Steem Power (SP) is an interesting and for some a confusing statistic or number in your Steemit wallet. What I'm going to try to do in this post is explain what Steem Power is, what it can do for you as a content creator and curator and how you can buy Steem Power through your earnings on Steemit.
What is Steem Power?
Steem Power is vested Steem, meaning that it is "locked in" and can't be immediately withdrawn and is withdrawn over a period of 13 weeks. If Steem Power can't be immediately spent then why should I transfer my valuable Steem into Steem Power or "Power Up?" Well purchasing Steem Power increases your influence on the Steemit platform giving you more upvote power which gives more money to an author you upvote and also increases the reward you can receive from curation rewards.
Why You Should Increase Your Steem Power!
Well if you read what Steem Power is you should already know the value of increasing your Steem Power is. That being said, If you want greater control and influence on the Steemit platform I highly recommend investing in the platform and purchasing Steem Power.
Do I Need Money Upfront?
No you dont! Of course if you purchase Steem and Steem Power you will have influence over the platform content in a quicker fashion, but you don't have to go this route. For those on a budget and just getting started in the world of cryptocurrency then what you can do is select the 50/50 rewards option on your posts. What this will do is put 50% of your earned rewards into Steem Dollars and the other 50% into Steem Power. What you can do at this point is decide if you want to cash out your Steem Dollars (Which I will talk about in another post) or convert it into Steem Power. I recommend for those just getting started on the Steemit platform is to first invest in the system that will be paying you, PURCHASE STEEM POWER!
How To Transfer Steem to Steem Power
First thing you will want to do is go to Steemit.com and login to your account. Next when you have received your first payout after 7 days of your content being live and receiving upvotes you will now need to claim your rewards. Navigate to your "Wallet" which can be found under your profile picture.
When you have rewards available you will see a button at the top of your wallet asking you to redeem your rewards. After clicking on this you will see your Steem Power and Steem Dollars balance change.
After redeeming your rewards you can now transfer your Steem Dollars to Steem Power by first selecting the dropdown "sell" under Steem Dollars.
Once you select "sell" you will be brought to a blocktrades webpage. Now you will need to select Steem on the left and Steem Power on the right. Then put amount you want to trade on the left side and put your Steemit username in below and click on Get Deposit Address.
Next you will want to take the account name and memo and take them back over to steemit and select the transfer button under the Steem Dollars drop-down:
Now make sure you take the account name and the memo from blocktrades and place them in the transfer window. be sure to take your time here and validate that you are sending the correct amount to the right account with the correct memo or you will lose your transaction.
Once the transfer is complete you will see it on both the blocktrades site as well as in your history on Steemit wallet.
You have now made your first transaction and you should now have more Steem Power giving you more influence over the Steemit platform. Let's grow Steemit together!
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This is good to see- I decided to make my first few posts invest into power to hopefully give myself a small start. I'll likely switch back to the split in the future, but the power seems to be important in the long run.
Thank you for the detailed explanation!
Useful for beginners. Thanks for the effort. I'm still trying to understand how this whole thing works. This is my 2nd day on Steemit :)