What is the meaning of Power down and power up on steemit ?

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Power up is a process that is used to convert Steem into Steem Power (SP). You can power up Steem, not Steem Dollar (SBD). 

If you want to use SBD to power up, first you have to convert SBD into Steem and then power up. By power up, you have more SP, that means you have more influence on Steem network. You can earn more if you upvote your post or if you upvote others posts and comments, you can earn more curation rewards.

Power down is a process by which you can convert Steem power (SP) into Steem. 

SP is less liquid. It takes 13 weeks to complete your power down, each week you will get equal amount of Steem up to 13 weeks. After power down, you can sell Steem or convert that into SBD or invest it in something else. You can do anything you want. By power down, your Steem power (SP) will decrease and you can earn less from your upvote. By the way, you can cancel power down any time you want.

Hope this makes it clear the meaning of power down and power up on steemit.