I just realized I don't even know how to perform a transaction using Steem. It looks like all of the wallets are designed for posting to the network instead of for using as a payment system.
I just realized I don't even know how to perform a transaction using Steem. It looks like all of the wallets are designed for posting to the network instead of for using as a payment system.
Hmm. You should research it a little. It is quite ingenious. The ledger that stores the wallet information is part of the Blockchain. They are accessible through different apps or software. Either you use a software type wallet that communicates directly with the blockchain, or you use a wallet through a web front-end like Steemit or busy. The real beauty is there is safety built into the wallet. If you keep STEEM in your wallet, it doesn't earn you anything and is not safe if your active key is compromised. However, if you store STEEM in SP, then any hacker will have to wait 13 weeks to fully liquidate your wallet. That gives you plenty of time to discover your account has been compromised. You then use your master key to reset all the keys long before the hacker has a chance to withdraw funds. The active key the hacker has will no longer work. If you never use your master key and keep it off-line, the master can never be compromised. The posting key doesn't allow access to transfer of currency. If it gets compromised, all a hacker can do is spam some people until you change the key. There is a bunch of safety built into the STEEM wallet system that other currencies don't have.
Let me explain a little further. Say I meet you at a Starbucks and you mention that you have a copy of Robotech: The Macross Saga #5. I've been looking for this particular issue, so I want to buy it from you. If we use bitcoin or ether for the transaction, it's very simple.
In the case of bitcoin, you download a wallet, generate an address, and send me the address. In the case of ether, you install a wallet extension on your Chrome browser, generate an account address, and send me the address. I then send you the bitcoin or ether using my wallet. Once the transaction is finished, there is a record on the blockchain. But this record doesn't show my identity or yours.
In the case of Steem, it seems the only way this would work is if you sign up for a Steemit account. This will cost five dollars worth of ether or bitcoin or require you to wait two weeks to get an account. But you just want to accept payment for the comic book. You don't want an account with a social network.
I do see that you have a point though. If the Steemit platform becomes as popular as Facebook...so that it seems everyone has an account, then people may use it for some transactions just because it's convenient. This is why many people use Facebook Instant messenger right now (although I personally try to stay away from it). It's because all of their friends are on Facebook, so it seems convenient to use Facebook's messenger app.
But there is another problem: If you make a transaction on the Steemit platform, it shows up in your wallet and is tied to your Steemit identity. You can create a pseudonym for Steemit to keep your "real world" identity private, but you are still getting your personal financial transactions associated with your social networking identity. This seems like a problem to me.
OK, first, you can get an account from me. I can create them at will with no cost to you. I will give you a master key in which you can use to change all the keys and that account will be truly yours. Simple as that. I can do it instantly with no email or phone verification. If you need an account for a family member or friend, just hit me up on Steem.chat My user name is Socky there.
As far as the identity thing, it is a new way of handling things. However, there are ways to conceal identity if you are concerned. For instance, @freedom is one of the largest STEEM account holders and nobody knows who he or she is. that account never comments or bloggs, but is active and uses the witness voting.
I appreciate the offer, Socky. But this is more of a theoretical issue rather than a personal one. If I was going to create a new account, I would probably just use this account to create the new one.
I'm personally quite happy using Ethereum to pay for things outside of the Steemit platform. All of my Steem is vested into Steem Power. I never use it to pay for anything.
I've enjoyed our conversation though. :) Please keep up the good work.