How does SP work?

in #whale • 8 years ago

Forgive my newness, but I'm sure I'm not the only one. I am having a hard time figuring out how Steem is actually going to be worth anything. Haven't had time to read the white paper yet. Can someone answer a few questions?

  1. What is SP vs Steem? I understand that SP is the muscle behind your votes- high SP makes your voting influence a higher payout, and having high SP makes you a whale. Steem is the asset you can covert into cash. What else do I need to know?

  2. How do you convert Steem into dollars? Do I need to link my Steem account to a bank account? That sounds suspicious.

  3. If I want more SP, how do I get it? I know I will have to buy it, but how, and how much does it cost. How much would it cost (in dollars) to have enough SP that one might consider me a whale?

Thanks for the time. Airborne!

#steem #money #investing #sp
8 years ago in #whale by
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     8 years ago (edited)

    You don't need to link your bank account. You can purchase it with ethereum or bitcoin. If you have never mined before you should try It is the most user friendly miner I have come across and is pretty much self explanatory. All you have to do is download the software and then choose which currency you want to mine.

    https://minergate.com/a/b8f775b138e21226b493abae