As a daily voter, is there any disadvantage to converting all my Steem and Steem Dollars to Steem Power?

in steem •  2 years ago

I see myself as a voting lurker, like I am on Reddit, so my best strategy would be to concentrate on Steem Power, correct?

Related question: if I want to convert some BTC, does it matter whether I buy Steem first, then convert to Steem Power, or is it a better bargain (less transaction fees?) to deposit directly to Steem Power?

Thanks for any help! =^^=

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Just click 'Deposit' in your Wallet section. You can select buying either Steem (then manually convert it to SP) or Steem Power directly. The prices are same.

Steem should definitely be converted to Steem Power unless you are planning to trade it soon. Steem Dollars is another story, and a decision you will have to make on whether to cash out or not when the time comes (when rewards are paid).

I'm not sure on the tranasction fees question, though it shouldn't be a big difference either way.

When you buy via blocktrades here on the site they're priced at the market asking price. If you deposit to an exchange directly, you may be able to score a bid on the other side of the spread. I saved ~10% doing this today.

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I would agree with this advice, if you are experienced trader on exchanges. Otherwise, trading Steem can be brutal due to its extreme illquidity. I'd stick with Blocktrades for simple purchases.

  1. Yes, concentrate on SteemPower I suggest you look into the whitepaper and understand the rules of the game.
  2. Go direct BTC > SteemPower with blocktrade...best price and Fast! (Which can be done via the hamburger menu on the right)
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How much will I make by putting my steem to stake?