Steemit Tips For New Users: Why You Should Consider Putting Your Steem Into Steem Power
So you get a successful post and you made some steem. Woot. You can cash it, you can hold onto it, you can look it and pet your screen creepily, or you can put it into steem power. What should you do? The option is 100% up to you, it is your money and if you want to cash it out and buy something nice, go for it. But I suggest, if you are here to stay, to put it into steem power. When you do you will not be able to take it out fully, for 13 weeks, but your vote will be worth more. It might take some building before you se a difference but it can really add up if you post often.
There is also the matter of how much you get when you sell it. Today the value of steem is $1.65 on the market, so you can sell each one for $1.65 USD. This is not a bad price but it is pretty low for what it was. Recently it was over $2 and was even around $2.50. I think, and this is just me, bitcoin might see a rise soon and if it does, the price of steem goes up with it. That means, if it does, you can sell it for more than you can today. But on the other side, it can drop, so always keep that in mind.
What you decide to do is up to your needs, but if you are to stay and are going to continue to work to build and grow your account, you might as well put the steem into voting power. Even if you are only getting a little more voting power that is more than you are making before. Unless you think the price will spike and you are going to sell it quick, sitting on it as SP is the smart thing to do.
How about you, do you put your steem away? I know I do.
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
We are of different mindsets here. At least for the first "decent" amount.
I am of the mindset that you should take the first decent amount of Steem/Steem Dollars and sell it. Now, what is a "decent amount"? That is up to you.
Why do I think you should sell it?
To buy something you want. Do something with the money, go to a show or out to eat with your significant other. Do something you may not have been able to do without that money.
Why?
To show yourself this is real. You can make REAL money here. You can improve your life. You can do a lot with Steemit. You just have to put in the effort.
After that first "decent amount" withdrawal I am all in with @Whatageek said. I know I don't practice what I am saying (I hold a lot in liquid) for various reasons.
One is I like to be liquid. If I need money it is usually a significant amount (more than $100 for instance) and I need it in a hurry.
Second, I like to help people that trust me to come over here and try Steemit out. This includes, but is not limited to, using options such as @Randowhale to give them a boost early on (his services are not free).
Third, I like to practice "day trading" and here on Steemit it is currently free to do so. Coinbase has a $4 minimum on Bitcoin and $3 minimum on Ethereum trades so I have to "make more" per trade there to offset the costs to trade.
Powering up is a great idea and one that everyone that is in this for the long haul should be doing at some point, if not often.
Good idea, you should make a post about this. Spend your first steem, see for yourself it is real.
I find myself writing long comments and then staring at a blank screen for a post. lol I think I will do an article about this.
Yeah I see your comments, they are mini-posts :p
Power Up!
It's the only thing you should be doing!
That's what I'm doing, at least until the end of August.
That's what I've been doing since I got here in the middle of May. I'm so close to 1000sp
Awesome, that is good progress. Your pixel contest is great content.
Still only using 100% power up!
Till now I converted 100% of my earnings in steem power and I will do so in future =) Longterm invest :)
Thanks u for your tip, very helpul me
:)
I have become a big believer in Steem. The social aspect of SteemIt makes it a pretty good investment.
steem is the number 1 hold coin in the future i think it might compete with monero or stratis and it is all because of this amazing platform called steemit
i completely agree with you! i put all of my steem into steem power because in the long run the more steem power you have the more viewers come to your post and you make more money! good post
I power up everything I get except for the 0.100 steem I keep in my wallet so I can transfer .002 to some new user when they want to join minnowsupport but don't have any steem
Actually @swelker101 put it there and I've just been keeping it topped off at 0.100 because it seems like the right thing to do.
That's nice of you :)
How cool is Steemit 👍
It was nice of @swelker101, I think he did it knowing I'd feel some sense of responsibility.
Me, I'm a prick. ;-)
I'm keeping my eye on you, don't make me send more steem.
Hah, check my wallet, there's still 0.100 steem in there.
Oh, I guess you can prove that I've transferred some to people.
Stupid blockchain.
Can u put some numbers towards just how much an incremental amount of Steem Power will increase your rewards?
It is hard to say, maybe 10,000 SP can be 2-3 steem for a full vote.