If you are looking to invest long-term, changing Steem into Steem Power is the way to go. As @etcmike did a good job explaining in this article, you will get more Steem if you are holding Steem Power. If you just held on to the liquid Steem (without powering up to SP), you would not get the additional Steem added.
Also, one other thing to add. I've found that converting my SBD into Steem on the Steemit exchange ("Buy or Sell" in the wallet), then powering up right away gives me a better value than waiting the 1 week for it to convert. It could play out either way, but with the way the price has been behaving recently, the quick conversion has been paying off more.
As I understand it, STEEM Dollars are pegged to the U.S. Dollar (even though an exchange may trade them for more or less than a U.S. dollar) and STEEM is the floating crypto currency you can trade through exchanges. STEEM Dollars held in your account earn 10% yearly interest. However, as shown in my article above, STEEM Power has even greater rewards.
Here is an article talking about the 10% yearly interest on STEEM Dollars: [Remember, Steem Dollars provide 10% annual interest tell your investor friends
I typically change my STEEM Dollars into STEEM. A one week process. Then STEEM into STEEM Power for the greatest rewards. STEEM Power also gives you VESTS which translate into voting power.
If you are powering down or need ready cash then you should hold STEEM Dollars.
If you are looking to invest long-term, changing Steem into Steem Power is the way to go. As @etcmike did a good job explaining in this article, you will get more Steem if you are holding Steem Power. If you just held on to the liquid Steem (without powering up to SP), you would not get the additional Steem added.
Also, one other thing to add. I've found that converting my SBD into Steem on the Steemit exchange ("Buy or Sell" in the wallet), then powering up right away gives me a better value than waiting the 1 week for it to convert. It could play out either way, but with the way the price has been behaving recently, the quick conversion has been paying off more.
Thanks for that information, I did not know about that method of powering up.
Steem on,
Mike
As I understand it, STEEM Dollars are pegged to the U.S. Dollar (even though an exchange may trade them for more or less than a U.S. dollar) and STEEM is the floating crypto currency you can trade through exchanges. STEEM Dollars held in your account earn 10% yearly interest. However, as shown in my article above, STEEM Power has even greater rewards.
Here is an article talking about the 10% yearly interest on STEEM Dollars: [Remember, Steem Dollars provide 10% annual interest tell your investor friends
I typically change my STEEM Dollars into STEEM. A one week process. Then STEEM into STEEM Power for the greatest rewards. STEEM Power also gives you VESTS which translate into voting power.
If you are powering down or need ready cash then you should hold STEEM Dollars.
Steem on,
Mike
from now on it's steem power only for me
It all depends on your situation. But you cannot go wrong on SteemIt when you set your mind to increasing your STEEM Power.
Have a great weekend!
Steem on,
Mike