What if today was the day you realised that you have lost your Master-Passwords & Keys for your STEEM-ACCOUNT?
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