Simple Guide to the Best Steem Wallets in 2024
Steem appears to be in the top 100 most popular cryptocurrencies, but the situation with the wallets where you could store those coins could be a confusing subject or at least it was for me in the beginning. I have collected a large amount of information and recapped everything in a simple but extensive manner for you. In this Steem wallet review, I will show you the best wallet providers on the market along with their pros and cons and of course their unique features.
01.The Best Steem Wallets
Below, you can find three wallets for Steem, one of which is the official one. I’ve struggled a lot with them because in my aim to provide you with the best possible options, I’ve had to exclude some of the available products out there, which aren’t that many to begin with. All decent wallets that I have found are web based, you don’t need to install or download any apps or software, you simply access the wallet from a web browser. The network is running on delegated Proof of Stake consensus and there are “delegators” or so called “witnesses” for which users can vote. To be a witness you need to install their CLI client but based on my experience I can tell that it’s not fully developed and optimized yet and that will be obstructing your user-experience.
From a general point of view, all wallets serve one main purpose, to store, send or receive digital currencies. But what makes them special then? The specifications and the different coin management tools supported are the real hidden value of each wallet. Just before we proceed with the security and the most common features, I want to quickly add that Steemit is the official wallet where you can store Steem coins only, so do not send any other coins to that address as you will lose them. There is no option to reverse the transaction.
| Type | Name | Compatibility | Supported Coins | Pros & Cons | Get Wallet |
|---|---|---|---|---|---|
| Web Wallets | Full Steemit Review |
STEEM only |
Official STEEM wallet Long Waiting Period for Registrations |
Visit Website | |
| Full CoinPayments Review |
60 Coins ERC20 Tokens |
User-Friendly No Control Over Private Keys |
Visit Website | ||
| Full Coinspot Review |
30 Coins ERC20 Tokens |
Two-Factor Authentication No Control Over Private Keys |
Visit Website |
02. Common Features of Steem Wallets
I truly believe that the tendency is quite obvious, most of the wallets are web-based or otherwise said online platforms. This gives you the freedom to access it anywhere, anytime and all you need is an internet browser. The negative side is the higher risk of security breaches, because of the web-based origin of the wallet.
Security and Privacy
Since the number of wallets is limited you can presume that the security and privacy measures are similar. The most common ones are Two-Factor Authentication and Passphrase, which are explained below.
Two-Factor Authentication
It is an extra security layer for your wallet`s account. Every time you log in, a code of 6-12 digits will be sent to your mobile device which you then need to enter, to open the wallet.
Passphrase
It is a password you pre-define and it’s used each time you perform a transaction as secondary verification of your identity.
Wallets for Steem Staking
The Steem network uses Delegated Proof-Of-Stake (dPoS) consensus to create new blocks. This is the most confusing part and usually, people get lost here. Staking Steem is optional but at the same time it’s not, so how does it work? This is because you cannot promote yourself, only the networks society (the users) can elect you as block producer or so-called Witness. In case you are looking to explore the full list of witnesses, you can quickly check their website or if by any chance you want to become one you should start reading this official article. Before you do so, bear in mind that you will need good knowledge of Linux OS and CLI clients. In case you are a novice, I won’t recommend you begin with this endeavor yet.
Transaction Fee Management
Thanks to the beforementioned Witnesses and the dPoS mechanism, there are no fees in general. This is because all witnesses are responsible for the validation and creation of all block. There are no transaction fees, yes, but there is a fee when you create your account and that is only in case you refuse to wait 14 days to fully activate your wallet. Also, there is the typical withdrawal fee but that is set and applied by the exchange, not by the network itself.
| Fee Control | How Does It Work? | Supported By |
|---|---|---|
| No Fees | Transactions are free. The only amount due is when creating an account. | Steemit, Coinpayments, Coinspot |
03.FAQ
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What are Steem Power and Steem Dollars?
Steem power is an asset showing the influence of a user over the network. While Steem Dollars are leveled 1:1 with the real dollar (USD) or I can present it otherwise 1SBD = 1USD. More detailed information you can find in the following article.
04.About Steem
Steem was released in 2016 as a new and innovative idea of decentralized social media platform giving the freedom to its users to express an opinion without censorship. In the beginning, the project was well organized and properly backed up by a decent development team led by Dan Larimer. In result of many internal issues and non-growing users base Dan left the project, not long after the team members were reduced with 70% in order to keep Steem running. Apart from those organizational problems I cannot omit the fact that the Steemit user-base is shrinking down each day, the wallets which come handy are the web wallets only because all CLI versions are outdated and full of malfunctions. Nobody knows what will happen in the following years, we can only wait and see the outcome but meanwhile if you are looking to explore more about Steem you can check their blog .