Have you ever cashed out Steem? If yes, why?
No I have not cashed out any Steem yet. My intention is to not cash out either. As steem is all about proof of stake concept, your value in the platform is significant only if you have good holding. This is not for people who contribute and take away the money with them with just 0 balance. It can work for some people who are really a famous personality here. But that too very rare. No one will value your contributions if you don't value their contributions. For the past one year that is what I have learned from this platform.
For now I'm purely focusing on increasing my steem power. As of today my steem power is around 1,151 SP. Before the year end my intention is to make it at least 1500. Quite hard but I'm definitely going to try achieving that. The only great thing about having more steem power is that I will be able to upvote more and engage more in the community. Cashing out is definitely not an option for me.
When I started before one year, I was wondering how much I Steem I will be reaching within a year. But fortunately being a part of so many great communities, I have been able to get some good rewards for my contents and my SP looks interesting.
There are also few other reasons why I will not be cashing out now. I guess these reasons will be quite common for most of the people here.
Proof of Stake
As I mentioned above, steem is based on proof of stake concept. Only the stake holders will be able to get good benefit out of Steem blockchain. That is the reason why the experience is not so great for a beginner. If you have more SP in your account, then there is a fair chance for you to earn more from the platform. I have seen some great Whales multiplying the current SP they hold. And just because they have a good holding they are treated as whales and they are able to support minnows.
I have no need to cash-out
In my real life, I don't really have any need right not to cash out steem and make a living. I'm on a full time job already and my focus here is to increase my steem holding so I have no intention to cash out as of now. If there comes a situation later where I will be dependent only on Steem to make a living, then I have to definitely cash out. But from the government of India perspective, the regulations are still not in place and cryptocurrencies have not yet been taken as a legal tender by the government. So the dream of making steem as a full time job can take quite longer than expected.
Price is too low
In the market the current price of steem and other cryptocurrency is quite low. Literally most of the cryptocurrencies are seeing blood bath. Even though we hear a lot of good news about crypto being recognized as a good medium of digital currency transactions, the bull trend for this year is not yet there. Considering the ban in lots of countries it can take a lot of time to be back to normal. From the technology perspective, Blockchain cannot be ignored at all so we will be able to see a bull trend soon. Until them we have to be in HODL mode. As the price is too low now for steem, there is no point in selling the current holdings. If you have enough money now, it is definitely going to be the right time to buy steem.
There can soon be a situation where cryptocurrencies will become accepted everywhere like how they started introducing card based payments. Things are supposed to change. So when people were able to accept cash less transactions, there will definitely be a day when people will also start accepting crypto transactions. There are already many countries where you can buy things in the market or retail stores with cryptocurrencies. But it is not very popular and common. I'm going to wait for that moment and then think about cashing out.
Image Source: Pixabay.com
I had cashed out literally over 30,000 INR when the price was high. Now I'm thinking of reinvesting it so that I can be a stake holder of over 1000 SPs within a few weeks.
Yes that is really a good idea @sathyasankar. But 1000 SP is nothing now with the current Steem price. But your approach is really a good one.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by rainbowbala from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
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