Should i buy steem power?
I'm afraid i don't understand what it does, could anyone please explain? Any kind of help would be much appreciated. Also how would one ever go about cashing in their steemcoins or whatever they are (bitcoins? steemtokens??) When i try to do that it is just confusing. How does the steempower work? I tried to promote one of my posts, i put a buck on it and have yet to see any difference.
Big thanks in advance, your buddy Rob :)
r u planning on sticking around on steemit for awhile? then it's probably a good investment to get some steem power :) i myself have turned SBD into SP several times.. but maybe you might want to wait until the price goes back down a bit?
the best post i have found regarding CASHING OUT --> https://steemit.com/steemit/@illidans/how-to-cash-out-your-steemit-dollars-to-usd
Thanks :)
Hey @doitvoluntarily , would you mind talking a little about the difference between steem dollars and steem? It seems steem dollars build interest, anything else? Is it more difficult to convert them? Is there any reason I would rather have steem as steem instead of steem dollars? Right now I'm putting everything into steempower anyway, but I would love more information. Anything you have to say on the subject would be very helpful.
Thank you!
SteemPower is first an investment into Steemit and second this investment decides over your voting power. The more Steempower you have the more value your upvote will create. If you look at the biggest investors the so called whales with one upvote they can create several dollars worth of payout for a post. So all the payouts you received so far are based on the amount of steempower your voters have. As SteemPower is an investment into steemit you can just take it all out at once and sell it. You need to withdraw it over a period of 104 weekly payouts. SteemDollar and Steem are not influencing your voting power. You can transfer those at any time.
Thanks :)
haha hey Rob! I am happy to help you out. Steempower, as explained in the wallet section, "are influence tokens". I was able to hear Ned Scott explain this himself. Basically, the founders organized Steemit in a way that members of the Steemit community cannot just get paid and run. If they did, the value of steem would fall and the currency would disappear. So half of all steem made from a post is paid out in steempower. They also attached an incentive to hold steempower. The more steempower you have, the more an upvote means. Someone with 100 steempower upvotes a post, it might increase the post by $0.01 , but if a whale, like Ned, upvotes a post (and I saw this happen the other day), it can increase by $100 .
Also, in order for you to cash in steem, you have to first convert it into bitcoin on one of many online sites. (Steem is not yet accepted as currency). After converting to bitcoin, you can sell the bitcoins for dollars. Steempower cannot be sold for two years.
Here's a link to a howto steem post I wrote yesterday: https://steemit.com/steemit/@anthonyjerrigo/introductory-guide-to-steemit-tips-from-a-newbie-for-newbies
The only thing I did not write about is bittrex. That is what you will need to convert steem into bitcoin.
Does that makes sense? If you have any other questions or need clarification, let me know!
Thanks :)
Great answers guys, thank you. I am having a lot of fun with steem and don't intend to leave it anytime soon. I will hang in there and be patient and keep trying. Frankly i am just stoked that anyone wants to read something i write, or see something i design!!!!!!!!!!!!!
Exactly! This community is awesome! We're glad you're here :)
Wow sorry for the super late reply. Thanks! And i put you on follow.
haha super funny you even noticed this weeks later! don't worry about it