Steem Tips: Understanding Steem Wallet Security:Steem Power.
By @shortsegments
Your Steem wallet is unique amongst other cryptocurrency wallets and has several security features which are unique. I would like to review those security features, so you understand them and can use these Steemit wallet security features to help to prevent the theft of your Steem and hmmm I SBD.
Security Feature number one: “Steem Power”
You are paid rewards on the Steemit platform for posting, commenting and upvoting in “Steem” or SBD.
The strength or value of your personal vote depends on how much “Steem Power” you have.
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 in the case of Steemit our 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 wyour Steem.
Second Part of this security feature
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.
I like this security feature because I think it increases my wallet security and I think it increases price stability by reducing impulsive selling in reaction to bad news and it encourages commitment to the platform.
What do you think?
@shortsegments
🚂 Keep Posting!
The hard part is getting Steem into your wallet. I think it is possible without paying the hefty blocktrades fee.
We have a wallet address, so we should be able to transfer Steem in from any exchange using the public key, but I am unsure which private key to use. Probably the same wallet address that block trades uses when you buy Dteem from them.
https://steemit.com/steem/@cryptos/how-to-transfer-steem-from-poloniex-to-steemit-com
I think you would save like 10% if you did direct transfers.
Not sure if this would work.
Such an informative post. It is full of information and help full for all all newbies. I learnt allot from this post thanks for sharing this valuable information.
Thank you for your positive comment!
Thank you for your detail can you please advice what is master password i mean when we genetate a password on steemit around 52 letters are that that is Master password? Ok if suppose this is master password then what other password is available on STEEM please clear this ? Thank you in advance for your help
The Steemit wallet is very good, but you must protect your passwords. The posting password only allows you to vote and post. The active password allows you to deposit or withdrawal Steem. The masterpassword allows you to change all your other passwords and perform all other functions. Theft can occur if you keep the passwords on your computer, connected to the internet AND your Steem is liquid like Steem or SBD. But it is more difficult if you keep your Steem as Steem Power.
So basically when we generate an account on STEEMIT and we received a private key if i am not wrong that 52 or 56 character key is Master key right? So what is other key and password on STEEMIT if you can help me to understand.
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Hi
When you generate an account on Steemit you get a four Keys.
It is a little confusing at first because what you see is a listing of your “public” keys, but you have to click on the box in front of them to get the “Private” key version of your posting key, active key and memo key. You will need your master key or master password to unlock the private version of these keys.
Then you should save the masterkey on a thumb drive and use the other keys to operate your Steemit account.
You need your “private” version of your posting key to post and vote.
You need your “Private” version of your active key to move money in or out of your account.
@SS
I didn't knew it thank you for your clarification my friend.
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Thank you for your explanation. You are always the best and do not forget to walk in the morning hahaha @shortsegments
This is a great explanation even much more than a tip. Thumb
Powering Down is a great security feature..
Thanks for the info, @shortsegments!!!
Yes, you are right. ... it would be rather difficult if someone wanted to steal our steempower instead of stealing steem. Thank you for the information. Success for you.
Good idea and plan your suggestion here I appreciate your job thanks for sharing
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Sir you are sharing here good details.
I think this is information very useful for me.
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merci pour les informations de sécurité sur steem waklet