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RE: The Mice Are Ninjas
Thanks! I'm still confused about the difference between SBD, Steem and Steem Power. Every time I seem to grasp it, the next day it's gone. LOL
Thanks! I'm still confused about the difference between SBD, Steem and Steem Power. Every time I seem to grasp it, the next day it's gone. LOL
Lets see if I can help you out then! Steem is the currency that can be traded on exchanges into bitcoin or ethereum, then into us dollars, euros, or yen depending on which currency you normally use. Think of SBD's as bonds you can buy from a bank that gains interest over time and will normally stay equivalent to the US dollar, so it's good if you want to avoid the fluctuation of price steem normally goes through. Think of Steem power as stocks you have bought from steem that raises or decreases your account's value and utility depending on the price of steem. Steem power is the best, in my opinion, because I think Steem is only going to go up in the future and it gives us a way to build wealth while supporting this amazing community! Steem power can be withdrawn in a span of I think 3 months in equal installments, so your steem isn't permanently invested. Hope this helped! Let me know if you have any questions about anything crypto related, and i'll do my best to explain it to you!
So a few days ago I bought Steem with bitcoins. If I leave it the way it is, it will grow as the price of Steem grows, right? Why would it be better to power up?
It sure will! By keeping your steem, you will be able to quickly convert it back to bitcoin to make a profit! If you choose to power up, you would be investing into the idea that steem will continue to grow in the long run, which comes with perks; your upvote will be worth more, giving your account more power! In this community, money = power = attention, so people are more likely to follow and upvote and comment on posts of those with a lot of steem power, so that they can gain more curation rewards and upvotes. Accumulating SP in my opinion is setting yourself up to be very influential in the future, when this community becomes mainstream, and a way to exponentially grow your account in the short term by attracting those who seek strong friends!
Oooook I gotcha. Whew! And having Steem is better than SBD? (Sorry I have so many questions!)
Haha no problem, I'm happy to help! In my opinion having steem is better than SBD. SBD normally stays consistent with the dollar however, it has been known to drop below and rise above a dollar, like now! The current price of SBD is $2.04 and steem is worth $2.49, according to coinmarketcap.com.
Ok, I see. Well then it looks like I made a good choice. That's rare for me. Ha!
Hey, we all made good choices by becoming apart of this community so early! i'm not an expert, but I think that if you keep your steem power in here indefinitely, you will become very wealthy in the years to come!