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Hello to you my old friend. In my letter to you today, i would like to invite you to join me and other families here. Here is really a nice place. As promised earlier I'll explain some basic terms we use here.

Minnows

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Minnows:
Users with a small amount of Steem Power are called minnows.
These users’ votes may add less than a cent to your payout.
You will start out as a minnow unless you invest significant
amounts of bitcoin into Steem Power.

Dolphins

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Dolphins:
Users with a medium amount of Steem Power are called dolphins.
One of their votes can add a few cents or a dollar to your payout.

Whales

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Whales:
Users with huge amounts of Steem Power are called whales.
A single vote on your content by a whale can add hundreds of dollars to your payout. Whales can calibrate the power of their votes now, so not all whale votes confer huge rewards anymore.
Reference by @lodoftruth

Steem

Steem was first described in a whitepaper in March 2016. Steem and Steemit were in Beta until July 4th 2016. Once the platform (Steemit) became live and payments were made to the contributors, the currency saw a 1800% increase in its price from $0.24 to $4.63. However, since then the hype dulled down and the currency has slowly declined back to $0.28.

Steem – Is the basic cryptocurrency used to power this whole system. It’s like the bricks used to build Steem Dollars and Steem power (will be explained in a moment). You can buy and sell Steem, speculate on it’s price or convert it to Steem dollars and Steem power. But if you’re not looking to speculate on the price or if you’re not cashing out your Steemit earnings, you don’t need to deal with Steem directly.

Steem Dollars

Steem dollars – This is the currency of the Steemit platform and is also known as SMD. This is what people send to one another when they upvote posts on Steemit. The reason it’s called Steem Dollar is because 1 Steem dollar represents any amount of Steem required to reach 1 USD depending on the exchange rate at that time (more or less).

Steem Power

Steem power – Also known as SP in short, is basically a token symbolizing how much influence you have inside the Steemit platform. If you have a lot of SP your upvotes will count more and will award different authors SP and Steem dollars as well.

Power Up

Powering up – means getting more SP either by upvotes or by buying it via Steem.

Power Down

Powering down – means liquidating your SP into Steem.

Steem Power

SP can be powered down for Steem in a long process that takes 3 months . SP is considered as a “long term investment” in the Steemit platform. That’s why other than taking a long time to cash out it also bares a very high interest rate, encouraging people not to power down.
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I hope you understand the terms explained above. I will be glad if you can consider my invitation. I am sure you will love it here.. Cannot wait to tell you about the people i have met here so far like @lukestokes and @tojukaka and a lot more. Sleep tyte.
Yours Sincerely
Ewuoso Olusesi

Other blogs related to this blog by this Author @ewuoso

Letter to Facebook Part 1

Letter to Facebook Part 2