You are viewing a single comment's thread from:
RE: Traffic Koans FINAL RESULTS
What about SP and SBD that's confusing to you? Basically, you can think of SP as your stake in Steemit. You can power down and get withdraw it as STEEM any time, but as long as you have SP, you increase your influence here, especially in terms of your voting weight. The more SP you have, the more powerful you are.
SBDs are designed to be pegged closely to one USD, so that users who receive them can know approximately how much they are worth in “real dollar” terms. Basically, it's there to help give users a more realistic estimate of Steem against USD. It's always going to be priced close to $1. As in, 1 SBD = 1 USD most of the time.
So, I guess, if I do Convert the Steem Dollars to Steem then my vote is worth more (also depending on the value on the market) and the converted amount shows in STEEM or in STEEM POWER? Transfer to savings does what, besides that the value shows up in the savings - what is this savings for and what can I do with it? Do I have to convert to Steem or transfer to savings all of the amount or just partly. So, you see I'm quite new to all of this and I apologize, if I ask such dumb questions. At least have fun answering, it might clear some fog out of my mind.
Straight conversion depends on current price of STEEM and SBD. If SBD is less than $1, then it would be beneficial to convert because the peg of $1 is what the STEEM is going to be converted on. Other than that, you can just trade SBD to other cryptocurrencies, or SBD->SP using Blocktrades if you want to convert it. Really though, you can trade cryptos using SBD by itself, you don't have to convert it to anything, but it's advisable to convert to STEEM if SBD is less than $1, as it currently is. Heck I'm converting my SBD as we speak!
Savings is only there to secure your STEEM and SBD in case your account is compromised. It has a holding period for withdrawal, so that's a good security buffer until you resolve the issue. You don't have to put anything in the savings if you don't want to though. Personally, I haven't used it.
No worries about the questions, I'm happy to help out whenever I can. Though, I'm not in any way an expert on the topic, so I'm just answering based on my understanding. Full disclosure, everything I said could be incorrect, so it's best to check it against other tutorials and the whitepaper. There are tons of helpful tutorials here on Steemit made by people more knowledgeable than I am.