Daniel Larimer and Ned Scott founded Steemit in 2016. It is a social media platform similar to Reddit in that users can post or read articles written by others. However, some key differences distinguish the Steemit platform.
The Steemit platform is also unique in that writers can be paid if their posts are liked. There is a voting system that works in the same way that clicking “Like” on Facebook does. Features of steemit That make everyone Like. The more likes you get, the more money the writer will be able to earn! Writers, on the other hand, are paid in Steemit’s native cryptocurrency, Steem, rather than real-world money such as US dollars or Euros.
When you buy Steem coins or any other cryptocurrency from a cryptocurrency exchange such as Poloniex, your funds are held in a “Third-Party Web Wallet. This means you don’t have any control over your money. If the third-party exchange’s servers were hacked all of your coins could be stolen. This is one of the primary reasons why you should get your own Steem wallet.
When you install a Steem wallet on your desktop or mobile device, you are the sole owner of your private keys. A private key functions similarly to an online banking password. If they have access to them, they have complete control over your coins.
You can also send and receive your coins if you have your own private Steem wallet. Features of steemit That make everyone Like. You will be given your wallet address, which functions similarly to a bank account number and allows you to interact with the blockchain.
Every transaction you make with the Steem coin wallet is transparent because it is recorded on the blockchain for all to see. Again, if you keep your funds with an online cryptocurrency exchange, you must submit a withdrawal request to them whenever you want to withdraw them.
The most important thing to remember is that the Steemit platform never stores your private keys on any central server, ensuring that your funds are always secure. However, you can view your private keys when you log in to your Steemit account, which means that if someone knew your password, they could view your keys.