Next Steps: After July 4 Steem Payout?
The Steem payout day is fast approaching. I want to compile a list of options for new users. Many members in the community are new to crypto currencies and they need simple instructions to follow for each option available.
Please help me to compose a list of options and I'll include these in a video tutorial. Please leave your answers in the reply section.
If you are new to Steemit.com, take a look at the new user videos.
https://steemit.com/steem-help/@pairmike/steem-video-tutorials-for-new-users--part-1
https://steemit.com/steem-help/@pairmike/steem-videos--part-2--voting-and-replying
Yes, July 4th is almost here! I think the dev team is working on a new GUI (graphical user interface) to do some of the things that can be done, and might have that ready by Monday.
So I believe we are going to get a certain amount of Steem Power and a certain amount of Steem Dollars put in our accounts on Monday, July 4th.
Steem Power can be Powered Down to Steem. You do it from your wallet. Click the down arrow to the right of Steem Power and you will see the Power Down choice. I just tried it, and it asked for my password. Once I entered that, it began to Power Down my Steem Power, which is not what I wanted to do! Luckily there as a Cancel Power Down choice as well, and I clicked that.
If you do power down your Steem Power, it gets converted weekly over 104 weeks. If you keep your Steem Power, you keep your level of reward for posts and votes. I think you also earn interest in the form of more Steem Power.
You can also convert Steem Dollars to Steem from your wallet. Click the drop down arrow to the right of Steem Dollars and select Convert to STEEM. This gets converted one week after you choose the conversion.
Once you have Steem, you can exchange that for Bitcoin, then sell the Bitcoin for the currency of your choice.
That's my understanding of it, at the moment. I hope someone corrects my mistakes. Best wishes to all, and have a great rest of the week!
My goodness thank you:) Been waiting for detailed explanation to convert to get bitcoins.