Why I Power Up
After my first few weeks on Steemit, I've taken to powering up nearly everything I make. Why do I do this, why do I think it's smart for you to power up as much as you can.
The Monies
Spending time on Steemit is a long term gamble. Sure, there's some money to be made now, and some people make very good money. But for most of us, it's about building an audience for future gains. The large majority of current Steemit users are new, owing to the platforms growth in the past few months, and most of us aren't making significant sums on the regular.
If you're going to gamble for long term gains, make it a real gamble. And that means powering up. If you believe in Steem's potential to grow, having more of it is a good idea. And Steem Power is a stake in the platform's future. It's equity. You're basically getting free real estate for participating, if you choose to view it that way. Plus, your curation rewards are bigger, which is nice. It's still a pittance for most of us, most of the time, but it's a growing pittance.
Secutiry
Powering down is a 13 week process. If I lose control of my account, that means it would take someone three months to clean me out. I have a much better chance of reclaiming my account over days and weeks than I would over the seconds or minutes it would take someone to make off with my SBDs or my non powered up Steem.
Community
At the point where most of us are, not making a lot of money, what keeps us here in the present is the community. And the more SP you have, the more your upvotes are worth. The more your upvotes are worth, the more you can support the good content made by the community.
Don't Power Down
Right now, Steemit isn't a significant part of my income. I realize that for some, it is. To those I say, power up if you can, when you can. It's still a good investment, if you believe in the platform. You don't have to power up all, most, or any part of your SBD income if it's hurting your resources in a significant way. But if you can, avoid powering down the income that comes in a SP. As long as SBD is significantly more than $1, the SP reward is a fairly small part of your income, but it will stack up over time.
It's About Belief
I made the comparison to real estate earlier, but remember the flip side of that. Real estate is all about location. To make powering up a part of your overall strategy, you need to believe in the platform, or at the very least in the currency. If you think Steemit will disappear in a couple of years and Steem will go nowhere, by all means liquidate early and often. But if you're willing and able to take the chance, join me in powering up.
What's your Steemit strategy? Lemme know in the comments.
This is a great post showcasing the value of Powering Up. I feel that if you are here to make a quick buck then you need to get very very lucky. But if you are in this for the long term then it would be great to build a huge following over a period of 6-8 months and then once you are over 5000 STEEM as your SP, you start to convert your STEEM or SBDs once in a while to USD or whatever local currency you have. If you take all the money out right now then you are refraining yourself from making a lot in the future.
Wow I’m so lost
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I also believe in this. I am powering up everything I make and not thinking about profiting now, or even 6 months from now...but years from now. With the amount of effort I am putting in, its the equivalent of a second job, I have been spending most of my days on Steemit, and working on my business at night which is my income. Its a lot of hard work, a gamble, but it does give me hope that it will pay off down the line.
Well, you definitely seem to be putting in the work, and it does seem to be paying off.
I was introduced to steemit, to help me build confidence in my writing. I was at a low stage in my life, and a friend thought if I could write about my issues it would help. I’m not a writer, it scares me. I have always worked since the age of 13. I have shared some of my darkest secrets on here, since I had a mental breakdown. I use this platform to express myself and try to gain confidence. I Loved the post and will now look in to what powering up really means.
The thing the "Security" header is missing is, that if you don't power-up, there are other options you should take - such as moving your currency to a wallet, or an exchange, off of Steemit.
There's also a "savings" option in your Wallet, which locks your currency for 3.5 days, in case someone gains access to your browser or something. But the main point is, if you're not powering up, you shouldn't leave the currency just sitting there, and you do have other options.
I don't know if I actually believe in the longevity of steem, as it is pretty much the first of it's kind. I'm almost certain it'll be outclassed within a year.
Yeah. I agree with Didi. If you believe in Steemit, you should invest in it.
I don't, so I won't.
And Steemit is not entirely the first of its kind. It's taking many things other platforms have done, including payment. The only new spin is cryptocurrency.
I actually give away my sbds and spend them on stuff. So i only powerup my steem.