In my wallet, it doesn't exactly show what the APR is on my Hive Savings Account. Not sure what the benefit is for keeping my Hive and HBD there.
In my wallet, it doesn't exactly show what the APR is on my Hive Savings Account. Not sure what the benefit is for keeping my Hive and HBD there.
No APR. It is just a way to protect your account from being stolen instantly, in case someone manages to get your keys.
With the savings acccount, even a hacker has to wait 3 days to get access to your funds, and if you log in in the meantime you can notice the activity and change your keys.
So Hive Power has an APR but the Savings account doesn't?
Yes
What is the point of that? Wouldn't it be better to just keep funds in Hive Power then?
Yes, but if you want to sell your hive power you have to power down and wait 13 weeks to get the full amount.
Keepong it liquid instead is subject to theft if a havker gets your keys.
The savings account is a compromise which doesn't allow a hacker to cash out instantly and instead locks the funds for three days so that you have time to notice the problem and change your keys.
As I know, on Steem (and the same thing is on Hive) ...savings wallet has no APR. It just serves as "what if" option. I never used it, I don't know anyone else who used it, because your price is not locked in savings acc, you are in the same spot as if you would keep liquid hive/steem. The difference is, when you really need it, you have to wait for few days to unlocked it from savings account, but if you keep it liquid you can used it asap
Then what's the point in having a savings account at all and why name it that way? Usually a Savings account is where you park some money and you get some interest on it, no?
"Savings" is because you can lose your keys and even if somebody find them and logs into your account, intruder can not use steem/hive. Even if he makes transaction from savings account into liquid account (i.e. savings Hive into Hive), he has to wait 3 days to access. In meantime you can also save your account and get new keys. So....if you are sloppy with keys, than savings account is for you. Otherwise no.
That makes sense. Thank you for your response!
There is no benefit as such i.e. no APR on savings. Only benefit I see is that, if your account is hacked your liquid Hive or HBD will be gone in seconds whereas you will have 3 days time to receover what you have in your savings.
So Hive Power has an APR but the Savings account doesn't?
That's absolutely correct