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Correct. 1 steem is equivalent to 1 Steem Power. If you have 1000 SP, Its 1000 STEEM.

Is it good to keep steem in your wallet or to use the steem to power up? Are there effects to steem power other than increasing upvote value? Still cant fully understand what happens during power up hehe 😛. All i know is its important to help grow your account 😅