Could someone explain how payment works on Steemit?steemCreated with Sketch.

in steemit •  6 years ago  (edited)

Hello everyone!

I am very new to Steemit and one thing I still don't understand is the payment system. I have looked for information all over the place, and despite reading tons of articles and watching videos, I'm still as confused as can be.

So, could someone explain to all this works in plain English?

What are Steem Dollars and Steem Power?

How different are they from each other?

Once payment has been released, how do you get your money?

Can someone get their money via Paypal? If not, what can you use?

Thank you for your help!

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Steem, and Steem Dollars are the cryptocurrency exchangable to other coins such as bitcoin. I dont know if theres a direct exchange to $ but you mkst certainly can change to bitcoin and then to $.
Steem Power is an influence token. It is non-transferable. It derermines how much your vote on steemit is worth.
100SP at 100% voting power give you a vote with weight of $0.01.
Voting power regenerates at such rate that idealy you can cast 11 100% powerful votes per 24 hour period.

That's as simple as it gets.

Thank you for your comment. What is better then for payment: 100% steem power or 50/50?

How do you exchange bitcoin to $ amounts? Is it possible to do that without too much hassle?

For the first question,
the answer seems to be 50/50.
I don't know if the issue was fixed, but when I experimented with 100 I got much lower payout than when using 50/50.
I don't know the reason, that's just what I observed.

For the second question, I don't know the answer.
I don't trade cryptos, have absolutely no experience with that.

So what do you do with the money?

What money if I may ask jokingly. Haha.
I'm not making any substantial income here to worry about that.

I'm not worried about anything. I'm just asking because I don't understand how things work.

Hi, I can try to open this up. The payments are usually made in 50-50 SP and SBD, but as SBD value is "too high" to Steem total value, they're giving payouts only as in SP and Steem.

If you want more easily usable money, I would stick with 50/50, as SP takes 13 weeks in total to power down to liquid Steem, which can be sold. SP cannot be sold directly.

Depending on where you live, you can sell Steem for another cryptocurrency and then sell it to whaever currency you use. For example I live in the EU area and I'm using Kraken.com (which works in EU and some US states), so I'm using Blocktrades to sell Steem for ETH and then sending ETH to my Kraken.com account. Then I'm selling ETH on Kraken for €€€ and withdrawing to my bank account :)

It sounds more complicated than it is. This just depends on the local laws and services.

Thank you! I'm still super confused. LOL

I'll have to check once I have enough money I can cash in.

Just send me a message in the chat when you want to turn Steem to cash or cash to Steem :)

Wonderful, I will! I think it will take a while though. lol