Steemit wallet is the official online wallet for Steem. The team claims that user assets are far more secure in the Steemit wallet than in any traditional website. The website stores your private keys, which makes it vital to have a secure password. The password can always be recovered by a passphrase. The only drawback to this free wallet is that it can take 3.5 days to remove Steem tokens from the wallet.
What is Steemit?
Steemit was created by Ned Scott and Daniel Larimer in 2016. This social media platform is similar to Reddit, which allows people to write articles and posts for anyone to view. However, the key difference with Steemit is that it allows the reader to tip the content creators by way of native tokens, called Steem.
The project is decentralized with no single point of authority. The blockchain tech employed in the social media platform makes it possible. Hence, you are not dealing with your average Facebook or Reddit when you experience Steemit.
Steem works on the same parameters as other crypto tokens. Users can easily send, receive, and hold Steem like Bitcoin.
What is the Steemit Wallet?
The obvious choice of many to hold their Steem coins is the official Steemit wallet. In fact, content creators on the Steemit platform automatically have their Steem tokens placed in the platform wallet anyway.
Users are automatically given access to their own Steemit wallets when they create an account on the platform. You can deposit Steem from another wallet, send Steem to another wallet, or simply hold Steem for safekeeping.
Steemit wallet has another spectacular feature wherein you know what your coins are worth in US Dollars based on current crypto prices. The wallet also has a saving feature, which provides an extra layer of security. You would need to wait 3.5 days to remove any coins from the wallet.
The most important aspect of the Steemit wallet is that your private keys are never stored in a central server. Your funds are always safe. However, users can view their private keys once they log into their Steemit accounts. This means that in case of a hacking event, the private keys could be compromised.
There is another security flaw with the Steemit platform. There is no Google Authenticator feature or two-factor authentication. This refers to a process where to log in users require a code, which can only be accessed from the verified cellphone. The decentralized nature of the platform limits these features since two-factor authorization is not possible without a central authority.
However, it is very simple to use the Steemit wallet, which is automatically provided with the Steemit account. The wallet is convenient, with an easy design to send and receive coins on both desktop and mobile devices. There is no Steemit wallet web application.
What Coins Are Supported by Steemit Wallet?
The Steemit wallet is specifically designed to hold Steem cryptocurrency.
Step-by-step Guide for Setting up Steemit Wallet
Steemit wallet is automatically created when you set up a Steemit account. The wallet is completely free to use and download. You have the option to earn interest on your holding through the wallet by converting your coins to Steem Power.
The wallet is accessible from all devices and has the added bonus of checking out the world’s largest decentralized social media platform, powered by blockchain tech.
The first thing you need to do is head over to the official Steemit site and create an account. You can find your wallet by logging into your account. Click on your profile icon and select Wallet from the dropdown. This will give you access to your Steemit wallet.
You will need your Steemit username and Steem Withdrawal Memo if you wish to receive funds in your Steemit wallet. The Steemit username is also your wallet’s receive address.
You can find the Steem Withdrawal Memo easily by logging into your Steemit account and hitting the profile icon. Select Wallet from the dropdown and then click Permissions. This will reveal your Memo address, which will always start with the letters STM.
Click transfer after navigating to your Steemit wallet if you wish to send funds to your wallet. You have to enter the recipient's Steemit username and add their Memo. Make sure you enter all details correctly and hit Next to process the transaction.