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RE: What if today was the day you realised that you have lost your Master-Passwords & Keys for your STEEM-ACCOUNT?
This is great info for newbies like me so thanks for sharing it.
Could someone also touch on where to hold your money. I keep hearing its not good to hold that at the exchanges...
You can also hold in Desktop & Phone App Wallets i.e Jaxx or Exodus
Do you hold, or do you exchange and trade a lot?
Or purchase a Hardware Wallet, such as Ledger Nano S or Trezor
I hold, and I exchange a lot. I don t believe in HW wallets. I have paper-wallets and highly encrypted environments offline.
And paper wallets
Not tried it yet
perhaps, he meant that you can write the password in a book or paper fro keeps! Keep the conversation going!
How to create a paper wallet
http://www.coindesk.com/information/paper-wallet-tutorial/
@ghostwriter82 That was a good read you shared, thanks!
Hey @fyrstikken nice post and great advice even for the folks that think they're on top of things!
Could you elaborate on what you don't like about HW wallets? I use the Ledger Nano S and, so far, it's been great. I like that it makes it difficult to want to quickly trade my crypto, which gives me a chance to think things through.
I've also verified (twice now) that the 24-word recovery seed correctly restores my HW wallet. I did it once when I first got the Nano S as part of a test for this @steemit post: Testing Recovery of a Hierarchical Deterministic (HD) Hardware Cryptocurrency Wallet and I did the recovery again recently when upgrading the Nano S firmware to get support for the Dash wallet.
Paper wallets are near the top of the list for safety as well but with a small window of risk when you go to enter your private key into the computer, as which point it could be theoretically compromised.
QUESTION: Does master-password = owner-private-key = password-for-the-owner-key? If so, then why is @steemit using so many terms to describe the same thing?
It's best to keep your funds in an account you control on the blockchain i.e. @old-guy-photos as opposed to an exchange where you do not control the private keys.
true - but many people trade. So cold-storage is only for a portion of your holdings, not all.
Agreed. He just asked where he should hold his money though, not where he should trade his stake. ;-)
true that :)
So you would leave funds at Steemit that are not going to be traded. Then only transfer to an exchange what one intends to trade. Then where do you keep it after trading it, ie not in Steem???
In the real world, I always held stock and or cash at the brokerage firm, but apparently that's not optimal with this.
Best practice if you're not trading your stake is to transfer it back to wallets you own. In the case of Steem, this means simply sending it back to your account name. If you're more technical, you can put your stake into "cold storage", which means you send it to keys that have never been on a machine that was connected to the internet.
I think it's really important to use 2FA with your Steemit account ... the way I handle this is I keep my Steemit password in a password manager (LastPass) and then protect that with Duo for 2FA. That way if I somehow have my password stolen, they still would need to steal my phone as well to get into my account. I wrote a guide about setting that up here: https://steemit.com/steemit/@robrigo/security-how-to-how-anyone-can-avoid-losing-access-to-their-steemit-account-with-lastpass-and-duo
Thank you very much for this information. It is very helpful to me!! :)
I have held money on Bittrex, Poloniex and 1Broker with no problem. All three of them take security very seriously, and 1Broker has been around since 2012, never screwed me once.
But considering STEEM/SBD - You can keep them here in Savings if you like, or power them up!
Thanks for the prompt reply and the info. Much appreciated.
Glad to be at service :)