QUICK SIMPLE GUIDE ON HOW STEEMIT REWARD SYSTEM WORKS
It can be confusing on understanding how the steemit reward system works for many of us, so I decided to do a quick summary on how it works.
It's complicated to explain it all in a short summary so check out the link below,
it will explain how the upvote system works in greater detail:
https://steemit.com/tutorial/@ilyastarar/understanding-steemit-know-how-steemit-reward-system-works-and-how-rewards-are-distributed
This other link explains curator rewards. Curator reward earnings are when you upvote other users post.
https://steemit.com/steemit/@calamus056/curation-rewards-explained-in-great-detail
The short summary explanation is if you use the 50/50 choice:
other method is 100% to steem power:
The last method is the least used usually by the witnesses. The rewards go to improve the steemit platform.
The short way to calculate the reward system:
For example if the total amount of sbd in a post is 100 sbd
times 100 by .75 (75%) will get ya 75 sbd (other +/- amount of the 25% is to pay the users that upvote your post ,
called the curators.)
then divide that in half and will get you 37.5 sbd
The 37.5 is the amount you will get in your steem dollar wallet (This amount changes per whatever the current sbd price is worth at payout time that will occur at the end of the 7th day )
the other half of 37.5 is divided by whatever the current price of the steem coin. Example: 37.5 / 4 current steem coin price = 9.375. So 9.375 steem will be going into your steem power.
Upvoting other post can bring good rewards as well. You can also upvote your own comments to compensate for the +/- 25% that is paid to the curators. It kinda evens out at the end if you upvote other posts. This is great because makes you get involve with the steemit community.
The best way to take advantage of upvoting other post are the ones that have a high amount of sbd and the post being less than 30 minutes old...I usually go to the HOT tab where you find the post with most sbd in a short period of time. This way you get higher rewards. You will also find new users to follow and exciting interesting stories to read as well. I usually upvote about 7 post at 100% in the HOT tab section.
If you constantly use your steem power, it will drop significantly but you can always recover after 24 hours.
you can check your steem voting power by going to:
https://steemd.com/@type-your-username-here
Hope this helps ya guys, any thoughts, insights, or any corrections please write a comment, thanks!.
thanks for the info im new so i find steemit confusing this helps clear things up alot
also why does my steem rewards change when no new upvotes or comment are made ?
there are 2 currencies for the steemit platform...SBD steem dollar coin fluctuates daily. The other coins is steem which also fluctuates daily. The steem coin is used for steem power. These coins are constantly being traded at exchanges. The price goes up and down depending on how much people buy and sale it at exchanges. I believe that the steemit platform averages the ongoing sbd price of the post per 7 days. I might be wrong on the days it's averaged out. It could be 5. That's why you see the price changing all the time. If all the steem coins go much higher the more money you will make.
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Thanks for the very detailed explanation. I feel like this post was partly made because of the questions I was asking. Sorry about that : )
The bots are what intrigue me now. Most seem to have a min of $2-$3SBD. I assume you send this to the bot, and base on reading their instructions, the pool is calculated every 3-4 hours or so, and then a % vote is given to the post that you sent to the bot.
Big question is, if you send a bot $5SBD, is it random how much SBD they will vote up your post? Or is it always exactly $5SBD worth? Or does it depend on how many other people used the bot in that 2-3 hour period?
Have you ever gotten a bigger return on the SBD fee you paid to a bot, or much smaller?
thanks steemit.