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RE: Steem Infographic: Basics of the Steem Wallet
I've been looking for something like this for weeks. How exactly does steem dollars, steem and cashing out my steem weekly? Pretend I'm a total NOOB and I post a piece of content and in 7 days it makes $20. What do I do with the $20 to I move it to savings in the wallet for steem? or do I reallocate it back into steem power or what? I'm so confused as to what to do with the steem or steem dollars once the 7 day payout ends.
am I able to buy steem coins on an exchange? would I want to do this? Im completely new, I keep adding content to my blog everyday but am unsure what to do with whatever is upvoted. id like to contribute to the community as well as generate a great side income. Any pointers. BTW I added you too :)
By the way, a $20 post only pays the author about $15 and pays the voters $5 (split up of course). This encourages the voters to upvote good content. And when you upvote content, 25% of your upvote's value will boomerang back to you.
The steem power from a post power automatically goes into the long term hold (13 weeks)
The steem dollar will show up in your balance. You can decide to:
I think the best way to buy steem with bitcoin would be through blocktrades. If you simply want to convert steem dollars into steem, definitely do it through the open market.
Hope this helps!
It does help I guess I am curious what do I do with Steem Dollars, steem power and all of this. I guess I'm having a hard time understanding what to do with all these currencies and should I be pulling things into savings as a NOOB or just putting it back into steem dollars?
I appreciate your questions. I'm only one person, but I'll try to address this in an infographic soon! :)
Well, in the short term, I'd use the open market to trade steem dollars for steem, and then power up. If that doesnt make sense, I'll try to explain later :)
Great stuff my friend. I’m very close to getting it!