Hello All,
Let me just rehash some of the basic security topics for Steem.
As I had not logged on to Steem for a very long time (around 3 years), I chose the wrong key to log on at first. I used my master key, which is the one I had written down and securely stored offline (wonder I found it!). If you make a similar mistake, you will get this error message:
"You are attempting to use a key with more permissions than required for everyday Steemit.com use. Since keys and passwords are more likely to get compromised the more they are used, it is strongly recommended to only use your Posting Key to log in."
This prompted me to look more into where to find the keys, the functions of each of those keys, and how to store the keys.
If you reach the above error message, Steemit will still log you in and take you to the Keys & Permissions page. Here, you have the option of downloading a PDF with all your keys, including QR codes for each. The passwords are very long and cumbersome. It may be tempting to store the passwords online, but the safest, especially for your Owner and Master keys, which you use infrequently, is to write them down and store them offline. Storing a second copy as you would for your crypto wallets is probably best practice.
Here is the breakdown of each key and what their uses and restrictions are:
Posting Key: This key is used for daily activities such as logging in, posting, commenting, and voting. This is the key that I should have used to log in when I accessed it for the first time in years. If you would like to transfer STEEM to another wallet, though, your dropdown menus will not show up if you are logged in using this key.
Memo Key: This key is used to encrypt and decrypt memos when sending and receiving funds.
Active Key: This key is used for functions related to your wallet. If you want to power your STEEM up or down (convert between STEEM, STEEM Power, and STEEM Dollars), this is the key you would use.
Owner Key: This key is used to reset the other keys. This key can be used if you suspect your account has been compromised. This key should be securely stored offline. Write it on a piece of paper and store it along with all of your other important passwords and recovery phrases.
Master Password aka "account recovery password": This is the password you received when you created the account. This password is used to create the keys--once your keys are retrieved, only use them going forward. Only use this password in account recovery and securely store this password offline.
If the information on using your Active Key piqued your interest, here is how you might perform some of those functions. First access your Wallet in the drop-down menu from your photo/icon. You must be logged in with your Active Key to make transactions.
Transfer STEEM tokens to another account: Of the three types of STEEM you have, this is the liquid asset that you can trade. Click the drop down menu to the right of the amount of STEEM you have, and select Transfer. From here, just enter the STEEMian who you want to send your STEEM to, the amount, +/- a memo and click NEXT. If I had any STEEM to transfer, I would show you a screen shot, but I don't. You get the idea, it is just like making a bank trasnfer.
Power STEEM up or down: In the same drop-down menu (to the right of your STEEM balance), there is the option to select "Power Up." If you select this option, you will see a window that allows you to choose the amount that you would like to convert to STEEM Power. STEEM Power is like staking your assets or putting them in a high-interest savings account. STEEM Power is also an indication of your influence on Steem. You can earn STEEM Power and STEEM Dollars by writing posts, making comments, and participating in the community. If you want to then transfer this value to another wallet, you will "Power Down" the amount you would like to spend by following similar steps you used to "Power UP." Select the drop-down menu and select "Power Down," choose the amount, and click "Power Down."
That covers some of the essentials to get you started on your way to using Steem. The multiple keys can be a little confusing, but Steem does a good job of reminding you if you are using the wrong key. If you do not have the option to make a post or make a transfer, you might not be logged in properly! Just like your house keys, keep your assets secure, as this online world is expanding.