Sorry for the break. Flu did not spare me, and I finally relented and let the medical profession pull me back from what felt like death.
In my previous post I spoke about how to make Steem into Fiat (See article here). But is that really the best strategy. Generally it is a second income and with the upward trend in crypto v fiat, maybe keeping it in crypto is a good idea. I have moved some fiat to crypto, so I back that strategy. For some people this could however fill some nice holes so this is completely based on your situation. This could just be a very nice little nest egg!
To recoup here are what I believe the four choices are:
- Make it Fiat and use to fund day to day costs.
- Redeploy your Steem to steem power to earn more steem
- Trade with other crypto currencies
- Look for an ICO and invest your money there.c and
Using steem power
So if you do not know this, and you read this on my post, upvote me now. Just kidding that is always your choice. However this advice is so powerful. Steem Power is key to what determines the sizes of your vote. Think about it! Your first vote is for yourself. You will also have more to vote with for others. And they may return the favour.
For the record I do not know the exact algorithm the use to determine the vote power, but I know that reputation and Steem Power is massive. So grow your Steem Power. In fact, keeping your Steem in Steem Dollar is not a good strategy unless Steem falls drastically. This is because Steem $ is pegged to the US $ and is range bound between 90c and 1.1, so you will never make money on the growth for Steem. So moving it at the right time is important.
Moving Steem Dollar to Steem
There is two ways you can do this. If you have an exchange where these trade you can move it straight to that wallet. Then you can convert at the right time, and move back to Steemit OR keep in that exchange or another wallet.
Secondly you can convert in Steemit by using the "convert to Steem function". Warning, it takes 3 days and they use the average rate for Steem and Steem Dollar to do the pricing, so you can not exactly determine price and may lost on a drop in Steem. This is to stop people playing the market and put lots of overhead on the system. Steemit is not a trading system, and this is mainly for people that do not trade on exchanges. But use it! I do from time to time.
Timing is key though! AS you hold Steem Dollar and want to buy Steem, you need to make sure Steem Dollar is high and Steem low in price. Use a site like Coin Market Cap to check the prices if you are not sure how. You do not need an account and they list all the major exchange prices for the currency.
As a footnote to this section, if you are not bullish on the price of Steem, you can leave it in Steam Dollar and earn interest over time.
Now power up
So now you have lots of Steem and you want to power up. Warning! Once you power up you will have to wait 13 weeks to get all the Steem Power back to Steem, every week paying out 1/13th. So only do this if you do not want to use the Steem in the meantime. Simply in your wallet say Power Up, and there you go.
Timing again is important. The lower the price of Steem the better to power up.
Now start blogging and voting. Remember you also get curation rewards and drive reputation rewards up if you spot good articles AND vote for them. When you vote you do not lose your funds, you help allocate the daily pool, so use this and earn curation rewards.
Now you can build your Steem value and grow your crypto portfolio daily. I know guys that make $200 per day easily. But it takes hard work to build to that point. Building Steem Power is a right step in the direction of being powerful in Steem though.
Finally, you can simply select Power Up 100% at the bottom of your posts ( says "default (50%/50%). You will not maximise your transfer values, but rather do that if the other process is to complicated.
Happy Blogging.