The Real Reason For Steem Savings Accounts (For Beginners)
This may seem elementary to many of you, but we've had many new users sign up recently, and I've seen virtually nothing on Steemit explaining savings accounts. This post is meant to educate newly-born Steemians.
You just signed up and are getting acclimated to the Steemit platform. You click on your wallet, and you see there's an option for "savings." Is there a difference between having my Steem/Steem Dollars in savings versus not in savings? You may ask.
My wallet says "savings" is subject to a 3 day withdrawal period. Do I transfer to savings to avoid impulse buys?
That is an option, but it's not the purpose of savings.
The real reason for savings accounts
If your account gets hacked, your Steem Power is safe, but the thief will have access to all of your Steem and Steem Dollars. That is, unless you have it in savings. If you have it in savings, the thief will have to wait three days before it can be transferred to another account. They'd have to wait seven days before they could transfer any Steem Power.
These three days should be plenty of time to recover your account or change your passwords, locking the hacker out of your account.
Does it say 0% interest because my savings are empty, or do savings never collect interest?
Apparently, at the beginning it was earning interests and then the witnesses must have voted to remove that.
Yea, that was what I was looking to find out.
is there any way to transfer savings back to steem dollars (SBD) or STEEM ?
i transfered my STEEM to Savings by mistake..
I wanted to transfer it to SBD, but i am new here and made a mistake.
Just "Withdrawl" it back to STEEM and then you can sell it on the Market for SBD, but I'm not sure why you would do that.
Thanks :)
PS: i wanted to use SBD with some Bots.
I bought steem and needed to transfer it to SBD... (but i transferred it to Savings by mistake).
Your advice has worked.. but i need to wait 3 days for the transaction to happen.
Thanks for the advice Dean ;)
Since STEEM is lower than SBD, I would just turn it into Steem POWER and earn more SBD to spend on the bots.
I personally do not like bots.
I feel like there's a lot of knowledge about Steemit that a lot of the new comers don't realize
There is a lot of information out there. If you're curious about something, just do a search for it and you'll probably find what you're looking for.
How to cancel steem to savings
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Were does your savings go when you transfer your savings?
Does that mean if I withdraw, it can only go to a different account like on Binance? And then, I would have to exchange Steem Dollars for Steem to re-deposit in my wallet?
Now I get it, thank you so much for the info!
Can I, from savings, transfer the funds to a crypto exchange? I've moved my steem dollars into savings, but I want to use it to exchange for btc....is it capable to transfer those funds to a poloniex account from savings?
No, you need to withdraw it from savings first. You can transfer it to an exchange after three days (the withdrawal time frame).
Ugh...ok...so I need to withdraw it back to myself before I can put in a poloniex account?
Well I just wasted 3 days putting it in savings then.
Grrrr
I'd recommend only putting it in savings when you know you aren't going to be using it in the next three days. If that's the case, then savings is a great idea in case of an account hack.
Thank you, in advance, for showing me how to keep my Steemit safe from thieves...
Great info & I would upvote twice, if I could! :)
Thanks for the good info! I was wondering about this yesterday. Do you recommend putting all SD into savings?
Thank you for this information. This concept did cross my mind until now.