Steemit Wallet 101 - Introduction and Key Terms
Toolkit posts are designed to help new Steemians get acquainted with the ins and outs of Steemit. If you have requests on components or systems related to Steemit that you would like to see explained, please let us know in the comments below.
Steemit Wallet 101
For a new user, understanding the Steemit wallet can be a challenge! There are multiple categories indicating where two distinct cryptocurrencies are held in your personal account. Today, we will break down the basics of the wallet, describing what each category means, and help you get comfortable navigating the local lingo.
"Wait, what’s my wallet?" The wallet tab is like your very own Steemit bank account. Here, you can keep track of how much STEEM and SBD you’ve earned, transfer it to other Steemit users, deposit or withdraw.
| Description | |
|---|---|
 | STEEM - is the central currency on Steemit.com. It’s a cryptocurrency or “token” very similar to Bitcoin. You can earn STEEM by blogging, commenting and upvoting content on Steemit. This section of the wallet shows your “liquid” STEEM meaning you can withdraw these tokens at any time. You can also move STEEM to SP in a process called "Powering Up" (learn more about this below). |
 | STEEM Power - (or SP) is the same as STEEM. SP though, indicates how much influence you wield in the Steemit community. The more SP you have, the more valuable your vote becomes. Unlike the liquid STEEM in the first section, SP is locked in unless you click “Power Down” (learn more about this below). |
 | Steem Dollars - (or SBD) is a secondary currency on Steemit.com. Value-wise, SBD are designed (algorithmically) to equal approximately $1.00 USD. You can earn SBD by blogging and commenting on Steemit.com. Just like STEEM, this section of your wallet is liquid, meaning you can withdraw these tokens at any time or you can “convert” your SBD to STEEM (this is an exchange that takes a couple days to process.) |
Savings - provides an extra layer of security to your wallet. Here, you can store liquid STEEM and SBD. Once you deposit liquid cryptocurrency in savings, it takes 3.5 days to remove it. (STEEM and SBD in the Savings section does not contribute to your upvote power.)
Estimated Account Value - shows the total value of all your STEEM + SBD = in United States Dollars. This number fluctuates 24/7. Why? The value of STEEM changes every day as people trade it. If you’re curious what 1 STEEM token is worth right now, click here!
Power Up - If you have liquid STEEM tokens, you can move them into SP in a process called "Powering Up." This increases the strength of your vote and the amount of curation rewards that you can earn.
Power Down - you can turn SP into liquid STEEM in a process called "Powering Down." In an effort to keep the whole network secure and stable, the process of converting your SP to STEEM happens in 13 installments over the course of 13 weeks. Each week 1/13th of your SP total will become liquid. A important reminder - your voting strength reduces every week you Power Down. (Power downs can be stopped at any time.)
Transfer - this action is pretty neat. Here, you can move liquid STEEM and SBD to any other Steemit user or a third party cryptocurrency exchange / wallet. Simply click the little carrot drop-down and select “Transfer”. You’ll then be prompted to enter in the amount you would like to transfer along with the account you are moving the cryptocurrency to.
Check out the Steemit FAQ page for more!
Exploring More @sndbox Steemit Toolkits
Thanks for reading! We hope you found this Steemit Wallet walkthrough useful. If you have any questions please don’t hesitate to reach out in the comment section. Check out our other toolkit posts for helpful tips and ideas :
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Excellent article, great quality, easy to understand and great design to it too! Thanks a bunch for all this info and quality.
Upvoted, resteemed and shared. Namaste :)
Glad you enjoyed it Eric - thank you for your supportive feedback!
Get More Upvotes and Followers : https://steemfollower.com/?r=1966
I bet this is way more than excellent.
Can somebody please explain what the amount in the brackets is? The one goven in the steem power section as shown below.
A great question! When you see STEEM Power in brackets, that means someone has "delegated" SP to you. It should say this in your wallet...
Steemit Inc. actually delegates ~27 SP to new users. It's a way for them to get started and begin upvoting content. As newbies accumulate their own Steem Power that (amount) will go away.
Thanks for the reply. I also just want to ask that the sp that I will make will go to the amount given above or the one in the brackets?
The SP you earn through blogging and commenting will go into the top one :)
Thank you!
I did not know that either. Thank you twice @sndbox
Absolutely!
Great explaination
Thanks, I needed the same information. Just resteemed for more newbies to find this explanation.
Great! =)
honestly boss, its fantastic and its actually a fast way to success!
Thanks for sharing! A link to your post was included in the Steem.center wiki article about Steem Wallets. Thanks and good luck again!
That's fantastic! We're honored to be on the Steem.center wiki, thank you for all the great work and resources :)
great post for people getting started, very clear
Thanks so much @luisneira!
Thank you for this, super helpful!
Thanks @awillbrown :)
Even after two months here, I'm always learning something useful and new. Thanks for sharing this. Knowledge IS power (Steem Power in this case) and your posts are a great contribution for us all.
Wonderful to hear this. Thank you so much for the kind feedback and enthusiasm!
Knowledge is Steem Power :)
Job well done @sndbox just like you rightly said, there a whole lot of confusion for someone like me. I have come to the point of believing that Steemit is a puzzling ground but with your explanation am having a better understanding now. Thanks for your good work. I have started following you for further instructions.
Many thanks @jyzaza! Glad this helped clarify the wallet puzzle :)
This is as clear as it should be.
Enough said !
Keep on steemit!
Thank you! Steem on my friend!
This is very useful and timely information for new steemians. Great job! This is another old post with analogy that may be helpful too: https://steemit.com/steemit/@donkeypong/still-confused-by-steem-steem-dollars-and-steem-power-the-power-plant-analogy
^ Absolutely, that's a great post and series of analogies! Thanks for sharing :)
Great timing @sndbox since I just clicked on the BUY STEEM OR STEEM POWER tab in the Wallet section which directed me to blocktrades where I bought about $100 of steem power yesterday in my account instantly. Cant get easier than that I must say. Thanks for the wallet introduction and better understanding on how it works.
Off to the new/hot section of steemit!
You bet! Glad the timing worked well :) congrats on purchasing STEEM!