With all the new members signing up, I figured it's a good time to talk a little bit about our confusing wallet. What better way to do that than with a flowchart?
I love a good flowchart. It's such an easy and simple way to explain things. I used to make them a lot to document business processes or to document the workings of my platform and applications. A couple of months ago, I used it in my explanation of Steemit through a comparison with Facebook.
As many of you have noticed, we have a lot of new accounts signing up lately. It's great to get more members and I enjoy meeting these new people. I understand these people might have a lot of questions about our platform and its inner workings, which is why I wrote this article.
I remember what it was like when I signed up at the beginning of the year. I just started blogging and interacting with other users, but I didn't know a thing about cryptocurrency. One of the most scary things of Steemit was my wallet. The options in there were very confusing and I didn't understand what was what and how it all worked together. That's why I've decided to share this flowchart again. I hope it will help our new members in understanding the platform better.
Let's first start with the rewards we get.
Curation rewards: These rewards are given to members as a reward for voting on valueable content. They are payed out in Steem Power.
Author rewards: These rewards are given to members as a reward on their blog posts. The more people value your content and vote on it, the more you receive. They are payed out in Steem, Steem Power and Steem Dollars (SBD). Lately, there is no payout in Steem, where about a month ago, there was no payout in SBD. I guess this changes from time to time, though I'm not sure why this is.
Now onto the currencies. For this, I have a flowchart which might help understand things.
Steem: Steem is one of the cryptocurrencies you can earn on Steemit by posting. You can exchange it for Steem dollar or other cryptocurrencies (dependancy of the market) or you can power it up for Steem power (one on one).
Steem dollar (or SBD): This is the other cryptocurrency you can earn on Steemit by posting. You can exchange it for Steem or other cryptocurrencies (dependancy of the market). The worth of this is pegged to the US dollar.
Steem power: Steem power is where your power on the Steemit platform comes from. The more Steem power you have, the more your upvotes are worth (and the more you can earn from your votes). You can power down to convert this to Steem, which is a process of several weeks.
Your wallet also contains a Savings option. This is where you can deposit your currencies to keep them safe. It has a 3 day withdrawal period, so that if you account were to get hacked, you'd have 3 days to get it back, before your hacker can move your crypto off of your account.
The Estimated Account Value information is just that, information. It is based on the contents of your wallet and the market prices to give you a rough estimate of what the crypto in your wallet is worth.
There you go! I hope this helps in understanding the wallet a little better.
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Header image taken from this post by @samstonehill. Check out his other Steemit images!
