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RE: I Just Woke Up And I Can't Believe What I See!
There are several posts in steemit "explaining the financial side of things", in summary, it just let you POST whatever topic you like, make it interesting to your intended audience so that it will get UPVOTES which have some monetary values as your reward. which will then be paid out in 50% Steem Power and 50% SteemDollars. Yes BTW even, voting (curating) and commenting sensibly can get rewards too.
Steem Power can be withdrawn by POWERING DOWN what you got in your wallet balance, but it will be released to you in 104 equal divisions in a WEEKLY MANNER(2 years).
Steem Dollars is directly convertible to STEEM through the internal market. which you can then sell for Bitcoins or other cryptos in other exchanges.
Hope that helps.
There will be direct markets from Steem Dollars to Bitcoins within a few days. You won't need to use the internal market unless you want to convert your SD to Steem to power them up.
Nice. Thanks for being here smooth. Your (coding) contributions for the furtherance of Steemit is appreciated. Always been a silent fan of yours.
I'm not one of the coders on Steem/it. I do coding on other projects, but I wouldn't want to take credit where not deserved. I'm a Steem witness, early miner, and significant stakeholder. Glad I was able to provide useful information.
oh, excuse me, I probably incorrectly expressed.
I am ashamed to say it, but I trade on "yobit", but here I am confused. : D
How do I withdraw to my Bitcoin wallet? I can not find a setting to indicate my address.
It's ok, its really a bit confusing at first.
You see, you can ONLY DIRECTLY withdraw STEEM tokens from your steemit account wallet.
SteemPower can only be withdrawn to STEEM in 2 years time from the moment you hit powerdown.
While Steem Dollars(SBD) can be converted to steem but you have to wait 1 week after hitting CONVERT.
When your STEEM have a balance. You can withdraw that to your exchange's Steem Address.
To anyone who knows better, pleae correct me if Im wrong with any of my explanations.
Good summary. With regard to STEEM POWER. I believe it takes 2 years to reach 100% of the amount converted. i.e. if try to convert say 208 Steem Power, I will get 2 each week for 104 weeks (2 years) so it takes 2 years for it to fully pay out.
But i don't think its 2 years wait "from the moment you hit powerdown" then suddenly 2 years later you get the full amount.