Steem Power delegation is something I've considered for a long time, but now I'm finally doing it.
I've rented Steem Power in the past, but I doubt I'll do that again. I can imagine renting SP is a more valuable investment for very small minnows, but not so much at my level. While I made back my investment and then some, most of my gains had to do with writing successful content not curation rewards earned from having more power.
But I digress. Today I'm here to write about what happens on the other side of the coin.
Delegating Steem Power
I finally gave it a shot two days ago by delegating small amounts of SP. Now I'm delegating two-thirds of my total SP.
This amount will be lent out for the next 4 weeks. At the amount I'm lending, I'll be getting paid 2.064 STEEM every single day for a total of 57.972 STEEM by the end of the 4 week period. I realize that isn't an earth-shattering number, but it's not nothing! That's 24% APR.
The fact of the matter is, most of us on Steemit earn more from the votes of others than we do from our own upvotes. So I can easily lend out most of my power without my author rewards taking much of a hit. Additionally, my focus isn't on curation, so I won't take much of a hit there either. I stand to gain much more money this way than I would earn by holding on to my power.
How to Delegate Steem Power Using MinnowBooster
Step 1. Go to the Market
Visit the market page of the MinnowBooster and look a look at the offers. I'm still a minnow, so I can't fill any of the bigger orders. I look for offers in the 100-1000 SP range.
Step 2. Select an Offer
When you find an offer you like, click the "Fill This Offer" button. That will take you to a new page where you must type in your Steemit username so that the site can confirm you have enough SP to fill the order.
Then you hit the "Delegate" button.
Step 3. Fulfill the Order with SteemConnect
This isn't the only way to fulfill the order. There are other options where you don't need to give your key to a third party. But this is the simplest option and it's what I'm familiar with.
MinnowBooster will take you to a page where you must type in your Steemit username and password. SteemConnect then processes the delegation. You don't have to do anything else.
Step 4: Sit back and enjoy the daily passive income
This is the most important step.
~Seth
Excellent tutorial man!!! Thanks for sharing it
Glad I could be of service. I thought it would be a complicated process, but delegation is actually really simple. I just needed someone to point me in the right direction.
That´s right my friend one need just the clear way to learn!!! Best regards!!!
At my small level, I actually am hoping to add enough value in replies to posts like yours, to catch an author's eye for an up vote. My root posts don't seem to get enough views or up via to gain much attraction.
If you have an article for micro-minnow strategies, I'd appreciate it.
My only strategy for micro minnows is this simple advise: keep at it. It can take time for your blog to gain real traction. Most of my blog posts for my first 2 months on Steemit only made pennies. Eventually I captured the attention of a whale and that really got the ball rolling for me.
Thanks Seth. I'll keep that in mind.
For what it's worth, my advice is to be the eyes you want to have, which basically means if you want to have 20 real eyes come visit your posts, then you need to be out commenting real comments (like the one you left here) somewhere in the neighborhood of 60 comments per origianal content post you create. Eventually this ratio becomes much smaller and then flips.
Also, keep adding micro minnows to follow in topics you relate to.
And, pick about 10 people that you keep up with very very closely. Just shy of stalking ;-)
This plan has been working for me at least :)
Thank-you too. Being a geek I always wonder about the numbers. I do try to add value in the comments when I can. Otherwise, just an upvote on the article.
A truly wonderful idea @sethlinson.
I will have to keep this in mind especially since I am looking to add some more Steem at these levels they are trading at.
I dont have an account like you but I could easily put a couple hundred out there to get back a decent return.
I like how you think.
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Not sure I would feel confident providing my password or private key to any third party. Just sayin. Will wait for the other options to be posted.
I have this hangup too. I think I will at least wait to see how it goes with others first. More vetting...
I understand. But I've found SteemConnect to be a trustworthy service.
Excellent post.... I will have to give this a try. Followed.
Thanks for this tutorial. Really helps. Followed! :-)