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RE: A writer’s guide to making money on the STEEM blockchain – for beginners
Wow - thank you for such a comprehensive post. Really helpful.
One point I have seen conflicting views on (only 'one', you may ask...?!) is around selecting 100% Power Up on posts v the default '50:50'. Without wishing to get "lost in the weeds" in an already complex area (!), are you not better off taking the 50:50 and converting the SBD to Steem (via the internal market) then Powering that up?
I guess it will depend on the relative value of SBD v Steem etc and I know it's something I need to investigate further as my inclination was to Power Up 100% on all posts until I saw the above view expressed in a few different posts...
Still learning the ropes so appreciate any views.
Hey Steven, thanks so much for reading! I honestly haven't thought much about whether I can get more STEEM Power for my SBD, if that's what you're asking.
One of my main motivations for 100% power ups is accounting. As soon as SBD hits my account, according to my accountant, it is earnings. Then it gets damn complicated tracking it as I power up, then later power down.
By powering up from the beginning, I don't have earnings until I power down later. Now, I'm really thinking about this as business revenue, so I take the tax implications seriously. Others may think differently about it!
Thanks for your comment - as an accountant myself, I fully "get" the intentions to keep things easier to track and the tax implications.
Tax on cryptocurrencies is an evolving topic and something that I intend to cover here on Steemit....
You've earned a follow :-)
Tax on cryptos is something I'd like to get wiser on.
I am curious about this as well. I am completely new to Steemit now but I am also viewing as an investment of my time and energy to at some point create profits from. I am already creating daily content for Youtube so it makes sense to just share it here. Thank you for this article it does clear up a few things for me!
Oh, that would be awesome, Steve! I really had to wade through a lot of conflicting information on here to figure out how to proceed. It doesn't help that there's a common opinion in the crypto world that "tax is theft." Whether that's true or not you still are obligated to pay your taxes!
That's a good point. Im from Germany though, I don't know if it works like that here. Maybe I will research that and make a post about it.