I Don't Really Understand can Someone help me pls

in new •  8 years ago 

The #1 Thing I do not understand is the Steem Currency. What does it mean to power up and power down. Also how do you turn your "steem" into real money and stuff like that all in a dumb version. Thanks 

See Ya Around 

new help steem
8 years ago by

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      ·  8 years ago 

    I'm new here so this might not be completely correct, but to power up turns Steem into Steem Power. In doing this you are increasing your Vests, or interest in the Steem community. The more Steem Power you have the greater your voting power will be. As in when you vote you will see a difference from your vote. To power down currently take 104 weeks or 2 years. With the new hard fork that will be released soon this will change from 104 weeks down to 3 months, I believe 12 weeks. So the concept of a power down is turning Steem Power into Steem.
    To convert into fiat you need Steem (STEEM) or Steem Dollar (SBD) then you would go to an exchange such as Poloniex and conver to bitcoin etc. The Steem Power can not be sent to the exchange it can only be stored on your account or powered down to Steem.
    This at least is my best understanding of the process. I hope this helps you out.

    Steem On!

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      [-]
        ·  8 years ago (edited)

      hi devanmodak your best bet is to read this post https://steemit.com/steemit/@thecryptofiend/the-missing-faq-a-beginners-guide-to-using-steemit
      it's one of the best explanations of all things steem so far. grab yourself a drink it's a long read and make sure you bookmark for yourself.
      If you still have any questions feel free to send me a DM in https://steemit.chat (i'm phoenixmaid on chat to)

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        [-]
          ·  8 years ago 

        Download whitepaper from this site. Click on the right top corner button for that, choose whitepaper.

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          [-]
            ·  8 years ago 

          I don't really have anything to add to what these guys mentioned, but I wanted to swing by and welcome you to Steemit. All best :)

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            [-]
              ·  8 years ago 

            Thanks Guys

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