Understanding Steemit and the STEEM / SBD currency – Your wallet - part 1

2년 전

I generally dislike long posts as I do not like reading walls of text, so I try to be to the point and hopefully help out some Steemians. I’ll try to do one a day. I am assuming you have read my previous post on the Steemit feed

Understanding your Wallet

There is a lot of information to understand in your wallet,

  • STEEM
  • STEEM POWER
  • STEEM DOLLARS
  • SAVINGS
  • Estimated Account Value

  • STEEM

    STEEM is a cash-equivalent. It is a currency like dollars, euros. The difference being it is purely digital like bitcoin. You can spend STEEM on services like SteemBay and possibly sometime in future just like bitcoin. You can invest in Steem Power, cash out or transfer to other users.

    STEEM POWER

    Steem power represents every Steemian’s ownership of the Steemit ecosystem, like a stock. This number is converted for you, but Steemit actually runs on VESTS. The VESTS of every Steemian get converted to steem power. There is a complicated dynamic where VESTS deflate annually, but I will discuss this later.

    STEEM DOLLARS

    This represents how much SBD (Steem Backed Dollars) you have. The name already alludes to this being a dollar that is backed by Steem. It is an IOU. It means that 1 dollar worth of SBD is an IOU for 1 dollar worth of STEEM in the future.

    Read carefully 1 dollar worth, this does not mean 1 SBD = 1 STEEM, which is the feed conversion I mention in my previous post.

    SAVINGS

    This is a account that will pay you a % interest on any SBD you have, but it has a withdrawal period of 3 days. The interest varies. If needed I can explain it more in-depth, but the interest is low and I have seen little use of this account

    Estimated Account Value

    Steemit displays an estimated account value, but that value is not linked to the market rates for STEEM. The conversion is not from STEEM to US dollars. It is your current Steem power * the value in the steem feed.

    At the point of writing the actual US dollar of my account was double what was displayed in my wallet

    Hope it was helpful,
    Tinus

    ** Images courtesy of steemit.com and Frostburg State University

    Authors get paid when people like you upvote their post.
    If you enjoyed what you read here, create your account today and start earning FREE STEEM!
    STEEMKR.COM IS SPONSORED BY
    ADVERTISEMENT
    Sort Order:  trending

    This platform is the way it works definitely takes more than one bit at a time @boontjie nice explanation for those starting out (wish I had this when I started) loads of research to try to understand.

    Greetings from #teamsouthafrica

    ·

    Thanks. I aim to help.
    I am from South Africa too. Is there a page or a group or do I just need to start using the tag?

    ·
    ·

    Yup, you in Cape Town... I am in Durban and Team South Africa Discord Server. I have sent a request for an invite to be forwarded onto you.

    Well explained post.

    ·

    Thanks. Appreciate the support