Toolkit posts are designed to help new Steemians get acquainted with the ins and outs of Steemit. If you have requests on components or systems related to Steemit that you would like to see explained, please let us know in the comments below.
Steemit Wallet 101
For a new user, understanding the Steemit wallet can be a challenge! There are multiple categories indicating where two distinct cryptocurrencies are held in your personal account. Today, we will break down the basics of the wallet, describing what each category means, and help you get comfortable navigating the local lingo.
"Wait, what’s my wallet?" The wallet tab is like your very own Steemit bank account. Here, you can keep track of how much STEEM and SBD you’ve earned, transfer it to other Steemit users, deposit or withdraw.
| Description | |
|---|---|
 | STEEM - is the central currency on Steemit.com. It’s a cryptocurrency or “token” very similar to Bitcoin. You can earn STEEM by blogging, commenting and upvoting content on Steemit. This section of the wallet shows your “liquid” STEEM meaning you can withdraw these tokens at any time. You can also move STEEM to SP in a process called "Powering Up" (learn more about this below). |
 | STEEM Power - (or SP) is the same as STEEM. SP though, indicates how much influence you wield in the Steemit community. The more SP you have, the more valuable your vote becomes. Unlike the liquid STEEM in the first section, SP is locked in unless you click “Power Down” (learn more about this below). |
 | Steem Dollars - (or SBD) is a secondary currency on Steemit.com. Value-wise, SBD are designed (algorithmically) to equal approximately $1.00 USD. You can earn SBD by blogging and commenting on Steemit.com. Just like STEEM, this section of your wallet is liquid, meaning you can withdraw these tokens at any time or you can “convert” your SBD to STEEM (this is an exchange that takes a couple days to process.) |
Savings - provides an extra layer of security to your wallet. Here, you can store liquid STEEM and SBD. Once you deposit liquid cryptocurrency in savings, it takes 3.5 days to remove it. (STEEM and SBD in the Savings section does not contribute to your upvote power.)
Estimated Account Value - shows the total value of all your STEEM + SBD = in United States Dollars. This number fluctuates 24/7. Why? The value of STEEM changes every day as people trade it. If you’re curious what 1 STEEM token is worth right now, click here!
Power Up - If you have liquid STEEM tokens, you can move them into SP in a process called "Powering Up." This increases the strength of your vote and the amount of curation rewards that you can earn.
Power Down - you can turn SP into liquid STEEM in a process called "Powering Down." In an effort to keep the whole network secure and stable, the process of converting your SP to STEEM happens in 13 installments over the course of 13 weeks. Each week 1/13th of your SP total will become liquid. A important reminder - your voting strength reduces every week you Power Down. (Power downs can be stopped at any time.)
Transfer - this action is pretty neat. Here, you can move liquid STEEM and SBD to any other Steemit user or a third party cryptocurrency exchange / wallet. Simply click the little carrot drop-down and select “Transfer”. You’ll then be prompted to enter in the amount you would like to transfer along with the account you are moving the cryptocurrency to.
Check out the Steemit FAQ page for more!
Exploring More @sndbox Steemit Toolkits
Thanks for reading! We hope you found this Steemit Wallet walkthrough useful. If you have any questions please don’t hesitate to reach out in the comment section. Check out our other toolkit posts for helpful tips and ideas :
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Excellent article, great quality, easy to understand and great design to it too! Thanks a bunch for all this info and quality.
Upvoted, resteemed and shared. Namaste :)
Glad you enjoyed it Eric - thank you for your supportive feedback!
I bet this is way more than excellent.
Can somebody please explain what the amount in the brackets is? The one goven in the steem power section as shown below.
A great question! When you see STEEM Power in brackets, that means someone has "delegated" SP to you. It should say this in your wallet...
Steemit Inc. actually delegates ~27 SP to new users. It's a way for them to get started and begin upvoting content. As newbies accumulate their own Steem Power that (amount) will go away.
Thanks for the reply. I also just want to ask that the sp that I will make will go to the amount given above or the one in the brackets?
The SP you earn through blogging and commenting will go into the top one :)
Thank you!
I did not know that either. Thank you twice @sndbox
Absolutely!
Thanks, I needed the same information. Just resteemed for more newbies to find this explanation.
Great! =)
honestly boss, its fantastic and its actually a fast way to success!
Thanks for sharing! A link to your post was included in the Steem.center wiki article about Steem Wallets. Thanks and good luck again!
That's fantastic! We're honored to be on the Steem.center wiki, thank you for all the great work and resources :)
great post for people getting started, very clear
Thanks so much @luisneira!
Thank you for this, super helpful!
Thanks @awillbrown :)
Even after two months here, I'm always learning something useful and new. Thanks for sharing this. Knowledge IS power (Steem Power in this case) and your posts are a great contribution for us all.
Wonderful to hear this. Thank you so much for the kind feedback and enthusiasm!
Knowledge is Steem Power :)
Job well done @sndbox just like you rightly said, there a whole lot of confusion for someone like me. I have come to the point of believing that Steemit is a puzzling ground but with your explanation am having a better understanding now. Thanks for your good work. I have started following you for further instructions.
Many thanks @jyzaza! Glad this helped clarify the wallet puzzle :)
This is as clear as it should be.
Enough said !
Keep on steemit!
Thank you! Steem on my friend!
This is very useful and timely information for new steemians. Great job! This is another old post with analogy that may be helpful too: https://steemit.com/steemit/@donkeypong/still-confused-by-steem-steem-dollars-and-steem-power-the-power-plant-analogy
^ Absolutely, that's a great post and series of analogies! Thanks for sharing :)
Great timing @sndbox since I just clicked on the BUY STEEM OR STEEM POWER tab in the Wallet section which directed me to blocktrades where I bought about $100 of steem power yesterday in my account instantly. Cant get easier than that I must say. Thanks for the wallet introduction and better understanding on how it works.
Off to the new/hot section of steemit!
You bet! Glad the timing worked well :) congrats on purchasing STEEM!
I'm actually looking for a real wallet, one I can keep on my computer or phone... for steem. One where I control my private keys. I know there's one out there on the iphone store, the comment says "Your private keys are stored by a third party and they have easy access to them." What's the point then, might as well let steemit keep them in that case.
Thank you for your well written and informative articles! Not only am I new to Steem, but cryptocurrancy as well. Your articles have helped me to start learning my way around Steem.
Thank you for all the help!
Mychael E. Colyar-Long
Excellent! Thanks so much @mychael. Glad this post (and others) could be a helpful resource for you :)
Thanks for sharing!
Of course! Thanks for reading :)
Simply a great, easy to read, info packed post. On behalf of all new Steemians, thanks for this HOMERUN of a post @sndbox
Thanks for the support @supremenyc!
How about explaining how to hold Steem in an offline wallet?
A great suggestion. Yes, we'll to tutorials soon regarding transfering STEEM and SBD to external wallets and cryptocurrency exchanges. More to come!
This is so helpful for many of us who are trying to understand the system. I've been powering up so far It seemsx like the right thing to do for me and steemit. again thanks for the great info.
Wonderful. Yes, powering up is a great way to play the game of Steemit :) enjoy it!
very informative, thank you
Thanks for reading!
Great job. Wish this had been available when I first joined Steemit.
Same here! Hoping this becomes a useful resource for newbies today and into the future :)
I am a brand new Steemit community member and am a bit confused at the terms. Thanks for walking us through the concepts. I think it is making more sense now.
Great post,it will improve our experience in steemit and we will be more effective with your advices,congrats bro. I am interested if somebody know what is maximum number of steem power which we can have?Thanks for help a lot.
Interesting question! I don't think there's a pure maximum... right now there are 239,968,690 STEEM tokens out there in the world. So I guess that's the max :)
🤘👉 @apvlog
Follow me too.
Nice information. Thanks
Glad you found it useful!
Nice post bro it cleared all my doubts related to steam it wallet i appreciate you for writing this post .Hello to all love steemit friends. Now we became the 2017 followers. Thanks you all the Steemit members very much. In the same way we will continue to work
Some Steemit members are welcome.Do follow my account @sid9999 and make me feel motivated to become a good blogger .
Excellent article,very deffstyl rent and great quality .... waiting your new post
Amazing introduction and thanks for information. Dont forget Upvote my post @abib
The best explanation of this on the site. Thank you @sndbox
That's very kind of you to say, thanks!
Wonderful review. Thanks for sharing!
Thank you!
nice post......I am a new steemians, maybe i should study first with you, regards know me
https://steemit.com/@cuteaniamals please follow me
I followed and upvoted.Would you like to follow and upvote me.
Excelente post. Te estoy sigiuendo.
great pots...
Great explanation for the people that are new to the steemit community.
Thanks so much for your support! We hope so as well :)
Thank you for sharing this @sndbox
Thank you for reading and supporting it :)
i liked your post keep it up and please like and upvote my post also please its a humble request. As i have done for u.
Ok, now I am getting it. Thx
Glad it helped answer a few questions!
How exactly can I transform steem into bitcoin?
Great question @blackforcewitch! There are several posts that show you how to exchange your STEEM on sites like Changelly and Bittrex. We'll be doing a post soon as well to illustrate the process.
Thanks a million
Great #post @sndbox, this was really helpful for newbies like me. What a fantastic community #steemit is. There are so many talented #bloggers and genuinely nice people.
It is a fantastic community, thanks so much for your support and kind words :)
Thank you
You bet! Glad you found it useful :)
Thank you
Thank you too!
Informative post for the newbies like me. Thank you for clearing the things out. Your post is so much helpful for the community. :)
Keep going brother. :)
That's great! Welcome to Steemit :) glad this post was a helpful boost in getting started here. Let us know if you have any questions and we'll do our best to answer!
just to the point!! Resteemed!!
Thank you!
Great explanation, thanks for the post
Many thanks for your support
i was looking all over about how to power down and its great to see your post thanku so much u gaved my answer haha <3 yuhuuu :) was searching all over
Now you've found it! If additional questions come up, give us a shout :)
Also, here's an FAQ page that comes in handy - https://steemit.com/faq.html
Can you explain how to get your Steem off of Poloniex? My wallet on there says it's been disabled for over 2 months and I've been emailing them back and forth and they keep giving me the runaround. I have some Steem on there that I really want to put in my Steem wallet.
We heard Poloniex has been having wallet issues. If we come across any helpful tips there we'll be sure to let you know.
Oh, maaan, you heard me! Now I gonna reblog and use it as a tip, now I'm getting closer to understanding. Still have one question: is it worth to spend my future cents on SP? And how much I need to really have influence? For example 100% upvote that would cost 1 $?
Hi @denis231, those are great questions but a little hard to answer due to market fluctuations. For a 100% upvote around $1, you would need around 6,000 Steem Power at his time.
Nice and easy to understand. Thanks
Great, thank you!
@sndbox This is information heaven for beginners like myself. Nobody told me how important it is to put liquid SBD into savings. Most of the veteran steemians are opposed to this. I love that bold suggestion.
Thanks for the effort you exert to help new steemians understand what they see in their wallet section. It's clear and easy to understand. Just great article.
Thanks for your support! Glad you enjoyed the article and that the wallet was described clearly :)
thanks for this great sharing :) deserve upvote and resteem
Awesome, many thanks for spreading the word.
no problem...that's the spirit of steemit...keep steeming :)
... and someday i'm going to figure out the best way to register on an exchange to buy some crypto to buy some more Steem... someday !!
Haha, we'll try to cover parts of this process in a future post =)