PowerUp/Delegate/Savings/Steemify - Tips To Protect Your Account

in #steemit6 years ago

Let’s just assume off the bat you understand how and why you need to protect your private keys and all that entails, in this scenario I talk more about adding further complications to your account for the sake of some drastic unavoidable security breach. Everything I am going to discuss is completely within Steemit but often overlooked as a form of added security.

Power It Up

Influence tokens which give you more control over post payouts and allow you to earn on curation rewards.

We should all be aware what Steem Power is and its function on this platform but many do not consider the added security that comes from turning your regular liquid Steem into Steem Power through the act of powering up.

STEEM POWER is non-transferable and requires 3 months (13 payments) to convert back to Steem.

Let’s assume you have never powered up any of your income and you have it just sitting there in liquid form. Someone somehow manages to get a hold of your master key or active key they could simply transfer it out of your account instantaneously to some anonymous exchange such as @BlockTrades and it is gone for good. Now if you have that Steem powered up they will not have access to it for 12 weeks from the moment of initiating a power down which means you have more than enough time to go through the process of account recovery before you will lose your crypto.

Delegate It Out

Delegation is donated for influence or to help new users perform actions on steemit. Your delegation amount can fluctuate. Delegation takes 7 days to return to your wallet.

When you first sign up for Steemit depending on where you sign up from you will either have to pay for your account which is buying the Steem Power or you start with the beginners amount of 15 Steem Power delegation. When doing account recovery it needs to be initiated within seven days from the time of the breach and password change assuming that is what has happened. One thought I have had since delegation is safe and cannot be stolen is trading Steem Power in equal amounts to protect it from being accessed even stopping the ability for them to power it down to liquid form. First it would have to be undelegated which takes 7 days then a further 12 weeks to power it down before it could be moved from your account which would give you plenty of notice of something suspicious happening with your account assuming you notice the difference in the value of your vote.

Transfer Into Savings

Balances subject to 3 day withdraw waiting period.

Now if you absolutely do not wish to invest your crypto into the platform you could simply transfer it to your savings account. This applies for both Steem and SBD. With only a 3 day window there is a lot less opportunity to intervene and stop any malicious behavior’s but for those of you that are active daily and can remember to check it is a good added security to make use of this feature. I imagine anyone with real skin in the game would be keeping a close eye on their investment but at the same time would want security without the complications of a 12 week waiting period for the situations that can arise when needing to cash out to make use of a peak in price.

Become Less Attractive

By doing any of the things mentioned above you will decrease how attractive your account will be to any malicious players. For the most part they will want an easy score and will not take the time to deal with the hassles of trying to secretly smuggle it out of your account with a high probability of the account owner noticing. I personally leave very little crypto in liquid form, only enough to be able to make the purchases I need and only SBD. I always power all my Steem up as soon as possible to lock it into the system for the sake of security and added value behind my vote.

Extra Security With Notifications

Nearly everyone on this platform uses their mobile at one point or another for interaction but if you’re not familiar with Steemify created by @Exyle and @BlockBrothers then you are missing out. This is a very simple application basically just adding notifications for the Steemit platform via mobile push for just about anything for any account. I have this application set to notify me of any transfers or delegations to or from my accounts. Further more I have it set to notify me of any account updates including witness votes, meaning at the first sign of something happening with my accounts I will have a notification pop up on my phone within minutes. I consider this the last line of defence only because if your crypto is not locked up then by the time you receive a notification it could potentially already be transferred out of your wallet. This application will work without having any keys on your phone incase you are like me and refuse to have anything on your mobile that could potentially be stolen.

I hope you found this information useful.

Thats it @d00k13 OUT

Let me know your thoughts in the comments below!?!?

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Great information, thanks for sharing!

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Wow thank you for the support, loving this system you guys have put together it has inspired me to start writing blog posts again.

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This is a great genuine post, this will be very helpful to newcomers and I hope when people search for tips to protect your account on Google this comes up.

Great work.

Thank You my friend, this post is aimed at newbies but I am finding many people have not taken the time to secure their accounts. Not to long ago one of our community members lost a fair amount of their liquid crypto which had it been locked up one way or another would not have been possible. This user has been on the platform longer then I and ultimately this post is inspired by their experiences. The joys of decentralization come with a cost, no one is in between to be able to reverse these situations meaning we must police ourselves.

Thanks for the kind words it is greatly appreciated 😁

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Sorry English isn't my first language but I see you put a lot of effort into this.

Thank You that I did!

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This post received upvote from @tipU :) | Voting service | For investors.

You just received a 27% Upvote from @DUnite for your contribution to the steemit community.


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Well that’s awesome 😎 thank you for the acknowledgement

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