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What is Steemit?Steemit was created in 2016 by Daniel Larimer and Ned Scott. It is a social media platform that is very similar to Reddit, where people can write posts or articles for anyone to view. However, there are some key differences that make the Steemit platform unique.
Importance of a Steem WalletWhen you purchase Steem coins (or any other cryptocurrency) from a cryptocurrency exchange (Poloniex, for example), your funds are held in something called a “Third-Party Web Wallet”. This means that you have no control over your funds. If the third-party exchange had their servers hacked (like Poloniex did in 2014) then you could have all of your coins stolen. This is one of main reasons why you need to obtain your own Steem wallet. When you download a Steem wallet onto your desktop or mobile device, you are the only person that has control over your private keys. A private key is like an online banking password. If somebody has access to them, then they have full control over your coins. Having your own private Steem wallet also allows you to send and receive your coins. You will get your own wallet address, which is like a bank account number, allowing you to interact with the blockchain.
Different Steem WalletsAlthough the Steem coin was first launched back in 2016, the amount of wallets available is really small. This means that there isn’t much choice. However, I will go through the few Steem wallets that are available and then discuss what they can and can’t do.
Steem PlatformThe obvious choice for storing your Steem coins is the actual Steem platform. In fact, if you are a writer and are fortunate enough to make some money on Steemit, your coins will initially be put in the Steemit platform wallet anyway. Remember how I told you the Steemit platform is decentralized? Well that means there is no central server for hackers to attack, making it a secure choice to store your Steem coins. When you create an account on the Steemit platform, you are automatically given access to your very own wallet. You can deposit funds from another wallet (like a cryptocurrency exchange), send your Steem coins to another wallet or simply leave them there for safe keeping. However, there are also lots of other things you can do too. The wallet lets you know how much your coins are worth in U.S. dollars, based on the current market price. There is also a saving feature that adds an extra layer of security, because to remove your coins you need to wait 3.5 days. This means if in the rare event that somebody managed to access your wallet, you would have lots of time to stop the transaction. The most important thing is that the Steemit platform never stores your private keys on any central server, which means that your funds are always safe. However, it is possible to view your private keys when you log in to your Steemit account, meaning that if somebody had access to your password, they would be able to view your keys. An additional security flaw with the Steemit platform is that there is no two-factor authentication or Google Authenticator feature. This is where to log in, you would need a code that can only be accessed from your mobile phone. It lacks these features due to its decentralized nature — there is no central authority to validate two-factor authentication.
ESteem walletEsteem is a mobile wallet app that allows you to send, receive or store your Steem coins. It is available to download for free on both Google Play and the Apple store. The developers are also looking to release a desktop version soon. The wallet was created by a third party who wanted to make a user-friendly platform for people to not only store their Steem coins, but also to access material such as blogs and posts. This means it is really simple to use, which is perfect for beginners. The Esteem wallet is linked to your Steemit platform account, meaning that you can’t use it to create a new wallet address. Instead, you will need to use your private keys and password from your Steemit account. In terms of security, as long as your mobile phone is not stolen or accessed by somebody else, it is a very safe way of storing your coins.
CLI WalletThe CLI wallet is the official Steem coin wallet that can be downloaded on to a desktop computer. In reality, this is actually the safest way to store your Steem coins as you have to download the blockchain client, which allows you to connect directly to the Steemit web socket. However, although it is the most secure, the CLI Steem wallet is very difficult to use. In fact, unless you have a basic understanding of Command Line Programing, then I would advise you to choose a different option.here is a link explaining what you need to do to set up your CLI Steem wallet.
Paper WalletThe final option from my Steem wallet review is using a paper wallet. A paper wallet is the most basic type of wallet, however it is actually one of the most secure! The way it works is you simply print your private keys on to a sheet of paper, write your password on it and keep it safe!click on my link here! It is also worth mentioning that a really good wallet called Freewallet used to be compatible with the Steem coin, however in April 2018 the company decided to de-list it. The developers at Freewallet claimed that the Steem network has experienced too many issues, which is why they would no longer support it. So now that you know the different Steem wallets available, which one do you like the sound of the most? If you have already decided which one you are going to use, but now want to know how to buy Steem, read the section below!
How to Buy SteemThe easiest way to get Steem coins is to buy them on a third-party cryptocurrency exchange. The most popular place to buy it is from Binance, who are the largest exchange in the world for daily trading volume. There are no exchanges selling it in exchange for real-world fiat currencies, so you will not be able to use a debit/credit card or a bank account. This means you will need to deposit a major cryptocurrency such as Bitcoin or Ethereum and then trade it for Steem. Once you have completed the trade you then need to withdraw your coins back to your chosen Steem wallet. Other than Binance, you can also buy it from the following cryptocurrency exchanges: