Hello So I want to explain the wallet now and you can have a look at your wallet by clicking on your profile image on the top right hand corner there and choosing the wallet from the drop down. Now I'm going to briefly explain the difference to you between steam power and steam dollars. But I will be running over these differences in another video. So the first one steam is the cryptocurrency that is mostly traded on exchanges or around the internet and the same exchanges that trade Bitcoin aetherium and all the other major crypto currencies. We can see here that steam is at the time this video is being made currently roughly worth $1 30 and steam is what you use when you want to take money out of the system and exchange it for Bitcoin or you dollars or any other fear currency, but it doesn't have any much use on the platform itself.

Second, there is steam power. Now steam power is exactly the same as steam, it has exactly the same value. And you can swap it one for one for Steam, but it's much more useful on the platform because the more steam power you have, the more clout or influence you have on the platform, the more steam power you have, the more your votes are worth on the platform. So it's very important to increase your steam power and you can convert steam steam power very easily just click on this arrow here and you power up that is converting steam to steam power instantaneously. On the other hand, if you wanted to take your steam power out of the system and back into steam in order to cash out if you like if you're in order to exchange it for Bitcoin or another cryptocurrency, then that will take you a lot longer.

And that is because they want to incentivize you to stay on the platform and grow your steam power. If you want to convert steam power into steam, you click on this arrow down here and power down. But that takes 13 weeks. If I click that power down option there, the payments out of the steam power will start in one week and continue for 13 weeks after in fractions of a 13th of the total of the steam power into steam. So every week 13th of my steam power is paid into steam, so it all takes 13 weeks before finally all your steam power is absence of steam. Another thing to say about steam power is you earn interest on it.

So, if you keep steam there not only will it will increase your power on the platform, it will also increase in value the number will go up. Lastly we have steam dollars and as I showed you earlier steam dollar is there to roughly mirror the value of the US dollar. And that is precisely why there are steam dollars steam the cryptocurrency, like all cryptocurrencies is incredibly volatile and can range in values up and down throughout the days, weeks and months wildly. So steam dollars are there in order to create some source of consistency in the payments and steam dollars are very useful for paying bots on the system. If you have a look at my video about how to promote posts, you can promote posts when you're using steam dollars. And the reason for that is you always know you have a consistent amount of currency with a steam dollar.

So you always know what you're going to be paying with steam dollars, because you always know it's a, it's roughly going to be a US dollar, whereas steam power could go up and down, or steam could go up and down. So let's forget about savings for the moment. And there you will see my estimated account value, and that's adding up the steam, which is worth roughly more than $1 or roughly $1 30 and the steam back dollars, which is roughly $1 and that's how they get that figure. So as I mentioned, steam dollars are easy to transfer. All you need to do is enter somebody's username into this transfer to account dialog box, add a memo and submit and you see My steam dollars now have gone down by $1 and that is the beauty of cryptocurrencies. Now I could have paid that $1 to a person in Nigeria or Venezuela, but they get that $1 exactly in their balance.

There's no bank charges, no exchange rates. So steam is a platform where cryptocurrencies are being used. And you see the value of cryptocurrencies, how quickly and easily they can be used, and how there's no middleman. There's no one in the middle, taking a cut or taking a little bit of an exchange rate or a bank charge away from your money. So if we scroll down here, we see the blockchain in action. So all cryptocurrencies are based on blockchain technology and the blockchain is a decentralized incorruptible ledger of every transaction that happens on the blockchain.

So here are My transactions, there's the transaction I just made for $1 to my friend, as a thank you for the favors he's done for me. If you can see I've transferred to steam back dollars to these three, they are not people they are robots, because if you pay those two steam back dollars to those robots, they give you up votes to your post, which gives the new posts a little bit of a boost a little bit of promotion, so other people can see them. You will also see that I transferred to to this bot minnow booster. And that's because I should have only transferred one steam back dollars. That was my mistake I forgot. And I've been paid back.

There's two steam back dollars there. So this is a history of the ledger of money I've given away and received as well. So here's a transfer of steam power to me. And these are rewards that I'm claiming And I'll show you that now. Because up here you can see that I've got current rewards. And remember, I showed you the rewards here for the content that I have created as an author, but also the content I've uploaded as a curator.

And what I should do is that here, click this button, whenever you see this, always transfer this to your balance. And they will see that my Steam and my Steam back dollars totals have increased as a result of that got that little two there on the balances. And that's just to remind you of the recent transactions that have occurred. And if you scroll down and see that you can actually buy steam power from block trades, that's an exchange. I'm not recommending that you do this. But if you wanted to boost your power on the platform, without having to wait weeks and weeks for you to get that power naturally, you can just go out there and buy it.

There are various ways you can do that. You can buy steam dollars here, and that will take you to block trades. And there you can buy steam dollars or directly buy steam or steam power for Bitcoin. But if you had a lot of dollars and I do have quite a lot, there's probably more than I need. And I wanted to convert it into steam power, it's best to do it through block trades, you get a better rate of return than converting to steam here and then converting the steam to the steam power. So I think that's everything on the wallet.

But I will be going through this again because it is quite complicated. But finally let's go to the homepage again. And as this is a cryptocurrency everything is out there in the open. It's important to remember that you can view anyone's wallet. So let's have a look at Dollar vigilante. So dollar vigilante is quite a high profile person on YouTube.

He has quite a successful blog and he's also So a successful steam Ian, but we can look at his wallet. And you can see that how much steam steam power and steam back dollars he has and the total estimated value of his account. So I hope that helps. I'm going to go through this again in the next video just for a little bit of clarity. My name is Rob Cohen. I'll see you there.