This really helps man! I do appreciate, Sir. Thank you very much. Since I'm starting to ask some questions, can I ask for the last time?
You are viewing a single comment's thread from:
This really helps man! I do appreciate, Sir. Thank you very much. Since I'm starting to ask some questions, can I ask for the last time?
You can ask as many as you like. I'm here to help in any way I can.
Thanks Dave! It means a lot. My questions is all about the currency. What is STEEM, STEEM POWER, SBD, and can I leave my earnings here in my account if I decided not to touch it for a while? I mean if its limited time to stay here in your account.
I am going to be doing another one on this soon as I'm figuring it out now. I think I got it down, but I want to make sure before I say too much.
From what I believe this is true (and I have just started getting payouts, so you might want to wait until I post that by the weekend):
you get paid in 2 forms, STEEM POWER and SBD
STEEM POWER is what gives you influence over the system. The more STEEM POWER you have, the more power of your votes.
I believe the difference between STEEM POWER and STEEM is in the liquidity feature. You can only sell (or buy) STEEM for money or other currencies. To do this you would turn your STEEM POWER into STEEM and then sell it. There is a waiting period to cash out (details to come later), so if you want to cash out then you would need to turn your STEEM POWER to STEEM.
The reverse is also true. If you want more power, then you convert your STEEM to STEEM POWER by the button called "power up" in your wallet. (PS this is what I am doing now, I am adding to my power and not focused on taking any money out.)
both STEEM and SBD trade separately in the market and thus have different prices
you can hold them in account, because once you have earned them, they are yours to do with what you want (sell them, trade them, hold them)... So you don't have to worry about them disappearing (but don't lose your password and master keys or they will be lost forever. Note: another post coming)
So essentially you get 2 forms of "currency" STEEM POWER and SBD that have different values.
The other thing you can do (which also is another post) is to trade your SBD for STEEM and then convert that STEEM into STEEM POWER. (note: you can go to my wallet and scroll down through my transactions and see this)
To do this, once you earn SBDs then you go to the "currency market" located from the drop down menu on the upper right. Its a little tricky to describe how that works, but you will "buy STEEM"... you will input the ratio and put in the amount of SBD you have to sell (they have your total listed to make it easy). This will create the amount of STEEM you will get. Once you process that, you will see the SBD gone in your wallet and see the STEEM you purchased. THEN POWER UP.
Hope this helps, again I will write another piece by the weekend highlighting it with pictures.
Bottom line, you are going to be surprised how good you are gonna do when you understand this process. It is truly amazing.
Whoa. Can't wait for your post about this topic and I will read this! Definitely! I just checked my voting power. It's at 6%. Haha I think am gonna rest for awhile. Keep in touch sir! Have fun talking with you :)
lol... Great... And while I know you gotta sleep, there is never much time for rest here ;) ... Seriously, don't forget that when your voting power is low and it is recharging, you can still do many things to improve yourself.
That is the time where I go to welcome newbies at the #introduceyourself section. It is always nice to meet new people read their story and welcome them. It will also help you with more followers the more you meet. Plus you get the added bonus on finding people you truly want to be friends with.
I also use my "recharging time" to check out other content in areas of my interest. Some of the things I like is art, photos, and the bitcoin people. It is not my field, but I have expanded my knowledge and seen some truly cool things and met some talented people. Just make sure to be sincere in comments you make and have fun.
Stay in touch, I'm glad I could help you @gyugmo... And don't forget to help others one day once you're bigtime. I can see that for sure! (and I'll be watching :) )