If you are new (or not) to Steemit, this is a post for you to have a good look at. There's so much that you can do with your Steemit earnings. Read this post to get some really good and profitable ideas.
Types of Steemit Rewards and How to Get Them?
Before beginning with the 8 things you can do with Steemit rewards, let's first understand the basics of them. If you do not understand how rewards work, don't worry because the mystery of Steemit rewards has been solved for you in detail (click the link to see).
You know, and clearly so after reading the article in the link, that Steemit has 3 digital currencies.
- Steem
- Steem Dollars (SBD)
- Steem Power (SP)
The details are available in the article I linked if you need to know more about them. Now let's see how to get these rewards.
- Steem: You do not get Steem as a direct reward. This post explains how you can get it and what you can do with it.
- Steem Dollars: You get Steem Dollars when someone upvotes your posts or comments. Every post and comment can earn for 7 days and then payout is finalized.
- Steem Power: You get Steem Power when someone upvotes your content and when you upvote on others' content (as curation reward).
1. Build Wallet Balance without Doing Anything
This one is simple. You can build your balance in your Steemit wallet without doing much with your earnings. Is this a profitable approach? Yes, it can be. There are three reward options when you post and they dictate what currency will increase in balance.
- Default (50/50): This option means that you will get 50 % SBD and 50 % SP in your wallet when the payout is finalized.
- Power Up 100 %: All your reward will be given to you in your wallet in form of SP.
- Decline Payout: This means you will get nothing. This one is for owners and witness in particular and people in general if they don't want to claim rewards.
Your wallet balance will increase according to the option you choose while posting. The biggest benefit of having your balance intact is that the price may rise (and it does) and your account will automatically be more valuable with time. The other benefit is that you can do the rest of the 8 things anytime!
2. Spend SBD/Steem for Getting Upvotes
There is a way to get upvotes from the likes of @randowhale , @booster , @minnowbooster , @minnowsupport and likes by paying a very small amount. Do not do it without checking my post on how to increase Steemit rewards using 5 wonderful minnow support initiatives.
This option is particularly for those who are struggling to get good upvotes.
3. Get Steem and Hold for Future
Holding Steem can be hugely profitable. Price of Steem is $1.84 right now but just a few days ago it was at $2.52. It is expected to rise beyond that soon and there's speculation of it going beyond $10 in near future. That is why I have some in stock too.
Since we are talking about Steemit earnings, buying Steem means getting Steem while staying inside Steemit wallet. There are three ways to get Steem from you earnings. Only one of them is the smart thing to do. I'll go through all three one by one.
Method # 1: Convert SBD to Steem
This is not smart and is risky too. You go to wallet and click the down arrow on SBD. Here are the options you get.
Then you click the "Convert to Steem" option and see the info box below.
Then you simply click cancel and move to the next method.
Method # 2: Power Down
This is the method which converts Steem Power into Steem. You go to Steem Power in the wallet and click the down arrow for options. Here's how it looks.
When you click power down, ere's what happens and you should know it.
- The browser will ask you to sign in again for your security.
- When signed in, power down will start.
- Power Down converts ALL your Steem Power to Steem in 13 installments.
- The first power down installment is completed after 7 days of you starting it.
- You can cancel it anytime, even before any conversion. Just click "Cancel Power Down" to stop it.
Since I told you that only one method of getting Steem is smart, this is not the one either.
Method # 1: Buy from Market
And this is the smartest thing to do. To get this done, you will need SBD. Go to the market from the down arrow besides the Steem Dollars amount and click "Market". Internal market will be opened. Wait for it to fetch current prices. This is how it looks.
Now, buying Steem can be pretty straight forward but since you are at my blog, you deserve to know the best strategies. Here are three strategies that I want to share with you.
- Hasty Order:You just go to the market and buy at whatever the current price. It may not be wise though.
- Fixed Price Order: You go to coinmarketcap.com and crypto exchanges like Poloniex or Bittrex to analyze the price trends and then set a fixed price for yourself. Then you place an open order in the market. This way you will get a good price but will have to wait for price to fall. Waiting can go on for quite some time.
- Vigilant Order: What you do is that you keep a track of price regularly and buy Steem when you feel the price has gone down enough. You order when the price is right. This is a good approach and more profitable.
Why not order straight away? Why wait? Because 1 Steem = 1.79 SBD right now. Just a few days ago, 1 Steem = 1.03 SBD and that means you get more Steem for the same number of SBD spent. My order was of 1 Steem = 1.03 SBD but I missed by those .03 SBD. I'm waiting for price to go down to buy some Steem.
4. Buy Steem and Power Up
You already know how to buy Steem. One wise thing you can do with Steem is to power up. Powering up means converting your Steem to Steem Power (SP). Power up means: -
- You have more control and influence over your earnings.
- Your upvote has more worth.
- You get more curation rewards due to more voting weight.
I have powered up a little and will do more when I get Steem at a good price from the internal market.
5. Power Down to Get Steem
The process to do that has already been explained above. But remember one thing.
Just because you can, don't!
6. Send SBD/Steem to Crypto Exchanges for Trading
Now, this is only for those who know about cryptocurrency trading and know how Poloniex, Bittrex and other cryptocurrency exchanges work. Fortunately for me, I have been experimenting quite a lot in cryptocurrency trading in the last month.
I have also completed the Cryptocurrency Investment Course from Udemy and now understand a thing or two about trading with digital currencies on crypto exchanges. Let me share my course certificate with you.
Having learned about cryptotrading, I will soon share a detailed tutorial for beginners. I am undergoing some practical experience as well so I will share something from my own experience as well. The procedure to send SBD/Steem to crypto exchanges is explained below.
How to Trasfer SBD/Steem to Crypto Exchanges
Follow the easy steps below. I'm using SBD and Poloniex as example.
Step # 1. Go to the Wallet>Steem Dollars>Transfer in your Steemit account.
Step # 2. Sign in to your Poloniex account. If you don't have an account, sign up for one.
Step # 3. After signing in, go to Balances>Deposits & Withdrawals
Step # 4. Search or Click SBD and the click Deposit. A Deposit Memo will appear. Copy it.
Step # 5. Go to step number 1 and paste the memo in the memo field. Enter "poloniex" (without quotes) in the Trasfter To account name. Enter the amount of SBD that you want to tranfer.
Step # 6. Verify spellings, correction of memo and amount and the click Submit.
Step # 7. Wait for at least 30 minutes. Due to backlog, you face delays.
Step # 8. Check Poloniex SBD balance by going to Balances>Deposits & Withdrawals.
7. Send SBD/Steem to Crypto Exchanges for Cashing Out
This is simple and basic. It does not require deep knowledge as required for trading. You need following things to cashout.
- Steem / SBD in your wallet.
- Cryptocurrency Exchange account. (Bittrex, Poloniex)
- Coinbase/LocalBitcoins/Any Bitcoin exchange account (to sell BTC for fiat currency).
The procedure to do that is lengthy but simple if understood and done step by step. I will soon share a complete tutorial on it and put a link right here.
8. Transfer Steem Dollars / Steem to Savings
Transferring your Steem / SBD to savings protects funds by requiring a 3 day withdraw waiting period. There's nothing much about transferring to savings. Click down arrow besides Steem/SBD amount and select Transfer to Savings. Here's how to do it.
9. Gift/Giveaway SBD / Steem to Steemians
Last but not the least, you can send someone a gift in form of Steem or SBD. I have done this thrice and it felt great each time. One of the occasions was when I liked a comment so much that I thought my upvote value is too low to do justice with it.
You can also conduct giveaways when you are happy with something. I'm about to reach 500 followers on my 30th day on Steemit. I sure am planning to give something away. You can celebrate your happiness of any kind by gifting some Steem / SBDs to fellow Steemians.
How to Gift/Giveaway?
This is an update. In the comments to this post, @yaboyjon asked how to gift. Well, it's similar to transferring money to cryptocurrency exchanges or upvoting services like @booster , @minnowsupport or any other popular one. Here's how I sent a gift to @yaboyjon to show him the method.
And the transaction immediately appeared in my (and his) wallet history.
Conclusion
There's so much that can be done with Steemit earnings. Not everything can be a smart thing to do but options are abundant. Did you know or think like this before reading my article? Did you learn something new from this post? Do let me know in the comments.
I work hard on each of my posts and this one is no exception. But this one took considerable time because of the visuals and the step by step processes. Please extend your generous support and I would specially request you to resteem it so that maximum people can get a chance to know this important information.
Very thorough and informative. This will be a good resource for many!
Thank you so very much! Thanks for your kindness and support @kus-knee . I have more to offer and I sure will keep sharing great resources.
Oh my God! Its a treasure of very useful information. Thank u for sharaing it with us. You always make complicated things very simple to understand and i love it.
Out of these 9 uses which one is the best for minnows like me??
Upvoted and resteemed!
Thank you for your elaborate feedback. The best thing for minnows in my opinion is the power up option. The more SP you have, the more rewards you will get. It's important to have more influence as well.
MSP (or @minnowsupport) is a must for beginners and minnows (for getting upvotes).
You are amazing. I have followed and hope to see more great posts like this. I have been staring at those conversions in my wallet for weeks now and this is the first time I understand them. I feel like if more people read this article, steemit would be more popular, you should post this to facebook/twitter/tumblr etc it's fantastic.
Thanks a lot for your amazing feedback. I am super happy that you understood the process. I will share with people outside Steemit as well.
Lots of great needed info!!
Blessings to you!!
Reesteemed
Thanks a lot @kingdomman for your kind feedback and support.
Thank you for all the helpful info! Your explanations were clear and thorough.
Thanks a lot for your feedback.
This is a great content @ilyastarar. I belief this will be helpful to the entire steemit community. Sure more of this.
Thanks a lot for your feedback.
Awesome read. Thanks for this post !
Thanks a lot! :)
Thanks for sharing with us
Most welcome. Please do share with others.
AWESOME.. info..thanks...
Thanks a lot @tastetwist
Very informative but is it safe to trasfer SBD/Steem to Crypto Exchanges? because i have read that this is not safe.
It is safe generally. Poloniex has been creating trouble. I transferred SBD from Bittrex to Poloniex last night and they reached Poloniex. Poloniex creates trouble sometimes.
Good job
Thanks a lot!
Commenting because I haven't yet found a better way to save stories to come back to.
Thanks a lot. Please do resteem as well.
Resteemit to get the knowledge out to folks!
Thanks a lot @weetreebonsai . You are amazing!
Lots of detail here and organized beautifully. I'm sure minnows from around the world will see this when they search around getting started.
Thanks a lot @steemblake for your feedback and support. I am on a mission to solve many mysteries for newbies and minnows so that we can grow in a good direction as a community.
THANKS FOR THE BREAKDOWN..this is very helpful.
You are welcome and thanks a lot for your feedback. Please help it reach more people.
Very informative
Thanks a lot @secsee . Ohhh. I see what you did with your name ;)
Excellent read I learnt some new points! Thank you for putting it together for us n00bs 🤗 @ch00fy
Thanks a lot @ch00fy for your feedback and I am glad you got new ideas from my blog.
You know I'd really like for there to be a setting where all of the SBD can instead be deposited as Steem Power.
I agree @edb1984 . A direct Power Up would be so convenient. But then the numbers and math kick in. For one Steem, you get 1 SP. Not the case with SBD.
there is a lot of info in here upvoted and resteemed ..
Thanks a lot @rebeccabe . I appreciate your support!
Awesome and informative post it is.Resteemed.
Thanks a lot for your support.
This is a really helpful and clear, step by step, "no way you are getting lost" post. It answered many questions I had about steem, SBD and SP. And thanks to you, now I understand why we shouldn't convert SBD to steem directly but go to the internal market instead. Bravo...
Thanks a lot for your amazing feedback @alexthemagician . I am glad that you have gained some useful knowledge from my post. Thanks for all the support.
Yes, I have gained much :) Thanks for your support too ;)
WOW！ Amazing sharing that is really what I need to
learn！followed u but how can I favorite u?
Thanks a lot for the overwhelming response. I am glad that you have learned from my post. I think you can bookmark an account to check it regularly. I don't find any favoriting option yet. Thanks again!
I simply use @blocktrades service to exchange my Steems with some other digital currencies, easy to use and fair exchange fee
Thanks a lot @meysam for your comment and information. I will get on to BlockTrades and include that in this guide for future reference. Thanks again. Please consider resteeming this post if you think it can help your followers.
Done
Thank you very much!
This is crazy good.
Thanks a lot!
wow
Thanks a lot @kingyus
This post has received a 3.41 % upvote from @booster thanks to: @ilyastarar.
Thank you @booster . I chose you over randowhale and you are amazing!
Thanks for the great info!
Thanks a lot. Please do resteem.
And one more thing, i am waiting for you detailed post about cryptotrading because I am very much interested in learning it.
Thanks @ayeshanor for your feedback. It will be out soon. There are some details required so it will take some time.
Thanks @ ilyastarar!
Welcome @scalerman
how do you gift?
Thanks for asking. I'll update the posts. It's basically same as transferring currency to randowhale or poloniex but I will gift you some SBD and post the screenshot.
Hey @yaboyjon ,
I sent you a little gift and updated the post as well.
Thank you. Very useful. I will read the other posts you mention, too.
Thanks for reading all the posts and giving your feedback as well. I appreciate it.
Amazing info. Thanks for taking the time to write this.
My pleasure and thanks for reading.
jerrybanfield, Here is the great next opportunity for saving and earnings, check my steem blog. Thanks.
https://steemit.com/life/@cryptopizza/how-to-save-electricity-supply-cost-of-your-home-and-office
Copy paste?
Super informative post! Thanks for writing this for all of us
Thanks a lot and I'm glad to be of help to the community.
Lots of good info here. Thanks!
Thanks fo reading.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by ilyastarar from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
very worthy and informative article. Liked that you posted up your udemy certificate. Tells me that you are hungry to learn more and you are great at making content by looking at this article.
Thanks a lot for your feedback. Quality content is my promise and I have to deliver it.
I have two words for you: Power UP!
I am going to do that! Waiting for good deal in SBD/Steem market. I already powered up a few times but I have to depend solely on my Steemit earnings. So, it's going to take time.
Nice and insightful. Thanks for this post
Thanks for reading @ehimond
This is really helpful. Thank you!
Thanks a lot. I hope you earn more and do a lot more than just paying the bills. Keep some Steem in stock. The value may shoot up and you may have a big big paycheck by December may be. Glad to help.
Thats a good share. Thanks. Upvote. Resteemed.
Lots of good information here @ilyastarar. At the moment you cannot withdraw Steem from Poloniex to Steemit. At Poloniex they say: "STEEM is currently under maintenance or experiencing wallet/network issues. Deposits and withdrawals will remain disabled until a solution is found, which may require an update from the STEEM team. Any updates must be tested and audited before enabling."
If you had anymore info about this I would be interested.
I up voted and followed you. :)
I know that Poloniex sucks. I know that Steem is disabled. I know I should have covered Bittrex instead. But I did all the work when Steem was doing fine and Poloniex wasn't acting strange. That's why I covered Poloniex as an example only. I prefer Bittrex and BlockTrades.
The post doesn't prefer Poloniex. I'll add a note. Thanks
@ilyastarar yes I very much agree that Poloniex sucks. However, they have lifted that alert about withdrawing and depositing Steem and I've successfully withdrawn all the Steem I had on their onto my Steemit wallet and powered it up. If I ever want to buy Steem again, I'll not use Poloniex, however, it's good news that they sorted this out. Thanks for your help.
I shared an update yesterday on Poloniex enabling Steem and SBD. I had some SBD there as well which I quickly recovered, converted to Steem and then powered up. I have nothing in Poloniex now.
oh sorry I missed that even though I'm following you. I'll check it out now. Well done for getting off Poloniex.
Thanks for your comment. I hope the post helps.
good post nice
Wow!! My god, i see..:)
Another one from your blog, Sir! thank you so much :)
I must admired it that it' s a nice writing full with the esteem information.
Thank a lot on your content.
I agree with you
please like have me learn again
Thanks for the post, it's helped me out alot and as I am quite new to Steemit.
ahm...(mind blown) @..@