Thanks to account recovery, it wasn't too bad. I've been doing some researching to safe guard myself. I don't wish that on anyone, it was a very rude awaking. Have a good day.
Though seriously speaking you don't need to go to that length, Just make sure you keep an offline copy of all your keys (Master, Active, Posting) and use the appropriate keys when signing up for Steem-interfacing services.
E.g. If your logging in to Steemit to post stuff for that sitting, just use your posting key. And in case you want to do transfers, just enter in your active keys when Steemit.com prompts you to "enter password" before confirming a transaction.
I glad I tickled your funny bone. Laughter makes the day go smoother.
I did make an offline copy of the keys and I logon with the key that has the correct permissions (for what I'm going to do).
Can you give me some insight on why you could transfer say steem dollar to steem. I somewhat understand about powering down and why you might want more steem power. I'm assuming that you might want to transfer steem dollars(are these also called 'SBD') to steem if you wanted to exchange for say bitcoin or USD. Am I understanding this correctly. Is there somewhere I could go to get further information about transfers? I read some of the 'FAQ' but I didn't follow the explanation. Thanks for your guidance.
The native currency of the Steem Blockchain is Steem (mkt: STEEM). That is the currency we use to transfer around (think ether for Ethereum). There's currently 270++ million Steem in circulation of which our market cap is calculated from.
Steem Dollar is simply said, like a feature to make mental calculations easier. While the price of Steem fluctuates with supply and demand. The price of SBD (Steem-Backed Dollar) will always hover near 1 US Dollar. While there's hundreds of millions of Steem, at any time there is only a handful of SBD around. Since it's function is to circulate and it's never wise to hold SBD long term. If you want to HODL, hodl steem in the form of Steem Power.
There's a mechanism working within the blockchain to balance the Steem-to-SBD value ratio. So say 1 Steem is 2 USD, then 1 SBD willl be 0.5 Steem. This, among other resposibilties, are handled by our witnesses. That is why it's important to make sure to vote for witnesses you are confident in (which is a whole other topic).
In short, SBD is best when purchasing something with Dollar value. Perfect for merchants for example. No mind-numbing conversion ("How much is a dollar of bitcoin? 0.00000078 Bitcoin?") needed. 1 SBD is meant to equal 1 Dollar.
Thanks to account recovery, it wasn't too bad. I've been doing some researching to safe guard myself. I don't wish that on anyone, it was a very rude awaking. Have a good day.
From now on, neve use your master for anything unless you know what you're doing.
Login to Steemit using posting key if you want to upvote/post/comment.
Login to Steemit using active key if you want to make transfers.
Your master password is your private key. Your private key is your coin.
Good advice. Since I don't know what I'm doing, I am super gluing all the keys on the keyboard so I can't accidentally reveal my password. lol
Seriously, I will not be using the master key for rarely if at all. Thanks for the information on when to used specific passwords. Have a good day.
Hahahahahaha! I like the sarcasm!
Though seriously speaking you don't need to go to that length, Just make sure you keep an offline copy of all your keys (Master, Active, Posting) and use the appropriate keys when signing up for Steem-interfacing services.
E.g. If your logging in to Steemit to post stuff for that sitting, just use your posting key. And in case you want to do transfers, just enter in your active keys when Steemit.com prompts you to "enter password" before confirming a transaction.
I glad I tickled your funny bone. Laughter makes the day go smoother.
I did make an offline copy of the keys and I logon with the key that has the correct permissions (for what I'm going to do).
Can you give me some insight on why you could transfer say steem dollar to steem. I somewhat understand about powering down and why you might want more steem power. I'm assuming that you might want to transfer steem dollars(are these also called 'SBD') to steem if you wanted to exchange for say bitcoin or USD. Am I understanding this correctly. Is there somewhere I could go to get further information about transfers? I read some of the 'FAQ' but I didn't follow the explanation. Thanks for your guidance.
The native currency of the Steem Blockchain is Steem (mkt: STEEM). That is the currency we use to transfer around (think ether for Ethereum). There's currently 270++ million Steem in circulation of which our market cap is calculated from.
Steem Dollar is simply said, like a feature to make mental calculations easier. While the price of Steem fluctuates with supply and demand. The price of SBD (Steem-Backed Dollar) will always hover near 1 US Dollar. While there's hundreds of millions of Steem, at any time there is only a handful of SBD around. Since it's function is to circulate and it's never wise to hold SBD long term. If you want to HODL, hodl steem in the form of Steem Power.
There's a mechanism working within the blockchain to balance the Steem-to-SBD value ratio. So say 1 Steem is 2 USD, then 1 SBD willl be 0.5 Steem. This, among other resposibilties, are handled by our witnesses. That is why it's important to make sure to vote for witnesses you are confident in (which is a whole other topic).
In short, SBD is best when purchasing something with Dollar value. Perfect for merchants for example. No mind-numbing conversion ("How much is a dollar of bitcoin? 0.00000078 Bitcoin?") needed. 1 SBD is meant to equal 1 Dollar.
Thank you for the detailed explanation. I will need a day or two to wrap my head around that. Have a good day.