnt.
For me, STEEM would be the better choice but some are projecting $40 SBD.
Do you have an article of someone who explains the 'why' behind a $40 SBD?! I'm curious to see if 'people' think this will be connected to a rise in Steem itself or if SBD might get at $40 and leave Steem behind?
As you know I'm on a power-up path myself, so not HODLing any SBD at the moment. Have to read the counter arguments too though :-)
I don't power up all my Steem to my personal account, I devote some to my project account and some to my wife's account.
I also sell delegation to @randowhale and intend to increase the delegation over time. Today I started vote selling on minnowbooster. I upvote every faucet I find to get paid on it. I do most posts through busy so I can get the boost. And I may soon be offering a paid review service that comes with upvotes and resteems to qualifying posts.
I realize some may frown on some of these activities but I have big plans for Steem and I gotta become a bigger fish to accomplish these plans. I am currently trying to build as much Steem as possible and I have faith that it will pay off. There are big opportunities here for early adopters and we all need to do our best to get in position.
Steem truly is the wealth building opportunity of a lifetime. As @taskmaster4450 says, if you have to spend some do what you gotta do. But try to save as much as you can. And maybe think about putting some to work for you if possible. This could be a life changing decision.
Great post as always.
Keep Steeming!
My man @taskmaster4450, should we HODL in STEEM or SP? If we HODL in SP, we can earn more SBD -> STEEM in the long run. However, if we HODL STEEM, we can sell it off immediately when the price is right. Which is a better choice?
I hold my steem in SP....the reason I do that is I can increase my VP which increase the amount of SP people (including myself) receive on my upvotes.
So it all builds.
I joined Manna 3 days back. Have you heard anything from them? Are they going to launch their backend and blockchain this year?
Rydhi
xox
No word yet...they already are on the blockchain...and trading under the symbol GRT.
The conversion to the manna name should be complete soon....I await like everyone else....with little patience. LOL
Gaining financial independence is the one thing that makes me come back to steemit every day. Not having somebody to tell you how hard you should work or that you are 5 minutes late or other nasty stuff that happens at work is definitely worth the hard work.
really my friend, I also agree with you. I will assume all steem and sbd for SP because I want to save my assets on SP and one day when I need it then I will sell it. thanks his friend, this is very useful for me.
Excellent piece as usual, and I for one will be going the Steem Power route personally, but I wish everyone the best, no matter which Steem route they choose to take along the way! 🐳
Your blog is really good! and is very meaningful to me
Thanks for sharing it!,
Amazing post dear.
Much obliged for sharing it
I'm glad I can strictly build right now and not take anything out. Great post!
Nice overall review. 100% upvote and following you now my friend!
Thank you so much for your valuable post sharing... i appreciate this cryptocurrency news. i waiting your next post, best of luck my dear...
wall i expect steem to go more high
power up power up power up but yes I love all the opportunities
I’m not far off from paying off my mortgage at the age of 40, taskmaster!
Next goal may very well be to move to a warmer climate!
Financial free by just participating in Steem? Count me in.
wow! just great post friends or you say right. i liked the word of myself. i agree with you. just carry on bro.
Magnificent article. I really liked it. I came to Steem when he was still 1.2. I'm very glad that at that time I invested all my savings and time in Steem. Thanks for doing Steem - Better. Good luck to you and Good
It's only my second day. It took 5 days for steemit to approve my account. I was doing some digging before I even joined. I'm very impressed. I'm totally HODLing me STEEM.
I'm currently on busy.org and it works superbly on my mobile. As an experiment I'm going to mostly stick with my mobile for posting and see how the blockchain support and impress me on a mobile. I'm used to do everything on a PC so this will be a great experience.
I'm totally excited for SMT and for STEEM to become an omni-social media platform.
Happy to find and follow you.