A couple of weeks back a few of us girls decided to meet so that we could catch up and possibly learn more from each other. It was a mini Team Malaysia Babes session as some of us still had unanswered questions. Of course in true Malaysian style there was food involved! We decided to go the way of healthy organic food and settled to meet at OPIKA which serves wholesome organic food.
It was a fun afternoon of good food and great company with @patlu, @francesaw, @mrdarcy and @noriaakip where we helped each other to understand the ins and out of Steemit. Then @noriaakip asked me a question, "Khim, what is this wallet thing all about? Steem, Steem Power and Steem Dollars...what? what?" I proceeded to then explain to her the overview of the wallet. Ever since then, I have thought about it on and off, thinking that there must be an easier way for someone to understand the wallet and its features.
Then one day, a light bulb lit up and I thought, could we think of our Steemit wallet in similar terms as our banking accounts? Bear with me ok? I am far from an expert on the Steem Blockchain but I do enjoy being able to try and distil something down in reference to our day to day life. I think it make things a lot easier to understand and practical to explain.
So here goes!
1) Your Current/Chequing Account is like STEEM
- Your money in your Current Account is extremely accessible and really easy to spend. You can access the money using your cheque book, internet banking or ATM card to withdraw money.
- STEEM can be traded easily on exchanges around the world and exchanged for fiat currency. STEEM is just like any other cryptocurrency similar to Bitcoin. STEEM can also be used to power up to STEEM POWER (yes, I will get to that in the following examples)
2) Your Savings Account Account is like STEEM DOLLARS
- Remember back then, when we had savings accounts which were passbook based? Hahaha! If you do, I know your age! Anyway, with passbook accounts you had to go over the counter to withdraw your money. You needed to fill up your withdrawal form, take a number, wait for your turn and then get your money.
- STEEM DOLLARS is pretty similar if you use the "market" feature to convert to STEEM.
- The market is the "bank counter"
- You will have to fill in the order on the left with the amount of STEEM DOLLARS that you are exchanging for STEEM and the price that you want to exchange it at. (Ta da! This is your withdrawal form)
- Wait for the market to fill your order. At the bank, you pretty much have to wait for your number to be called to approach the counter.
- Finally, when the market fills your order you receive STEEM! (Yay! Just imagine the teller handing you a thick stack of RM100 notes!)
3) Your Fixed Deposit Account is like STEEM POWER
If you like your fixed deposit account you are really going to like STEEM POWER!
- When opening a fixed deposit account, your money is basically locked away and untouchable for the tenure of the fixed deposit. You, of course, earn interest, which multiplies and basically makes your money work for you and you accumulate more! (Ok just a tiny bit more considering the measly interest rates of 3.15% to 4.5% p.a. which is pathetic really.)
- STEEM POWER (SP) here is really like that!
- You need SP to overcome the lack of bandwidth. Remember if you have no bandwidth you cannot interact with the STEEM Blockchain... Nope, nada nothing...period! You can't post, comment or upvote.
- Secondly you can generate "interest" by posting, upvoting or delegating your SP. Basically you earn STEEM DOLLARS when doing all this. So you accummulate more STEEM DOLLARS to turn into STEEM and finally into STEEM POWER! Rinse and repeat! This is your money really working for you.
- Finally your SP is locked away just like your fixed deposit for a fixed tenure. If you want to "POWER DOWN" which is basically to turn your SP to STEEM you will have to wait for 13 weeks to receive the full sum.
Ok ok, I know this is a really simplistic way of describing it! So please do continue your research by reading other posts and articles which are more technical!
So what do you think? Feel free to correct me in the comments below! This post is dedicated to the Team Malaysia Babes! Hope it helps!
So what is QUESNEY21? @joannewong and I are challenging each other to create great content for the next 21 days. Starting 26th of March and ending on the 15th of April. We needed the discipline and motivation that comes from being accountable to each other. Tell us if this is interesting to you, do you think you could benefit from your own QUESNEY 21?
Check out the other postings for this challenge:
QUESNEY21 (Day 1): Strangers On A Train
Quesney 21: Compilation of February 18 Meet-up Part 5
QUESNEY 21 (Day 2): Money Conversations with Millennials and Post-Millennials
Quesney 21 (Day 2): Teammalaysia CNY Gathering 2018
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QUESNEY21 ... What a name ..
Good explaination of a Wallet. Cheers on having the patience to explain to those who are new and Keen to learn.
Thank you @bitrocker2020 for the encouragement! Thank you for all that you are doing for Team Malaysia! Hahaha yes QUESNEY!
One thing I learn from @aaronleang is that Steem Power is a good place to store your Steem currencies to prevent getting stolen. If someone has your password, they can instantly transfer out all Steem or SBD out of your account but that is not the case for Steem Power....
My goal is just to increase steem power and move beyond plankton to minnow... very challenging.. Go Steem Power:)
Hey @orangila! It will be sooner than you think! You are doing such a massively wonderful job of taking photos and supporting all the events here. You are a gem. Get your postings done and you will be there. Any chance I can entice you to do the challenge with us? Come on join us!
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Thank you!
You have a pretty good analogy here. Never thought that you could compare your Steem Wallet with an actual bank account. Great post!
hey @dawnsheree thank you so much for dropping by my post! I am so glad that you think so! It is just a really simplistic analogy which I hope can help someone.
Thanks @khimgoh for the mention. And superb way of explaining the wallet in my opinion.
Wow! Thanks for the encouragement @francesaw! You have been so kind as to help and guide everyone in our group!
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STOPI love seeing people helping each and Steemit bringing people together in general. It is the best part of Steemit for me. People helping each other. :)
Honestly, I have been 7 months or little more on Steemit now and I am still figuring things out when it comes to wallets and all that financial side of Steemit. I actually never cashed out jet. I invested all back to Steemit. :)
I think you did a great explaining the wallet part and what each SBD, STEEM, and the other thing is for. I am sure it will be helpful to many people who read your post. :)
Thank you for sharing. Have a great day. :)
Hey @awakentolife thank you for visiting my post and thank you for your encouragement! I too really believe in Steemit and have invested in STEEM to power up so that I can do something meaningful here. Thank you for contributing your time and effort in The Steem Engine and helping others like me succeed in Steemit!
Good job @khimgoh! Dory now has a better understanding of the Steemit Wallet and thanks to @francesaw for showing me hands-on after our meet, I was able to convert all my Steem and SBD to Steem Power just now. (Dunno if it was a good time to convert or not, but happy Dory managed to do it independently! ;)
You are so welcome Pat! Looking forward to catching up with everyone soon!
Good description! Very useful for new Steemians. Thanks for your informative article!
You are a welcome and thank you very much for reading my post and commenting on it!
Good job and thank you for keeping this simple @khimgoh. Your explanation is easy to understand, it certainly helps in differentiating what's what in the wallet.
Hey @redtomato thanks for reading. I am just glad I could help! How are you enjoying your Steemit journey so far? :)
It's been pleasant so far, still learning the ropes. Definitely needs work when it comes to discipline to churn out content on a daily basis. It's a slow progress for me but I'll get there. Appreciate that you asked @khimgoh! 😊
Very helpful explanation!
Thank you for your kind words @melissajarquin. Hope it helps!
Good one @khimgoh.... now making some sense :)
Haha, nice analogy! This makes sense!