Understanding the STEEM Blockchain Economy – 2. STEEM Wallet Orientation


Hey everybody.
And welcome to this tutorial.
and what we are going look at in this tutorial is an overview of your wallet
We’re going to look at two user interfaces. We’re going to look at Steemit.com and steempeak
Now some wallest still direct back to steemit.com so it is still very relevant to look at the steemit.com
wallet and that shows a lot of the terms that we’re going to cover in other detail later in
this course.
So what we’re going to do is hop straight into the first user interface and taking a look at the wallet
in more detail.
So here we are now in my Steem Wallet and what we can see in our balances is steem, steem power, Steem
dollars, savings, an estimated account value. Now all of these you’re going to learn about more in
more detail.
Let me talk to you for a moment about savings. Now savings
is liquid funds that you have available, steem and steem dollars are liquid funds.
That means they can be converted into FIAT on an exchange rather easily.
So if you keep anything in steem or in steem dollars you can transfer it out and you can cash it in. But with savings
It takes tree days for withdrawal.
So why would you put money in savings?
Well there is an opportunity for witness to opt to pay interest on savings but this isn’t in place at
the moment. There’s a great security benefit by adding your liquid funds to your savings account.
Let’s say your kids get stolen or lost.
So lets say they got stolen
It takes three days for the liquid steem to move or liquid savings to move out of your savings account.
This gives you enough time to recover your account before these forms actually get stolen
So if you’re holding on to Steem or Steem dollars for some reason and you’re not powering it up and
you don’t need it immediately it’s very well worth for security reasons considering keeping it in savings
and you also have an estimate account value
This is the U.S. dollar estimated value of your account.
So what can you do from with in your wallet?
Well if you click on steem you can Transfer. Now this is transfer to somebody else’s wallet.
So it will ask for a name.
It’ll ask for an amount and a memo, and once you give them details It’ll also ask you to login.
You can transfer to savings and we mentioned savings a moment to go.
You can power up. Now you can only power up STEEM, you can not power up steem backed dolloars but to power up
You use this power up button here
We will talk about powering up later on but powering up is of vital importance because that’s what
gets you steem power and your steem power relates directly to your resource credits and the amount you
can actually spend and the number of transactions you can do on the block chain.
It also directly effects the value of your vote.
So powering up is the way to go to grow your account.
Now if you wanted to buy steem this will bring you direct to blocktrades and you can buy steem directly
on blocktrades.
And if you wanted to sell steem aswell, it will do the exact same thing, it will to bring it to blocktrades.
Market is the internal market and we’re going to discuss this in a another tutorial.
And the options for steem power, well with steem power
you can power down or you can buy more steem power.
And then wait steem dollars well again you can transfer your steem dollars to somebody else.
transfer it to savings ,market it is the internal market or you can buy and sell from blocktrades. And in
your savings you can withdraw your steem.
If you had SBD you would withdraw your SBD and they are your options from in there.
Now lets look at the Steempeak wallet.
and this is my steem account
on Steempeak
And the wallet looks a little bit different.
But in effect it does the exact same thing.
So we have your rewards. if there’s rewards to claim you can press claim rewards to claim rewards
Under steem we can see how much steem we have.
We have the option to send some steem, to power up to transfer or to go to the internal market.
And when you press the internal market it brings you back to the steemit.com internal market.
Under steem power it shows you how much steem power you own and then it gives you the steem power,
this is the net steam power received and delegated out
And if you click on the little I, you can see how much you received and how much of delegated out. And then you’ve
got your steem back dollars and you can do the same sort of transactions with these.
And of course we have your savings and your estimate of the current value and if you scroll down you
have all of your transactions as well.
So that’s an orientation of the steem wallet
on two user interfaces and all these terms steem, steem power steam backed dollars,
What are they really?
Well that’s what we’re going to talk about in the next few lessons in this course.
The tokens that are generated.
What they mean, How you get them and then were also going to talk about the costs involved in
transacting on the block chain and the resource credit.
I hope you enjoy this tutorial and see the next one. Bye now.

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