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Steem Keys and Passwords

Just as different keys are used to unlock different doors, the same thing applies when it comes to the steem blockchain.
Since Steem is well known for its safety which is made up of five different keys or passwords associated with accounts. Four of the passwords are used with the typical accounts and the fifth is used by witnesses. They are: owner, active, posting, memo, and signing keys and each has its own functions and limits specifically set out for them.

Owner Key

The owner key gives full control over your Steem account. Its user is able to post, vote, transfer funds, vote for witnesses, and change all keys including being able to change the owner key. Notice I said "its user" and not "you"? Because if someone were to get your account or owner password, they can change all the keys and take your account and whatever it is worth for themselves. The owner key is meant to be used basically only if necessary, and otherwise written down/etched in stone and put into "cold storage," a crypto term for keeping your keys off of running or internet-connected computers. The only thing the owner key can not do is decrypt private messages/memos sent to you, only the memo key can.

Active Key

The active key can perform most but not all functions for an account except when the owner key is changed. It can change every other keys on an account, including the active key. This active key, can do everything the post key can do, it can additionally allow transferring, trading, powering up/powering down Steem Power, and voting for witnesses, but it cannot decrypt private messages encrypted to your memo key, though if you log in with the password you made when making an account via fb/reddit both of these will be available simultaneously.

Posting Key

The posting key allows the account to post, comment, vote, and follow other accounts. This is what most users should be logging in to Steemit with every day, only using the active key when something to do with transferring funds or changing keys is necessary. You are more likely to have your password or key compromised the more you use it, so a limited posting key exists to limit the damage that a compromised account key would cause.

Memo Key

The memo key is the only key that can decrypt private messages sent to your account. Before you ask, the feature isn't implemented on Steemit yet.

Signing Key (super secret for witnesses only)

The signing key is to be used by witnesses when signing blocks. It's set with the update witness transaction signed using an active or owner key.

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