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If you are new, I wouldn't worry about complicated stuff too much for now. Recommended is keeping your payouts at 50/50 .... as maybe you know, as time goes by your influence on the platform grows. This influence growth is measured by the "STEEM POWER".

There are many beginner guides on 'how to build steem power' you can use to find more helpful tips.
As a general rule, use Upvotes wisely, and get involved in discussions/comments on the big ‘whale’ posts to start building influence. The more effort you put in, the more you get out, and it is still early days for Steem. Best of luck!

We are talking rewards:
A) Power up 100% = saving and building your Steem Power and therefore upvote value. For long term. Post will pay out 100% in SP only, no SBD. You really don't care about short term gains, you want long term to build an income from your Steem blog, use this to power yourself forwards in the beginning (and later, whenever you feel like). It's all part of the game :)
B) Default 50/50% = you don't get to adjust this until you have much more steem power. You will get half in $SBD half in SP. Best for most everyone.
C) Decline Payout = Whales only, generally speaking. Really you did it for the greater good of steem community, or it's a post about something that paid in other ways, or commercial, or simply any reason politically it would be wrong to take payout.

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