Early on in STEEM you could actually move STEEM over to savings and earn a decent interest rate on it. This was when the inflation rate was really high for STEEM it has since lowered significantly and the price is at a decent price where you don't earn any interest so it is basically pointless right now. Unless you just want to move it so you can't spend it for 3 days.
I don't think so there is any other reason in doing so. the only purpose is to save your Steem or SBD from hackers. as it requires at least 3 days to transfer amount form saving to steem or SBD and in the mean time if an account has been hacked the user have the option to reverse the transaction.
The only possible reason I can think to do this is to make you think before you spend it! Once you've put it into savings, its stuck there for at least three days as that's how long it takes to withdraw it. In this three days, perhaps you might reconsider using it so you get some thinking space.
This is the only reason I can think of anyway, like a place to create a nest egg!
The moving of steem or steem dollar to saving area is just to save the token as permanent as because in blockchain world there are lots of hacks and token stolen so the saving ares is helpful to save the token for permanent if anything phishing happens our tokens or coins are safe
Early on in STEEM you could actually move STEEM over to savings and earn a decent interest rate on it. This was when the inflation rate was really high for STEEM it has since lowered significantly and the price is at a decent price where you don't earn any interest so it is basically pointless right now. Unless you just want to move it so you can't spend it for 3 days.
Thanks so much @johhnnyturbo20!
That makes so much sense now and I didn’t know that about the interest. Thanks for clarifying that for me.
I don't think so there is any other reason in doing so. the only purpose is to save your Steem or SBD from hackers. as it requires at least 3 days to transfer amount form saving to steem or SBD and in the mean time if an account has been hacked the user have the option to reverse the transaction.
The only possible reason I can think to do this is to make you think before you spend it! Once you've put it into savings, its stuck there for at least three days as that's how long it takes to withdraw it. In this three days, perhaps you might reconsider using it so you get some thinking space.
This is the only reason I can think of anyway, like a place to create a nest egg!
It's also a nice protection against hackers if they get your active key ;)
I didnt realise that. Excellent answer. Thanks mate :-)
The moving of steem or steem dollar to saving area is just to save the token as permanent as because in blockchain world there are lots of hacks and token stolen so the saving ares is helpful to save the token for permanent if anything phishing happens our tokens or coins are safe
Transferring steem or SBD to the savings area is a
good step which i will advice any steemians to
take whenever they have funds inside their steem
accounts,basically the savings area of the steemit platform is a feature which can help you to
protect your funds to an extent from hackers,and that is because a money moved to the savings cannot be withdrawn until after three days so it
will help you in a way that incase if someone have access to your accounts they won’t be able to
make withdrawals until after three days and that means you still have chance to enter your account within that three days and stop the
withdrawal action which the hacker took...basically that is the major benefit of the savings feature on steemit,also it can be used as
a way to make it act like your personal savings which you do not want to touch frequently...