3 Excellent Reasons for HODLing Steem as Steem Power!
Steem has pumped over $1.80 and if you were considering selling please wait! Read this before you rush to dump for an early unnecessary exit!
I've been trying to explain a few key steemit concepts to my friend @aishwarya who has been powering down consistently and wants to sell some of her Steem in another month. In the process I thought it would be good to write about hodling steem today.
Curating Content Everyday
The whole point of any community building exercise is to support each other! You can only maximise your community building efforts by curating content steemit on a regular basis. The higher Steem Power you have the greater impact you can have on the community. More Steem Power means a higher vote. Regular voting will improve user engagement and retention as well as recruitment of new users.
Even as future hard forks will flatten the voting power, you will still find it beneficial to hold larger amount of Steem Power. It is in the best interests of the community that everyone participates in voting. Not just the whales. Every minnow and dolphin must get out there and vote.
Even an account size of 3.1K such as my friends can make an impact as we move into HF19.
To meet like minded people comment on each other's posts and network on Steemit.Chat. If you need any channels ping me!
There hasn't been a better time to earn greater curation rewards than now. Vote carefully on new and established authors 30 minutes into their post and you can easily earn a decent amount of steem everday. You can also use bots to time your votes or services such as Streemian or follow @curie's votes to help benefit new and existing authors.
Powering Down To Maintain Liquidity
My friend wants to withdraw a couple of hundred Steem. But to power down the account completely is just a waste. Keeping Steem in the liquid form also exposes it to account hacks.
If you must maintain liquidity then you can set aside a little Steem in savings which you can withdraw in 3.5 days. If not keep powering up every week as you power down. This way you can maintain liquidity easily. This is what I do even as I have no need to withdraw Steem.
Steem Power Gives Interest!
Since the previous hardforks has done away with the inflation steem gives a small annual interest rate of about 1.35% (15% of 9%) - correct me here if I'm wrong. While it's not much it's still worth something to consider. SBDs give some interest too!
(BONUS) Sell your SBD for Steem!
Use Polo, Bittrex or the Internal market to check the best price and trade your SBD for BTC/Steem. SBD is often hovering around $2 price and you can easily get twice the rate for it. Buy Steem when the price is low and you can easily power up 1.2x-1.5x.
While SBD is pegged to the dollar, Steem is expected by everyone to rise ten-fold its current price. The market decides the value and clearly the market wants the price to rise once again!
You dont want to look back one day and feel you got stuck holding SBDs when you could have done a lot more with it! Dont be a passive steemit user. It's very easy to do these basic trading activities.
HODL that Steem!
Disclaimer: This is not a investment or trading advice. Just sharing my personal experience and how I go about investing, spending my time and promoting Steemit for the long haul to various users of old social media.
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