QUESNEY21 (Day 3): An Analogy For Your Steemit Wallet

A couple of weeks back a few of us girls decided to meet so that we could catch up and possibly learn more from each other. It was a mini Team Malaysia Babes session as some of us still had unanswered questions. Of course in true Malaysian style there was food involved! We decided to go the way of healthy organic food and settled to meet at OPIKA which serves wholesome organic food.

It was a fun afternoon of good food and great company with @patlu, @francesaw, @mrdarcy and @noriaakip where we helped each other to understand the ins and out of Steemit. Then @noriaakip asked me a question, "Khim, what is this wallet thing all about? Steem, Steem Power and Steem Dollars...what? what?" I proceeded to then explain to her the overview of the wallet. Ever since then, I have thought about it on and off, thinking that there must be an easier way for someone to understand the wallet and its features.

Then one day, a light bulb lit up and I thought, could we think of our Steemit wallet in similar terms as our banking accounts? Bear with me ok? I am far from an expert on the Steem Blockchain but I do enjoy being able to try and distil something down in reference to our day to day life. I think it make things a lot easier to understand and practical to explain.

So here goes!

1) Your Current/Chequing Account is like STEEM

• Your money in your Current Account is extremely accessible and really easy to spend. You can access the money using your cheque book, internet banking or ATM card to withdraw money.
• STEEM can be traded easily on exchanges around the world and exchanged for fiat currency. STEEM is just like any other cryptocurrency similar to Bitcoin. STEEM can also be used to power up to STEEM POWER (yes, I will get to that in the following examples)

2) Your Savings Account Account is like STEEM DOLLARS

• Remember back then, when we had savings accounts which were passbook based? Hahaha! If you do, I know your age! Anyway, with passbook accounts you had to go over the counter to withdraw your money. You needed to fill up your withdrawal form, take a number, wait for your turn and then get your money.
• STEEM DOLLARS is pretty similar if you use the "market" feature to convert to STEEM.
  1. The market is the "bank counter"
  2. You will have to fill in the order on the left with the amount of STEEM DOLLARS that you are exchanging for STEEM and the price that you want to exchange it at. (Ta da! This is your withdrawal form)
  3. Wait for the market to fill your order. At the bank, you pretty much have to wait for your number to be called to approach the counter.
  4. Finally, when the market fills your order you receive STEEM! (Yay! Just imagine the teller handing you a thick stack of RM100 notes!)

3) Your Fixed Deposit Account is like STEEM POWER
If you like your fixed deposit account you are really going to like STEEM POWER!

• When opening a fixed deposit account, your money is basically locked away and untouchable for the tenure of the fixed deposit. You, of course, earn interest, which multiplies and basically makes your money work for you and you accumulate more! (Ok just a tiny bit more considering the measly interest rates of 3.15% to 4.5% p.a. which is pathetic really.)
• STEEM POWER (SP) here is really like that!
  1. You need SP to overcome the lack of bandwidth. Remember if you have no bandwidth you cannot interact with the STEEM Blockchain... Nope, nada nothing...period! You can't post, comment or upvote.
  2. Secondly you can generate "interest" by posting, upvoting or delegating your SP. Basically you earn STEEM DOLLARS when doing all this. So you accummulate more STEEM DOLLARS to turn into STEEM and finally into STEEM POWER! Rinse and repeat! This is your money really working for you.
  3. Finally your SP is locked away just like your fixed deposit for a fixed tenure. If you want to "POWER DOWN" which is basically to turn your SP to STEEM you will have to wait for 13 weeks to receive the full sum.

Ok ok, I know this is a really simplistic way of describing it! So please do continue your research by reading other posts and articles which are more technical!

I love piggy banks

So what do you think? Feel free to correct me in the comments below! This post is dedicated to the Team Malaysia Babes! Hope it helps!

So what is QUESNEY21? @joannewong and I are challenging each other to create great content for the next 21 days. Starting 26th of March and ending on the 15th of April. We needed the discipline and motivation that comes from being accountable to each other. Tell us if this is interesting to you, do you think you could benefit from your own QUESNEY 21?

Check out the other postings for this challenge:
QUESNEY21 (Day 1): Strangers On A Train
Quesney 21: Compilation of February 18 Meet-up Part 5
QUESNEY 21 (Day 2): Money Conversations with Millennials and Post-Millennials
Quesney 21 (Day 2): Teammalaysia CNY Gathering 2018