Are you active on the Steemit platform? Are you using bid-bots to get a higher value and earn a higher income on your posts? Maybe you hope to earn using the bid-bots, or maybe you simply use them to get more attention to your articles and maybe get in the hot category or even the trending category. But, using a bid-bot is much more than just transferring Steem tokens (STEEM) or SteemDollar (SBD) tokens to the bots and hoping for luck.
Yesterday, I followed my own strategy and was amazed to see how my bid of 4 SBD ended up giving me an upvote worth half the amount I transferred. Now, that is very frustrating, because it means that you actually go through a big loss by using the bid- bots. Now, there is no guarantee that will keep you entirely safe, but this is the first time in a long time when I have gotten such a big minus from the bid-bots.
Instead of receiving a vote worth 5 USD or more (based on my 4 SBD bid), I ended up receiving a vote worth 2,4 USD. And if you consider how 25% this will be used as curation awards, I went in a big-big minus with this bid. So, what happened?
Understanding the bid-bots on Steemit
The bid-bots on Steemit work like a normal Steemit user. They have a certain amount of Steem Power (SP) and this tells how much value their votes will have. If a bot has 200,000 SP, that will give them a vote value of 4,6 USD (at this very moment).
Lesson 1: You will never get a higher upvote than the highest possible value of a bots upvote.
You can send the bot 10 SBD or 100 Steem tokens but you will never receive a higher upvote than the max upvote value of that bot. That is important to notice and to know.
Lesson 2: If more people send bids to the bot, you receive a lower upvote
If the highest upvote value of the bot is 4,6 USD, you will normally receive an upvote based on the total funds sent to the bot in that voting round. So, if you send 3 Steem tokens, and another user send 7 Steem tokens, you will most likely receive around 30% vote form the bot, while the other user will receive 70% vote form the bot.
Lesson 3: Understanding the upper and lower limits of the bots.
What I just explained isn’t always true, because most bid-bots have upper and lower limits. What does this mean? Some voting bots guarantee you a minimum and a maximum ROI (Rate of Interest). For example, a bot running with a maximum 15% ROI will not give you a 100% upvote even though you might be the only one bidding if your bid is much lower than the max upvote of the bot.
The bid bot has an upvote value of 20 USD. If you send 3 Steem tokens (valued 1 USD), you will only receive an upvote with a 15% ROI (meaning, you will not get a 20USD upvote). This means that you will have a 15% plus after the curation awards have been taken away. If you succeed in this, you will actually get more back in Dollar value than you actually sent (with 15%).
But, the minimum ROI is also important. What happened to me yesterday was that I placed a bid with a bot on 4 SBD. The bid-bot didn’t have a minimum ROI, so when someone suddenly placed a giant bid, the bid-bot ended up giving me a -50% bid. In other words, my 4 SBD ended up being worth around 2 SBD in the end. Now, there is little that can be done about such things, except either avoiding such bots or paying attention to the other bids (or at least try to pay attention). The person who placed the giant bid also went in a giant minus, so I guess that person should be much sadder than me.
Lesson 4: Use SteemBotTracker to see all these numbers and to bid at the best possible solutions
If you want to use bid-bots, the ultimate solution is to use the so-called SteemBotTracker. Here you can see the most popular and used bots, and you can also see stats on their minimum and maximum ROI, other bids placed in the same round, find out what is the minimum bid required and also the maximum bid, and very useful – the max suggested bid.
If you take a look at the screenshot above, you will see the following numbers:
- The name of the bot.
- The vote value: This is the total maximum value of a bots vote.
- Min / Max bid: The lowest bid you can place and the highest bid you can bid.
- Min / Max ROI: This is explaining the risk and gain opportunities with that selected bot.
- Min / Max Age: How old can a post be while still using the bid-bot for the given post.
- Total Bids: What is the value of the other bids that the bot has received for the current round at the moment?
- Max Suggested Bid: If you want to use the bot this round, do not bid more than recommended here.
- Last Vote: When did the bot last vote for posts?
- Next Vote: When will the bot vote the next time?
- Actions: Here you can send a bid, find details about the current and previous bid round and more.
If you learn how to use Steembottracker you can higher the chance of using the bid-bots for your own gain and profit in a much wiser way. You can avoid placing bets and loosing money every time, and instead enjoy receiving upvotes that will increase the value of your account and enjoy 15% ROI or even more on the posts you use the bots for.
I cannot guarantee anything, but the lessons I have learned here have helped me receive much better upvotes and almost always end up in a nice ROI plus when using bid-bots on Steemit.
What is your experience with bid-bots on Steemit?
I have tried to share some of the lessons I have learned after using bid-bots on Steemit. I would love to hear about your experience and also for you to share your wisdom on the topic. Write a comment and let me know what is on your heart!