Tips On Using Your Steemit Wallet And How To Invest
One of the biggest questions people have on Steemit is how to use the wallet and what is the difference between SBD and STEEM and STEEM Power. There is more to just knowing what everything is, but also knowing how to use it to make grow your Steemit account and your crypto holdings in general. I will attempt to explain it all... let's get started.
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First of all, some basics.
When you earn money from posting or curating you are paid either fully in STEEM Power (SP) or half SP and half STEEM Backed Dollars. The amount of SP you have determines your power on the Steemit platform. The more SP you have the more your vote will be worth and you will get higher curation rewards.
SBD is a tradable token that you can use to convert to SP or any other crypto coin or to cash. SBD was formed to be generally close to the value of the US Dollar. It is possible in the future to see a SBD valued around $1.00 and the value of STEEM be much higher.
Some Strategies
If you believe in Steemit and you plan on being a participant on the platform then increasing your STEEM Power is something that you will want to do. Converting your SBD to SP is a great way to grow your account. What is the easiest way to convert SBD to SP? I use Blocktrades.
I send SBD to Blocktrades and then it sends back the equal amount of SP into my account. It is the fastest way to convert to SP that I have found. You can convert it on Steemit using the marketplace and the convert option, but I like using blocktrades.
You can also use Blocktrades to send SBD and convert it to another coin that you can then deposit directly into another wallet.
If you want to cash out, you could always send your SBD to an exchange like Bittrex and sell your tokens and convert to cash.
When to sell and power up...
The best time to convert your SBD to STEEM Power and power up is when the spread between the two coins is the lowest. Sometimes it is worth holding onto SBD until STEEM goes down in value a little and trade when STEEM is low. For example: If the price of SBD is $.95 and STEEM is $1.30 you will convert more than if you traded when SBD was $1.00 and STEEM $1.50.
If you want to trade for another coin instead of powering up you can do that too on Blocktrades. Why? Just the other day I had about $20 SBD and I was going to power up, but the price of Ethereum was so low, around $180. I decided to convert that $20 SBD to Ethereum. Ethereum has since gone up 30% since I traded and I could now trade back to STEEM Power and get more bang for my buck.
Sometimes pulling money out of Steemit can help you increase your other crypto holdings. When you get enough profit, then you can buy back into Steemit. Just a thought.
I hope this helps. If you have any other questions let me know in the comments below and I will do my best to answer them. If it was helpful let me know in the comments too. Thank you for reading.
To my followers, you are the bull to my market.
Lucky me. I was going to google the question but found your post in the feed. Been more than a month here, but a I am still confuse. Thank for making it clear - those sbd, sp etc..
you are more than welcome. I am glad you found it helpful.
This was very informative. STEEM ON!
Hey dude, nice post.
Here's a random question that I have since a while. You know if there's a way to know how much Steem Power you need so your vote has a X value? I'm not sure if I I made myself clear 😅
I use Steem.Supply to get that kind of data. It doesn't show exactly what you will need to achieve your goal, but my vote is 10 cents at 500 SP right now at 100%. If the value of Steem goes up, then it could be worth more even though I still have the same SP. It all depends on value and SP.
Hope that helps. There is not singular answer for your question.
Oh, It seems more complicated than I thought.
Thanks for answering :)
@jc21.ramos, I am not sure if I understood your query properly. But let me try it anyway.
steemnow.com is a webpage that gives you lot of info. Your 100% upvote value, author/curator rewards and much more.
In this page next to the upvote value, there is a small calculator icon. Press it and you will go to a upvote calculator. Here you can enter any SP and see the equivalent voting power. The default value shows 10000 steem power $1.67 at 100% power. You can change steem power and %age and find the corresponding upvote value.
Hope that helps.
@walkingkeys, please advice me if I am right.
Holy, that's exactly what I've been looking for, thanks!
Question: what's the difference between Vote Power and Vote Weight?
@jc21.ramos, vote weight is the $ amount your single up vote has at 100%. My vote weight is $0.005. (that is at 100%).
Vote power is how much you up vote a blog. If you have a slider in your up vote button (you get a slider after some 500SP in your wallet), you can vote only a fraction of your full vote weight. For example if your single up vote is say $1.0, you can distribute it to up vote 10 blogs at $0.1 using the slider. That is vote power (10% of your full power) that you are using for upvoting a particular blog
Voting power decreases with each vote. Voting frequently in a small amount of time increases the rate at which voting power decays and it recovers slowly after a period of not voting. You get 10 no. 100% up vote every 24 hours. Meaning you can up vote 10 blogs /comment everyday at 100% without diluting your voting power. After 24 hours your voting power is restored to full.
In steemnow.com you can see your voting power in %age. Just see that it does not go below 85%. If your voting power dips below 85% then every subsequent up vote that you cast will have less than full 100%power.
So if your voting power is say 50% every up vote you cast has only 50% value of your up vote. (That is if your full up vote value is say $ 1.0, and if your voting power is 50%, then each up vote is worth only $0.5 and not $1.0)
Hope that clarifies
This is my understanding. May be some senior here can clarify or throw more light on it.
how does one first get bitcoin to start changing steem to another coin ? if it's mentioned in the post I'm sorry I missed it, also at what point is it advisable to start reinvesting in steem? I think I read I could be wrong but I think I seen you had to have a hundred but that might be for voting power not sure now. I've resteemed for smarter folks to check out :) thanks for sharing
Sharing this for folks to understand...
Thank you SO MUCH. I needed this because i have absolutely no idea what I'm doing here! This has been illuminating, to say the least.
I just use the marketplace option... I'm not sure why people would use the 'convert to steem' option and wait 3.5 days. Why would they?
No real reason to wait 3.5, but it is easy and safe. Maybe that is the reason.
I have been on steemit less than 1 month and this is way easier than how i converted my SBD the first time! I will definitely look into blocktrades. Thanks
Thank you for casting more light on what is a sometimes a confusing issue .
@walkingkeys, what is the advantage of using blocktrade when currency market is inbuilt in steemit?. Any specific reason you have?
Also how do I get SBD value? I get steem value in steemnow. Is there any easy way to see those 2 values side by side in any app or site?
I have a bit of BTC which I am thinking of converting to steem and then SP. Is there any right time to do it?. BTC is gaining more value faster than steem is gaining. So does holding BTC longer help me get more steem at a later date?. I am in 2 mind now. Please advice.
I just like blocktrades and find the internal system confusing. No real reason.
Use steem.supply they are side by side there.
Use blocktrades to convert BTC to SP... I would hold BTC personally. I'm holding mine and still adding when I can. I only convert my SBD to SP. I don't buy in, but that is just me. I don't really have the money to buy in now.
@walkingkeys. Thanks for your advice. I guess I will do the same. I will hold on to my BTC and power up my steem internally using SBD without actually buying any steem from outside. So will build steem on my time and effort here while BTC will be investment of my fiat money.