Today I am doing a review of the Steemit wallet because I think there are many attributes of it that people don’t know about. The Steem wallet has several special features which make it a safer wallet then the wallets of other cryptocurrencies. I would like to review those special features, so you understand them and can use these features to help to prevent the theft of your Steem and SBD.
First Special Feature: “Steem Power”
You are paid rewards on the Steemit platform for posting, commenting and upvoting in “Steem” or SBD. Your wallet has a menu option called “Powering Up”. If you use this feature you change the Steem in your wallet into “Steem Power”. This Powering Up increases the value of your vote. But did you know that “Powering Up” your Steem or Steem Dollars to Steem Power is a security feature? Powering Up is a security feature because you can’t withdrawal Steem Power, you have to convert it back to Steem.The process of converting Steem Power to Steem is called “Powering Down”. The Power Down process has rules, you can only Power Down 1/13th of all your Steem Power once every seven days.
So it takes 13 weeks to Power Down all your Steem Power to Steem. This is a security feature because most crypto currencies exist in one form and they only have one password, which is usually called your “Private Key”. So if someone gets your “private key” they can transfer your cryptocurrency out of your account to their account and basically steal all of it the same day. However Steemit cryptocurrency exists in a liquid, easily transferred form called Steem or Steem Dollars and as a less liquid and nontransferrable form called a Steem Power. If someone gets your passwords and wants to withdraw your Steem Power, 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 total Steem Power. So it will take someone seven days to steal your Steem and they can only get 1/13 th of your total Steem at a time. That means it takes 13 weeks to Steal all your Steem.
Second Special Feature: Power Down Warning
Did you know that every time you sign into your Steemit account and check your wallet it tells you if your “Powering Down” or converting Steem Power to Steem? So because it takes 7 days to “Power Down” or convert your Steem Power to Steem you have 7 days to catch any attempts to steal your Steem. 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.
Third Special Feature: Savings Account
The Steemit wallet has a savings account. If you transfer your liquid Steem or SBD into savings, and subsequently want to withdrawal it, you can withdrawal all of it at once, but it takes 3 days. I like this feature because I can keep large amounts of liquid Steem in my wallet. But I can access 100% of my total savings in 3 days. This is much faster then the 7 day waiting period on powered up Steem, and I get it all at once instead of 1/13 of my balance.
Fourth Special Feature: Multiple Passwords
The Steemit wallet, unlike other cryptocurrency wallets has multiple passwords. You have a posting key for posting articles, but it can’t be used to Stake, unStake or move Steem. This feature means the password you use the most and is most susceptible to theft while your online can’t be used to steal your money.
You also have an “active” key, used for powering up Steem to SteemPower or powering down SteemPower to Steem. It is also used for transferring Steem out of your account. You also use it for Staking it unStaking Tokens on Steem Engine. The limited use of this key means it is less available for theft while your online.
You also have a “master Key” which is used to change your other passwords, but otherwise isn’t needed for day to day functions. But in case someone gets your posting key or your active key and tries to steal your Steem, you can change your active and posting password to protect your account from theft.
Summary
The Steemit has several special features, which both enhance security and increase your investing options.
Those features include converting Steem to Steem Power, the Power Down warning, the Savings Account and Multiple Passwords. These are all features unique to the Steemit Wallet. I think these special features enhance the security of your crypto currencies and I encourage you to learn about them and use your passwords as they were designed to reduce your chance of theft of your crypto.
✍️by Shortsegments
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