BTW I have never seen a black fox. resteeming.
I do have a question: Savings in the steem wallet .. how does that work and why would someone want to use savings. I have never seen that function used. Thanks :)@crimsonclad I am glad I found you. Great shots of the fox.
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Thank you! They're kind of hard to be believed, aren't they? 😍
The quickest and easiest answer is that savings allows you to 'lock up' STEEM or SBD for a short period of 3 days without powering it up. As you probably know, it takes 7 days to get your first powerdown payment and the total you are withdrawing is divided over 13 weeks. Your savings balance is accessible after 3 days, in totality (if you withdraw it all.)
It is a good safety mechanism... If your account is compromised, one of the first things that happens is your liquid STEEM and SBD are transferred away, and there's no getting them back. So, in case someone gains access to your account, anything in savings or powered up have waiting periods on them to withdraw that value - I use it because this gives me a place I can hold liquid a bit more securely, but also means that I can get at it more quickly than if I were to keep it in SP. Win all around! I almost never use my keys in browser, but I like to use all the tools I have at my disposal. There is an option for interest to be set on savings by witnesses if it makes good economic sense, but right now that option is not being used given the way the overall market has been this last year or so.
Thanks for this valuable info.
It is great to know people like you. You are rare you know computer programs yet you love so many things like photography and writing. Nice to meet you and again thanks!
@crimsonclad