STEEMIT Wallet Guide: Managing Your Wallet for Profit

Hello there.

It is with great pleasure that I write yet another guide, this time on how to optimize your wallet and assets in a way that ensures you'll reap maximum profits.

Hello there.

It is with great pleasure that I write yet another guide, this time on how to optimize your wallet and assets in a way that ensures you'll reap maximum profits.

This may seem like an easy subject, but there are some nuances that you should consider.

As you know, the wallet has three different things:

Steem Power;
Steem;
SBDs;

The way I'm going to do this is by dividing this guide in three sections, tackling each of the sections at a time, and explaining how you can maximize profits in each phase.

If that is something that interests you, then read below.

How to Manage your Steem: Profiting with the Token

STEEM is the main token.

You'll never get STEEM out of post, comments or curation rewards, and the way you'll have Steem is:

You bought it;
You earned it by completing some freelancing work;
Someone gifted it to you;
You won it in a contest.

Having said that, this is the easiest token to manage, and so the explanations required aren't much.

Here are your options on managing Steem:

Begginer Tactics:

Power Up to Steem Power;
Cash it Out;

Medium Tactics:

Use it to Host a Contest;
Pay Bid-Bots with it;

Advanced Tactics:

Speculate in the Internal Market.

The Begginer tactics are easy to explain... you either cash it out or you convert it to Steem Power, which has a lot of benefits and has a section below.

On the Medium Tactics, hosting a contest is a great way to get increased awareness on your blog. Prizes attract people, people vote... but even MORE importantly, people FOLLOW!

This is an investment that keeps on giving as followers accompany you on your journey to success.

Finally, you can also use Steem to pay for some bid-bots. To know which bid-bots accept Steem, check SteemBotTracker by @yabapmatt.

The advanced tactics require some trading knowledge, but you can earn a ton doing it.

You basically use the Steem you have to place orders for SBD at a certain price in the internal market, then use the SBD you get to buy MORE Steem than you initially have.

There are a lot of people who do this right and grow exponentially, but it is a risky tactic.

How to Manage your Steem Backed Dollars (SBD):

The SBD, Steem Backed Dollars or as some people put it already Steem Blockchain Dollars are tokens that you can get through the means you get Steem but also through rewards.

Here are some of the ways to earn SBD:

Posting;
Commenting;
Curating;
Playing Games like Steem Pacman;
All of the ways mention in the Steem section.

Finally, there are some ways to manage your SBDs in a profitable way.

Again, some of the ways are repeated, but there are even more ways to monetize your SBD.

Begginer Tactics:

Pay Bots for Upvotes (for instances @smartmarket from @therealwolf)
Cash it Out;

Medium Tactics:

Use it to Host a Contest;
Pay Bid-Bots with it;

Advanced Tactics:

Speculate in the Internal Market.
Set up a Steem Gig and sell the product or service you got elsewhere (classifieds, freelancing sites etc...)

The list has some repeat entries, so I'm going to tell you about the new ones.

First off, in the begginer section, you'll see pay bots for upvotes.

Well, this DOESN'T mean you should pay for votes for the profit. It means that paying for a vote when you publish a post can do wonders for your visibility... just make sure you're doing it at the start.

Don't do it for the upvote itself, but for the promotion - as everyone does it and you're playing at a disadvantage if you aren't a fan and you don't have the organic following to give you a initial push.

On the advanced tactics, you're going to see that I mention setting up a Steem Gig and selling the service elsewhere.

For instances, you can offer an SBD bounty for a logo (do state your intention to resell it), and then you can sell the logo to the company that asked you for it, netting a bit of profit.

This is just an example.

When doing this, make sure you're telling the person you hire you're going to resell his product or service, so that they know and you won't have problems.

As a bonus, let that person know if you have more jobs lined up for them if the product gets approved by the client.

Steem Power: Managing your Hard Earned Power!

This is when things get more complex, but this is also where the most profit can be made.

Steem Power, as you know, is the Steem you have invested in the blockchain, subject to a withdrawing limit and all of those things you already know from my other articles.

Basically, here are the ways to collect SP:

Buy it from @blocktrades with any Crypto he supports;
Buy it / Deposit it with Steem (Power Up)
Get Curation Rewards;
Get Passive income to offset inflation.

Then, there are a lot of ways to put SP to work for you.
Some of them are:

Basic Tactics

Vote Up Your Posts;
Accumulate SP to increase the passive income you get for offsetting inflation;

Medium Tactics

Delegate your SP (services like @smartsteem give you a share of the profits based on how much you delegate);
Sell your votes (set your votes to sell after they rise above a certain rate, say 90%, to avoid VP getting to 100% and get rewards at the same time)

Advanced Tactics

Delegate to other people

Now, I explained the medium tactics between parenthisis so no need to approach that.

You may wonder about the passive income I talk about. Well, SP holders receive SP over time to offset the token's inflation, so your SP will grow - the more SP you have, the more SP you'll need to offset inflation since it is a percentual value - naturally.

On the other hand, you see that I mention delegating to other people as an Advanced tactic.

Naturally, it's hard to make a profit by freely giving your SP away, but it is very possible and many have done it.

You can secure someone's friendship by delegating SP. Not only that, you can make their votes worth more and speed up their growth.

If you see a user is growing up nicely, hastening his growth and securing is friendship can be lucrative!

This is something you should consider.

Conclusion

So, these are some ways on how you can manage your wallet and guarantee you'll have maximized profitability from it.

Consider every option carefully and measure it according to what Steem is and what it should represent.

There are things that are profitable that have a negative connotation, but there are people who don't care.

Also, if you feel the list is incomplete, do tell me in the comments as I can also edit it mid-flight!

Cheers!

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