The other day I was asked by few friends of mine in Steemit about some questions regarding the STEEM POWER DELEGATION.
So I did give them a clear idea of it and I thought of making a post explaining about it so that there are many new users who will get the answers from the post.
So let us start
I will try to write this in very easy language not much in technical terms.
To understand the Steem Power delegation we 1st have to know what is Steem Power ?
- STEEM Power (SP) is STEEM (The Cryptocurrency )that has been locked in the account of yours in Steemit ( you can say vested ) meaning it can't be immediately withdrawn from your account.
What does STEEM Power Do ?
- STEEM Power is what gives you influence on Steemit. Which means the more STEEM Power you have the more power/influence you have in Steemit. By having more STEEM Power you can upvote others and in return you can earn the curation reward.
PS: There is a very small 'interest' rate earned by holding STEEM Power.
What is STEEM Power Delegation ?
- STEEM Power delegation is the process where you give your STEEM Power to other STEEMIT user and let that person use your SP in Steemit.
Can the person take my STEEM Power forever after I give it to that person ?
- Of course not, it is your STEEM Power you can get it back whenever you want.
Does it cost me anything to give my SP to another user ?
- No, you just have to follow a simple process and you can delegate to any STEEMIT user.
What is the duration/ Expiry of my SP once it is given to the other user ?
- Basically there is no expiration of the delegation,unless the user undelegates the STEEM Power. The user can take back the STEEM Power at any point of the time.
Will I get back my STEEM Power instantly after undelagating ?
- No, it takes one week to get back the STEEM Power back to your account.
I think that answers all the questions that I was asked by few of my friends in here.
Even if you have any further questions than leave the question in the comment section:)
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wow your so amazing buddy
Well thanks for the kind words buddy.
Thank you, very usefull information. But i looked in wallet. There was a + sign and there was also a mark - on steem power, i have not understood it.
Thanks @rehan12
The + sign refers to that someone has delegated you SP
while - sign refers to you have delegated SP to someone
Thanks for the comment.
Thankyou too
Nice read. I leave an upvote for this article thumbsup
Thanks mate !