Up or Down?
“Powering up” is the action of moving Steem to Steem Power (SP) within your wallet. There are a number of scenarios where this powering up process can take place. Some users prefer to purchase liquid Steem through a cryptocurrency exchange like Bittrex or Poloniex and then “Power Up” once they arrive at Steemit.com. Users can also convert their hard earned Steem Dollars (SBD) into Steem through the internal marketplace to then transfer into the SP slot. This process of placing Steem into Steem Power is the ‘staking’ part of Steem’s Delegated Proof of Stake (DPoS) blockchain protocol. The Steem blockchain is designed to reward users who hold their Steem as Steem Power.
Whichever method you choose, ultimately accumulating Steem Power comes with a range of big benefits. Today, we’ll go through each aspect of powering up and what you can expect in the short and long-term.
Harder, Better, Faster, Stronger
Here are the key benefits of staking your Steem as Steem Power from the more evident to the not so obvious -
- Your votes become stronger. Your upvote (and downvote) is directly proportional to the amount of Steem Power you have. The more SP, the stronger and more profitable your vote becomes.
It’s difficult to see the progressive growth of an upvote when you start out as a new Steemian, but that can change quickly as you begin earning through blogging and commenting. We recommend using tools such as steemnow.com to keep track of your vote weight and percentages as they mature over time.
You earn more curation rewards. You can earn Steem Power just by upvoting good content. Curators actually receive a portion of blog post rewards when a post pays out after 7 days. Blogging isn’t the only way to earn cryptocurrency on Steemit, curation is powerful too!
You earn interest on your Steem holdings. Just like with other Proof of Stake elements in cryptocurrencies such as NEO and PIVX, you earn a compounding interest rate on all Steem held as Steem Power. Holding SP essentially gains you passive income that you wouldn’t otherwise receive if you left your Steem liquid on an exchange or external wallet.
You can help create new accounts more efficiently. Every new account made on the Steem blockchain requires a bit of fuel to get going, either by purchasing new accounts with crypto or delegating new account a small amount of SP until they’ve powered up the requisite Steem. Delegating is an efficient and low-cost method for creating accounts and we use @jesta’s application Vessel to do so immediately with our amount of Steem Power.
You can delegate your Steem Power. Delegating SP is an incredibly powerful tool unique to the Steem blockchain. Delegation allows other users to ‘borrow’ any amount of your Steep Power. This is really useful for when you’re creating new accounts, starting a Steem-powered project, or just want to support Steemit initiatives you believe in by lending a portion of your own stake.
You become a trusted Steward of Steemit. This is one of the less explained and less apparent social benefits of powering up Steem in your account. The power and value of Steem goes up as more individuals stake their holdings and as such, there is a lot of street cred / kudos / community appreciation given to people who are committed holders of the coin. This doesn’t mean you shouldn’t power down or transfer our liquid currency when you need to, but staking a noticeable portion of your crypto as SP is a well-respected step on the Steemit platform.
These are the top reasons why we recommend powering-up Steem when you can. Accumulating Steem Power will open up a number of financial and social opportunities that can start to unfold the myriad of possibilities with Steemit and its supporting blockchain.
Thanks for reading! We hope you found this Steemit Power Up Guide useful. Take a look at our full outline of resources below. If you have any questions please don’t hesitate to reach out in the comment section.
Check out the Steemit FAQ page to learn more!
So many folks here don’t realize this. As far as I’ve been able to determine, the rate of interest doesn’t seem to be posted anywhere. The nominal rate is about 1.4% per year but the effective rate is more like 1.9% but fluctuates constantly.
A few months ago I crunched the numbers and did a post about it. Worth a look for anyone who wants to have a better understanding of how much interest you earn on your SP:
https://steemit.com/steemit/@preparedwombat/how-much-interest-does-your-steem-power-earn-i-finally-figure-it-out
(upvoted for visibility)
Thanks
I suggest to take a look at https://steemworld.org/@sndbox for better stats.
Yes! We love SteemWorld and SteemNow :D
It's fantastic to see so much information all in one place! The Steem blockchain is bubbling with great data and analytics to explore :)
Just stumbled across Steemworld a couple of days ago myself and it is amazing. The most complete and well-laid out source of info about my or anyone else's account so far.
Thanks for sharing, I want my posts to reach as many people as possible, these are some helpful tips.
I just joined steemit, follow and I follow back and upvote
If you or and anyone else is interested in changing themselves and the world,
please join the FOOD REVOLUTION!
check my intro out....
https://steemit.com/introduceyourself/@celestialcow/hi-steemit-i-m-celestial-cow-fully-plant-powered-food-anarchist-and-diet-revolutionist-excited-to-be-here
hope you like :)✌ 🐮
I agree with you man! :D Thank you for sharing :D
Thank you for reading :)
Agree power up peeps . If you aee in this for the long hall there is no reason to have to much steem
Not powered up. You are wasting money by keeping it in steem . You will be glad you did one day.
YES i am an abundant believer in powering up! Not only all the benefits you mentioned, but also we are holding Steem which has abundant possibilities for prosperity in 2018 and beyond. steem is below $10 now, but will not always be so!
I'm also super excited to take part in Delegating steem power! I'd like to keep Powering up to make my votes more powerful and so i can help some minnows out someday cuz we all know how hard it is under 500 SP when you don't have the slider bar!!
As a minnow I really appreciate these tips...
I actually paused reading and went and staked my steem and powered up! Your article explained so much to me thank you..
The tips were well worth reading and thanks for that.
I am new to this whole thing.... To be honest, I was attracted to monetary value involved 😂😂... but I can't help noticing the community spirit on steemit...... Steem is going to increase in value dramatically sooner than expected...
I hope I am not too late though 😢
thanks for the info. I was looking for something like that
Power up 100% and your account value might grow like this: https://steemit.com/bitcoin/@investingtips/this-is-the-real-bubble-not-cryptocurrency
Exactly! This isn't even covering the potential of Steem as an investment. Purely the actionable value it holds today, right now (which is huge!)
Thank You @mountainjewel.
Wonderdul guideline on why to power up. I think $0.55 to $1.50 was the best window of opportunity to power up big time. Powering up even at $6 won't hurt in the longer run but it may not be particularly feasible for people who do not have much imvestment. But SBDs are here to the rescue.
I am going to write a few detailed guides about Steemit and relevant services empowering the ecosystem. I am going to include reference to this post, as well as add my own ideas on how powering up can be a great thing to do.
This is great @ilyastarar. I only wish there was a way to get notified when a steemian publishes content, because I would be really interested in reading the posts you are going to create on this subject matter. In your opinion, how much should we invest in powering up?
You can check my blog to see some of the already posted content. You'll find it useful. And see wallet to look at the finances. Steem is open ;)
Yes I've checked wallets, but I want to really understand the strategies that strong steemians use, so, I'll make sure to check on your content. Thanks!
There are many strategies to power up. Writing great content is free but nowadays the price of Steem is such that payouts contain 6 times less SP than the number of SBD. There used to be a time when SP payout was more than SBD payout (SBD and Steem were below $1 and Steem was cheaper).
But that time is gone. I am posting a complete guide on MinnowBooster today which contains a good detail on how to lease SP and increase your SP via the leased one.
If you ever find Steem near $1 to $2 mark again, power up tons of it.
Powering up creates possibilities for all of us!
Steem should be hitting over $100 in the next 2 years.
People need to remember that steemit is not steem.
Smart media tokens, millions of new users, and more applications or functions that require burning steem should push the price up.
Powering up is a solid HODL move and actually helps prevent panic selling since powering down 100% takes 13 weeks (much better than the original 104 week model)
No brainer with steem, YouTube is pushing its content creators out and steemit is the best place to bring their followers
Hey thanks for your point of view. I wish I could dump everything I have into Steem. Alas, I will give it the few bucks I can afford for now, but its giving more joy than anything that the mainstream media is shoveling these days! I'm hopeful for steem going forward!
So glad powering up is all I did when I first joined Steemit in July 2016 🤩I didn't really understand what I was doing back then... Thanks for explaining @sndbox
Resteemed!
Great post, thanks for the tips!
Agreed wholeheartedly, which is why I wish I had more SP to power up!
Appreciate the guide, which was well needed actually, especially one with images like yours for noobs, so thanks again! 🐳
Thank you for this overview. While I am still young to steemit I can say that I have never powered down and always powered up so far.
Back when I started and steem was around a dollar I bought like 100 steem and powered up and my vote didn't even go up by a cent. Now thought that amount of SP would have cost 500 or 600 dollars and I wish I had bought way more. Buying SP is worth it even if you don't see the benefits right away....
Hello?
Posted using Partiko Android
Nice summary! Let’s all power up!
awesome work dude really informative
Yes I just made a video on the same subject for my followers! Its an important concept for new users to understand https://steemit.com/steemit/@benleemusic/why-i-am-investing-in-steem-and-powering-up-video
I'm always selling all my sbd and powering up!
Totally agree with this.
Seems like I need to start savings from now on and power up gradually before it is too late
@sndbox Thanks for your articles, you explain stuff in Steemit that I do not understand sometimes. It is like translating a medical terminology to a layman's term. Your articles are very helpful most especially for minnows.
We're very happy to hear that Phillip! Thanks for your kind feedback and words of support :)
good info, thanks for sharing
Great short and informativ description of steam power and how it workes
Agreed wholeheartedly, Thank you for sharing :D
I have been reading posts saying that powering up is a waste of money. I thought that SP was a longer term investment to the platform. If you're interested in just flipping a buck then move on.
Power up to empower the platform that is empowering you.
I love the last line of your post. Nice
i am also looking to have atleast 1000 steem power in a month or two
I agree that we should increase our steempower because it will be more beneficial in the long run.
I use my Steempower as my savings account. People tell me it's risky to put all my trust in the steem blockchain but I say to them, risky is the new safe in this era. Steem all the way.
I want to thank you for this explanation. I'm a newcomer and I was confused between steem, power and dollars.
I saw the importance of powering up since my first week and I am doing anything I can to reach a point where I can show people the appreciation I have for their good posts. It frustrate me to give a vote that worths $0,01.
But my principal reason to power up is to get some credit on my material. I am trying my best in all my posts, and I really want to help people, but I will be able to do that efficiently only after some good power up number.
So I kindly ask, what did you recommend to newcomers with no money to invest to do? I am trying to find good communities that are not only about upvoting to better relate to people but I am not having much luck finding one.
How can I help more people with a less than one month account?
Thank you for sharing this information.
If you don't mind, can I translate some of your posts to Portuguese? As a small and recent community, we need some material to help newcomers to understand what Steemit is and how to use it correctly. I will give you the proper credits in the translated posts if you allow me to do the job.
Thank you very much, @sndbox!
I think it's awesome that you want to help minnows move forward in steemit, but I wouldn't worry to much on the monetary value of the upvote. I think it's more valuable when you upvote content that you love regardless because it means that you are giving that steemian a vote of confidence. Another way to help is to resteem someone's posts, that's like introducing a new friend to your own circle of friends. Resteeming helps any minnow reach more viewers. The third thing is what you did here: comment, authentic comments will allow you to make friends with minnows, it's like a virtual hug in that sense. A fourth thing you can do is to make a post about a fellow steemian, maybe a "minnow of the week". Yesterday I was reading a post from someone introducing another steemian on the platform. A sort of introduce someone else to my friends, with pics of their work, or the values they bring to the community. So, don't get bummed down for your voting power, help comes in many shapes and forms ;)
Thank you very much for your comment and for all the ideas you gave me!
I know that voting value is not the only way to help but I will feel better when I reach a good SP level to do that.
I am more interested in knowing people, acquiring knowledge and bringing value to Steemit right now. I am at the very beginning and trying to rush things won't help me.
I will follow your advises and try to make some minnow's days better!
Wish you a great day and a great journey on Steemit!
Thanks, wish you the best as well!
Steem power is very important for us stemians, if I already get a lot of sbd then I will make it to steem and after that I will do power up for steem power. Because I still feel sad when I see the steam power is still very little
hi @sndbox, Thank you his knowledge
Hi myaceh. How do you pronounce that? my ace h? Or is it mya ce h. Or myac eh?
favorite stupdicomments
Amazing and very interessing post thank you for sharing
resteemed and shared in the steemit
I like to "Power Up" All The Way ! :)
Thanks again for educating us minnows in the power of steem, the steem power.
Just keep on helping others, for that is the essence of this platform right?
I FREAKIN LOVE POWERING UP.
I have no idea why but it is so addictive.
Hitting the market button, placing the order, getting the Steem and then hitting up that SP.
I’m pushing for that 500 milestone and there is such a rush when you pass a 50 SP personal checkpoint on the way there.
Plus when you Voting Power goes up and you unleash your new upper level on someone. Yeahhhh.
Good luck with your Power Up goal @fourfourfun :D
Steem on!
Steem is up like 30% today, a perfect timing to convert into REAL POWER!
Hi! Thanks for your support and @growingpower just upvoted your comment!
Noobie here .. I did a small power up in my account. Can I get some more detailed calculations of what this will do long term? What is the true benefits of doing this?
I think the only way to really get bigger is to really contribute to the steemit community. by powering up you can achieve that more efficiently
Hi! Thanks for your support and @growingpower just upvoted your comment!
Thank you for this article. I am a complete newbie in this platform (only 5 days I think) and learning so many new things. I am here for the reading and community. Many thanks.
Thank you @sndbox, very good article ,for me at least (a newbie in the steam family)
Delegation is a great tool. I'm using it to help out a few people and ensure my voting power is spread wider. I could use more automatic voting, but manual is better and I just don't have time to do enough.
Yes! Delegation is such a powerful community resource here. Even little portions of delegation will carry big effects as time goes on here. Honestly, it's one of the most under-recognized powers of the Steem blockchain.
I'm not a huge tech guy. So, when trying to learn how this all works I was getting more and more confused. I want to thank you for breaking this down ABC style so the someone like myself could understand.
I'm still not sure how or why I earn money on steemit. Like it seems kind of like magic. I post something and then a few days later I get money. BUT, I at least undersand what happens AFTER I get paid thanks to this post.
Thank you for your time and effort in providing this information. And a double thank you in the style and word choice used as well.
Good post sir...i'm newbie and i'm still learn about how to earn efectively some money on steemit
This is beautiful... Nice post
Nice post ...https://steemit.com/photography/@biplab818/dark-town
I totally agreed that we have to increase steem power..
Thank you for sharing the post
Over the last few days I have noticed that the price of STEEM has been going up so that I get less of it with my SBD, would it be better to wait until it goes back down again to buy STEEM with SBD and then power up?
i agree with you bro thank you for sharing this information keep sharing like this....
One thing I would like to understand better: Your post mentions "Users can also convert their hard earned Steem Dollars (SBD) into Steem through the internal marketplace to then transfer into the SP slot."
I have already done a bit of powering up, converting Steem to Steem Power, but I am not sure I understand the steps to take in converting SBD to SP. Please advise, and thanks!
A good question @monadnock! We haven't created a tutorial on that yet, but here is a post that outlines the process of converting SBD into Steem Power...
https://steemit.com/teammalaysia/@aaronleang/guide-on-converting-sbd-to-steem-and-power-up
Thanks very much, @sndbox! Will study it!
Thank you @sndbox for this very informative post about Steem Power!!! Now I wanna extra power up!!!