Can anyone explain this to me?
Hey Everyone so I've been on Steemit for about a week now and after doing as much research as possible I still have a few questions when it comes to the different options in the wallet and I'm hoping someone here will see this can can explain it to me.
So this is what it looks like when I look at my wallet here on steemit. From what I understand there are two different crypto currencies. Theres Steem and then theres Steem Dollars. Now Looking at the First box it says Steem which i'm assuming is the first of the two crypto currencies listed. Whenever someone makes a pst and it gets likes and comments that gets converted into steem power and steel dollars which are then distributed amount the content creator and curators. Steem power is How much weight your vote and posts carry. Now here are my first questions.
1.Its says .650 steem which im assuming is the amount of steem coins I have in my account but that does the (+14.355 steem) mean?
2.If I power down using the option box does that then transfer my steem in the steem power aka .650 steem into the First row where it says steem is 0.000? What does powering down actually do?
3.With a higher Steem Power does that mean my posts are seen by more people in the community or does that just signify how much my comments or upvotes are worth?
Next set of questions is this.
The Third row is listed as Steem Dollars which im assuming in the other currently listed on exchanges. The 0.893 does that mean I have .893 Steem Dollars or I have 0.893 in USD (United States Dollar) worth of Steem Dollars? Because .893 times the value of a Steem Dollar is alot different than saying I have .893 USD worth of steem dollar coins.
Third is whats the Savings Row and How does that Work?
When I look at my rewards as an Author is says .150 Steem power and 0.000 Steem and .891 SBD. How are these calculated. The .891 SD is close to what it says in my wallet but why does it say .150 Steem power when my wallet says .650
Lastly can someone explain if its not too complicated why there are two Steem Cryptos Steem and Steem Dollars? Why not just have the single Steem Crypto?
I'm really trying to learn and understand how this all work so any Help would be really appreciated everyone. Thank you.
To answer your questions:
The 0.893 is the amount you have in SBD (Steem Dollars). To calculate the USD value, multiply 0.893 by the market value of SBD, which is currently trading around $6, equaling $5.37.
Steem is the crypto that is listed on other exchanges and can be easily converted into other cryptos like BTC and ETH. SP is only valuable within the Steemit platform, increasing your voting power. By powering up, you are essentially investing in Steem at least for the next 13 weeks, since it takes that amount of time to power down back in to Steem.
Hope this helps!
Thanks that helped a ton and answered many of my questions. So if I power down and convert my Steem Power to Steem does that have any impact on my ranking? Also does Steem Power have anything to do with my likely my post is to be seen in the posting feeds?
Last question if I power down my account and then after the 13 weeks decided to power up again does it convert all of my Steem back into Steem Power or does my Steem Power start at 0 again?
Rep score is a whole different story. I don't think powering down will effect your rep score, but don't quote me on that.
If you decide to power down you entire account, after 13 weeks your STEEM power will be at 0, assuming you do not earn any more STEEM during the power down period. When you power up, STEEM is instantly converted into SP.
So does having a higher steem power make my ranking go up more or faster? Also does having more SP make my content rank higher and show above others with lower Steem Power?
Having more SP will increase your voting power. The fastest way to get your rep score higher is to interact with users with higher rep scores than you. If the higher rep score users upvote your content, your score will rise.
Having more SP will not outrank your content over someone with less SP. With more SP, you could however upvote your own content, which would then rank higher than a fresh new post with no upvotes.
I would recommend that you use steemworld.org/@YOURUSERNAME to track your actions and how it affects your rep score.
Thanks I appreciate the info. I'm still learning how the site works.
Thank you. That cleared it for me.
Also do you have any idea what the savings section is for?
Haven't looked too much into that. But you can put you STEEM in there, acts at a savings account and could potentially earn interest. I'm sure there's stipulations on how long you have to hold your funds in there before being able to move them.
Hola bro gracias por la información
I will follow your post as I also have these questions.
So I don't claim to know the exact answers but here is the best of what I understand. 1) the amount in parenthesis is like a temporary donation of steem power from the whales to give you a boost of steem power in the beginning.
2)Powering down will transfer your steem power into steem dollars over a 13 week period.
3)I believe your reputation (yours is 37) determines how your posts will be shown. Steem power helps you earn more rewards and determines the worth of your votes.
The amount of steem dollars you have is the amount of steem dollars, not the worth in USD.
I don't know about the savings row or why the 2 cryptos but would love to see someone comment on that.
Thanks that does help. Do you have any idea what the savings section is for?