As a new user - the day will come when you want to withdraw some money, but where is the KEY or the Password that allows that? Here on the STEEM-NETWORK there is no recovery-function if you go ahead and lose your master-password.
That being said, now it is completely up to you how to secure your account that in the future will contain of Liquid Steem & SteemDollars and Voting-Shares in the form of SteemPower or Vests as some call it.
TODO LIST:
TODO LIST:
- Go to your Permission-Settings
https://steemit.com/@your-username/permissions - Next to each PUBLIC KEY there is a button that says:
Show Private KeyorLog in to Show - Save each Public & Private Key in a password-manager AND a hard copy on Paper.
- Keep it a secret!
Now that you have saved all your private keys, and stored them along with your master-password in a safe place, it is time to start using the Posting-Key as your default key to use when logging in to post or vote on the STEEM-Network. You only need your Active-Key when you sign money-transactions or vote for witnesses, so only use that one when you need it, and if you should lose your active key, you will need to change your master-password to a new master-password which will in turn change all your private-keys and make old ones non-functional.
There are many password-managers, many prefer to use the LastPass extension, others have different preferences, so share with us what your preferred password-manager is in the comment-field below and help new users make a good decision.
Blessings!
@fyrstikken
At the time of this post:
Registered accounts 141,780Total Reward Fund: 79,442 STEEM (Worth: $13,426 internally; $13,194 on Poloniex)Price: USD/STEEM: $0.1656; USD/SBD: $1.1898
Thanks for the tip!
This is great info for newbies like me so thanks for sharing it.
You are welcome my friend.
Thanks for the tip!
You are welcome!
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 :)
Nice tip, this literally just happened to me...
https://steemit.com/life/@williambanks/til-that-despite-you-best-efforts-your-passwords-as-stored-in-plaintext
I would freak out so hard.
Yeah I bet :)
awesome. perfect advice for someone new to steem, like me!
Your welcome, Steem On!
But as long as I have my master-password, I'll be okay, right? I'll have access to my keys?
Yes, but you should never use your master-password for anything but to change your master-password. It is a Key with total authority. You can use your username and private posting-key to log in with, it is much safer.
Good to know, thanks!
Hey, thanks for the twitter follow LOL
Hah, well Twitter suggested it and who am I to argue with Twitter ;-)
I was pleased when I saw the notification come up a few days ago LOL
Have a good week.
I would cry :p
I would never admit it! I would pretend I lost interest and rebrand!
lmao :) would you really?
That's funny lol
Good advice big man! I've got a hidden paper copy and a txt file with them stored on a USB stick with no mention of Steemit. Resteemed since your a safe pair of hands @fyrstikken! Steem on!!
Awesome - I would hate to lose you over lost keys!
Steem On!
LMAO, Funny :)
I might lose the car keys for my in-car vids, but never my Steemit keys ;)
Or you can become like me, having so many keys that you no longer know where all of them fit :D - Janitors United :D
"Shit! Were out of toilet roll in cubicle 4 @fyrstikken!" #janitorsunited
Thank you fyrstikken!!
Ok, so you just got me to double check everything. And you reminded me that I have no clue which passwords to use when.
First, I have everything saved and also everything printed ON PAPER! EXCEPT, I can't seem to get my Active Private Key. when it says to LogIn it won't accept my gardenlady login. I'm hoping it really doesn't matter.
Second, when do I use these different keys.? I just want to log on (which I do), and post and upvote (which I do) , oh and Power Up (which I do). I'm not going to Power Down until Steemit reaches the moon :-) so I'll worry about all that on down the road!
Anyhoo, So I have
Posting/Public and Private
Active/ Just Public
Owner
Memo
and
Master
thanks again. g-lady
to see your active key, you must sign with your owner key.
thanks!
What I still don't understand is which key to use for what. So many keys!!
These are the Keys you should use:
Those are the ones you should save and use.
The Master-Password/Owner-Key should never be used unless you have to reset your other keys or you sell your account as any key can be snapped up by a "man in the middle" on a week day.
Be safe & Steem On!
@fyrstikken
OMG, I have some saving to do!
Indeed you do :)
Thank you very much! :)
Bright Blessings <3
Excellent Post!
A very good reminder. Thanks for posting this.
thx for info
Thanks for the info, and the reminder fyrstkken, upvoted and resteemed
Great reminder for all of us to backup our passwords. If you don't have a backup, too late is not the time to worry about it.
Thanks for a great piece if advice.
Excellent post! Thanks for sharing the knowledge and tightening up our key handling ;-) Stay well!~
It will be sound funny for you. I used to password manager and I forget to remember my password. Then I ask to recover my password, it work but after login, they ask me me to input master key. Whaattt?..... I forgot about master key i f I remember that why I ask to recover my password. Ha...ha... ! :)
LastPass is my manager of choice. Great idea to also keep it on paper. And absolutely stick with the posting key for most normal Steemit use. Thanks for posting.
You put out some of the best stuff, always always!!!!
Thank you, I am here to serve :)
solid info for zuh newbz
You are welcome :)
thanks for the info
my daughter has lost her password and lost about $80
Ouch, that sucks!
Bookmark and ReSteem this article so it wont happen again, or to other people.
Currently using Keepass
Thanks for the information
KeePass or KeyPass?
Keepass
Thank You!
Don't for the rule here...Having your crypto on Bittrex, Poloniex or any centralize exchange is always a risk. If you have the keys, is your money. You don't have the keys, it's not your money. No 1 800 number to call. Always remember MtGox, Bitfinex and others. Thks for the safety tips. Always great to be remember
Awesome help! i managed to get it all done, kinda was stressing me out haha. Cheers
Great information.
Mange tak!