Achievement 2 Post

Hello Steemians of Newcomers’ community. I’m Nabanita. First of all, I want to say thanks to @Cryptokannon and @brahmaputra for inspiring me to go ahead and understand the platform better. I want to say thanks also to everyone here who engaged with my introduction post. It is a huge motivation for me to keep putting efforts and create content in Steemit.

In this short passage of time, I understood that having a clear understanding of the fundamental things such as security, keys and how steem wallet works are very important.
It’s been just one day since I joined Steemit and found resources from the fellow Seemians which helped me to understand these.
I will explain the topics with analogies and humor as much as I can:

1. Receiving Keys from Steemit

I have received all my key in pdf format as soon as I signed up for Steemit.
What I have understood is that it is like a map of a treasure trove. If we lose it or someone steals it from us, we will lose our account forever. There is no option for recovery.

2. different Keys

There are 4 different kinds of keys in total and one master password.

a. Posting Key:

This key is dedicated to daily logins and activities such as voting, posting, resteeming, following/unfollowing etc.
Exploiting this key too much can lead to the account being compromised.
Don’t think it is your game controller. :P So, don’t beat it hard.

b. Active Key:

We will use this key for transaction and other sensitive stuffs such transferring funds, voting for witnesses, powering our profile up and down etc.
The more active and dedicated you are in Steemit, the more you’re going to need this key often. :P

c. Memo Key

I couldn’t find any use of it. While powering up I saw a blank tab to insert a memo key but it wasn’t mandatory.
We can ignore its importance like we ignore our boyfriends/girlfriends when they become our husbands/wives. :P Because it is nothing of interest. :P

d. Owner Key:

Ladies and Gentleman, the most important key of all! We will use it like Popeye’s spinach for the revival of our account if we notice something suspicious with log in or wallet activity.

3. Keeping the Master Password safe-

The master password is the master of all trades in Steemit. So, our priority should be keeping it safe and secret. To ensure these, I have kept a printed physical copy of the keys in a secure place and also backed up the digital copy in 3 different places. You can keep it in the cloud but it won’t be safe, I guess.
We can’t trust anybody with these credentials so we can’t share it with others.
As Steem is a decentralised social media application so there is no central authority to help you recover the account and wallet.

4. Transferring fund from one to another Account

If We want to transfer our funds to another account, we have to click on the dropdown menu next to Steem and select Transfer. Then enter the name of the username we want to transfer our fund to. Done.
Don’t give away these to anybody as you do with in-game purchases :P. These are real money. Use this feature wisely.

5. Powering Up Steem-

To grow in this platform organically, We have to power up our account frequently with earned Steems.
To do this, We have to the wallet tab in our profile and click on the drop-down menu next to STEEM and select power-up, enter the amount of SP you want to power up. Then done. This amount will be deducted from your wallet and added to your SP.
You can liquidate and cash out your SP but convert it back to Steem but it might take at least 1-4 weeks.
SP is like zeros after a number in your salary. The more it is, the more fun. :P