No, it's not the same. The difference is that when you create an account on the Steem platform you get a master key (a private key that you control). If you go into your account settings you'll also see your other keys. You have a post key, memo key, owner key, etc... In crypto world your wallet key is in essense your wallet. That's why it's so important that you never lose it. No one can recover it for you. This is the built in security of crypto currencies. When you store crypto on an exchange, you are really storing your funds in their wallet. They control the private keys to all the wallets you have under an exchange account. You're just trusting that they'll continue to allow you access to their wallet which holds your funds. That's why you'll always hear that if you don't control the private key, you don't control the funds.
There is extra security layer with steemit, you can't withdraw all steem at once, you can withdraw only portion on weekly basis. First I though this is annoying, but on the other hand if your account gets hacked, you still have some time to recover it.
I'm not sure how exactly this can be done.
I have my login and owner password stored in password manager and backed up.
I wonder if something like steem cold wallet is possible.
No, it's not the same. The difference is that when you create an account on the Steem platform you get a master key (a private key that you control). If you go into your account settings you'll also see your other keys. You have a post key, memo key, owner key, etc... In crypto world your wallet key is in essense your wallet. That's why it's so important that you never lose it. No one can recover it for you. This is the built in security of crypto currencies. When you store crypto on an exchange, you are really storing your funds in their wallet. They control the private keys to all the wallets you have under an exchange account. You're just trusting that they'll continue to allow you access to their wallet which holds your funds. That's why you'll always hear that if you don't control the private key, you don't control the funds.
There is extra security layer with steemit, you can't withdraw all steem at once, you can withdraw only portion on weekly basis. First I though this is annoying, but on the other hand if your account gets hacked, you still have some time to recover it.
I'm not sure how exactly this can be done.
I have my login and owner password stored in password manager and backed up.
I wonder if something like steem cold wallet is possible.