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RE: Understanding Blockchain Freedom — Episode 003: Safety and Security
What if a hacker discovers your backup of Steemit private keys, is your account lost forever?
What if a hacker discovers your backup of Steemit private keys, is your account lost forever?
No because Steemit (unlike any other blockchain) has an account recovery system. You can challenge the ownership of an account and whoever is set as your account recovery account (defaults to Steemit) can then verify your ownership as long as you have at least one private key that was recently used. After that, you can create new keys only you control. Also, because of Steem Power and the savings account system, much of your Steemit wealth can be locked up. Other cryptocurrencies like bitcoin are not so forgiving.
Luke I appreciate you taking the time and explaining it thoroughly for me. Thank you for being a great Steemian.
I am new to Steemit and am going to be using it as a safe way to learn about cryptocurrencies. Good to read that Steemit it more forgiving. I am now following your posts.