What is the Steemit.com wallet Savings account for?

The Steemit.com wallet includes a feature known as the “Savings” account, which serves a specific purpose within the Steem blockchain ecosystem. Here’s a detailed explanation of its function:

Purpose of the Savings Account

1. Increased Security: The primary purpose of the Savings account is to provide an additional layer of security for your Steem and Steem Dollar (SBD) holdings. Funds placed in the Savings account are subject to a withdrawal delay, which acts as a safeguard against unauthorized access or hacking attempts.
2. Withdrawal Delay: When you transfer funds into your Savings account, any withdrawal from this account requires a three-day waiting period. This delay gives account holders time to react in case their account is compromised, allowing them to secure their funds before they can be moved out of the Savings account.
3. Protection Against Immediate Loss: By requiring a delay for withdrawals, the Savings account helps protect users from immediate loss if their account credentials are compromised. This feature is particularly useful for users who hold significant amounts of Steem or SBD and want to ensure that their assets are not easily accessible to malicious actors.

How to Use the Savings Account

• Transferring Funds: To use the Savings account, you simply transfer your Steem or SBD from your main wallet balance to your Savings balance through the Steemit wallet interface.
• Withdrawing Funds: If you wish to withdraw funds from your Savings account, initiate the withdrawal process. The funds will become available after the three-day waiting period.

Considerations

• Not for Frequent Transactions: Due to the withdrawal delay, the Savings account is not suitable for frequent transactions or for funds that you may need immediate access to. It is best used for holding assets that you intend to keep secure over a longer period.
• Complementary Security Measures: While the Savings account adds an extra layer of security, it should be used in conjunction with other security measures, such as strong passwords and two-factor authentication, to ensure comprehensive protection of your Steemit wallet.

By utilizing the Savings account feature, Steemit users can enhance the security of their digital assets while still maintaining access when needed, albeit with a slight delay for added protection.