How Bid Based voting system works on Steemit and how it is profitable
Bid based voting system is based on bots to work on Bidding system.There are minimum amounts that can be sent in SBD to bots which varies according to the bot in order to get upvote and once the bot account reaches to its max power 100% , it splits the 100% upvote according to the bids and percentage provided by people during that period.
So , how much time it takes to get voting power to return 100% , its around 2.4 hours and after that bidding period lasts for 2.4 hours. Its up to your choice whether to get 50% upvote which will take 1.2 hour instead which depends on the bot.
Take the Following example: Griffin choose 2.4 hour bidding period and now Griffin sends $2 and Herald sends $6 to the bot.Total bid amounts for $8 so users will get their upvotes according to ratio they invested, Here Griffin will get 25% and Herald will get 75% of the total bid.
Now what makes bidding profitable is the power of Upvote , if the bot get more power in 100% upvote than $8 which was invested , Griffin and Herald gets more profit than they invested.
Checking is must before making any investments to the bot , their are many bidding bots available on Steemit , check out some of them
Image source - finch
Follow if helpful - @rahulkukreja
This is so informative.. if you share the bidding bots information that will be more helpful dude..