Most Valuable Tools in Steemit: 2nd Nominee : Built in Steemit Wallet Security Features

Steemit Tools by @shortsegments

Picture courtesy of Pixabay.

This is article a continuation of my mission to help new people succeed in Steemit. 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.

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.

One of the beauties of cryptocurrency is its decentralization, but it is a dual 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 these built-in security features to protect yourself. I have another article that discuses other security steps recommended by the developers of Steemit. Learn more here: https://steemit.com/steemit/@shortsegments/security-rules-for-your-steemit-account

Espanol: https://steemit.com/es/@shortsegments/reglas-de-seguridad-para-su-cuenta-steemit

Francois: https://steemit.com/french/@shortsegments/regles-de-securite-pour-votre-compte-steemit

References

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

Success and Security on Steemit

Steemit Tools Mini-Series: Links

https://steemit.com/steem/@shortsegments/most-valuable-tools-in-steemit-dustsweeper

https://steemit.com/steemit/@shortsegments/most-valuable-tools-in-steemit-2nd-nominee-built-in-steemit-wallet-security-features

https://steemit.com/steem/@shortsegments/most-valuable-tools-in-steemit-3rd-nominee-steemit-basic-income

https://steemit.com/steemit/@shortsegments/most-valuble-tools-for-steemit-4th-nominee-steemauto