Ramesha Anwer 5 Questions 0 Answers 0 Best Answers 20 Points View Profile 0 Ramesha Anwer Asked: April 21, 2019In: Blockchain Why there is no Cold Wallet in Steem? 0 Correct me if I am wrong, I can’t seems to find any Cold Wallet in Steam.<br><br>reference of cold wallet: https://medium.com/dash-for-newbies/cold-wallet-vs-hot-wallet-whats-the-difference-a00d872aa6b1 Share Facebook 5 Answers Voted Oldest Recent Vivaan Aarav Added an answer on April 22, 2019 at 4:29 am No there isn’t but if you keep your Steem owner key/master key secure and use posting and active key then your account will literally be cold wallet. Hope that helps and makes sense to you! 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Torre Joe Added an answer on April 22, 2019 at 4:28 am It’s a good question. The security of Steem leaves it open to a lot of phishing, or even automated theft if you accidentally copy your active key into a post. I would like to see 2-factor authentication option added as a starting point, but additional security such as a hardware wallet options would also be beneficial. With the current set-up, things that you can do for added security are: (a) Transfer any liquid Steem or SBD to the Savings area – It takes 3 days to transfer out of savings, enough time to recover your account if you signed up through the typical Steem sign-up. (b) Power up – It takes 13 weeks to power down, again giving you time to recover your account. (c) Create an alt account and only use this for storage of funds not for day-to-day use. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Sophia Added an answer on April 22, 2019 at 4:28 am Because they didn’t add one. They didn’t deemed it to be necessary that steemit might need a cold wallet or should i say cold storage for cryptos. You know as of right now steemit is still in its beta. Now cold storage because of its properties might hamper the necessary traffic of investors who seeks daily or weekly profit margins rather than one that’s long term. And you have to agree that steemit is no direct bitcoin competitor. Well it is in a sense but its impact upon bitcoin is not that far reaching. So, in this era of cryptos being everywhere its necessary for steem to have a larger quantity of day traders or moderate investors rather than a bigger portion of HODLers. Cold storage can and might make the small users to hold of some amount of steem in a hope that others with their daily transactions increase the price and they might completely sperate their holded amount of steem. So to stop that it was necessary for steem as steem has much more transactional needs and properties than many other cryptos. But times are changing now. Steem might make an option like a trazor wallet. You just have to look forward to the next hardforks. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Martin Gamal Added an answer on April 22, 2019 at 4:27 am You question is based on the cryptocurrencies storage and you ask that why steem is not always cold storage and steem use the cryptocurrency. Though some people might not know what is cold storage is (I apologize). But let use the opportunity to talk about the cryptocurrencies , cold storage and reason the cryptocurrency is stored briefly. Cryptocurrencies Cryptocurrencies are a subset of digital currencies and as such have no physical representation. They may be used for online or in person transaction with any vendors who accept them. Cold storage: Cold storage is the process of wanting to preserve something for a long time. In the cryptocurrencies process, it is the act of preserving digital assets such as cryptocurrencies for a long term storing due for the purpose of trading, buying and investing. It is also known as cold wallet. Most used cold storage consist of the: • Cryptocurrency hardware ( Like USB -They store users private keys on hardware like a USB, although hardware wallets make transaction online but are store offline to deliver increased security) • Paper wallet REASON FOR STORAGE OF CRYPTOCURRENCIES As it is said that cryptocurrencies are kind of digital currency alternative currency that entries is about token n decentralized database, the main reason why it is stored is for the purpose of trading and exchange which in this means serves as a centralized banking system on the blockchain technology. The cryptocurrencies industry have faced major problem during the years that has recorded a lot of stolen crytocurrencies by the hackers. WHY STEM DID NOT NEED TO BE COLD STORAGE Based on your question you asked that why stem does not always cold storage due to the situation of hack. Steem is a blockchain platform that is very secure and safe, so there is no need for the cold storage process because they believe that your account and earning are safe with them. Below are the list of reason: • SECURITY • DO NOT NEED THIRD PARTIES TO OPERATE STEEM That’s the little answer I can give from my own understanding. Let just hope they could consider that In future. Thank for reading!!! 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Puja Ranjha Added an answer on April 22, 2019 at 4:26 am A cold wallet is basically a wallet that isn’t connected to the internet so nobody else can have access to your wallet. Currently ledger and trezor don’t support steem. But it should be possible since someone already modified it’s trezor device to support steem: https://steemit.com/steem/@svk/trezor-hackathon-putting-steem-on-the-trezor I think there is just not much demand to support steem since most people stake it for steem power. What you can do is make a steem paperwallet and store it offline this way. Read this tutorial with the instructions on how to do it: https://steemit.com/steem/@xeroc/paperwallet-easily-secure-your-account-with-steem-paperwallet-generator After using this offline paper wallet generator you can print out the keys and store them in a safety deposit box. Or another option is making a secondary steemit account. Then transfer your funds to your secondary account and delegate the funds to your primary account. This way you can still use your funds but when someone hacks your primary account they can’t steal it. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerLeave an answerCancel reply Featured image Select file Browse Save my name, email, and website in this browser for the next time I comment.