Your Steemit wallet can be a confusing part of your blog. There are several different options there and many different places to store a variety of different currency. What do you do with it all? There are really only three areas that you need to pay attention to and will use on a regular basis. Watch this video to learn what you need to know when it comes to your Steemit wallet.
Watch the video to learn all about what to do with your Steemit wallet. If videos aren’t your thing, then check out the transcript below to read more information on the different features within your Steemit Wallet.
Wallets it used to be something that you folded, and you put it in your pocket. You kept your cash in there. They're called billfolds, right? It's a physical, tangible, item. Nowadays, they're on the Internet. They're digital. They're nothing. There's nothing physically in there. Learn about what your Steem wallet is and the different types of currencies available in there - coming up next.
Hey guys, my name is Spencer Coffman. I want to thank you for tuning in to this channel. It's all about making information known to you. We've got software reviews, plug-in reviews, online hints and tips, social media how-to, and a ton of information on how you can be successful on the Steemit blogging platform. So you can spread your message, grow your following, and start making money online.
Today, we are going to talk about your wallet. Your wallet on Steemit is a very important part of your entire Steemit account. This is where you control all of your money, all of your earnings, all of the stuff you spend, if you purchase upvotes, what the currency is worth, and anything related to monetary gain or loss on Steemit is found in your wallet. Now, within your wallet, there are a few different options. Number one is Steem; number two is Steem Power, number three is Steem Dollar.
Now, those three different things are really three different types of currency. We're gonna go over each of them; I'm gonna let you know what they are. So, starting out with Steem. Steem is the currency that you can use on the platform that you generate and get based on your post weights and things like that. It's really kind of just a base currency. It's really a nothing currency. When you accumulate Steem, you can do one thing with it. Well, you can do a number of things. You can transfer it to other people it's for services, it's a monetary unit, you can buy it, you can sell it.
The reason you can buy and sell Steem is because your ultimate goal is to turn that Steem into Steem Power. I'm going to talk about that in a minute. You notice if you're on different cryptocurrency platforms like Bittrex, or Poloniex, or block trades, you can buy and sell Steem, but you can't buy and sell Steem Power. That is because Steem is the base currency. So when you create a post, you get a payout at the end of 7 days. Half of this payout is Steem Power the other half is SBD.
What's Steem? Well, Steem is what you can buy and sell on your own. So you have the option to buy a lot of Steem, which you should do. Then you can take this Steem and power it up into Steem Power. Now, Steem Power is your voting weight. This means that if you vote on someone else's post, an upvote, for example, you accumulate or attribute some value to their post. So if you have 100 Steem Power you've accumulated that value. Now you can vote on someone's post, and you'll give them like a hundredth. So you'll probably give them one cent. If you have 500 Steem Power, you probably give them 5 cents or something like that. Maybe 50 cents, it depends on a lot of factors, but usually, it's a hundredth or a tenth depending on your weight.
Now, the Steem Power has a big influence on your voting weight and so does your reputation score. So if you're a minnow, and you have 25, but you purchased a thousand Steem Power, your vote weight may still only be ten cents. But if you have a score of 70, and you have a thousand Steem Power, your vote weight could potentially be like a dollar, but it might only be 10 cents. So there's really not a set in stone rule, but a general rule of a couple of decimal places over is usually what your vote weight is.
An easy way for you to figure that out is to look at how much Steem Power you have, go vote on someone's post and see what dollar amount their post increased by. You can do that a couple of times. Just remember, don't do it too often. Generally, do it after a 24-hour period of non-voting. Then you'll be at your maximum.
Once you hit about 500 Steem Power, you'll have the option to have a slider, and you can see what your vote weight is. In addition, there are some tools out there somewhere; you could Google it and find out some calculators to find your current voting weight. Now, one thing about Steem Power is once you power it up, you can't really power it down quick. So powering up from Steem to Steem Power is a seamless process that happens instantly. If you have a hundred Steem that you purchased you can transfer and power that up to Steem Power and it'll be a minute or two. Boom. You'll see a hundred Steem Power added into your Steem Power balance.
Conversely, though, if you want to power down, if you have accumulated, over the past couple years, and you've got ten thousand Steem Power, and you say; ‘you know what, I need some money to live on’ so you're gonna power it down. If you want to power down one thousand of that, it's gonna take you thirteen weeks to get that power down. Your one thousand Steem Power that you're powering down will be divided up over thirteen weeks and paid out to you incrementally over that period of time. The reason they do this is to keep the power in the blockchain. Obviously, the more Steem Power you have, the higher your voting weight, which means the more you're contributing to the blockchain, the more other people are making, the more you're gonna make, etc.
So, generally, it is best not to power down because your Steem Power will start automatically powering down after a set period of time of a year or two. It'll automatically; you'll start getting your oldest Steem accumulated. You'll get a portion of that in payouts after like I said, a year or two of being on Steemit. So it'll happen automatically. So your main goal is to continue growing it as fast as possible.
The third option on Steemit in your wallet is SBD or Steem Dollars. Steem Dollars are the real hard currency behind the whole platform. They are a monetary item that you can use to buy upvotes purchase upvotes anything like that. You can sell them you can transfer them into money. Half of your post value is paid out to you in these Steem Dollars. The reason they do this is so that if you need some money to live on if you make Steemit your living, you'll get paid out. Fifty percent will go to your power; you keep that there, the other 50% will go to Steem Dollars.
You can transfer that into your bank account. Now, you can't do it directly. There'll be another video in the future showing you the process of how to transfer that to cold hard cash so you can live on it. But, for now, just know that is your cold hard cash. I recommend, personally, that you use that in places around the blockchain. So you can use it to purchase bot upvotes. You can use it for contests; you can use it to for an investment, watch the value. You can see the current values of Steem and Steem Dollar on a place called Steem dollar dot com or Google Steem dollar ticker, and that will tell you exactly what the current prices of Steem and Steem Dollars are.
So, I personally recommend taking your payouts, letting them accumulate, then when they get up, when you have a lot of it when the price goes up, then you can cash out. When it goes down, I recommend buying more. Use it as an investment and keep it all in there. Keep making money. Let it build and accumulate a good value for your account because the higher your post weight, the more you can contribute to the Steemit platform and the more you'll get back out of it.
I want to hear from you in the comments below. If you have any questions on anything, I've said in this video or anything related to your Steemit wallet. If you have any questions on the currency where you can get it, how you can buy it, etc. If you're having trouble, post it down there I'll get on and reply to you as soon as I can. In addition, read other people's comments. Take the time to reply to them because you guys can help each other out and learn so much from each other. Much more than I could ever tell you. In addition, if this is your first time watching this channel, I would love to have you subscribe. It's all about making information known to you so that you have the knowledge you need to know exactly what tools you are gonna need to be successful online. Until next time.
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