RE: Someguy123 Witness Updated to 20% APR, and 50 STEEM creation fee

[gregory60]

I'm curious, what does the 50 Steem signup fee do? Is this the amount of Steem that is given out to new accounts? Or is it the amount of Steem that must be paid to create a new account? If so, who pays it and where does it go?

Comments

[smooth]

It goes into the new account as Steem Power. So the name is somewhat deceptive. It isn't really a "fee" as much as a deposit or minimum account balance. As other noted whoever creates the account pays it.

[gregory60]

Thanks for the clarification.

[someguy123]

The fee is paid by the account creator. In the case of Steemit, Steemit Inc. pays for your account.

In the case of Anonsteem, you pay for the account in BTC, while I fill the service with STEEM to pay for them.

[gregory60]

Thanks for the info.

[bitcoiner]

Both are true. In the case of Steemit, the account @steem powers up new accounts it creates. See https://steemd.com/@steem and click the 'show details' for an example.

[gregory60]

Thanks for the example, makes sense now.