How I Turned $1,590 into $16,480 with Steem?
This is kind of a catchy headline, isn't it? Something that you receive in your inbox daily with all these gurus promising you all this money you can make online, usually without lifting a finger.
I am sorry to disappoint you, but I had to put in real work and consistency to see this happening, and I am confident that if you look at what I did, you can reproduce it for yourself.
How I Turned $1,590 into $16,480 with Steem?
I only bought for $1,590 worth of Steem and with the rate today at $5.99, my holding is now worth $16,480. This is ten times the amount I paid out of pocket, but this implied working quite hard at it for a couple of months. I will explain in detail and breakdown everything so you can see what I did.
Steem like all the other cryptocurrencies is going up and down, and of course, my holding could be much lower in a few days, or much higher as well. As long as you think long-term, then this doesn't matter because I will always have 2,750 Steem Power, which is set to gain in value as more people start using it seeing all the advantages it has compared to Bitcoin or other star crypto.
7 Steem buys.
I started on Steemit on 28th May with my introduction post and the day before when I was setting the account, I bought 375 Steem Power at $0.84 each to get started. You can see on the table below all that I bought.
|375.1181||$316.00||$0.84||27 May 17|
|115.205||$253.39||$2.20||15 June 17|
|96.72||$105.74||$1.09||15 September 17|
|130||$130.00||$1.00||01 October 17|
|132.868||$149.00||$1.12||05 October 17|
|287.498||$268.00||$0.93||03 November 17|
|121.079||$368.00||$3.04||29 December 17|
I bought a total of 1,258 Steem Power for $1,590, the cheapest price was $0.84 and the most expensive $3.04. I bought Steem as soon as I had some money to invest and at times when it was in the red at a lower value.
Earning rewards blogging
When I started in May, it was hard because my posts were earning very little and I didn't write every day.
My friend @jerrybanfield started to upvote my posts, which gave me about $5 per post and this encouraged me to start blogging daily 3 months ago. A month ago he stopped upvoting people and I lost that, but having whales upvoting your posts does really help, especially for motivation.
When the big upvote dropped it was hard, so I started to use bots instead to see better rewards on my posts and also give better rewards to curators. I did not use out of pocket money for the bot, just using the rewards in SBD to feed the bots and get more and more Steem Power.
According to steemworld.org/@gmichelbkk I have earned 706 SP for authoring and a few more for curating.
Now my total Steem Power is 2,751 SP, so where does the difference of 1,493 SP comes from, considering I had only 706 SP in rewards?
Remember that author rewards are 50% SP and 50% SBD and I didn't cash out anything. I reinvested all my SBD into promoting my posts with bots or exchanging them for Steem on the market. Last month was particularly profitable when the value of SBD was very high and the value of Steem still low. You could get a lot of Steem with SBD and that helped a lot. You can see all this in my wallet's history.
I have now 125 quality posts on my Steemit blog.
Blogging every day and seeing the rewards, especially when you pay for bots, may not look like profitable immediately, but you position yourself for future market opportunities where you can change your SBD for a lot more Steem, and when the value of both increase.
Steem Power delegation earnings
Steem is not like Bitcoin, where you get nothing just by holding it, but you can actually delegate your Steem Power to other users and get a return for that. You still have your Steem in your wallet, you only lend your power and can withdraw the delegation with one click.
This is what I have delegated, almost all I have.
Every day I get paid for these delegations.
So far this month, I got 9 Steem and 49 SBD, which I exchange for Steem Power, and delegate more. It's compounding and the returns are growing every day regardless of the present value of Steem or SBD.
I hope you'd like to try that: New Automatic Daily Payouts of 60% APR for Steem Power Delegations!
My Steem Power holding.
I entered all my transactions for my Steem Power in CryptoCompare so I can see how it's going. Notice the 7 buys and the rest is all from rewards and delegations for a month.
As you can see everything is in the green for profit and the rewards will always be because I had them for free.
You may be interested to read: How to Create your Cryptocurrency Portfolio on CryptoCompare
In conclusion, this is my favorite image.
What I want to show is that with very little money, but putting the work, you can grow your Steem holding. I have some friends who had more money to invest and they had to work less for better results, and I know you may have less to invest than me, but if you put on the same amount of work, you will see your account grow, reinvesting all that you earn for a big potential return in the future.
Would you upvote this post and follow me for more because this will encourage me to write more posts like this one?
Would you please help @jerrybanfield become a top 20 witness because you can help funding projects to build Steem as explained here? Vote for jerrybanfield as a witness or set jerrybanfield as a proxy to handle all witness votes at https://steemit.com/~witnesses. Read the 5 reasons why I'm voting for Jerry Banfield as a witness and how to vote in my post.
Thanks, didnt know about the delegation part.
I am glad the post is useful for you @abajnath.
Congratulations for the good result. I shall work harder like you so that by the end of 2018 I can write an achievement post like what you did now
I encourage you @jiashin to do that! Thank you for your comment.
Good opportunity !
You have a good time on steemit.
Thank you for the comment @mirzacho.
Smart man right here. Keep it up.
Thank you very much @realmsofcrypto.
Wow this is inspiring. Steemit has really helped many people and will keep helping people.
Thanks for this I am inspired.
@gee1 I am glad that the post inspires you.
that's pretty awesome considering the short amount of time you invested in the Steemit platform. Then again 2018, will be an awesome year for you to accumulate some SP.
Thank you very much for the comment, and yes, 2018 will be awesome!
It's great for you to start realizing that early on. I am now spending more time to write actively on Steemit and I hope to achieve the same SP as you had within the next 6 months :)
I wish you success @khusairy. It's never too late to get started as Steem is very promising.
Great work my friend. I haven't quite kept track of what I have purchased and what I have earned, but I think it is comparable. I am going to keep buying small quantities at a time and hopefully start earning more through rewards. Gotta keep the long term focus in mind. I really want to finish off 2018 with over 10,000 SP. Lots of work to do. Keep up the good work
Thank you very much @jasonshick for your nice comment and upvoting the post. I have the same goal as you have 10,000 SP! I'm following you now.
Awesome. Let's help keep each other motivated and accountable so that we reach our goal by the end of the year
Amazing post brother, being pretty new to the space (1 month) I had no clue that you got delegate for a return. Will definitely look more into that, +1 for linking appropriate posts for further studies 🙏🏼
Well deserved on your success here btw, quality content and well written 👍🏼
Otherwise, if you're into travelling, vlogs, fitness, self-development etc feel free to check out my channel, in any case keep up the good work and I'll see you around!
Thank you very much @williamwest for your nice comment and I'm glad that you like the post.
This was a really useful & informative post! I hope you share more of your practical success insights in future posts! Upvoted & resteemed!
Thank you @acdevan for the upvote, resteem and the comment. I will certainly share more in future posts.
After reading this post, I read your first introduction post. It's really inspiring what you have achieved for only 8 months. Thank you so much @gmichelbkk for sharing your secret to success.
I was just wondering since you have a lot of experience of photography/lighting, are you doing anything like making video?
Thank you for your comment and I'm glad that the post inspires you.I may write a new one after a couple of months to see the progress.
I'm not filming anything except a few classes last year and it has been quite a long time.
This was my first Steemit article read. Very well written and helpful for beginners. Thanks! Wish you all the best in your Steemit journey!
I am glad @t3chvoid that you like the post and for being your first read on Steemit. I hope that you will read many more.
@gmichelbkk Thank you for your post. I've recently joined Steem. Just a day ago. I publish a niche magazine. I'd like to create a separate id for my magazine and a different one for myself. Can you write something towards this effect? It's all amazing but confusing at the same time . Your thoughts will be greatly appreciated.
Congratulations for joining Steem. I think it is already challenging to make one profile successful, so I'm not sure having two is a good idea. If you still want to create another account, see this post: https://steemit.com/steemit/@gmichelbkk/4-ways-to-create-a-new-account-on-steem
Thanks for your response. I did not see your response. There wasn't an alert. I'm getting the designer to handle our official magazine Steem account and I maintain a separate one for my personal use. My business is a partnership and the content created for the magazine will flow into the official steem account. That's the only reason I want a second one. I own only half of that :) and the money that goes into it to buy steem will be the company's money and not my personal one...Thank you once again
How do bots work and where can I find one?
Thank you for your question @innervision.
You make a bid, transfer some SBD and get a vote that will give you more or less SBD back.
Go here to see all bots available: https://steembottracker.com
Thanks. How do you make money?
You make money in growing your account because at the end you receive more rewards than without using the bot.
Thanks for this. This helps me a lot on what to do with my blog. I haven't been blogging daily. I guess it's time that I start doing that. I should start using bots also.
I am glad the post is useful for you @ninyax. You can start with bots with $1 per post and go from there. The key is to reinvest all.
Yep. Will do that. Thanks again.
Thanks for the enlightenment. I will have to accumulate more steem power
I am glad that you like the post @brandshift.
Just when you think you got it down, you learn something new! Thanks for sharing and the transparency. I’ll be checking out the lending feature. Very cool!
@njphotog thank you for your comment and I am glad that the post is useful for you.
That great mate and cool headline. Will consider doing a similar one too. Cheers
@amreshchandra thank you for commenting and I encourage you to do a similar post.
Good Job man, i appreciate it.
Thank you very much @bitgion for your comment. Feel free to upvote the post if you like it.
@gmichelbbk what is the minimum amount of steem power that you can delegate
@govind7 it depends where you delegate, they have different minimums. My own minimum is 50 SP because lower than that, you do not see that much returns. Then I increase as I get more SP available, 60, 70, etc... Always keep at least 15 SP for running your own account and 50 SP would be a good idea.
Now I regret not powering up
Never too late!
you've done it by you own patient, persistance and hard work.
Yes, I did @steemerzone, and you can too!
You got a 0.71% upvote from @postpromoter courtesy of @gmichelbkk! Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Thank you @gmichelbkk for making a transfer to me for an upvote of 6.37% on this post! Half of your bid goes to @budgets which funds growth projects for Steem like our top 25 posts on Steem! The other half helps holders of Steem power earn about 60% APR on a delegation to me! For help, will you please visit https://jerrybanfield.com/contact/ because I check my discord server daily? To learn more about Steem, will you please use http://steem.guide/ because this URL forwards to my most recently updated complete Steem tutorial?
Release the Kraken! You got a 37.09% upvote from @seakraken courtesy of @gmichelbkk!
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You got a 9.28% upvote from @mercurybot courtesy of @gmichelbkk!