Steemit Wallet 101 - Introduction and Key Terms [Illustrated Update]

in steemit •  5 months ago

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Toolkit posts are designed to help new Steemians get acquainted with the ins and outs of Steemit. If you have requests on components or systems related to Steemit that you would like to see explained, please let us know in the comments below. [The graphics and portions of text have been updated from our original wallet post.]

Steemit Wallet 101


For a new user, understanding the Steemit wallet can be a challenge! There are multiple categories where two different cryptocurrencies are held in your personal account. Today, we will break down the basics of the wallet, describing what each category means, and help you get comfortable navigating the local lingo.

"Wait, what’s my wallet?" The wallet tab is your very own Steemit bank account. Here, you can keep track of how much STEEM and SBD you’ve earned, transfer it to other Steemit users, deposit or withdraw. Everything in your wallet - numbers, transactions, and other activity - is open for the public to see.

Currency
Description
180111_Steem.gifSTEEM - is the central currency on Steemit.com. It’s a cryptocurrency or “token” very similar to Bitcoin. You can earn Steem by blogging, commenting and upvoting content on Steemit. This section of the wallet shows your “liquid” Steem meaning you can withdraw these tokens at any time. You can also move Steem to SP in a process called "Powering Up" (learn more about this below).
180111_Steem-power.gifSTEEM Power - (or SP) is the same as Steem. SP though, indicates how much influence you wield in the Steemit community. The more SP you have, the more valuable your vote becomes. Unlike the liquid Steem in the first section, SP is locked in unless you click “Power Down” (learn more about this below).
180111_SBD.gifSteem Dollars - (or SBD) is a secondary currency on Steemit.com. Value-wise, SBD are designed (algorithmically) to never dip below approx. $1.00 USD (though it can go much higher). You can earn SBD by blogging and commenting on Steemit.com. Just like Steem, this section of your wallet is liquid, meaning you can withdraw these tokens at any time or you can convert your SBD to Steem through using the "Market" tab.

Term
Description
180111_Wallet-Masterpost-24.pngSavings - this feature provides an extra layer of security for your assets. Here, you can safely hold both your liquid Steem and SBD. It's a lock-in measure like Steem Power (SP is actually even more secure!) Once you deposit liquid cryptocurrency into your "savings" it takes 3.5 days to remove it. (It's important to note that any of the Steem or SBD in the Savings section cannot contribute to your upvote strength.)
180111_Wallet-Masterpost-25.pngEstimated Account Value - this number shows the cumulative and estimated total value of all your Steem + SBD = in United States Dollars. This number fluctuates all the time. Why? The value of Steem and SBD changes every day as people earn and trade it. If you’re curious to learn exactly what 1 Steem token is worth right this moment, click here!

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Term
Description
180111_Wallet-Masterpost-27.pngPower Up - If you have liquid Steem, you can move those tokens directly into Steem Power using a feature called "Powering Up." Moving liquid Steem into vested Steem increases the strength of your upvote and simultaneously the amount of curation rewards you can earn. Ultimately, the more Steem Power you have, the bigger your vote!
180111_Wallet-Masterpost-28.pngPower Down - you can turn Steem Power back into Steem using a feature called "Powering Down." As a security measure, the process of converting your SP into Steem occurs in 13 installments over the course of 13 weeks. Keep in mind, your voting strength decreases every week you Power Down. (Power downs can be stopped at any time.)
180111_Wallet-Masterpost-26.pngTransfer - this action is pretty neat. Here, you can move liquid STEEM and SBD to any other Steemit user or a third party cryptocurrency exchange / wallet. Simply click the little carrot drop-down and select “Transfer”. You’ll then be prompted to enter in the amount you would like to transfer along with the account you are moving the cryptocurrency to.
180111_Wallet-Masterpost-29.pngMarket - here you can explore Steemit's very own cryptocurrency marketplace. You can use this feature to convert your SBD (Steem Dollars) into Steem or vice versa. This is a nice internal platform to follow trading and keep track of the markets in real time.

Exploring More @sndbox Steemit Toolkits


Thanks for reading! We hope you found this Steemit Wallet walkthrough useful. Take a look at our full outline of resource / tutorial posts here. If you have any questions please don’t hesitate to reach out in the comment section. Check out our other toolkit posts for helpful tips and ideas :


Blockchain
Basics
Markdown
Basics Pt. 2
Wallet 101
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Payouts
Witnesses
NoNo's
Curation
Reputation
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Check out the Steemit FAQ page to learn more!


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great innovation! steemit up :)

Wow this is really an amazing post all my doubts have been cleared now regarding steemit wallet thank you for explaining everything in detail @sndboc

This was good. I had mostly figured all of this out. What I would really like to know is what all the different keys are: private, master, etc... Could you write about that?

thanks for description about steemit...
it is very helpful in steemer...
i appricate your post...
thanks for sharing

Thanks for sharing, this post is very useful.

This was very helpful. I have only been on here a week. Best explanation I have found. Thanks.

This is THE BEST post and very friendly to understand for new Steemit users! I will definetly resteem ;) @sndbox Also, I would really appreciate if you could check out my profile :)

Very nice article for newcomers! Cool formatting and pictures - I´ll save it to share with new people I bring into Steemit in the future! Thanks!

Very useful for many things, and timely for introducing students @phillyhistory to some of the rules of the road!

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Fantastic, hopefully this helps them get their footing on Steemit and with some of the terminology too.

Excellent information for both new, and older users. Best way to maximize your wallet is to understand what everything means.

Hello @sndbox

Newbie Steemians will certainly find this very useful. I am going to copy the link and keep to be used during my webinar. Thanks a lot

Upv by
@eurogee, the Steemivangelist and the founder of @euronation Newbie's Support Team

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Glad it could be useful for you and your webinars @eurogee!

I have a question. Wha does the value in the bracelets mean in the Steem Power section in wallet?

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A good question @karlvillem. I think you mean "brackets" or something that looks like this...

(+14.510 STEEM)

This is called "delegated" Steem. Delegation is Steem that has been donated to you to make your upvote stronger. Steemit Inc. (the company behind Steemit.com) delegates Steem to new users so that they can upvote and generate posts and comments. That kickstarter amount will be taken away after a while, and once you've accumulated more Steem Power.

This is one of the coolest and most empowering parts of the Steem blockchain. People can lend one another upvoting strength :)

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Why is it that when you start getting Steem Power, Steemit starts taking it away rapidly? They cut my SP in half in one day, and now have been adjust my steem so that whenever I get more, they lower me back down to 15 SP total. Couldn't they slowly remove it so it at least feels like I'm making progress?

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As the number of Steemit users increased, the number of SPs delegated to the beginning decreased. It is now delegated that the delegation offsets the total value to 15SP. The delegation is removed to anyone who gets 15 or more of their own SP.

We are now at a time when we can quite easily acquire SP. When the price of SBD drops again, we will gain SP with more difficulty. If the STEEM price does not drops.

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Thanks for the info. When I started in late December I got 27 SP delegated to me, so it was frustrating that as soon as I started making my own I was dropped to 15SP. I wonder if there's a way to change the system so that if the delegated amount is 15, that you have it taken away on a 1-2 basis when you get more SP? In other words, you would only lose 1 delegated SP for every 2 SP you earned on your own until the delegation was gone. This would be less punitive.

"Every good father look after his children". This is actually what it means, you posting this. I sincerely think this is what steemit should be about. Looking back, giving useful information that educates and help others grow. This post is coming at the nick of time. Personally, I've been able to learn a lot from this post and i know others have as well. Im still reading, I'm still on it not done yet. Thank you for finding it necessary to share this post @sndbox. Well done!

Wow this just clarified so much for me. I was really confused by everything but I really believe in this site and want to get better at using it. Thank you so much, giving you a follow right now!

This post provided answers to the questions I'd been asking. Thank you!

Nice Post
Please Follow My Blog as Well @asifgoraya123
To Receive Exciting News And Signals About Bitcoin and Altcoins.

Das ist eine sehr gelungene Erklärung. Vielen Dank.

Thanks for the useful information!

Glad to see Steemit "veterans" trying to help newbies like me with info :).
I`ve just read the article and helped to understand "the wallet", like you said. Thanks for helping.

This post is the first port of call I managed to find over a week after joining.
More steemPOWER to you. A constant source of reference information

This is a great read, very, very useful for newbies! Thank you!

Very informative .. Thank you..

@sndbox nice to gain more understanding of the platform. please can you shed more light on % Apr. Thank you.

Excellent work, very helpful, I was going to resteem this too: https://steemit.com/blockchain/@sndbox/blockchain-and-cryptocurrency-an-illustrated-introduction - but I couldn't find the resteem button, does it get disabled after awhile? (That would be a pitty).

Thanks for writing this up!!

Great info, nicely boils down the relevant info in the white paper into an easy to understand summary for new users (and existing users).

I would also definitely recommend reading the white paper. It's very informative about the underlying tech and vision for steem, along with the reasoning behind a lot of the decisions the steem team made when creating Steem.

Great post for us newbies, can't get enough of these info-posts. Takes time to sink in at my age!! Big Thanks

Great content and great design. I am continually impressed with how great the graphics are for each post.

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Thanks so much Ryan! Always appreciate of your support. We work hard on graphics and clear explanations knowing communication is essential during the early stages. Steem has an exciting future ahead of it.

Thank you... So easy to understand as well... i needed this. Namaste.

This should serve as guide for newbie, how i wish pin to dashboard have been installed on steemit i will have gladly pin the post immediately. But i can still bookmark on my browser, incase of those that will need it.

Very nicely laid out post. Love the graphics and this post is very shareable - especially for new people.

Everyone reading this - be sure to share this post with family and friends!

Thanks a lot @sndbox for this post. I'm new on steemit and wasn't very familiar with how the wallet worked. Now I perfectly understand STEEM, SBD, Power Up, Power Down, Savings, Transfer and so forth. Keep up the good work!

This is nice post thanks for information

Thank you for this well laid out blog post, and information! Good work.

whoa, great one! Bookmarked as future reference as well :)

Very helpful information thanks a lot for this

Great! This is what I’m looking for. Thank you

Thank you for that post ♥♥♥♥
following you

Very informative i hope minnows will leverage this.
#steemsoccer1

Very clear, concise and couple it with such eye-pleasing icons. Thank you! I wish I had found this sooner when I started out :D

Thanks a lot @sndbox for this knowledge

This tutorial offer tons of value. Thanks for this @sndbox 👍💯

Nice illustrations!
Can you add some words about Annual Percentage Rate(APR)? Thanks.

Wow... Thank you very much @sndbox

This is really Easy to understand "Getting Started" guide for anyone who wants to learn quickly about Steemit.

Thanks a lot for the tutorial @sndbox, I just joined Steemit so it will go a long way

hey such a great post, found it very helpful thanks very much

Please follow me i want to grow i need your support

Posting yang bagus. Terimakasih ya

Wow, this was educative :D Thank you, amazing post and graphics :D

Clear, concise, and most of all helpful for newbies! Well done.

Shared to my Steemit Facebook & Twitter Group👍Wow, I've send an email however never got a response. If there are is opportunity to help write guides about Steemit, I would do so. This is Quality Educational Content

Thanks for the info!! As a newbie you clarified a lot for me on the wallet!

Much appreciated, this article as well as the links to the others, a big help. Very succinct. I need all the help I can get.

This is a great article especially to a newbie like me. Thanks so much for this 😊

just started and loving the idea of this community. putting the power back into society.

finally I know about the fuction of each part of steemit

I like your elaborations. Its indeed helpful

Thanks for sharing this post.

can you guide me please

Thanks @sndbox for a very good lecture about steem wallet. I would like to learn more about curation...pls. do an explanation. Thank you.

this very informative.

I am new to steemit. This article really help me a lot to get started. Thank you for the great work.

Amazing article, upvoted and resteemed. Very helpful because I'm still trying to nail down the concepts

I am brand new and found your article very useful!! Thank you for taking the time!

Very informative and beautifully laid out. Thank you!

thank you for this introduction about our wallets @sndbox. i have a question though, if you don't mind. when we delegate our SP to other people, can we still get back that SP in the future or not? thanks. i'm still new in this platform so i still don't have a full grasp on the technicalities. Have a great day ahead.

thanks for sharing it!so informatively!

Common sense & helpful hints to the inner workings of Steem, thanks!

I'm just so happy that you took the time to explain this ABC style. I finally starting to understand this stuff. And, that is after watching a few videos and also reading a few other blogs with no understanding. @coretv

OH!! So, THAT IS HOW IT WORKS!! LOLOLOLOLOL

Thank you so much for this post. It helped me SO SO SO SO SO SO SO much.

Newbie here. Oh yeah, maybe I'm a minnow? (3 days in I think...)
Thanks I just clicked on my wallet for the first time today. Thanks for explaining those things to me.

??? Question ???

Why would I care about my voting strength?

  • Is it a monetary concern?
    • Is my part of the curation ???reward??? (still learning the terminology...sorry...) bigger if I have more voting strength?
  • Is it just so content I like gets seen more?
    • ...promoting more content like it...

Thanks again for the tutorials!

Taking you up on this offer! I have committed $$$ to my own domain name and godaddy hosting for two Wordpress sites. One for blogging and the other (still under construction) for promoting my books. I have a Facebook page on which I share the blog posts. More money than sense? Seems to me that Steemit is far better value (personal satisfaction) than the sense I am talking to myself. This because I feel I am opening up far more within this site than within my own domain blog or FB.
My question is: Did I get ahead of myself (often happens) whereas Steemit offers all and more than my existing arrangements?

"Toolkit posts are designed to help new Steemians get acquainted with the ins and outs of Steemit. If you have requests on components or systems related to Steemit that you would like to see explained, please let us know in the comments below. "

Good info! Is very interenting

Thanks @sndbox, this article is really useful. I'm still pretty much a minnow and don't really understand most of the Steemit platform so these articles are really helpful!