Hi Steemians,
This 2nd post/Chapter is "Focusing on the Details of the Steem Wallet to learn as much as possible How to use it: Transfer Steem SBD / Convert it to ETH LTC Bitcoin or other Crypto, and all the other functions of the wallet". It is a part of a larger series of 11 Posts/Chapters.
Before starting this new chapter, in case you would prefer to read the introductory (1st Chapter), here is the link to it:
Chapter 1 of 11: Have you recently Sign up on Steemit and Don't know what to do First - Basic Things for New People make their way easier on the Platform - Part 1: What you need to know to be more confident & get rewarded on the platform?
https://steemit.com/steem/@gold84/chapter-1-of-11-have-you-recently-sign-up-on-steemit-and-don-t-know-what-to-do-first-basic-things-for-new-people-make-their-way
[Important Note: At the end of this Post you will find the Chapters Index, were you can find detailed information of any of the topics you would like to learn]
All this posts are intented to help the people who recently signed up on steemit and know almost nothing about it (or very little), and for the ones that have been here for a week or 2 and are struggling to earn some rewards. I want to really help new steemians on their way to grow in the platform, by adding value to steemit, and thus benefit all the blockchain.
So, for those of you who have been here for less than 20 or 30 days, on behalf of the steemit community, let me extend in a LOUD VOICE, a big WELCOME to you.
My aim is to help people understand: the most important concepts, the actions they will do on the platform, the things that they will interact with, learn about the entire ecosystem were steem is being developed, as well as give them some personal advice on how to contribute with the steemit community by adding value, and thus earn rewards.
Since there are lots of things to learn on Steemit and the steem blockchain (and you will see its a never ending learning process), below I will enumerate the learning topics I will be discussing in the series of 11 posts/Chapters.
All this topics I will be talking about are things I have learned from the very first day I signed up. There are many things to learn in order to make our way on the platform, and for sure I will miss some things.
This is because when we start doing things on repetition, we forget about them, and we just do them automaticaly, so feel free to ask any questions on the comments section. Also if you are a Plankton, Dolphin or Whale reading the post, your contribution, suggestions here will really help new People (Minnows) to make their way, and thus make steemit grow and make it a better platform every day.
Lets start with Chapter 2 to learn as much as possible about the Steem Wallet.
Chapter/Post #2: Focusing on the Steem Wallet
1- How to use the Steem Wallet?
2- How to transfer funds from my steemit wallet to a cryptoexchange? (See item: 1/a/i below)
3- What are the 2 cryptocurrencies on the Steem Blockchain? (See item: 1/a below)
4- How to convert steem or sbd into Bitcoin, Eth, Ltc or other crypto? (See items: 1/a/iv and 1/a/v below)
5- Amazing Bonus: The crypto managing spreadsheet and calculator by @lukestokes and Pablo Yabo
Special Credits on this Chapter for: @cryptos , @stanleyfordyale , @steemitguide , @mindhunter , @billbutler, @blocktrades , @thecrytotrader , @ilyastarar , @timcliff (The voice of the community), @steempowerwhale , @steempower , @glennolua , @jesta , @dan-atstarlite , @lukestokes and Pablo Yabo
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So to begin, on the previous Chapter #1 (item 5), we already discussed and explained all the functions the wallet has available. [ https://steemit.com/steem/@gold84/chapter-1-of-11-have-you-recently-sign-up-on-steemit-and-don-t-know-what-to-do-first-basic-things-for-new-people-make-their-way ]
On this Chapter #2, we'll explain How to use each of the important functionalities .
I'll be using post tutorials and videos whenever possible made from several Steemians that have already covered each of this topics in a great way. (You can also find the credits to them at the end on the full index)
Lets start with the Wallet Details!
All the functionalities of the Steem Wallet mentioned here are explained on the Wallet Basics (Chapter #1 / Item 5 on this post: [ https://steemit.com/steem/@gold84/chapter-1-of-11-have-you-recently-sign-up-on-steemit-and-don-t-know-what-to-do-first-basic-things-for-new-people-make-their-way ]
1- How to use the Steem Wallet (Each Functionality Explained with Details)?
All items shown in the wallet image below are explained in written here in the post. As always, if you have any questions, please ask them on the comments section below, so me and other steemians can help you clarify your doubts.
1 a- STEEM: As you may have already learned on Chapter #1 ( https://steemit.com/steem/@gold84/chapter-1-of-11-have-you-recently-sign-up-on-steemit-and-don-t-know-what-to-do-first-basic-things-for-new-people-make-their-way ), Steem is one of the 2 cryptocurrencies of the Steem Blockchain, and SBD is the other one. If we click on the STEEM tab at the right of the page, we have 6 options (below I am explaining the most important ones):
1 a i) How to Transfer Steem to a cryptocurrency exchange (Bittrex in this sample tutorial): (in case you want to trade with other crypto like Bitcoin, ETH, LTC or any other the exchange works with, and finally transfer it to your own countries fiat currency).
Here is a great post from @cryptos that explains this topic. He is an early member of the steemit community who joined on July of 2016. https://steemit.com/bittrex/@cryptos/how-to-withdraw-steem-and-steem-dollars-to-bittrex
How to Transfer Steem to another user:
To show how to do this I selected @stanleyfordyale post. It shows very clear how the process is done. Thanks @stanleyfordyale for adding this value to help future new users to learn this process.
https://steemit.com/howto/@stanleyfordyale/how-to-send-steem-to-another-steemian
How to Transfer Steem from an exchange (Bittrex) to Steemit:
To explain this I found a great post from @cryptos .Thanks for this great contribution @cryptos . Here is his post:
https://steemit.com/bittrex/@cryptos/how-to-transfer-steem-from-bittrex-to-steemit-com
1 a ii) Transfer to Savings: if you leave the funds on the STEEM area above, in case someone discovers your active password or master password, they can transfer them almost instantly in a matter of seconds or minutes, and you can loose your funds. So transferring to Savings means a 3 day period to get the funds available. This gives you time to get into your account, and secure your funds, before they are stolen.
How to Transfer Steem to your Savings Account:
I found this great useful post from @steemitguide were he also mentions that this type of account helps the user (if notices an incorrect use of the account), he has 72 hours to reverse the transaction and avoid funds being stolen. You can see more on this in his post:
https://steemit.com/steemit/@steemitguide/guide-on-steemit-savings-account-everything-you-need-to-know-about-this-feature-that-helps-secure-your-steem-and-steem-dollar
@steemitguide is an early adopter and his known in the platform for sharing guidance for new people in the platform. I definitely recommend you to follow him if you want to continue learning more of all the possibilities of steemit.
1 a iii) Power up: When Steem is "powered up" with this option, it will be transformed to SP (Steem Power). And the steem power can be understood as your power of influence on the platform. The more Steem Power you have, the more your votes are worth, so the more responsability you have on the platform to choose were to distribute rewards, thus which posts will tend to get more exposure. The more a post is upvoted with more power, the more it can get noticed.
When we power up, it is having our steem invested in the long term. If we want to get it back, it will be returned in a period of 13 weeks (around 3 months).
How to Power Up Steem (To get Steem Power):
To explain this really important function on steemit I found this post from: @mindhunter . Thanks for giving this contribution to steemit.
https://steemit.com/steemit/@mindhunter/quick-minnow-guide-how-to-power-up-your-steem-made-real-simple
1 a iv) Buy: This option is one of the options to buy more steem. In this case you will be using the @blocktrades platform to convert any cryptocurrency you own in any wallet you have (a wallet from an exchange or a wallet were you have your cryptocurrency). What @blocktrades does is converting your other crypto, lets say LTC (according to the current market value. Not sure exactly how their algorith calculates the value) into Steem, and finally receive it in your Steem Wallet. We'll explain this later in another post.
How to Buy Steem with Blocktrades:
The post @billbutler made was an excellent way of learning this functionality. @billbutler is also an early adopter in the platform. He must have gone through many changes and improvements to have steemit as we see it today. Hope he can comment on the comments section with lots of insights. Thanks for this great contribution for new steemians.
https://steemit.com/steem/@billbutler/buying-steem-with-bitcoin-through-blocktrades-us
1 a v) Sell: This is the same as the Buy option described above, but in this case @blocktrades will convert your steem into another cryptocurrency like ETH, Bitcoin or any other supported by blocktrades, and it will deposit it on the wallet you decide.
How to Sell Steem with Blocktrades:
The @thecrytotrader made a great contribution explaining this functionality. Thanks for helping new steemians learn this important feature!
https://steemit.com/blocktrades/@thecrytotrader/how-to-sell-buy-steem-using-blocktrades-full-tutorial-2017821t214857672z
1 a vi) Market: This option is were you can exchange Steem for Sbd in the internal market. As of today the value of 1 SBD is around 6 Steem, and this means it is around $11 USD dolars, so it is really recommended to trade any amount of SBD earned, even cents, because for instance 10 SBD cents are worth $1.10 USD or $0.55 Steem, so its a great time to get Steem and power it up.
How to buy Steem from the internal market:
I have to definitely give credit to @ilyastarar here for the great post explaning how to buy steem on the internal market. Thanks for this great initiave of adding value to the platform by helping new people learn this important functionality.
https://steemit.com/steem-help/@ilyastarar/tutorial-1-how-to-buy-steem-newbies-simplified-guide
Regarding SBD and Steem current prices, I also definitely encourage you to read the great post from @timcliff about the current value of Steem and SBD and the huge upside potential it has considering all the great developments from the Steem Blockchain: https://steemit.com/rewards/@timcliff/don-t-sweat-the-small-stuff-why-earning-low-rewards-today-shouldn-t-be-a-big-deal (Many of this developments will be discussed on Chapter #6)
For the ones who do not know, @timcliff started like any of us on the platform about an year ago (he was a really early adopter), and he made his way to be one of the most recognized persons in Steemit. He can be called the Voice of the Community. Many thanks to all his continuous contributions to the growth of the Platform and to make it a better place day after day.
1 b- STEEM POWER: Steem Power as explained on (iii above on "part a"), can be understood as your power of influence on the platform. The more Steem Power you have, the more your votes are worth, so the more responsability you have on the platform to choose were to distribute rewards, thus which posts will tend to get more exposure.
If we click on the STEEM tab at the right of the page, we have 2 options (below I am explaining them):
1 b i) Power Down: With this function, you will start receiving the amount of steem power, converted back to steem, in portions of 1/13, being each portion delivered on the first week. The second portion on the second week, and goes on until week number 13. You can decide to cancel the powerdown after you receive 1/13th of the total of steem power during the first week, if this is what you want, or you can leave it to receive another portion on the subsequent week.
Powering down can affect your voting power, and other things. This will be discussed in a bit more detail on Chapter #3.
How to Power Down Steem Power:
@steempowerwhale made a very good post on how to power down. Although he used an old interface, it continuous to be done in almost the same way and buttons are on the places shown. Thanks for this great help for new steemians.
https://steemit.com/steem-help/@steempowerwhale/how-to-power-down-visual-step-by-step-guide
1 b ii) Buy: In this option, you can buy SP directly by using @blocktrades . You can convert any cryptocurrency you own in a wallet, into SP with the help of the @blocktrades platform.
How to Buy Steem Power with @blocktrades:
The very known @steempower made a great post 2 years ago of how to buy steem power via @blocktrades . Even if the interface of blocktrades have changed since that time, the post is of great quality and self explanatory, so its worth taking a look at it to learn this functionality. Thanks for this great contribution for new people in the platform! For those who don't know @steempower yet, he is a very early adopter about 2 years ago. Perhaps of the first 10,000 people who tried the platform.
https://steemit.com/steem/@steempower/how-to-use-blocktrades
Here is another post of how to Buy SP using @blocktrades
In this case it is @glennolua who made a great post explaining how he bought SP with blocktrades, in his case with ETH. Thanks for your contribution!
https://steemit.com/steem/@glennolua/purchased-some-steempower-today-through-blocktrades
1 c- STEEM DOLLARS: SBD (Steem Backed Dollars) is the other of the 2 cryptocurrencies of the Steem Blockchain. If we click on the STEEM DOLLARS tab at the right of the page, we have 5 options. They are the same available options as for STEEM, with the expeption of POWERING UP, because SBD can't be powered up. Its usage is different as the one of Steem. SBD is considered to be Pegged to the USD and be a minimum value of $1 USD dollar (never go less than it), however, it can go up all what the market is upto.
Note: All the How-to do of SBD can be followed from the Steem How to videos on "Section a" above, however, the cryptocurrency to be focused on here for transfers or other actions is SBD (instead of Steem).
In this topic of SBD, I definitely recommend you to look at @cryptographic 's post about SBDs hard pegged to the USD: https://steemit.com/trading/@cryptographic/a-sbd-usd-hard-peg-at-what-cost
@crytographic is really adding with great value to the Steemit community, with his great correlations of BTC with other currencies, technical trading analysis on cryptocurrencies, so if trading is something you like or would like to learn, his analysis are a must see, and he is definitely worth of following.
1 d- SAVINGS: In this section you can Withdraw Steem or SBD, if you had previously transferred steem or SBD to your savings account to have them better protected from possible hacking. I don't see other type of functions of the Savings account, at least for now. I will leave this functionality to your research in case you are insterested on it.
How to Withdraw funds from your Steem or SBD Savings Account:
@steemitguide explains how to transfer funds from STEEM DOLLARS section to your "Savings SBD" area. In case you want to transfer it back to STEEM DOLLARS, you just click withdraw and enter the amount, as well as the password required. When you do this operation, you will receive your liquid SBD assets back in 3 days.
https://steemit.com/steemit/@steemitguide/guide-on-steemit-savings-account-everything-you-need-to-know-about-this-feature-that-helps-secure-your-steem-and-steem-dollar
For more advanced users, here is a post I found from last year explaining about the savings accounts implemented by that time on the platform.
People who follow @jesta know he is a great developer and many times he comes explaining the new functionalities on the platform even before the interface is ready to make them work easy for the average person. Thanks a lot @jesta for keeping the steemit community posted on the advancements before they can even be seen on the platform! He is another of the very top early adopters! I definitely recommend you to follow him because you will always be learning new things with his posts.
https://steemit.com/steemit/@jesta/using-transferfromsavings-and-transfertosavings-to-protect-your-liquid-steem-and-sbd
1 e- Estimated Account Value: Here the blockchain displays the estimated value of your account/wallet in USD Dollars. The price is calculated by the platform algorith, and does not reflect the real market price of the time you are looking at it. But it gives you a good idea of the value of your investment in the blockchain.
To finalize, here is a great video I found from @dan-atstarlite with a good explanation of what we need to know about the steem wallet. It is very complete and you can reinforce all the concepts learned on this Chapter:https://steemit.com/steemit-101/@dan-atstarlite/steemit-101-everything-you-need-to-know-about-your-steem-wallet
Thanks @dan-atstarlite for this contribution!
5- Amazing Bonus: The crypto managing spreadsheet and calculator by @lukestokes
And before finalizing I want to give you a last but super great bonus for taking the time to read the entire post. This is a crypto bank spreadsheet manager and calculator made by @lukestokes and Pablo Yabo that will be of great use to manage your crypto:
Link to @lukestokes post about the crypto bank manager: https://steemit.com/crypto/@lukestokes/the-cryptocurrency-bank-spreadsheet
Link to spreadsheet of bank manager: https://docs.google.com/spreadsheets/d/1bcPgtaE7FL0wTXpuMyc3jYBB9sOlQEZbb6A24hz3AXE/edit#gid=1632894185
Special thanks to @lukestokes and Pablo Yabo for this great contribution helpful for all, the steemit community, and the entire crypto world.
Below, you will find the Chapters INDEX, were you can find several important things to know about the steemit platform, steem blockchain, and its community.
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In case you think this post is original and helpful for the STEEMIT community, Please:
Upvote, Resteem, and Comment , so we can all get the most of the benefits of this cryptocurrency journey.
I like to upvote quality comments and suggestions that are good for the growth of the steem community.
--
11 CHAPTERS FULL INDEX
Current Post/Chapter #1: What you need to know to be more confident and set your way on Steemit
[ Chapter #1 already posted: https://steemit.com/steem/@gold84/chapter-1-of-11-have-you-recently-sign-up-on-steemit-and-don-t-know-what-to-do-first-basic-things-for-new-people-make-their-way ]
1- You just signed up, whats next?
2- How fast can I earn rewards on steemit?
3- 3 ways I can earn rewards in the steemiot platform (Posting, Commenting, Curating)
4- What is an upvote, comment, resteem, follow?
5- Lets learn about the wallet area: Basics
Special Credits on this Chapter for: @teamsteem , @cryptoctopus, @timcliff (The voice of the community), @cryptogaphic , @blocktrades , @elear
Chapter/Post #2: Focusing on the Wallet to learn as much as possible about it
1- How to use the Steem Wallet?
2- How to transfer funds from my steemit wallet to a cryptoexchange?
3- What are the 2 cryptocurrencies on the Steem Blockchain?
4- How to convert steem or sbd into Bitcoin, Eth, Ltc or other crypto?
5- Amazing Bonus: The crypto managing spreadsheet and calculator by @lukestokes and Pablo Yabo
Special Credits on this Chapter for: @cryptos , @stanleyfordyale , @steemitguide , @mindhunter , @billbutler, @blocktrades , @thecrytotrader , @ilyastarar , @timcliff (The voice of the community), @steempowerwhale , @steempower , @glennolua , @jesta , @dan-atstarlite , @lukestokes and Pablo Yabo
Chapter/Post #3: Where do Resources Funds on Upvotes come from?
[ Chapter #3 already posted on January 1st 2018: https://steemit.com/steem/@gold84/chapter-3-of-11-understanding-where-the-funds-from-upvotes-come-from-focusing-on-steem-power-and-reward-pool-this-is-part-3-of ]
1- What is voting power?
2- What is SP (Steem Power)?
3- What happens when we power up? And what happens when we power down?
4- How much votes can we do per day so that it can get recovered at 100% again in 24 hours?
5- Steem applications to check the steem blockchain transactions + check voting power remaining
6- Where do resources for votes come from?
7- What does the reputation number next to your username at the top of your blog means, and what is it for?
Special Credits on this Chapter for: @tuck-fheman , @inventor16 , @dantheman (the brilliant blockchain visionary), @penguinpablo , @boxmining , @donkeypong , @rulesforrebels , @steevc , @roadscape , @dan-atstarlite , @cerebralace
Chapter/Post #4: Keeping your Steem cryptocurrency Safe
1- How can I help keep my steem account safe/secure, by using the different private/public keys on steemit, and keeping safe the ones that do not need to be used?
Special Credits on this Chapter for: @blocktrades , @jerrybanfield , @pfunk , @steemitguide , @thecryptofiend , @dantheman (the brilliant blockchain visionary)
Chapter/Post #5: Other ways to earn on the Steem Blockchain
1- Make Contributions in @utopian-io
2- By delegating SP to minnowbooster
3- By investing Steem, and Powering Up on the platform
4- By delegating being a sponsor in @utopian-io
5- By promoting steemit in your country, city or town with #promo-steem created by @starkerz and @stephenkendal
Special Credits on this Chapter for: @utopian-io , @elear (The brilliant visionary that created @utopian-io ) , @aggroed , @minnowbooster , @timcliff (The voice of the community), @terrybrock , @steemit , @starkerz and @stephenkendal
Chapter/Post #6: The Vision of its Creators, and the Power of the Steem Blockchain (Current Developments and the Ones in Process)
1- What's the vision of Steem and Steemit?
2- Why is the Steem Blockchain so powerful?
3- What are SMTs, and what are they planning to achieve?
4- What is @utopian-io?
Special Credits on this Chapter for: @teamsteem , @utopian-io , @elear (The brilliant visionary that created @utopian-io ) , @exyle , @cryptoctopus , @jerrybanfield , @mooncryption , @aggroed
Chapter/Post #7: Using bots to upvote quality posts you want to be reached by more people
1- What are upvoting Bots?
2- How to use them with quality posts and to gain more visibility?
3- How to use Bot Tracker by @yabapmatt to help you choose the best bidding bot
4- Important bots to reduce spam and double posting, like @cheetah created by @anyx
Special Credits on this Chapter for: @yabapmatt , @jerrybanfield , @anyx
Chapter/Post #8: How Making Connections with other Smart & Creative People that have our same likes make steemit and our way on steemit better
1- How to make a success path way on Steemit?
2- Getting to know smart and creative people on the platform
3- Collaborate with your knowledge and experience, to help the platform grow
4- Get to know the needs of the Community and see were your knowledge fits in order to help it be a better place
Special Credits on this Chapter for: @cryptoctopus , @timcliff (The voice of the community) , @terrybrock , @bigsilver , @utopian-io , @elear (The brilliant visionary that created @utopian-io ) , @theaustrianguy
Chapter/Post #9: Learning from Experts of specific topics on Steemit
1- Trading
2- Cryptocurrency
3- Investing
4- Steem Blockchain
5- Blockchains
Special Credits on this Chapter for: This will be revealed in the next few days
Chapter/Post #10: Other useful apps on the Steem Blockchain
1- Steemnow.com
2- Steemd.com
3- Steemdb.com
Special Credits on this Chapter for: This will be revealed in the next few days
Chapter/Post #11: Steem as part of a much larger ecosystem
1- Bitshares
2- Steem
3- EOS
Special Credits on this Chapter for: This will be revealed in the next few days
Bonus Chapter/Post #12: Who are Steem Witnesses?
1- What is a Steem Witness?
2- Special personal Thanks for Witnesses that are contributing really huge for the Steem blockchain and Steemit
Special Credits on this Chapter for: This will be revealed in the next few days
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In case you think this post is original and helpful for the STEEMIT community, Please:
Upvote, Resteem, and Comment , so we can all get the most of the benefits of this cryptocurrency journey.
I like to upvote quality comments and suggestions that are good for the growth of the steem community.