STEEMIT Wallet Guide: Managing Your Wallet for Profit

in steemit •  2 years ago 

Hello there.

It is with great pleasure that I write yet another guide, this time on how to optimize your wallet and assets in a way that ensures you'll reap maximum profits.

Hello there.

It is with great pleasure that I write yet another guide, this time on how to optimize your wallet and assets in a way that ensures you'll reap maximum profits.

This may seem like an easy subject, but there are some nuances that you should consider.

As you know, the wallet has three different things:

  • Steem Power;
  • Steem;
  • SBDs;

The way I'm going to do this is by dividing this guide in three sections, tackling each of the sections at a time, and explaining how you can maximize profits in each phase.

If that is something that interests you, then read below.

How to Manage your Steem: Profiting with the Token

STEEM is the main token.

You'll never get STEEM out of post, comments or curation rewards, and the way you'll have Steem is:

  1. You bought it;
  2. You earned it by completing some freelancing work;
  3. Someone gifted it to you;
  4. You won it in a contest.

Having said that, this is the easiest token to manage, and so the explanations required aren't much.

Here are your options on managing Steem:

Begginer Tactics:

  • Power Up to Steem Power;
  • Cash it Out;

Medium Tactics:

  • Use it to Host a Contest;
  • Pay Bid-Bots with it;

Advanced Tactics:

  • Speculate in the Internal Market.

The Begginer tactics are easy to explain... you either cash it out or you convert it to Steem Power, which has a lot of benefits and has a section below.

On the Medium Tactics, hosting a contest is a great way to get increased awareness on your blog. Prizes attract people, people vote... but even MORE importantly, people FOLLOW!

This is an investment that keeps on giving as followers accompany you on your journey to success.

Finally, you can also use Steem to pay for some bid-bots. To know which bid-bots accept Steem, check SteemBotTracker by @yabapmatt.

The advanced tactics require some trading knowledge, but you can earn a ton doing it.

You basically use the Steem you have to place orders for SBD at a certain price in the internal market, then use the SBD you get to buy MORE Steem than you initially have.

There are a lot of people who do this right and grow exponentially, but it is a risky tactic.

How to Manage your Steem Backed Dollars (SBD):

The SBD, Steem Backed Dollars or as some people put it already Steem Blockchain Dollars are tokens that you can get through the means you get Steem but also through rewards.

Here are some of the ways to earn SBD:

  • Posting;
  • Commenting;
  • Curating;
  • Playing Games like Steem Pacman;
  • All of the ways mention in the Steem section.

Finally, there are some ways to manage your SBDs in a profitable way.

Again, some of the ways are repeated, but there are even more ways to monetize your SBD.

Begginer Tactics:

Medium Tactics:

  • Use it to Host a Contest;
  • Pay Bid-Bots with it;

Advanced Tactics:

  • Speculate in the Internal Market.
  • Set up a Steem Gig and sell the product or service you got elsewhere (classifieds, freelancing sites etc...)

The list has some repeat entries, so I'm going to tell you about the new ones.

First off, in the begginer section, you'll see pay bots for upvotes.

Well, this DOESN'T mean you should pay for votes for the profit. It means that paying for a vote when you publish a post can do wonders for your visibility... just make sure you're doing it at the start.

Don't do it for the upvote itself, but for the promotion - as everyone does it and you're playing at a disadvantage if you aren't a fan and you don't have the organic following to give you a initial push.

On the advanced tactics, you're going to see that I mention setting up a Steem Gig and selling the service elsewhere.

For instances, you can offer an SBD bounty for a logo (do state your intention to resell it), and then you can sell the logo to the company that asked you for it, netting a bit of profit.

This is just an example.

When doing this, make sure you're telling the person you hire you're going to resell his product or service, so that they know and you won't have problems.

As a bonus, let that person know if you have more jobs lined up for them if the product gets approved by the client.

Steem Power: Managing your Hard Earned Power!

This is when things get more complex, but this is also where the most profit can be made.

Steem Power, as you know, is the Steem you have invested in the blockchain, subject to a withdrawing limit and all of those things you already know from my other articles.

Basically, here are the ways to collect SP:

  • Buy it from @blocktrades with any Crypto he supports;
  • Buy it / Deposit it with Steem (Power Up)
  • Get Curation Rewards;
  • Get Passive income to offset inflation.

Then, there are a lot of ways to put SP to work for you.
Some of them are:

Basic Tactics

  • Vote Up Your Posts;
  • Accumulate SP to increase the passive income you get for offsetting inflation;

Medium Tactics

  • Delegate your SP (services like @smartsteem give you a share of the profits based on how much you delegate);
  • Sell your votes (set your votes to sell after they rise above a certain rate, say 90%, to avoid VP getting to 100% and get rewards at the same time)

Advanced Tactics

  • Delegate to other people

Now, I explained the medium tactics between parenthisis so no need to approach that.

You may wonder about the passive income I talk about. Well, SP holders receive SP over time to offset the token's inflation, so your SP will grow - the more SP you have, the more SP you'll need to offset inflation since it is a percentual value - naturally.

On the other hand, you see that I mention delegating to other people as an Advanced tactic.

Naturally, it's hard to make a profit by freely giving your SP away, but it is very possible and many have done it.

You can secure someone's friendship by delegating SP. Not only that, you can make their votes worth more and speed up their growth.

If you see a user is growing up nicely, hastening his growth and securing is friendship can be lucrative!

This is something you should consider.

Conclusion

So, these are some ways on how you can manage your wallet and guarantee you'll have maximized profitability from it.

Consider every option carefully and measure it according to what Steem is and what it should represent.

There are things that are profitable that have a negative connotation, but there are people who don't care.

Also, if you feel the list is incomplete, do tell me in the comments as I can also edit it mid-flight!

Cheers!


Join the Crypto Empire Community

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

pretty good guide.

Yup-yup, a surprisingly good guide. And a surprisingly short comment too. ;)

Upvoted himself of course :D

Just one note of caution for beginners. I made the mistake of buying steem power too soon myself and found out the hard way. New steemians are loaned 15 steem power to assist their growth. Unless the beginner tops up with 15+ steem power, any lower purchase is offset by a reduction in the loan! I have serious bandwidth problems and thought increasing my steempower was the thing to do - wrong! Save your rewards if you can and when you have more that 15 then you can happily steem up.

(Oops - cannot post this - not enough bandwidth! Will do it when I can).
Yes - hours later, I will try again ;)

Whoa,
I wasn't aware of this!

I usually know all about the mechanics but this is something I didn't know of... for that Im voting you to the top.

Oh, no! I should have known this earlier. I'm just a beginner and I did exactly what you warned us about. Now, I have a lower SP. Any suggestions on how I can steem up efficiently and effectively?

I'm still a little confused with almost everything. 😔

Tia ♥

People grow their accounts exponentially with buying SBD cheap and sell it high? I would love to read a guide about it.

Well, it's like Crypto Trading in the internal market... Buy low, sell high!!

Guessing the times, now that's the holy graal :D

Nothing for me I suppose. I always buy high and sell low. :)

You and me both brother :D

Really good guide line and I guess we all have made mistakes at some point and learned along the way 😉 lol
Some really good advices and some new to me to I have to say. Like selling your deligation..
I guess I still have lots to learn.. Lol
Thank you for sharing this. Awsome written. Have a great weekend. Cheers!

Glad to see you around Sassa.
Thank you for the kind words my friend.
You too have a great weekend.
Cheers

  ·  2 years ago (edited)

Hi @spiritualmax
As always an excellent continuation guide. Such articles should be shown to new users to help them determine their financial path here.
A poor search function does not allow newcomers to find useful information.

I agree, as you well know Franky.

Glad to see you doing your comment rounds man.
Stay cool!

Excellent article, I like how your break it down.

Do you have a specific article on how to correctly speculate with SBD and Steem on the internal market? I think it could be very useful for me to learn which numbers or rates I'm looking for...

Thank you Maximus!

IMG_5058.JPG
By: @artzanolino

No... it basically amounts to buy low and sell high.

It's like crypto trading but on the internal market and with only 2 assets... the hard thing is to predict price movement.

I am no trader :(

Thank you so much for this guide it is extremely helpful for a newbie like me. I like the way you broke down the tactics for beginning, medium, and advanced. I'm bookmarking this for future reference.

Just one question...where is this Steem PacMan of which you spoke?

I can play games and earn Steem? This place gets better by the second!

Yes, there's a game named Steem PacMan that pays you some sbd depending on your score... not much, but its something.... @cryptosharon linked it in one of these comments.
Cheers

Thank you! I'll check it out. After all the quarters I pumped into arcade machines in the 80's, maybe PacMan will finally show me some love. heh.

Well, this opened up a lot for me. A lot of things in here I haven't even thought of before. Thanks again, Max!

You're very welcome Herbert!
Cheers

Is it not frowned upon to upvote ones own posts? I was wondering why we had the choice to begin with...

Thank you for a well compiled list and guide, even though it's somewhat tautological at times.
Appreciation 🙏

I always vote my own posts...
You decide whether you like it or not, to me it makes perfect sense.
Cheers

All hail the Emperor dishing out knowledge to the masses.
Thank you for the information as always :)
I saw earlier that you can gamble with your sbd, I guess that falls under games... Not my kind of game though!
<3 @amymya

Not my kind of game either.
But some people go nuts for it.
Cheers

Thanks @spiritualmax i will resteem this and read it all over again. I'm sure my discord pals will also appreciate it.
Man, this is not a hobby anymore! Its fricken real.

Yeap!
Make it rain for you sirkim, and grow up to be a big fish so your vote will make it rain on me as well :D

Cheers and thank you for the resteem.

Haha Not much though but i atleast gave you a drop 😉

  ·  2 years ago (edited)

This really helped out a lot. I like the busy model there for giving people SBD for there creations and letting them know that you'll sell it. Very discreet way to transfer into fiat too which is quite beneficial.

The taxes may be a bit of a headache but sounds like a solid plan.

Yes, indeed, the taxes are the worst part out of it.

But the only certain things in life are death and taxes :D

Cheers

Most ridiculous thing I've heard.
Death is inevitable, indeed, but taxes? A most ridiculous invention by a self-purported aristocratic "elite" in order to automate the efficient plundering of monetary means from an indoctrinated populace.

I stopped paying that bullshit several years ago, and I'll never pay them again.
Ignorance abounds...

Brilliant. These tactics are an eye-opener for me. No wonder there're so many competitions here lol

I recently looked at the bot options but it's all a bit confusing.

thanks Max
cheers
Anj x

You'll get it sorted out in time.

You live you learn Anj.

Kisses

This is really informative and great blog @spiritualmax. You are doing a great job Man keep it up.
I really appreciate your work and efforts. Your post about steemit wallet is really helpful for managing our wallet for profit. You have guided us in very well manner.
Thank you so much for this great information.

I'm glad you liked the post and that you took value from it.

Indeed, managing the resources you have is vital.

Thanks for the comment and see you around.
Cheers!

Thanks for the really informative post mate!

I might have to try buying and selling SBD on the market some time.

If I'm honest though, the thing that's intrigued me the most from your post is... STEEM PACMAN??? I need to find this right now hahaha :D

Ya that got me thinking too. Thanks for reminding me. Searching that glorious thing right away.

Link for the lazy

It's a bit laggy...

Haha thanks, not sure if it's still paying out though? AFAIK the guy just did it as a goodwill gesture and it's by no means automated. Idk if you need to make it onto the leaderboards either. Cool concept though :)

I got played when I played it :D

But where do I put the quarter in? lol

Can I give you a hug from here?
You deserve it.
Thanks and thanks again.
Pls visit my blog and help me out.
I'm still a novice

No problem.
Glad to be of assistance.
Cheers

This is very insightful, thank you so much for your knowledge. But wat if u want to host a contest but dont have enuf steem to give away as price

Well, you have to ask for a sponsor....

But you shouldn't host a contest if you dont have a prize :)
Cheers

Really helpful guide. I didn't know you could buy SP directly from Blockades. Thanks for sharing

Glad you liked it.
Cheers!

Great post Max, amazing tips in how to manage your finances, except that right now i am trying to get into the top 10 steem pacman leaderboard....

Let me know when you can do it :D

Really good tutorial , Thanks

Glad you liked it!

Ayyy @spiritualmax this is a wonderful post. It helps to clear the air because I am always seeking ways to continue increasing my rewards so that I can power up more!

Yes, hosting contests help a lot in building an audience and gathering followers from there.. Lucrative prize money draws in the crowd, and if you have great consistent content in place, many will be happy to follow you and continue consuming your content in the long run. I just only concluded my first FREE 5 SBD Giveaway, and now I'm thinking of doing another one with even more prize money :P

So I take it the first one ran well for you? Did you get many more followers out of it?
Cheers

Yes it went well and I did notice that I got close to 100 followers out of it. I didn't keep track of the figures exactly, but I'm certain that the count kept on increasing during the contest. Have you done any contest(s) on your own before @spiritualmax?

Not yet, but I'm going to organize one for my community (Crypto Empire)

Very good advice @spiritualmax. Kind of nice that I'm basically moving in the right direction.

Glad you liked it and think so!
Cheers

Resteem for you my friend. Thanks for the advice

Thanks man.

Steem pacman? This I have got to see!

It can be a bit boring, but hey, free money :D

NiCE GUIDE FOR EVERYONE thanks for sharing !

Thank you for stopping by and commenting.
Cheers

thanks imformation,that is good,@spiritualmax

Thanks for this info. Helps us newbies

Need moar

Read moar. His profile is filled to the brim with these guides.

greetings and good post ,,,, as always giving my support I wait for you in my blog to receive yours, thanks

I learned a lot from this article, Thanks!