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RE: Steemit for Newbs Chapter 2: Security
Very interesting reading, even know nothing of it is new to me. 😉
By the way, the Memo key is used by exchanges, for example.
When you send Steem from Bittrex to SteemIt, you send it to the user @bittrex with your Memo key in the description. @bittrex then uses your memo key to find your username in SteemIt... And uses that info to send you the money.
Thanks! That makes more sense now - and what I saw about Memo use today. I haven't messed with Bittrex and the like yet, so haven't had the chance to see that.