Steemit Wallet 101 - Introduction and Key Terms

in toolkit •  last year

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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.

Steemit Wallet 101


For a new user, understanding the Steemit wallet can be a challenge! There are multiple categories indicating where two distinct 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 like 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.

Currency
Description
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).
steem-power-anim.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).
steem-dollars.gifSteem Dollars - (or SBD) is a secondary currency on Steemit.com. Value-wise, SBD are designed (algorithmically) to equal approximately $1.00 USD. 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 (this is an exchange that takes a couple days to process.)

  • Savings - provides an extra layer of security to your wallet. Here, you can store liquid STEEM and SBD. Once you deposit liquid cryptocurrency in savings, it takes 3.5 days to remove it. (STEEM and SBD in the Savings section does not contribute to your upvote power.)

  • Estimated Account Value - shows the total value of all your STEEM + SBD = in United States Dollars. This number fluctuates 24/7. Why? The value of STEEM changes every day as people trade it. If you’re curious what 1 STEEM token is worth right now, click here!

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  • Power Up - If you have liquid STEEM tokens, you can move them into SP in a process called "Powering Up." This increases the strength of your vote and the amount of curation rewards that you can earn.

  • Power Down - you can turn SP into liquid STEEM in a process called "Powering Down." In an effort to keep the whole network secure and stable, the process of converting your SP to STEEM happens in 13 installments over the course of 13 weeks. Each week 1/13th of your SP total will become liquid. A important reminder - your voting strength reduces every week you Power Down. (Power downs can be stopped at any time.)

  • Transfer - 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.

Check out the Steemit FAQ page for more!

Exploring More @sndbox Steemit Toolkits


Thanks for reading! We hope you found this Steemit Wallet walkthrough useful. 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 :

Follow us @sndbox

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Excellent article, great quality, easy to understand and great design to it too! Thanks a bunch for all this info and quality.

Upvoted, resteemed and shared. Namaste :)

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Glad you enjoyed it Eric - thank you for your supportive feedback!

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I bet this is way more than excellent.

Can somebody please explain what the amount in the brackets is? The one goven in the steem power section as shown below.

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A great question! When you see STEEM Power in brackets, that means someone has "delegated" SP to you. It should say this in your wallet...

Part of your STEEM POWER is currently delegated to you. Delegation is donated for influence or to help new users perform actions on steemit. Your delegation amount can fluctuate.

Steemit Inc. actually delegates ~27 SP to new users. It's a way for them to get started and begin upvoting content. As newbies accumulate their own Steem Power that (amount) will go away.

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Thanks for the reply. I also just want to ask that the sp that I will make will go to the amount given above or the one in the brackets?

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The SP you earn through blogging and commenting will go into the top one :)

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Thank you!

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I did not know that either. Thank you twice @sndbox

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Absolutely!

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Thanks, I needed the same information. Just resteemed for more newbies to find this explanation.

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Great! =)

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honestly boss, its fantastic and its actually a fast way to success!

Thanks for sharing! A link to your post was included in the Steem.center wiki article about Steem Wallets. Thanks and good luck again!

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That's fantastic! We're honored to be on the Steem.center wiki, thank you for all the great work and resources :)

great post for people getting started, very clear

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Thanks so much @luisneira!

Thank you for this, super helpful!

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Even after two months here, I'm always learning something useful and new. Thanks for sharing this. Knowledge IS power (Steem Power in this case) and your posts are a great contribution for us all.

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Wonderful to hear this. Thank you so much for the kind feedback and enthusiasm!

Knowledge is Steem Power :)

Job well done @sndbox just like you rightly said, there a whole lot of confusion for someone like me. I have come to the point of believing that Steemit is a puzzling ground but with your explanation am having a better understanding now. Thanks for your good work. I have started following you for further instructions.

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Many thanks @jyzaza! Glad this helped clarify the wallet puzzle :)

This is as clear as it should be.
Enough said !
Keep on steemit!

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Thank you! Steem on my friend!

This is very useful and timely information for new steemians. Great job! This is another old post with analogy that may be helpful too: https://steemit.com/steemit/@donkeypong/still-confused-by-steem-steem-dollars-and-steem-power-the-power-plant-analogy

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^ Absolutely, that's a great post and series of analogies! Thanks for sharing :)

Great timing @sndbox since I just clicked on the BUY STEEM OR STEEM POWER tab in the Wallet section which directed me to blocktrades where I bought about $100 of steem power yesterday in my account instantly. Cant get easier than that I must say. Thanks for the wallet introduction and better understanding on how it works.

Off to the new/hot section of steemit!

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You bet! Glad the timing worked well :) congrats on purchasing STEEM!

I'm actually looking for a real wallet, one I can keep on my computer or phone... for steem. One where I control my private keys. I know there's one out there on the iphone store, the comment says "Your private keys are stored by a third party and they have easy access to them." What's the point then, might as well let steemit keep them in that case.

Thank you for your well written and informative articles! Not only am I new to Steem, but cryptocurrancy as well. Your articles have helped me to start learning my way around Steem.

Thank you for all the help!
Mychael E. Colyar-Long

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Excellent! Thanks so much @mychael. Glad this post (and others) could be a helpful resource for you :)

Thanks for sharing!

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Of course! Thanks for reading :)

Simply a great, easy to read, info packed post. On behalf of all new Steemians, thanks for this HOMERUN of a post @sndbox

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Thanks for the support @supremenyc!

Hi I'm new to this kindly support me and upvote my story

https://steemit.com/facebook/@suriya/social-media-photograp

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Hi @suriya, thank you for your comment. You can read the guidelines of what we upvote here.

Thank you

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Thank you too!

Informative post for the newbies like me. Thank you for clearing the things out. Your post is so much helpful for the community. :)
Keep going brother. :)

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That's great! Welcome to Steemit :) glad this post was a helpful boost in getting started here. Let us know if you have any questions and we'll do our best to answer!

How about explaining how to hold Steem in an offline wallet?

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A great suggestion. Yes, we'll to tutorials soon regarding transfering STEEM and SBD to external wallets and cryptocurrency exchanges. More to come!

Great post,it will improve our experience in steemit and we will be more effective with your advices,congrats bro. I am interested if somebody know what is maximum number of steem power which we can have?Thanks for help a lot.

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Interesting question! I don't think there's a pure maximum... right now there are 239,968,690 STEEM tokens out there in the world. So I guess that's the max :)

just to the point!! Resteemed!!

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Thank you!

Great explanation, thanks for the post

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Many thanks for your support

i was looking all over about how to power down and its great to see your post thanku so much u gaved my answer haha <3 yuhuuu :) was searching all over

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Now you've found it! If additional questions come up, give us a shout :)

Also, here's an FAQ page that comes in handy - https://steemit.com/faq.html

Can you explain how to get your Steem off of Poloniex? My wallet on there says it's been disabled for over 2 months and I've been emailing them back and forth and they keep giving me the runaround. I have some Steem on there that I really want to put in my Steem wallet.

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We heard Poloniex has been having wallet issues. If we come across any helpful tips there we'll be sure to let you know.

How exactly can I transform steem into bitcoin?

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Great question @blackforcewitch! There are several posts that show you how to exchange your STEEM on sites like Changelly and Bittrex. We'll be doing a post soon as well to illustrate the process.

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Thanks a million

The best explanation of this on the site. Thank you @sndbox

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That's very kind of you to say, thanks!

Great job. Wish this had been available when I first joined Steemit.

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Same here! Hoping this becomes a useful resource for newbies today and into the future :)

Oh, maaan, you heard me! Now I gonna reblog and use it as a tip, now I'm getting closer to understanding. Still have one question: is it worth to spend my future cents on SP? And how much I need to really have influence? For example 100% upvote that would cost 1 $?

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Hi @denis231, those are great questions but a little hard to answer due to market fluctuations. For a 100% upvote around $1, you would need around 6,000 Steem Power at his time.

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Glad you found it useful!

Nice and easy to understand. Thanks

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Great, thank you!

@sndbox This is information heaven for beginners like myself. Nobody told me how important it is to put liquid SBD into savings. Most of the veteran steemians are opposed to this. I love that bold suggestion.

Thanks for the effort you exert to help new steemians understand what they see in their wallet section. It's clear and easy to understand. Just great article.

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Thanks for your support! Glad you enjoyed the article and that the wallet was described clearly :)

thanks for this great sharing :) deserve upvote and resteem

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Awesome, many thanks for spreading the word.

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no problem...that's the spirit of steemit...keep steeming :)

... and someday i'm going to figure out the best way to register on an exchange to buy some crypto to buy some more Steem... someday !!

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Haha, we'll try to cover parts of this process in a future post =)

Really informative post. Appriciate it

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Glad that it's helpful!

Great #post @sndbox, this was really helpful for newbies like me. What a fantastic community #steemit is. There are so many talented #bloggers and genuinely nice people.

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It is a fantastic community, thanks so much for your support and kind words :)

Wonderful review. Thanks for sharing!

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Thank you!

This is what i looking for, i didn't speak english very well but i am try lol.. perhaps would be better if there is in another languages such as Bahasa. thanks for share

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We're open to having others translate this into their languages!

Thank you! I am new and this is the first article that caught my eye. Nicely done. Short, yet detailed and not boring like you want to keep reading it.

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We appreciate the support!

I was looking for something like this. Thank you!!!! Upvoted and Re-steemit

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Thank you!!

Thank you very sinple to understans very well written and helped just need to get better wt converting then puttong it in my coin base

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We'll be going over this in a future post @akaimyers!

Thank you

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You bet! Glad you found it useful :)

Thank you for sharing this @sndbox

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Thank you for reading and supporting it :)

Small and perfect tutorial in the Steem Universe. Great example to follow. Very grateful for this contribution.

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Thank you for the support @leven!

This is so helpful for many of us who are trying to understand the system. I've been powering up so far It seemsx like the right thing to do for me and steemit. again thanks for the great info.

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Wonderful. Yes, powering up is a great way to play the game of Steemit :) enjoy it!

Thank you so much for all of this important information. I have a question, if you don't mind helping me out. What's the difference between default 50/50 and Powerup 100% when we create a post? I have written a number of articles here and just noticed there is a drop down with these options. Thank you in advance!

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Hi @sarahabed! This is a very important question and one that we'll focusing on in a near-future post. To explain shortly here, 50/50 means you'll receive your payout in 50% Steem Power and 50% Steem Dollars, whereas Powerup 100% is all Steem Power. We'll go into the nuances and pros/cons soon!

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Ok great, thank you! Also if you could recommend which one would be a better option for those of us who are still fairly new here. Thanks again!

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Financially, choosing the 50/50 option is a smarter choice as it will net you a bit more in value. This does require a few extra steps to convert your SBD to STEEM in the marketplace. This will be the complete focus a near-future post!

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Ah ok, thank you very much. I really appreciate the advice. I haven't looked into how to convert SBD to Steem or cash it out yet.. I figured I would look into that within the next week or so just to get a better understanding. I followed you so that I can hopefully catch your future post. Thank you again!

Awesome article! Thanks for this,I will be saving this to show to friends that I bring to the platform or those I'm explaining it to. Upvoted, resteemed this article and followed you for more!

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Thanks so much @sixersfeds! We're happy to help whoever we can =)

This is the clearest information about steemit platform. I know steemit from my friends but they didn't tell me clearly about it. Now i got it from you...your article is so meaningful for me as a new stemian..truly, i have never withdrawl for the first time yet, because my SBD is not much enough and i have to optimize my posts by learning how to write atractive article..thanks for all

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Thanks for the support @rooneey! We're always happy to help.

Great post! i was always confused about the 3 different steem currencies. thank you!

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Glad to be of help!

Excellent thank you :)

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Thank you for the comment!

Wow make money

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Great guide! People like you make the transition into Steem way more easy and enjoyable

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Thanks for the support!

Wow! This is very helpful especially for the likes of me as I am new here in steemit. Thanks for this, much appreciated!

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Thank you for reading!

Thank you for defining the terms. This is very helpful for #steemit-newbies on board this week.

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We're happy to contribute!

very informative, thank you

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Thanks for reading!

i liked your post keep it up and please like and upvote my post also please its a humble request. As i have done for u.

that helped a lot, thank you very much!
One question:
How long does the 27 SP on a new account last? I mean the delegated STEEM POWER from Steemit. Does it expire or is it permanent?

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Hi @guggerf, that's a great question and one we'll have to look into for a future post. From personal experience, it does last quite a while but does expire.

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thanks so far ;-)

Great explanation for the people that are new to the steemit community.

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Thanks so much for your support! We hope so as well :)

When you powern down steem power you will get steem at a 1:1 ration? What i mean is 1 steem power is 1 steem?

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Good question! Yes, the amount in your STEEM and STEEM Power sections are the same currency and you'll get the exact same STEEM token when you power down.

its really informative people start to getting this
ok i vote you welcome to my blog @farhannaqvi7 where i give you happiness in just few second

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Hi @farhannaqvi7, thank you for your comment. You can read the guidelines of what we upvote here.

I love your artstyle. It really helps get the point acrosss.

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Thanks for the supportive words =) We like it too

great post ....I am a new steemians, maybe i should study first with you, regards know me
https://steemit.com/@steemitall please follow me
I followed and upvoted.Would you like to follow and upvote me.
)!

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Hi @steemitall, thank you for your comment. You can read the guidelines of what we upvote here.

nice post......I am a new steemians, maybe i should study first with you, regards know me
https://steemit.com/@cuteaniamals please follow me
I followed and upvoted.Would you like to follow and upvote me.

Very Nice and Clear i needed this Post

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We're happy that it is useful!

nice post very Neat

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Thanks for reading!

Thank you for making it easy for us to understand steem, steem dollars and steem power.

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Thank you for the appreciated support!

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Follow me too.

Thanks !

I just sent this link to someone who needed this explanation :)

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Share away! Thanks =)

I am new to Steemit and finding my way around it. Thanks so much for your explanations about the wallet. Please do share more, and I will follow!

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We'll be sure to tackle more obstacles and explanations in the coming weeks!

Nice

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Thanks! =)

Wow...tks @sndbox
You beautifully explained this and simplified what hitherto was complex to me...tks soo much...

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Thanks for reading!

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Welcome sir and keep it up...

finally an article that helps me understand power up power down. thank you @sndbox

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Thank you for reading!

Your post is all I need, I 'm not so new but I need more complete information, is good to have at your fingertips whenever you need it.

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That's our goal and purpose =D

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Thanks for that!

Congratulations @sndbox!
Your post was mentioned in the hit parade in the following category:

  • Pending payout - Ranked 5 with $ 286,23

very helpful post for the newbies, thank you for this

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Thank you for the support!

I think this post should be posted on every new steemit users blog. It would give them a idea of what is going on from the very start. Good job!

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Thank you for the support!

Such a nice article for new users. keep it up brother.

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Thanks for the support!

this article make me easy to undestand about steemit wallet. thanks you.

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Welcome!

Thanks, I needed the same information.

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Glad we can help!

I like the way and Quality of the content Easy to understand good work.

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Thanks!

Nicely informative. It does raise some other questions, though.

  1. Has the power-down period changed? I thought it was weekly for two years -or 104 installments. But now it's 13 weeks?

  2. Is power-down all-or-nothing, or can it be applied to a percentage of SP?

  3. Is delegated SP always kept separate - or is it merged at some point?

  4. So the valuation for SP is the same as STEEM? I ask because I entered the sum of my SP and delegated SP, then applied the current price of STEEM, and it wasn't quite the same as my estimated account value.

Nice article, very informative. Every beginner needs to know this. Earns a resteem from me. Thanks for sharing..

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Thank you!

Nice post bro it cleared all my doubts related to steam it wallet i appreciate you for writing this post .Hello to all love steemit friends. Now we became the 2017 followers. Thanks you all the Steemit members very much. In the same way we will continue to work
Some Steemit members are welcome.Do follow my account @sid9999 and make me feel motivated to become a good blogger .

Amazing introduction and thanks for information. Dont forget Upvote my post @abib

THANK you!! Now that we all have 26 different wallets, and counting, this was much needed!

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Haha absolutely!

This is super helpful! I'm going to have to keep coming back to this post just to help clarify, so having it written down like this will be a really great tool.

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We're glad to be helpful =)

Great Tutorial. I think especially, the difference between Steem and SP is something that is easy to misunderstand. I think they should improve the description of those in the wallet tab.

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That's what we're here for =)

Very good info :) this help a lot :) Thank you!!

Thanks for all the tips!

I have been playing around with my wallet. Transferred to and from savings and exchanged sbd to steem power through @blocktrades!

So easy!

Nothing more than an upvote and resteem...... if there is, let me know

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Haha no, we appreciate those 2!

Ok, now I am getting it. Thx

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Glad it helped answer a few questions!

Thanks for the info. For a newbie like me very interested information. Thanks a lot.

Woww!!! Thats called a simple explanation in an easy way... Thank u so much. Please keep on writing to make others aware about Steemit & other stuff. Cheers.

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We definitely plan to!

Upvoted, re$teemed & following!

Finally,somebody explained everything about Steemit wallet,thank you so much buddy!

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Our pleasure!

One more question: How can I convert my SBD to steem power?

Excelente post. Te estoy sigiuendo.

What is the purpose of bitcoin in steemit? Why there is transfer into bitcoin? I just want to know im newbie