I have been on steemit for 9 days now, and there are still allot of terms and concepts I am unfamiliar with.
For example:
Dude, I totally got am awsesome SBD payout after I delegated more SP, and increased my curation efforts. ???
SO I am supposed to know what this means?
I don't ... So I decided to do some research and find out so I can better understand what I am doing here at steemit.
Here are some the Steemit related terms you run into everyday.
STEEMIAN - If you are a member of the community, you are a Steemian.
STEEM - The cryptocurrency you are using on this platform, Steemit is built upon the STEEM blockchain. Steem was founded by Ned Scott and Daniel Larimer in March 2016 along with the steemit community. Tradable directly on most cryptocurrency exchanges with any other currency. Steemit runs on this blockchain.
SBD - STEEM DOLLARS - SBD is an acronym for Steem Blockchain Dollar are US dollar-pegged tokens. SBD was designed to never fall too far below one dollar, but can still increase in value without restriction. SBD is its own token, and like STEEM you can trade it at exchanges. Steem Dollars are the most flexible currency at Steemit.
SP / STEEMPOWER - SP stands for Steem Power. The more of this power you have, the more important your vote is on the network. The higher your SP, the more your up-vote is also worth$. If you want to cash out your power, there is a waiting period to withdraw the currency to avoid network manipulation. When you decide to "power down" your investment in your authority, it will take 13 weeks, 1/13th of your SP paid weekly. You can increase your SP by depositing STEEM into your account and buying it, or earning it as a curator or author.
RESTEEM - A resteem is a repost. When re post and share someone else's post with your followers on your blog. When you resteem you are eligible for part of the curation reward.
RP / Reputation - The number beside your username at the top. The higher the number, the more trustworthy you are in the community. Reputation changes by up-votes and down-votes from other users.
AUTHOR REWARDS - Steemit rewards you earn for posts you create. Paid weekly. You will get the majority of this but it also
CURATION REWARDS - Steemit rewards you for sharing quality content by sharing and voting on posts you like. Paid weekly. You get a small percentage of the original authors payout reward.
UP-VOTE - An up-vote is a vote for content that you like. You and the author both get paid for your liking and rewarding their quality content.
VOTING POWER - Voting power is a combination of SP and Reputation. See SP STEEM POWER ABOVE and REPUTAION BELOW.
STEEM DELEGATION - This is when you delegate your Steem Power to others, or they can delegate it to you. You are lending another delegate your power to cast part or all of your votes.
VOTING BOT - Software (can also be a device) that executes commands, replies to messages, or up-vote and resteem type tasks, either automatically, or little human assistance. A voting bot for example might upvotes for you automatically if you delegate SP, or you could get a bot to automatically upvote your posts.
MINNOW - A new user who has just joined steemit. Usually small in the wallet, and low in reputation. Keep working on it you will get there. Most of the users here at steemit are minnows.
DOLPHIN - Steemit user who has been busy posting, curating, and has some recognition and steem power but is not a whale yet. Around 3000 - 5000 followers with better than good voting power.
WHALE - A whale is a user whose wallet is packed with all types of STEEM. Usually over 10,000 followers or in that range. They have the power to drop $30 upvotes and crush you if they rollover in the water.
WITNESS - Users who "voted on by the community" are allowed to set up a server and confirm blocks that have been mined. Witnesses receive 1SP per block confirmed.
STEEMIT - This Social Media Platform based on the STEEM Blockchain.
PAYOUT - Your Stemmit paycheck for all the actions you performed for the week.
Other Useful Crypto Terms
BLOCKCHAIN - A digital ledger that records transactions. Most all Cryptocurrencies use a blockchain.
MINING - Verifying transactions on a blockchain for reward. This is the role of "witnesses" here at Steemit.
DECENTRALIZED - Wesbsters says "the dispersion or distribution of functions and powers. a decentralization of powers ; specifically, government : the delegation of power from a central authority to regional and local authorities". SO when we talk about technologies like cryptocurrency being decentralized, we are talking about it being community owned, or a flavor of that , without central control by a single party.
FOMO - Fear of Missing Out. You know you want all the coins. You better hurry!
FUD - Spreading Fear, Uncertainty and Doubt.
HODL - It means holing onto your cryptocurrency for the long term investment. Created when a super excited poster misspelled the word Hold on a meme posted to a forum.
I am sure there are a bunch I missed, or you think I got any wrong, please let me know in the comments below.
Otherwise I hopes this helps.
Cheers!
Images created using only public domain files.