Question: How long do I have to wait to convert Steem Power to Steem Dollars. I read somewhere that the Steem Power is held for 2 years? Is this correct or can I start removing my Steem Power before that? (Not that I want to do that now as I am just starting to build it up).
I know this article is a year old but I am hoping you/someone will see this.
Thanks.
You can "Power Down" Steem Power into Steem, not Steem Dollars. It used to be done over 2 years but it is now done over 13 weeks. If you start a Power Down, then each week thereafter, you will see 1/13 of your Steem Power converted to Steem. For example, if you decide to Power Down 130 Steem Power, then each week you will turn 10 Steem Power into 10 Steem.
The effect of this: You will have less power in your vote, because your voting power is affected by your level of Steem Power (as well as your vote slider setting and your vote power which decreases with each vote but goes back up 20% of your max a day). That's the down side. The up side is you now have liquid Steem which you can then trade for Steem Dollars in the internal marketplace or you can move it to an exchange like Bittrex or TradeQwik for example, and trade the Steem for other cryptocurrencies.
I hope this helps you!
Thank you. This is a big help.
I wouldn't consider "powering down" until I built up a big cushion of Steem Power and I was continuing to acquire Steem Power so it would continue to grow.