Benefits of STEEM Power and Buying the Dips In STEEM Price
As my one year anniversary on SteemIt approaches, I have been reviewing my SteemIt statistics. This post shares my experience in purchasing STEEM Power and its effects on my SteemIt account.
Free STEEM Power for Creating a SteemIt Account
When I joined SteemIt back in 7 August 2016 you got something like $7 USD in STEEM Power for creating an account. The amount of free STEEM Power given for creating a SteemIt account has varied since the early days of SteemIt.
Active Income
I had been looking for ways to generate a little extra income when the SteemIt opportunity came along.
A video from The Dollar Vigillante introduced me to SteemIt. In the video Jeff Berwick stated he made $15,000 USD on his first post on SteemIt.
Wow, this was the active income stream opportunity I had been looking for. And yes, I joined SteemIt with dollar signs in my eyes.
Reality Sets In
My first posts on SteemIt earned far less than $15,000 USD. In fact I had a few posts that made nothing.
Perseverance Pays
I continued to learn as much as I could about the SteemIt universe by reading posts about SteemIt and voting strategies. I learned about voting power, STEEM Power, and tools to monitor your account like steemd.com. I quickly became an informed poster and curator on SteemIt, learning to better format my posts and leverage my voting for curating rewards.
Powering Up Your STEEM Power
When I learned about the benefits of STEEM Power, I decided to invest in STEEM Power.
Graph is a Snapshot from SteemWhales.com
My first power up of STEEM Power was the week of 25 September 2016. I invested small amounts at first and slowly upped the amounts of STEEM Power I bought each time.
Here is a price chart of STEEM during the period I was powering up.
Graph is a Snapshot from CoinMarketCap.com
My total investment in STEEM was about $4,000 USD which allowed me to power up to approximately 26,000 STEEM Power.
The Results of Powering Up
My increased STEEM Power added some weight to my upvotes. My 100% upvotes were now worth around 50 cents on average. My increased STEEM Power also enabled me to use the slider bar on my upvotes. I could now upvote between 1% to 100% on a post or comment. And I greatly benefited from the rise in STEEM price that came during 2017.
Graph is a Snapshot from SteemWhales.com
Now my blog post rewards and my curating rewards were really starting to add up.
Bottom Line
Based on my experience over the last year buying STEEM Power (powering up) when the price of STEEM is low does have a lasting impact on your ability to earn rewards on SteemIt.
In my anniversary SteemIt post, I will show the full graphs (up to the current date) on my account activity. If you would like to see a preview of the charts, click here.
Congrats on figuring this out. I'm still trying to wrap my head around it.
Give it some time... it took me a while to grasp all the intricacies involved too.
Have a great week!
Steem on,
Mike
nice :) I wish I would have known that early about steem :(
good post @etcmike
Thank you!
I was just looking up the current inflation rate of STEEM. From what I found, the current inflation rate of STEEM is about 9%. This is another benefit of holding STEEM Power. Those holding STEEM Power will see their STEEM power grow at a rate of about 9% this year.
Have a great week!
Steem on,
Mike
O yes mr. @etcmike
But why these steam prices have recently been in turmoil. A few days ago got to the price below $ 1 / steem.?
Recently there has been a lot of volatility in nearly every single cryptocurrency. Tomorrow's hard fork of BTC has caused some of it, then there is some of the recent hacks. Cryptocurrencies are a wild ride.
SteemIt is still in beta. There are more than likely several more hard forks in the future for the STEEM blockchain. I am more than satisfied to ride the wild rollercoaster of the STEEM price.
There are many on SteemIt who can do a technical analysis of the STEEM price and predict where it is going. I follow @stephenkendal who has predicted a STEEM price of over $4 USD. He also predicts that SteemIt will have over 600,000 users by end of 2017. Stephen is a great supporter of SteemIt and I think his projections are very likely.
Time to start my week!
Have a fantastic day!
Steem on,
Mike
O yes .... thanks for the information master @etcmike
If the price of steam can reach $ 4 it is very good.
@etcmike, I remember way back during the $15,000 post. Jeff was the reason I signed up.
Yes, I remember the surge in number of new SteemIt accounts due to Jeff's video and promotion of SteemIt. I think you will agree that much has changed since then on SteemIt.
I know I do not say this enough, thank you, @runridefly, for your contributions to the SteemIt community. I certainly have enjoyed the content you have posted.
Have a great week!
Steem on,
Mike
Buying the dips definitely payed off for you!
You legit started from the bottom...
Thank you!
Yes, buying STEEM at around 10 cents was a bit scary. I saw the advantages of powering up and followed my rule of averaging down into a great idea. I could have lost everything, but at the same time I believed in the vision of SteemIt and its potential.
SteemIt is still at the early adopter phase of its growth with much more to come.
Have a great week!
Steem on,
Mike
thanks for the post, very helpful.
Your journey has been here quite interesting and you have learnt a lot here. I have completed two months here and now I am loving this platform day by day. Some of the great users are here which offer a lot to learn and earn.
I feel pretty good about my last couple steem buys. I like where were headed!
The SteemIt platform as a way of involving more people in cryptocurrencies is pure genius.
Buying STEEM to power up and increase your VESTS in STEEM benefits you and the SteemIt community. And buying the dips in STEEM and SBD prices seems like a prudent strategy.
The next time I see SBD prices at or below $0.85 USD, if I have the funds available I am buying. The last time that happened, it would have been a quick 15% or more gain. And the swing in STEEM price was even more dramatic.
Have a great week!
Steem on,
Mike
Thank you for these information!
As long as Steemit keeps reinforcing an ecosystem Steem Power will be a factor to the ongoing success of contributors.