How to Earn Just by Delegating Steem Power? - My Steem Adventure #6
Do you ever wonder how it is feel like to set up a bank?
Now you can experience by delegating (leasing) your SP to others to earn "dividend"! You literally need not to do anything but just wait for your earning payment daily. Isn't this great? Plus, delegation is safe proof for your SP as the SP belongs to you and you can un-delegate the SP anytime (especially you realize that the user who leased from you does not pay as agreed).
Why People Need Delegation?
This is from another perspective by understanding why others need delegation. Their demands become our earning.
- The delegation can become their influence boost of their account.
- To grow a 'plankton' account faster.
- To earn more in curation reward.
Why People Want to Delegate?
- Earn while taking a break from Steem (AFK totally).
- Help those in need for SP.
- Diversify self monetary gain than earn from post and curation rewards.
I started my delegation when I hit around 200 SP and since then I had been receiving a constant amount of SBD. It is great when I have limited time on Steemit. This will ensure my wealth keep on working while I am away. I consider this as a power of compounding :)
To make things easier, I produced an infographic about Delegation:
High Definition Download: Here
Delegation tool developed by @justyy.
It is easier than changing the steemconnect links and with better clarity.
A Side Note: Once you undelegated your SP, it will need 7 days to return to your wallet and become effective. So do consider that when you decide on delegating.
Reference about Delegation:
- @bitrocker2020: Steem Power Delegation
- @timcliff: Tutorial - How to Delegate SP to another user using the SteemConnect tool from Busy.org!
- @steemreports: SteemReports - New Delegation Information Tool
- @daynewright: My Experience With MinnowBooster Delegation
- @liberosist: A brief guide to delegating Steem Power
My previous posts:
My Steem Adventure #1: Embarking into The Unknown Sea of Open Source
My Steem Adventure #2: Why is Steem giving out free money?
My Steem Adventure #3: Who Am I in 2018?
My Steem Adventure #4: Steem Just Shot UP!
My Steem Adventure #5: A Guide for Malaysian to Cash Out from Steem/SBD
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If only I have enough SP to delegate.
There's never enough SP to delegate, hahah..
Compare to you, mine even less.
If I get SP larger than 1000 I'd surely deletgate to minnow support project.
If you hit over 500SP also possible to start :) It depends on your choice too.
It took me 6 weeks to earn 1 SP. I don't know how much time it will take :D
Sooner or later you will earn more than that! I was also there before :)
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Wow! Thank @kimzwarch for this detailed post. Love it!
Most welcome @deanyeong!
I have delegated before, but not leased any SP. I often wondered about the returns available and this is the fist I have seen examples of the amount you can earn. Thank you. Great visual explanation of the process as well. Thanks.
no prob! Actually to me both delegate and lease are the same. the only different is the APR offered.