Let me welcome you to this awesome place Beekeyyy . I'm @chrisx and if you need any help don't hesitate to contact or follow me :-)
Let me welcome you to this awesome place Beekeyyy . I'm @chrisx and if you need any help don't hesitate to contact or follow me :-)
I just followed you back and I do have some questions to ask! Thank you!
I would like to know how does the power up and power down in Steemit works?
Hi @beekeyyy Do you mean how does it work or why do we need to do it?
Yes how does it work! I really would love to learn!
Ok, well steem is a cryptocurrency, just like bitcoin, and steempower is what you get when you lock up your steem into the steemit platform. So they are literally the same thing, but steem can be traded and/or sold when ever you like, but steem power takes 3 months to be powered down back into steem.
The sbd token, or steem backed dollar, is token that will buy you a dollars worth of steem on the internal and external exchange, this token is essentially a hedge against volatility in the market, so if you exchange some of your steem for sbd and the the price of steem goes down, you would still have the same value in dollars.
Also the more steem that you power up the more influence you have when you vote up other peoples posts. This means that you can award people with more money when you up vote there posts and you can then earn more in curation rewards.
I hope this helped, Let me know if you wish to know anything else :)
Wow you nailed it! I fully understand now! I feel like you learn better reading then watching 20min videos on other site lol again thank you so much endaksi1 😊
No problem man. Glad I could help :)