Steemit is a platform that allows you have fun but pay you for having fun. It gives you the opportunity to discover yourself in ways you never know. Honestly steemit is the rave of the moment although with compound terms and all, it's a fountain of knowledge and an avenue for socializing
I will start with Steem. For those of you who have heard of bitcoin, Steem is a cryptocurrency like bitcoin but technologically superior.
It is, even though SBD dey, the primary core root currency of the Steemit website. There is a reason it is not called SBDit.
SBD: stands for Steem-Backed Dollars.
Once upon a time, back in 2016 and 2017, SBD was supposed to only be the equivalent of $1 of Steem. It was a way of being able to store your Steem so that the value would be safe from market fluctuations. So SBD when I started was worth just $1 of actual US Dollar (i.e. 360 naira 🤷🏾♂)
That changed this
[ This changed in December 2017. Lucky for all of you new lucky bastards 👺 SBD for some crazy reason went up to $7, $10, even $15 for a short time. Even now wey e don fall, it is still worth about $5.52 US dollars.
Lucky you 👍🏾
When you make a post, that post will be able to earn for 7 days. After that, upvotes will no longer matter and you will now be able to access the earnings from that post (or comment)
you will notice the amount showing under your post is not what you will actually be paid. It matters but it doesn't matter and I will explain it in a different lesson.
For now, let me stick with SBD, Steem, SP and how the three of them work together.
Day 7, you get paid half in SBD and half in SP (Steem Power)
SBD can be traded for bitcoin, Ethereum, Dash, Dogecoin or naira depending on where you go. Cashing Out is a separate topic that you don't have to worry about until you've actually earned something
Anyway, SBD is what will pay you money.
Pro-Tip: to easily calculate how much SBD your post will make, multiply that amount under your post by 0.375....
Steem Power: is ... okay, you know how ice is just frozen water? Good, Steem Power is like frozen Steem.
The purpose of SP for you is that it shows how strong your Upvote is. The more SP you have, the more money people get when you upvote them.
Steem Power also dictates how much bandwidth you have. Bandwidth will only be a problem if you post and comment and edit and upvote too much. Gree your Steemit account make e dey rest small.
Now
How do you earn on Steemit? By people clicking Upvote on your post. The more of them that click, the more you earn.
However Not All Upvotes are Created Equal.
People/accounts with very high SP have a much stronger upvote that can pay you $1, $10 or even $100. @curie is an example of $100-level upvote.
However, the geniuses that created Steemit they know that people don't like doing things for free. They like to be rewarded.
So they created a system where people can be rewarded even for upvoting someone else's post. This is called Curation Reward. It is paid in the form of SP only to the people that upvoted you -- and it comes out of the reward you were supposed to receive.
Example:
this post has 222.88 because lots of strong people upvoted it.those people will recieve curation award.
Curation reward is 25% of the post earning and it is shared to all the people that upvoted the post (or comment)
So. 25% of 222.88 = 55.72.
you will equally recieve that reward when you upvote other people.subtract that and we ate left with The author reward for you the poster.in Other word 75% of the account.
75% 222.88=167.26
that,s what you actually make.
however we have not finished.
That 167.16 is now divided by 2. Half is paid to you as SBD, half goes to your SP
So 167.16 ÷ 2 = 83.58 SBD
The 0.375 is my personal shortcut to dodge all that long maths. Multiply 222.88 x 0.375 and the answer is equal tooooo ... 83.58.
Okay. Looks like everyone is understanding so far. We continue.
Now to go Lagos easy, na to return wey hard. Equally to change Steem to SP is easy, to change it back is hard. This is by design. You should be wanting your SP to be high anyway so that your vote will be stronger which means people will come and comment plenty on your posts hoping for upvote.
SP is like ice. To turn it back into water (aka Steem), you need to melt it. This is called Power Down. Turning Steem into SP is called Power Up.
But here is the interesting question I am sure some of you are thinking: " Okay, shey dis guy don talk as person dey take get SBD and SP ... 🤔 ... but how person go get Steem?"
The answer is very simple. You can easily SBD into Steem or Steem into SBD on your wallet page..
now market
now
The reason anyone would even want to change SBD to Steem is so you can power up faster. I know it's hard, we all need real physical money sharp sharp but once you can afford to, I highly recommend Powering Up. It helps you a lot on Steemit.
Now that I have started earning more, I don dey do am small-small..
there is only profit iff the prizw of steam rises above that of SBD after you have trade na..
i hope you Guys Like This tutorial 😊😊
thanks For reading a bit about smteemit...