Steemit For Beginners : What are VESTS

in #steemit7 years ago (edited)

To understand what are vest you need to understand what are difference between steem , steem dollars and steem power is

STEEM is the basic cryptocurrency on which steemit works on.You can transfer steem to exchanges to convert it bitcoin

STEEM DOLLARS is the currency of the Steemit. It is people get when they receive payment from curation or upvotes. It is 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.

STEEM POWER is your voting power ,i.e., how much your upvote worth , higher you steem power higher your upvote.

POWERING UP means adding more steem to your steem power

POWERING DOWN means cashing your steem power to your steem, it takes 2 years to completely liquidate your steem power
to steem

VEST are share in steem power.

Vest increases by powering up and decreases by powering down

Steem Power cannot be transfered to exchanges you need to power down to convert it to steem, therefore user get reward as steem power for the commitment.

So what is the use of VESTS

As said above vest are share , just like if you invest in a company it value increases your value of share increases.
Suppose If you invest in Steem Power now with 10 steem you get 10 steem power but in a year you may get 5 steem power but if the value or market cap does not increase or go down then you might get more.

you can check your vest from

steemd.com/@username

This is all I understood by looking old articles , if you find anything wrong or something i missed please mention in comment

for more details look

https://steemit.com/interest/@sigmajin/understanding-the-steem-economic-system-vests-sbd-steem-dilution-interest-and-all-those-crazy-things

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Nice, use this tool often to check my voting power to make sure I dont drop to low while playing around!

nice post. thanks

thanks bud

Very helpful post. Thank you

Thank you for sharing this up @vegeto
Still the reason behind in using steem power must be clear for all steemians as it is important to use it effectively.

of course

Good post. Thanks!

Hi @vegeto, we are new to this awesome community, thanks for the simple and clear explanation! Greetings from México!
@Layra

yes you explained very simply

Thanks for explaining, I was looking for this.

thankyou it is help full article