Approaching my first payout week! Very excited to receive some $$$ but still confused about how i get paid and what it turns into etc.
Im still a newbie to steemit and would be wonderful if i had help from people who had been on this site longer than I have. Im anxious as this is just the beginning of my steem adventures. I would like to have easier explanations of this process if anyone is willing to help me out. Thanks <3
Welcome to steemit.com, I'll recommend some video tutorials for you that will help you make some good profits out of your post. Meanwhile just follow back
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Well, when you post, you can choose whether you want to 100% powerup, or whether you want 50/50 pay out. Ill come back to that.
After you have posted, people can vote for you, and the potential pay-out will rise.
This pay'out is not entirely for you, some goes to the voters as an incentive for voting.
If you chose 100% powerup, youre payout will be in the form of steempower, making you a more powerfull user. You cannot immediately cash this out.
If you chose 50/50, half of the payout is steempower, half is in steemdollard. These czn be transferred, or converted to steem. The conversion on this website assumes that 1steem dollar = 1 $. Actualky steem dollars trade over 2$, so it is a better plan to sell them for steem on the internal market, rather than convert them (youll get more steem)
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If you didnt change any settings you will get 50% value as STEEM POWER and 50% as STEEM DOLLARS.
STEEM POWER gives you influence, if you look in your wallet the dropdown allows you to power down (once you made $100) and this then liquidates into STEEM over a 14 week period.
STEEM DOLLARS is like savings, you can sell these on the internal market (Market option on the dropdown) for STEEM or use the Sell int he dropdown to sell the STEEM DOLLARS for other popular cryptos like Bitcoin.
To liquidate Bitcoin into fiat (your local currency) can be done at numerous local exhanges, do a search for bitcoin exchange in your area, you will need to register an account and should then be able to transfer back to your bank acccount.
The big question is then what is my STEEM/STEEM DOLLARS worth, and should I sell or hold. My article here can help you with the first part. Whether you should keep your money in steemit or convert back to your own fiat currency, depends on what you believe, do you believe the value of steemit as a platform will increase, if so the value of your STEEM/STEEM DOLLARS will probably increase and it might be better to not turn back to local currency. But STEEM doesnt pay the rent so perhaps you need it.
I personally keep my STEEM POWER and use my STEEM DOLLARs to invest in other cryptos, except for right now because the value of STEEM DOLLARs is rising rapidly.
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Thanks ill check your article out
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