So you started to write your blog on Steemit, and if you genuinely provide great quality content, you’ll get rewarded with Steem Dollars, which is obvious. Of course there are lots of factors that may influence your post getting upvoted but my main point here is that eventually you’ll end up with some amount of SBD.
I always loved to observe people behavior and how they make decisions and choices in their lives. That’s why I decided to compose all of the possible scenarios on how people are going to use their Steem Dollars. By doing so I also will try to explain in simple words how each of the possible action tells about the person all that we need to know.
Scenario #1 – Convert to Bitcoin/other cryptocurrency
The majority of people are skeptical all the time. They doubt, hesitate, feel uncertain when a new project comes to the marketplace. They are not sure whether the platform is going to succeed in the long term or not, even if it shows stunning results in the beginning.
This kind of belief leads to securing themselves in a currency that is already well-established for quite a while, like Bitcoin.
That is totally acceptable behavior because we cannot change how our brain works.
In my opinion, you can absolutely confidently convert all of your Steem Dollars to Bitcoin if you need because you will have another half stored in your Steem Power anyway. However I do believe in the vision of the platform, and prefer not to convert all of the SBD to Bitcoin.
Scenario #2 – Power up
This option will use investors and creators (because they understand the direction the platform is heading), and of course true believers in the platform that is an astonishing amount of people from all sorts of countries and backgrounds.
Scenario #3 – Cash out
Apparently there will be those who will just cash out as soon as they get SBD in their account. There are lots of reasons for that.
Some people will be blessed to have this money, especially from countries with a poor economy. I read so many stories about how people are getting out of debt, move to live in a better place, feed their families and fund their travels with Steem Dollars only. It’s just incredible.
What many of us do not realize is that Steemit may kill the poverty. Obviously for U.S. citizens $200 is not that big of a deal. But there are countries where you can live on such money for entire month. Think about the impact of Steemit reward system on people who live in those countries.
At the same time, there are people who just live in the present, and they don’t necessarily pay too much attention of what’s going on in crypto industry. In this way they perceive Steemit as an extra source of income, and use this money to have fun or whatever they want to satisfy their needs, which is a nice way of living life as well.
Scenario #4 – Convert to Steem
There is an option just to convert your Steem Dollars to Steem. Although you’ll have more liquid cryptocurrency, you won’t get as much interest on your holdings and Steem Power growth. I suppose new users definitely have to learn more about economics of Steemit before they make such decision, unless it was intentional.
Scenario #5 – Transfer to exchange and hold in SBD/Steem
Actually I don’t even know why I included this one but it exists as well.
Until there will be created a Steemit wallet, people will hold their Steems/Steem Dollars on the platform or on the exchange. That’s totally fine. It is a very convenient way if you are a trader or just simply want to make sure that you can sell your Steem/Steem dollars at any time.
It’s all up to you
And there you have it. Which one do you use most of the time? I found that I use a mixed combination of all of these, which gives me a flexibility.
In any case, I respect every choice that people make because they deserve it and they have options. And it doesn’t matter whether you’re a whale, a dolphin or a minnow, you can make up your own mind on how you’re going to use your Steem Dollars. Always remember that.
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