Hi Steemit world, I am having some issues trying to understand how my Wallet works. I need help understanding these categories listed below...
-Steem Power
-Steem Dollars
-Savings
Steem Tokens, and Estimated Account Value is pretty self explanitory.
I just need some help understanding the 3.
Thanks to anyone who assists!
Very Respectfully,
-Pat
Hello! This is a good question.
There is a FAQ that is available at https://steemit.com/faq.html which might be able to answer some of your questions in more detail. Here is my take on the three things you are asking about:
Steem Power is Steem tokens that are temporarily locked into your account. They affect the weight of your upvotes/downvotes. Once you "power up" your Steem Tokens by converting them into Power, you won't be able to withdraw it from your account unless you power down, which divides your total Steem Power into 13 parts and transfers them back as tokens once per week. This is to prevent people from cashing out quickly in the event of a spike in price, and promotes long-term investment.
Steem Dollars are supposed to be pegged to the US Dollar, but right now due to limited supply the value has gone up tremendously. Authors get paid in 50% Steem Dollars and 50% Power, but because you can convert Steem Dollars into Steem Tokens on the internal market... well, authors are able to power up at a much faster rate than before.
In addition, there are several upvote bots that function by paying Steem Dollars in order to get an upvote, so there is some use for it within the site itself.
So far there is no interest rate granted for savings, but the 3 day withdrawal period serves as an extra measure of security in case your account is ever compromised.
My recommendation is to hold mostly Steem Power so that your upvotes hold more weight. Then you can interact more with the community! SBD is useful as well if you want to use voting bots to promote yourself.
Hope that helps!