What would you say a good dollar investment in Steem would be early on or say someone with the exact same reputation and time invested as someone like me? I'm asking for a friend.
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What would you say a good dollar investment in Steem would be early on or say someone with the exact same reputation and time invested as someone like me? I'm asking for a friend.
I guess the real answer depends on how much someone wants to accomplish on the platform.
Off the top of my head, I'm thinking 5,000-10,000 SP is a great boost early on. By many user's standards, that makes you a minor dolphin, and would give you close to a $1 upvote at the present time.
Even 1,000 SP puts you into much more serious territory than all the "dust" accounts, and it confirms you are unlikely to be solely an abuser/bot. At the current price of a $1, that's less than many people spend on their hobbies or vacations.
I put in even more, personally, because I was sold on the investment in Steem anyway, and had previously toyed with writing more regularly. Even though I bought at a much higher price, I've been very pleased with the results so far. It's really helped me get off the ground.
@lexiconical Your comment here is probably the best common language explanation for how SP (and its related cost) affects outbound engagement. I need to look more into the Steem price over time and consider purchasing. Thanks for breaking this down.
Thank you! In case you were wondering, the $1 area is a pretty darn solid area of support, as far as crypto goes. I have been buying from something close to $2 all the way down to $1, and my average price paid is probably still a good deal higher than today's price.
Anything near $1 is, I would say, a pretty good time to buy. I am hoping I get a chance to pick some more up before the price moves up again, but my liquidity is a bit tight.
Alright, I can buy straight through the platform, no? Or do I have to utilize an exchange in some way? Thanks for getting back to me, trying to absorb a ton of information.
Edit: I'd add, what do you think is the best way to go about what you're talking about, in your opinion.
If you own Bitcoin, you can buy into Steem directly through Blocktrades. It's a slightly worse exchange rate than buying via an exchange and transferring, but not enough that first time or small users should take the additional risks of that process.
If you go to your wallet, click the drop-down to the right of Steem, and choose Buy, you'll see the Blocktrades page. You simply send your currency of choice (BTC, LTC, etc) and they send you the Steem at time of conversion. I've used it 5-6 times, and Blocktrades has an account her. It's on the up and up.
I had looked at that and wondered how the built-in tool compared to other options. There's a wallet I use on my phone so I'll have to see what the route is to turn to Steem on the platform for me. Appreciate you taking the time to outline these differences for inexperienced folks like me.
Personally, back when I had the cash,I bought at Bittrex and sent it to Steem. That way I was able to set limit buy orders under the market. Blocktrades is a conversion-at-time-of-receipt deal.