You are viewing a single comment's thread from:
RE: How to Exchange your SBD for Steem Power in 5 Simple Steps [instructions + photos]
Ummm, I'm new here. I read this and I'm wishing that I could understand some of it!
I haven't felt less smart since my first philosophy class!
Anyway, I don't see the relevance for me. If it's about cash, I didn't come here to spend or make money.
I do feel bad about my ignorance though...[sigh]
Hi @rortian and thank you for taking the time to read my posts.
First of all please do not feel discouraged. The fact that you are not here to spend or to make money is actually an advantage for you : )
Every user of steemit has a wallet which stores their steem tokens. Steem comes in 3 forms. Steem Dollars and Steem are in liquid form (which means that you can immediately transfer them and exchange them for other cryptocurrencies) and Steem Power which (as the name implies) gives you power in the platform.
The more Steem Power you have, the more your upvote is worth.
(If you visit https://www.steemnow.com/@rortian you can see information about your steem power, (15) and the worth of your upvote is approximately 0.001. If you click on https://www.steemnow.com/upvotecalc.html you will see that (i.e.) a 10000 (10K) Steem Power will give you an upvote value of 1.17 $) It can take a long time to increase your steem power, depending on how active you are here and how often you post.
When the users first get here, steem delegates (lends) you an amount of steem power. As you continue being here and you will increase your steem power.
You can use your steem power to upvote quality posts or comments. Please keep in mind that all upvotes are gathered at the post and the author receives 75% of the total amount. The rest 25% is distributed among the people who upvoted (they are called 'curators')
The payout of every post is 7 days after the creation date. You can upvote a post past the 7 days window, but it will have no affect to the amount of the post, even though the number of upvotes will be increased by one.
I feel that there is too much information in my reply, but I hope that I have managed to give answers to some of your queries.
I recommend to any new user who might bump into this post to read my beginner's guide and also please read the wallet explanation by @sndbox as well as the Steemit FAQs
Let me know if you have more questions : )
Well, thanks for this; it's very clear and concise. Greatly appreciated, and I'd like a bit more, if you please.
How does one's steem power get incremented down the road? (I'm curious about everything! It's a problem that I live with all the time...!)
As each of your posts reaches the pay out day (7 days after its creation), you will be rewarded with steem + steem dollars + steem power. The amount will depend on the amount of the post.
After you visit your wallet section, you will see how much you have been rewarded and all you need to do is click on the button 'Redeem rewards / Transfer to balance'
Every time the steem + steem power + steem dollars (sbd) will be accummulated into your wallet. You can then buy steem with your steem dollars and either exchange them with cryptocurrency or power up to increase in steem power.
I hope that I understood your question, please let me know if there is something else you would like to know.
Oh. Thanks again.