50% of any money you make as an AUTHOR (of posts/ comments) is paid in STEEM Dollars, you can withdraw that immediately.
50% of the money you make as an AUTHOR (of posts/ comments) is paid in STEEM Power, you can withdraw that (into STEEM) in weekly instalments over 2 years.
100% of the money you make as a CURATOR (of posts/ comments) is paid in STEEM Power.
If you don't power up your STEEM into STEEM Power it is liquid (you can withdraw immediately). However STEEM Power earns interest that counteracts STEEM's high inflation. So it is best not to hold STEEM for too longer, just use it to transfer and trade.
(NB - there more depth to this, and I encourage you to read more widely. However these basics should help get you started)
I originally posted this as comment however creating a Steemit-FAQ post so more people have visibility. Steemit probably need a FAQs section as the same questions keep popping up
As a noob here, this is a great and bare bones explanation. I love the simplicity! Two thumbs up.
Awesome breakdown of the earnings within the system...I needed this! lol Thanks-
Every bit of new information about how works Steemit make it more successful, thanks.
I love the simplicity!
Are you readyyy?!
:neckbeard:
Hmm. I recently bought some steem. I was unsure about transfering it to steem power because I thought I wouldn't be able to change it back for 2 years lol. Oh well thanks, I will definitely put it in steam power seeing as that has interest.
Thank you for this post. Very helpful. I'm starting to get a feel of the eco system and its components. I just joined a few days ago and haven't had a chance to review the white paper yet. I really want to understand the mechanics of what makes Steemit tick. What do you think is Steemit's biggest threat?
This, https://steemit.com/steemit/@nanzo-scoop/no-upvotes-no-problem-you-will-be-king-makers
Or some unforeseen 'black swan' event.
Thanks. Looks like a good read. Tomorrow's literature:)
Steem power is really valuable. It will also help you earn more when you vote and help others you up vote on.
Helpful!
Thanks Steemit-faq. So... the more steem power we have the more our posts are seen? Is that right? If so, how does that work?
Short but sweet! Hits the high points about the different flavors of Steem!
I covered this more in depth today; hope you don't mind me linking to it! And my article links to one by donkeypong, so people can continue their research. https://steemit.com/steem/@kenny-crane/what-should-i-do-with-my-steem-dollars-and-steem-power-expanding-on-donkeypong-s-article
I think when people hear the word "interest" they think they will come out ahead, but it seems the Steem Power payments only cover 90% of the inflation. See what I said in my article about this, and also what I said to donkeypong in the comments. In any case, this is a great platform and I think we'll all do quite well here in the future! Best wishes!
Very good knowlegde here sir thank you very much as a newbie im keep diggins all about steem FAQ and wanna learn more How-to making big dollars here . Kudos
Very good
Thank you for this! I've been exploring the site to learn how this works and im slowly getting the hang of it.
This has been a common query with all new guys here. Thanks for clearing it up with this post. I'll share this around incase anyone asks for it. Cheers!
The Steem white paper is a great source for information https://steem.io/SteemWhitePaper.pdf
can someone please tell my why i'm getting no reward for upvoting?
Question: When I use my Steem tokens to power up, what is the conversion rate for Steem tokens to Steem power, 1-1? Is 1 Steem token the same price as 1 Steem Power?
Thanks for your information. It is very useful information for new members like me. I appreciate it . i am following you..
Quick question regarding the Wallet...
I have some Steem Power and below the stated amount in the wallet is another amount in parenthesis. What's that about?
I think it means someone has delegated Steem Power to you, for you to vote with. Most likely the @steem account. It gives your votes more weight (influence). It's a relatively new feature.
Thanks... Any idea if I can/should/have to 'convert' them? Are those amounts the same thing or is there some difference (in their nature or how to handle them)?
A did find this thread on this topic...
https://steemit.com/steem/@kingofdew/steemit-question-what-is-delegated-steem-power
Great post. I was really looking for this, glad that you have posted. Thanks for sharing.
Yes, FAQs should be there, but, your post is equally valuable. Thanks for posting it. It helped me understand the basics.