What are the Bid Bots and how to use them?
I have already explained it on my native language around 4 months ago with this ARTICLE
Today I will do the translation and I will explain it in English.
What are BID BOTs?
Bid-based BOTs work on a proportional bidding system. You can send a certain quantity of STEEM or SBD and you will receive an equally large amount of upvote on one of your posts.
The most famous bots generally use the "sale" through SBD, as it will also be easier proportional calculation that will be up to you.
For most of them, 2.4 hours are needed before the vote is distributed proportionally among all users who participated in the BID. (2,4h because the BOT has time to regenerate sufficiently to distribute a vote almost 100%).
Let's take an example of BID:
User A sends $1 to "goofy" BOT
User B sends $3 to the "goofy" BOT
TOTAL BID 4$
A will receive 25% and B 75%
Now if the BOT upvote exceeds the total of 2 users ($4) A and B will receive a higher value than what they spent.
Which BID BOTs to use?
The site created by @yabapmatt helps us to check the most profitable Bot to use:
If you go under the "Bid-Based Voting Bots" section you have a list of Bid Bots.
What we need to keep in mind about everyone is:
1- possibility to accept SBD or STEEM
2- Vote Value (100% vote value of the BOT)
3- Min Bid (how much it accepts as a minimum value)
4- Max Post Age (how old a post can be)
5- Max Suggested Bid (the maximum Bid value suggested)
6- Details (details of votes)
I personally check all these things to avoid sending money to a BOT that will not be able to give me the upvote I expect.
A value to be considered profitable is 2 and a half times what you have paid.
For example: I send 5SBD and I get an up-vote of 12.5SBD
Now there are no precise rules and you will not always earn the amount just described, but if you pay attention to these things, you will surely have an advantage over those who do not consider them.
Are they really profitable?
about this I want to tell you that if you expect to put "in your pocket" a lot of money, then you are wrong. And I'll explain why, by giving concrete examples with what I do.
Imagine as mentioned before sending the following numbers to three different BOTs:
BOT A ----> 5 SBD
BOT B ----> 5 SBD
BOT C ----> 5 SBD
I always suggest to use 3 different bots and not just 1 bot with the cumulative number, because you will have more chances to receive an high bid.
In total we spent about 15 SBD. But as said before, the maximum profit that you will get will be 2.5 times what you have put (but it does not always happen, in fact it is rare).
Then:
BOT A ----> will give us 11 SBDs
BOT B ----> will give us 12.5 SBD
BOT c -----> will give us 10.5 SBD
They are theoretical values because nobody knows how much the bid will be until the moment of votes cast (thanks to the portal, however, we can have an idea).
TOTAL RECEIVED ON A POST: 34 SBD
Now we do the calculations:
(34 SBD / 4) * 3 = 25.5
25.5 / 2 = 12.75
In reality you will have earned less SBD than you have put. sometimes you will go up and sometimes you will go down.
So what's the sense of using BID BOTs? where is the earning?
The earning is in your profile, because the remaining 12.75 are missing, which are actually STEEM and that will become STEEEM POWER.
The 12.75 are based on the price of the STEEM during the week and therefore we say roughly (12.75 / 5 = 2.55).
In a very simple way you will have earned only 2.55 SP
Is it really profitable?
if like me you do not care about the immediate earning and you want to "pump" your profile absolutely YES, if instead you want direct cash it is better a post that earns less but that are directly reusable money.
THE CHOICE IS YOURS....
If you like what i'm doing, please upvote me as your Witness here
waoooo this gives me the full understanding of how bid bots work, thanks.
it's a pleasure to explain others what we know. I usually use bid bots only to power up my profile (steem power), becasue we never take SBD earning from that....
To listen to the audio version of this article click on the play image.
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