Have you recently made an investment in Steem cryptocurrency and want to know which wallet to keep your coins in? Or maybe you are thinking of buying some of these coins but want to be sure about a cryptocurrency wallet that is good enough to store your coins safely?
Whatever your situation, I have already discussed it in this tutorial!
In this complete tutorial, I will review the best Steem cryptocurrency wallet available, and give you a brief overview of what Steemit is, because this understanding is very important to understand where your money is being invested!
Besides that, if you don't already have this coin, I will also tell you how to buy Steem coins! So what are you waiting for? Let's start by finding out what Steemit really is!
(If you are sure of your knowledge about Steemit, please skip to the 'Importance of Cryptocurrency Steem Wallet' or 'Different Cryptocurrency Steem Wallet').
What is Steemit?
Steemit was made in 2016 by Daniel Larimer and Ned Scott. Steemit is a social media platform that is very similar to Reddit, where people can write posts or articles for anyone to see. However, there are some key differences that make the Steemit platform unique.
First, this platform is a decentralized project, which means that no person or authority has control over the system. This is because the blockchain technology used, makes it very different from competitors such as Reddit or even Facebook, where website owners can censor or delete content if they don't like it.
The Steemit platform is also unique because writers can get paid if people like their posts. There is a voting system that is similar to clicking "Like" on Facebook. The more people who like your posts, the more money the author can get! However, these writers are not paid with real world money such as US Dollars or Euros, they are paid with Steemit's original cryptocurrency namely Steem.
Steem coins work in the same way as other crypto currencies such as Bitcoin, where users can send, receive or store coins, from wallet to wallet. It even has its own blockchain instead of using others like Ethereum or NEO!
Since launching in 2016, Steem coins have performed very well, reaching an all-time high of $ 1.7 billion at the end of 2017!
So now that you know what Steemit is, let's find out the importance of storing your Steem coins in its cryptic wallet!
The Importance of the Cryptocurrency Steem Wallet
When you buy Steem (or other cryptocurrency) from a crypto currency exchange (Poloniex, for example), your funds are stored in something called a "Third Party Web Wallet". This means you have no control over your savings. If a third-party exchange is hacked by the server (as was done with Poloniex in 2014), then all your coins can be stolen. This is one of the main reasons why you need to get your own Steem cryptocurrency wallet.
When you download the Steem cryptocurrency wallet to your desktop or mobile device, you are the only person who has control over your personal key. Private key is like an online banking password. If someone has access to this key, then they have full control over your coins.
Having your own personal Steem cryptocurrency wallet also allows you to send and receive coins. You will get your own wallet address, which is like a bank account number, which makes you interact with the blockchain.
Every transaction you make using the Steem coins cryptocurrency wallet is transparent, because it is stored in a blockchain for all to see. Again, if you save in online crypto currency exchanges, you need to send them a request every time you want to make a withdrawal.
So now you know the importance of using your own Steem wallet, I will explore any Steem cryptocurrency wallet that can be used!
Different Cryptocurency Wallets
Although Steem coins were first launched in 2016, the number of available wallets is very small. This means there are not many choices. However, I will still discuss some of the available Steem cryptocurrency wallets and then discuss what they can and cannot do.
The obvious choice for saving your Steem coins is the Steem platform itself. In fact, if you are a writer and lucky enough to make money on Steemit, your coins will initially be put into the Steemit platform wallet. Remember how I told you that the Steemit platform was decentralized? Yes, this means there is no central server that can be targeted by hackers, making it a safe choice for storing your Steem coins.
When you create an account on the Steemit platform, you are automatically given access to your own cryptocurrency wallet. You can deposit money from other wallets (such as from crypto currency exchanges), send your Steem coins to other cryptocurrency wallets or just leave them there for safekeeping. However, there are also many other things you can do.
This cryptocurrency wallet allows you to find out what your coins are worth in US dollars, based on current market prices. There is also a savings feature that adds an extra layer of security because to take your coins, you need to wait 3.5 days. This means that if, in a very small opportunity where someone can successfully access your wallet, you will have plenty of time to stop the transaction being carried out.
The most important thing is that the Steemit platform never stores your private key on a central server, which means that your deposits are always safe. However, being able to see your personal key when you log into your Steemit account, which means that if someone has access to your password, they will be able to see your key.
Another security weakness in the Steemit platform is that there is no two-factor authentication or Google Authenticator feature. This is where to log in, you will need a code that can only be accessed from your cellphone. It does not have these features because it is decentralized - there is no central authority to validate two-factor authentication.
On the other hand, using the Steemit wallet provided in your Steemit account is not very difficult, making it very easy to send or receive Steem coins quickly, both on your desktop and mobile devices (without an application - so use a web browser).
CLI Wallet is an official Steem coin cryptocurrency wallet and can be downloaded to desktop computers. In fact, this is actually the safest way to save your Steem coin because you have to download the blockchain client, which allows you to connect directly to the Steemit web connection.
However, even though this is the safest way, CLI Steem wallet is very difficult to use. In fact, unless you have a basic understanding of Command Line Programming, I would advise you to choose different options.
As with the Esteem wallet, you cannot create or extract private keys, so you must import them from the Steemit platform. If you understand Command Line Programming, then there is a link that explains what you need to do to manage your CLI Steem wallet.
Vessel is a Steem cryptocurrency wallet that can be downloaded to your desktop computer. The wallet provider does not have an official website, so to download it you need to visit Github. This wallet is called Lite-client because you don't need to download the entire blockchain to your computer.
Interestingly, your private key is actually stored in the wallet itself and this makes it very safe. When you send coins from a vessel wallet, your private key is never broadcast on the blockchain.
A very useful feature of this special Steem cryptocurrency wallet is that you can import all of your individual Steemit accounts into one place. If not, when using another wallet, you must create a separate login for each wallet!
In terms of ease of use, the Steem Vessel wallet is also suitable for beginners. You can also save wallet addresses for third-party exchanges, so if you want to transfer funds, the process is very simple.
The last option of my Steem cryptocurrency wallet review is to use a paper wallet. Paper wallet is the simplest type of wallet, but actually it is one of the safest types of wallet! The way it works is that you simply print your private key on a piece of paper, write your password on it and keep it in a safe place!
Because your private key is on a piece of paper, this key has never been connected to the internet, and it certainly can't be hacked! If you want step-by-step instructions on how to get the Steem paper wallet, click this link !
It's also worth mentioning that a really good wallet called Freewallet was once compatible with Steem coins, however, in April 2018 the company decided to take the coin out of the list. Developers at Freewallet claim that the Steem network has experienced too many problems, which is why they no longer support it.
So now you know the various types of Steem cryptocurrency wallets available, which do you like the most? If you have decided which one you will use and now want to know how to buy Steem coins, read the next chapter below!
How to Buy Steem
The easiest way to get Steem coins is to buy them at a third-party cryptocurrency exchange. The most popular place to buy it is in Binance, which is the largest exchange in the world for daily trading volume. There are no exchanges that sell them for real-world fiat currency exchanges, so you won't be able to use a debit / credit card or bank account.
This means you need to deposit the main cryptocurrency like Bitcoin or Ethereum and then exchange it for Steem coins. After you finish trading, you need to withdraw your coins back to the Steem cryptocurrency wallet you chose.
Besides Binance, you can also buy it from the following cryptocurrency exchanges:
It is also possible to get some Steem coins for free. Do you know how? Write an interesting article, blog, or post on the Steemit platform!
Remember how I told you before that content got a lot of votes or not? Well, if your article is really popular and receives a lot of votes, you will get a free Steem coin!
I hope you enjoyed my Steem coin cryptocurrency wallet guide! If you have read it from beginning to end, you now have a good understanding of what Steemit is, why it is important to get a Steem crypto currency wallet, and also how to buy Steem coins!
I also gave you a complete list of all the Steem cryptocurrency wallets available on the market. Which one will you use? Personally, I use the Steemit platform online wallet because it is a perfect blend of comfort and security. However, I think it's rather disappointing because there are only a few wallets available.
Let me know your experience in using one of the Steem cryptocurrency wallets that I registered. Hopefully we can all help each other!