Heeeeeey Everybody
!!!...THIS IS A LIVE BLOG AS I RESEARCH AND FIND SPECIFIC INFO THIS EVENING ON HOW TO PROPERLY UNDERSTAND HOW THE $$$$$ OF STEEM WORKS...!!!
!!!...I am not an expert or a professional, i simply just want to learn how to use STEEMIT, and show others who are in or who could be in my shoes...!!!
So, if there are many of you guys and girls out there similar to myself, it is a difficult idea behind all the financial side of things work behind STEEM moneys. Basically from what I gather from a few experts, we really don't have to worry about how it works, we just have to understand that it just works. Now there are for sure blogs and pages of technical documentation that will explain all this in detail, however for me, being new to STEEMIT and to this platform, and for the purpose of this blog, I wanted to know the best way to learn how to understand what to do with my wallet on here.
Now the first video I watched this evening went into a different teaching variation style(check it out for yourself) in trying to explain STEEM money, and its very well written!! Gave me a basic grasp on what to watch for as i kept on researching! PLEASE CLICK HERE to view the blog, and make sure you give a huge shoutout to @donkeypong for this awesome article!
I just finished watching the second video trying to explain this topic, its a little older but it worked, it made total sense to me. Thank you @shredlord for this extremely understandable explanation on STEEM money! Click HERE for his blog. Very informational if you have not much grasp on this topic.
SO, LETS GET STARTED, EH...?
If you look at your wallet, it will have (3) STEEM money options, (1) SAVINGS option, and (1) ESTIMATED ACCOUNT VALUE, as per the pic...
STEEM: This is the STEEM you have, the same way you would if you had STEEM on a trading platform (essentially!).
EG: If you have 5 STEEM, and the market price is $2usd, its really worth $10usd and its really easy to take out from STEEMIT and back onto a market or eventually into fiat, and obviously vise-versa. If you want to transfer STEEM from another wallet, or exchange ie:
BITTREX, POLONIEX, KRAKEN, as well as numerous others (however, these are what I call the BIG 3) this is the account you look at.
STEEM POWER: Basically, the more of this you have, the more your upvote is worth. Please CLICK HERE and type in your user name, or any user name you want if you want to get upvote and other information.
If you want another explanation, please CLICK HERE and give a big thanks to @sumatranate for this spectacular blog on how to know how much your upvote is worth!!
So listen, I look and assimilate it like this, the more you believe in STEEMIT, the more you believe that this platform will take off, the more of your total account you should hold in STEEM POWER, this is where you get the best rewards in using the STEEMIT platforms, as explained
NOW PLEASE TAKE NOTE!!! ONCE YOU REQUEST TO REMOVE SOME STEEM POWER TO EITHER GET STEEM, OR STEEM DOLLARS, IT WILL TAKE 3 MONTHS TO PROCEED WITH THE FINAL TRANSACTION, YOU CAN RECEIVE MONTHLY PAYMENTS UNTIL THE PAYMENT IS FINALLY ALL PAID OUT, THIS IS WHY YOUR STEEM POWER HAS A VERY HIGH INTREST ATTACHED TO IT
Please anyone help correct me if I am mistaken!!
STEEM DOLLARS: This is basically what the platform recognizes as in my words, a ONE to ONE. What you have in this account, is what you are able to take out (converting to STEEM) or transfer into STEEM POWER at a $1usd to a 1 STEEM token as traded HERE
This value collects a 10% rate ... :D
SAVINGS: This is a neat feature, that basically is the same as the STEEM DOLLARS account, in which you gain a 10% interest on your holdings, however the difference is, its an added security feature which allows you 3 days to try recover your account if it is ever unfortunately compromised somehow. CLICK HERE for more info and make sure you check out @steemitguide and show some appreciation for their help on STEEMIT cos they sure have been alot of help in my STEEMIN research!!!
ESTIMATED ACCOUNT VALUE: In a nutshell, this essentially means the net value of all your posts. It is the 7 day average value of total STEEM, Keep in mind now that this is just an estimate, it does fluctuate, sometimes by dollars or more.
So that just about concludes this live blog post, but i wanted to say 1 last time...
I am not or nowhere near a professional! My aim is simply to help guide others in learning things that you need to know in order to gain the BEST experience using STEEMIT.
Please don't hesitate to correct me if I have made any mistakes, I will gladly resteem any corrections here in aims to help this blog become a guide to help future STEEMIANS :D:D:D
Any help with trying to get this blog out there to help the people it is aimed at, will be gladly appreciated. I have put quite a few hours into researching this info and presenting it in this hopefully appeasing blog entry, and hopefully helps at LEAST one person
One last thing to leave off, Try tell as many people as you can about STEEMIT, the more people use it, the more it will become adopted as a whole, and the more we can all make money together... because lets face it... those who get in and get good early, reap the rewards :D
BIG shoutout to these STEEMIT users for their awesome help in this guide:
@donkeypong
@shredlord
@sumatranate
and of course myself @diggerdugg
CREDITS:
www.coinmarketcap.com
www.steemnow.com
www.bittrex.com
www.poloniex.com
www.kraken.com
Cheers and Happy STEEEEEEEEEMING!!!
DIGGER
