Making Sense of Steemit Currencies (Steem, Steem Power, and SBD)

in steemit •  2 years ago 

What in the Heck are Steem, Steem Power, and SBDs?

One of the biggest questions I get from newcomers to the Steemit platform is why in the heck do we have three different currencies and what do they all mean? Today I'll break down all three two currencies and explain their use on the Steem blockchain. Plus, I'll touch on Steem Power Delegation and the benefits of Powering Up.

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Good to know you solve my doubt with this post. Thanks Brandon!

You're today's comment winner!! 😎🥂

Each day I pick a random comment on my post to upvote and today was your lucky day 🙌🏻

Great post, Brandon:)

You are an awesome teacher and great resource to newbies on this platform. I think you made an important point about investing into the platform. After a few weeks on steemit, working well and networking, I understood my growth would be slow without investing. Now, I also had a fairy-god-father who delegated me some SP in the early days, but I did make the decision to invest. From there, the growth increased exponentially. It should be understood the growth is exponential on steemit and not linear and slow to start. You can count on your blog being small for the first year at least, if you do not invest or rent SP.

I would like to see the platform guarantee all bloggers in good standing a minimum of ten 1-cent votes a day. I think that would help the platform grow. But right now, buying into the platform is the only short-cut that can be truly counted on.

Thanks for heads up on the minnowfund thing. Fortunately my vote went with another and I did not have to change it. I think this really points to the importance of being authentic on the platform. Steemit does not suffer slippery fish long. Play hard and play fair. There are people here that value those who do so and kick to the curb those that don't.

Still reading ... here's to 'annoyingly patient' people:) The world needs more of them.

Thanks so much, @prydefoltz. You're absolutely right that it's a steady (but slow) build at first here on Steemit if you do not invest in the platform. This can even be true for big bloggers & vloggers, if they don't bring their following with them. That's why it kills me to see people cashout their SBD in their first few months. I really feel (if they want to build big here) they should invest everything into Steem Power... at least for the first few months.. if not a full year.

And I agree that people need some incentive for curating content and that could easily be done if their initial SP delegation from Steemit Inc. was more substantial. I'm glad you pointed this out to me a few weeks ago which created @minnowfund. Hopefully the price of Steem will continue to rise to a point where this will be a non-issue.. but for now it's a very real issue. The best bet, as we said before, is to invest if you can.

It kills me too when I see people with loads of SBD in their account. Sock those puppies into the SP and get them working for you. Alas ... I think some people don't know how to power-up or transfer SBD to SP.

This is brilliant. Such important information for new Steemians as it was my biggest hurdle getting started (understanding the difference...)

Hey I'm creating an entire training portal in Bitcoin Bully for STEEM. I just finished up a video yesterday about this same topic and I mentioned that people should follow you for STEEM education....Do you mind if I link to this post to give people a much more in depth overview?

Thanks Jon! I have to check that out for sure. And absolutely, feel free to use any videos that I have. I've been meaning to do this video for a while. In fact, I couldn't believe I hadn't already covered this in detail. Hope it helps some people out there!

Thanks man. Hopefully this little push I'm doing will bring more people into STEEM. Already brought in bunch, but still wanna get folks fired up to take action here every day.

You got a 34.39% upvote from @brandonfrye courtesy of @brandonfryeroi!

Want to promote your posts too? Send a minimum of .10 SBD or Steem to @brandonfrye with link in the memo for an upvote on your post. You can also delegate to our service for daily passive earnings which helps to support the @minnowfund initiative. Learn more here

Good clear video

another excellent video...packed FULL of information!!!!! when any new people to steemit ask me how to learn and crack the code of steemit....i send them right to you bro!!!!! please keep it coming!

Lol thanks @rawutah!! 😊

Thanks for helping keep the $teem ¢urrency info clear and easy.
Cheers to community growth.

These currency concepts are so interesting as I learn something every time I read more into it. Was very interested in the inflation aspects of the SP. So many incentives to stake for the long term.

I tried the up vote bot and it worked OK. I have two question about using the up vote bot?

Can we stick someone else s post in the memo and have them up voted too?

What determined the 1.81 % upvote and is there a way we can make it more or less?

Hi @commonlaw, great question. And yes, you absolutely can promote another person's post. In fact, many people do this. And you can increase your upvote percentage by bidding higher in the next round. The highest bid gets the biggest portion of the vote. Be sure to check out for the current bidding round and suggested bid.

  ·  2 years ago (edited)

Okay, I mean I understand about STEEM and STEEM POWER, but why do we have STEEM DOLLARS (SBD) as well? I guess that's the way it is, although I think we could have been paid in STEEM and STEEM POWER as well.

As I understand it, Steem Blockchain Dollars (SBD) are a debt instrument that are backed by Steem. So they were created to bring stability to the Steem blockchain. In their whitepaper they state that "token-convertible-dollars enables blockchains to grow their network effect while maximizing the return for​ ​token​ ​holders." So I'm assuming that because we have SBD it maintains stability with Steem while still rewarding the blockchain's users. But if anyone has a clearer answer, please let us know.

Thanks for the explanation. That could be it, although SBD is currently just somewehere between 4 and 5 percent the market cap of STEEM and both are tradeable, liquid on the market and convertible into each other, so I personally do not see much reason for having two cryptocurrencies in Steem ecosystem.

Good info for Minnows! This is one of the tougher Steem concepts.

Great informative Video! This Will Help Out A Lot Of Newbies To Steemit! This Personally Was Confusing To Me Right Away, So I Hope That This Will Help Out All Newbies!

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Great video... I'm a brand new user and this stuff has been so daunting to me. I think I'm finally starting to get it slowly and your videos were a big part of that. Thank you for the hard work you do, it really means a lot.