Every day new users are struggling with learning about different aspect of Steemit like me, I've been learning about this platform for a month, Still I stuck on some features because Steemit is too vast but fortunately, I am learning every day about different communities, tools, services and the different way to figure out from any issue and whatever I learn, I try my best to share it with the community in simple terms.
Today I thought I should write about the Steemit Wallet, Delegation and Leasing SP because I've seen that a lot of people struggling with these terms. So here I will share each aspect of Steemit wallet, delegation and Leasing SP in a pretty detail.
Steemit Wallet Guide
Steemit Wallet is actually your wallet in the Steem blockchain where you store your tokens (Steem & SBD) and also perform different tasks like transferring money, powering up Steem to Steem power, trading of Steem to SBD and vice versa. In simple terms, you can do everything that it is capable of. If you didn't understand any of these terms right now, No worries by the end of the post, you'll learn everything. Below I'll share everything about the wallet, So here we go.
I had already written a post about Steem, Steem dollar and Steem power. So It is better to take a look at my previous post or you can read it here because I will put it into the blockquote to avoid plagiarism.
Steem
Steem is a liquid currency, which is the building blocks of the other two terms Steem Dollar and Steem power. It is used to power the steemit platform. You can easily buy steem and sell it to the open market and can exchange it in any other cryptocurrency. It is better to not hold on steem for a long time because it fluctuates so much and lose value.
Steem power
Steem power defines the power of steemian, It is a long-term investment in the steemit network, It increases your voting weight. So the more you increase your SP which basically refers to power up the more you become an influence on this platform.
By having more SP you will get paid more from curation rewards. The good part is that when you upvote someone's quality content, They will also get more rewards as an author. So basically it is a great way to help bloggers.
If at any moment you decide to cash out some of your SP, So you can do it by Powering Down. But they pay you on a weekly basis over the span of 13 weeks, Just to make sure the users don't cash out all at once which crash the steem market price.
Steem Dollar
Steem Dollar(SBD) is the steemit currency, which is basically a stable currency and always worth 1 US dollar each in value. So whenever you write quality content and you get any reward from the community, the author's reward gets split into two categories mean 50% pay per post is going to be SBD while 50% is SP(steem power).
If you'll hold your SBD in this network, So you'll get 10% of interest per year. Otherwise, you can convert your SBD to steem or any other cryptocurrency and simply sell it on the open market for cash. Or wait until the SBD value goes up and sell it at the higher price.
You can convert Your SBD into SP for long-term investment and get biggest rewards.
Delegate Steem Power
Some of the Steemians become confused when they see Negative digit numbers underneath the Steem Power of different users like the image below. So for this example, I took the screenshot of account.
As in the image is shown that gave/delegate (-4,103.317) of his SP to the
service for the particular time and he also gets benefits by this delegation because first, he helps other Steemians quality contents from getting upvotes by the SmartSteem/SmartMarket (who uses their service) and second, he is earning some passive income on a daily basis in a form of SBD & Steem.
Don't be confused about delegation, You're not losing your SP. Basically, you invest some of your SP for the particular time to earn some passive income. After the particular time has finished, you can take it back or renew again for more time to get more passive income.
Note: Negative sign defines that you delegated some of your SP.
To learn more about Smartsteem and their services, follow the guide below.
Lease Steem Power
Leasing Steem Power is the opposite of Delegation which means that you want some delegation from other Steemians or services to your account, to enhance your voting Strength and to become more an influence on the Steemit platform because the more SP you have, the more strength your voting weight carries and the more rewards you get from curation.
I took a screenshot of the account for this purpose to understand. He leases (+2,304.610) SP from
service. For leasing SP you will get a lot of benefits as I discussed, but It needs to invest some Steem for the particular amount of SP you want. The more SP you want, the more Steem you've to invest. It is also limited for the particular time like delegation, but the good part is that you can renew it again.
Note: The Positive sign means that you've leased some SP.
To learn more about MinnowBooster and their services, follow the guide below.
Savings
The Savings account stores Steem and SBD, So every time you have a plan to hold some Steem and SBD for a long-time into your wallet, It is better to deposit it in the Savings account, It doesn't give you any interest per year over your tokens and It doesn't affect your voting weight, but It is guaranteed that it provides you an extra layer of security for the tokens because It takes up to the 3 days to withdraw your Steem and SBD back.
Note: Steem power and Savings account are the best way to secure your tokens, If your account gets hacked, The hacker can't transfer your SP and saving account tokens because the SP take 13 weeks to power down on a weekly basis and saving take 3 days to withdraw it back.
Estimated Account Value
This is an estimated total value of your account in US dollars, based on the tokens (Steem and SBD) you have, This value fluctuates all the time due to the value of Steem and SBD fluctuates every day. So If you're interested to know about the value of Steem and SBD, then visit Coinmarketcap for more details.
Now it is time to learn about these menus, which is located next to Steem, SP and Steem Dollar, So lets move on.
Transfer - It lets you to transfer Steem and SBD to any other Steemians account. It is totally up to you that how many tokens you're willing to transfer to anyone. It has a memo section where you can write text or you can put it there your post link if you wanna upvote your post by any bid bots from steembottracker.
Transfer to Savings - With the help of this feature you can deposit your Steem & SBD to your Savings account.
power up & power down - Power up is a process of instantly converting Steem into Steem power and Power down is the process of converting SP back into Steem, but this isn't happening instantly because It evenly power down on a weekly basis over the period of 13 weeks. If at some point you don't want to power down. You can stop it by clicking Stop power down, which will appear in the menu next to the SP. This Stop power down option is only shown, when you'll start powering down some of your SP.
Buy and Sell - These features are used to sell your other cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and more, to Steem or SBD and you can buy other cryptocurrencies by your existing Steem or SBD via the BlockTrades.
Market - With the help of this internal market, you can sell your SBD into Steem and vice versa.
History
Steemit wallet is a public on the Steem blockchain which means everyone can see all of your tokens, transactions and SP.
As you can see the image above, all of my transactions are being saved in the history section of the steem blockchain. The history section just remembered all the previous transactions that I made from the day, I Signed Up an Steemit account.
If you want to learn about Steemit Wallet Permission keys, then click on the link below.
Conclusion
It is amazing that you have finally learned about Steemit Wallet, Delegation and Leasing SP. Now you can use your knowledge practically by delegating some of your SP or Lease Some SP to Minnowbooster or Smartsteem to earn some passive income or to be more influential on the Steemit platform. I hope that you'll not be confused again about your different tokens and Saving account on this platform.
Now I'd like to hear from you about the Steemit Wallet, leasing and delegate Steem power by sharing your useful thoughts below in the comments, Maybe I missed something.
If you like this post, So please Upvote, Follow and Resteem.
This is a helpful Guide about Steemit Wallet value from . So I appreciate you to check out this post to get more knowledge, It is quite useful.
Your Estimated Account Value is Way More Than You Think It Is : Everything About Steem Wallet Value