Protecting your Steem investment: Unique Steemit Cryptocurrency Wallet Security Features

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In this post I take a look at the built-in Steemit wallet security features that help to prevent the theft of your Steem and SBD.

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Picture courtesy of Pixabay.

Steem Power
You maximize your “influence” otherwise known as the amount paid by your vote or the value of your vote by converting Steem and or SBD into Steem Power. But this is also a security feature. If someone gets your passwords and wants to withdraw your Steem, they have to initiate a “Power down”. This converts your Steem Power to Steem. Each “Power down” takes 7 days. Each “Power down” is limited to 1/13 th of your Steem Power. Plus when you sign into your account and look at your Wallet it says Powering Down. So basically it warns you for seven days that money is being removed from your account!
So, if you sign in check if any withdrawals have been started. If you see this and you didn’t start it the withdrawal you can cancel it and then use your Master password to change all your other passwords.

Steem Savings
If you don’t want to convert all your Steem to Steem Power because you might need it and want to keep it “liquid” or readily available you have another safe alternative built into the wallet called Savings. If you transfer your Steem or SBD into savings, it takes 3 days to get them out. In order to get your money out of Savings you initiate a withdrawal. Then every day for three days when you sign in and look at your wallet it says “Withdrawal in Progress”. So if someone steals one of your passwords and starts a withdrawal you have 3 days to see it and stop it. Then you can use your master password to reset your other passwords. The Steem Cryptocurrency wallet is very unique. The following information will help you understand the security features and improve security for your investment.

Security Rules for your Steemit Account

  1. Save your master password and keep it somewhere safe.
  2. Log in with the lowest level password your posting key.
  3. Use your active Key only for money transfers or voting.
  4. Use your master or owner password only for changing your passwords or recovering a stolen account.
  5. Never paste your passwords into Memo boxes and always doublecheck what you have copied and pasted before checking the OK box.
  6. Log into your account using the key with the appropriate permissions for what you are doing:
  7. Steemit recommends that you NOT share your password or keys with any third party site.
    Four Different Types of Steemit Keys or Steemit Passwords.

Four Different Types of Steemit Keys or Steemit Passwords.
Rules for keeping the different keys or passwords safe.
1st: Posting key

  1. Use your accounts posting key to post, comment, edit, vote, resteem, and follow or mute other accounts.
  2. Use your posting key to log into Steemit.
  3. The more you use a password the more likely it will be stolen, so use this one the most often to limit the damage which be done to your account by having a key stolen.
    2nd: Active key
    :
    The active key is meant for secure or special tasks like transferring funds, power up/down transactions, converting Steem Dollars, voting for witnesses, updating profile details and avatar, and placing a market order.
    3rd: Memo key
    The memo key has no purpose right now, but in the future may be used for communications.
    4th: Owner key
    or Masterpassword
    The is the most powerful key you have and you should guard it carefully.
    It can be used to change all the other keys.
    It is best if you store it of an account offline and only used to recover a compromised account.
    Masterpassword

Masterpassword
Your account master password is used to make all the other keys for your account, including the owner key. If someone has your master password, they can steal your account and all your money in the account. The master password a long string of random numbers and letters for maximum account security.

One of the beauties of cryptocurrency is its decentralization, but it is a duel edge sword with no one to guard your passwords and your money except you. Steemit is a unique cryptocurrency because of its multiple passwords and wallet protections. I don’t know of any other cryptocurrency with these security features. I suggest you utilize its features to protect your investment.

✍️ written by Shortsegments

References

  1. Steemit White Paper
  2. Steemit Blue Paper
  3. Steemit FAQ

Success on Steemit Securely
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Stay thirsty for knowledge my friends.

✍️ written by Shortsegments

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Read other articles by me on the Steemit Social Media Platform, where writers get paid for their content by the community by upvotes worth the cryptocurrency, called Steem.

Read my Steemleo investment Blog

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Shortsegments is a blogger or writer on the Steemit platform, where writers, photographers and video bloggers, along with other content producers get paid for posting their content. Steemit is a decentralized social media platform on a blockchain called Steem. A very important difference between Steemit and centralized platforms like Facebook, Instagram or YouTube, is that there isn’t a central authority or owner to take your account away from you and your account can’t be deleted. You are the owner of your account. Find out more at this Link

Steem Onboarding helps you apply for an account and is a series of videos which explains how Steemit works. You don’t need to understand everything about the blockchain to post content and our Onboarding help is available in six different languages.

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Thank you for doing the research on this topic. And thanks for pointing out the sources where we can learn more.
#posh

!giphy good+job

!popcorn

Cheers 🍻

Posted using Partiko iOS

·

Your welcome. Thanks for the cute GIFs

Muchas gracias hay que considerar tus recomendaciones, muy importante tener toda esta información fresca.

·

Your welcome.


Posted via Steemleo | A Decentralized Community for Investors

Some people day that steem is very complicated, but its not with just a little research you can find everything about the topic.

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I agree. There are many helpful articles on Steemit and Medium or you can read the white paper or blue paper.
:)

Always good to back to the essential.

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Thank you.


Posted via Steemleo | A Decentralized Community for Investors