I came across this post from @luzcypher, who is seeking for Answers On The New Steemit Savings Feature

Since there is so much content going around Steemit, I would like to dedicate this post to talk about this new Steemit Feature. Before i continue, please do know that I previously mentioned this announcement in my Ready for Steem Update 0.14.0 Post.

Introduction

The lasted Hard fork , or update 0.14.2 introduced two new balances, a Savings STEEM balance and a Savings SBD balance. The benefit of these balances is that they have a timed withdrawal of 72 hours, and during that time the withdrawal can be canceled at any time. This 72 hour window provides a layer of security and time to secure your account in the event that there is a security breach.

Haven't Seen this new Feature yet, Check out your Steemit Wallet!

Purpose

All transfers out of savings accounts will have 3 Day delay during which the sender can notice, recover their account & cancel the transfer, an ideal way to minimize the event of a successful security hack. This way Steemians will be encouraged to adopt Savings accounts as it add's an extra layer of security and ideally curbs liquidity from speculative trading.

Note that there 3 Assets that make up Steemit's Financial Market ;

-STEEM
-STEEM DOLLAR
-STEEM POWER

As you may know by now, STEEM POWER is not transferable! (You can Power UP other Steemit's Accounts but using your liquid STEEM)
This means that only to get back your STEEM that you converted into STEEM POWER, when you make the decision to Power Down which will take up to 2 years.

This makes it extremely safe from Hacks, unless you have not been active with your Steemit account for more than 2 years. Would be hard for Hackers to steal your STEEM POWER as it takes a reasonable long period of time to receive back your VESTED STEEM.

That means your STEEM and STEEM DOLLAR may go missing at any given moment when someone gains access to your personal account. Once someone has breached into your Steemit user profile they are likely to want to steal your hard earned money and can do so, by instantaneously sending the currency to many ghost accounts.

If they know how to get into your account, they will most likely know how to withdraw money from your account and restrict your access to it! Now you can officially secure STEEM and STEEM DOLLAR in a Saving Accounts, it will take 3 Days for you to have zero restriction when it comes to transferability of your personal Digital Tokens.

Implication

So, why do we actually need this feature, well it's primarily for security and to also provides Steemian's a safe heaven to store their valued cryptocurrencies.

This allow Users to lock funds into a contract, so that it would take 3 days to execute a transaction. An individual will have enough time and opportunity to reverse the withdrawal, in the event in which his/her account got hacked due to result of unwanted activities initiated by their own Steemit user profile. You can ideally either exhaust the hacker and get your withdrawal or you could also take other actions, like making a public announcement on Steemit.com to address the issue.

Not only does it Secure STEEM and STEEM DOLLAR, but it also will have effect Market liquidity of STEEM. Knowing that there is a reasonable amount of people out there taking extra securities measure to lock up their STEEM, you can expect that many will keep their digital tokens in their personal accounts. But of course your given the choice as no one is forced to lock up their STEEM or STEEM DOLLAR.

Personal Opinion

I believe many of us will have a reasonable amount STEEM and STEEM DOLLAR in the future, so now we have a personal Saving Account which offers an extra layer of security for our funds. I have been hacked before using a BitX account, a theft of 0.945 Bitcoin were stolen, I have no idea how they manage to get into my account but all I can say is that your not going to get back your bitcoin. I feel that at the moment there seems little possibility to regulate Cryptocurrency Theft, you will be helpless when someone steal your cryptocurrency away from you.

You can check the blockchain explorer, but highly doubt that without any further investigation conducted by hired professional, you'll most likely won't be able to retrieve backs your digital tokens. At this moment without much Government Regulations or without many available Crypto Anti-Theft Agencies you can expect Criminals to steal from you without you being able to take any action against them.

Not only does this feature offer Security, it would be a good opportunity for Steemian's to show their support for the Platform by simply securing your liquid STEEM and STEEM DOLLAR. This would be a good way to see who actually likes to speculate with Steemit's Financial Asset, I'm sure many of you don't speculate around with STEEM especially in the initial stage of the project.

It could become some sort of Ethical Practice to lock up personal Funds, not only for security reasons but also to curb STEEM Market liquidity. Less of us will be in a rush to convert our digital tokens, trust me as a trader I know that there are Millions of people out there trying to game the system for profit. It's normal for people to speculate and markets will always be influenced by them but rest assured that many Steemians will lock up their funds, no matter how bad or good situation is. Short Term < Long term = A more Sustainable Strategy , it's a good idea that many of us Power Up and are able to lock up in our STEEM or STEEM DOLLAR.

A wonderful feature from Steemit !

How to Guide

1. Let's Secure my STEEM DOLLAR
   

2. Go to 'Wallet' and click the 'Downwards Arrow' press on ''Transfer to Savings''
   

3. A pop up will appear, Key in the amount of STEEM DOLLAR you which to transfer to saving's, then ''Submit''
   

4. Enjoy Extra Security, here we got 5 STEEM DOLLAR Saved up
   

Additional Information & Sources

To check out the Current Interests rate for STEEM DOLLAR, please check out your ''Wallet'' there will be a note there

STEEM DOLLARS
Tokens worth about $1.00 of STEEM, currently collecting 10% APR.

Check out this Video!

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Check Out Other Post:
@jesta - Using a Savings Account (transfer_from_savings and transfer_to_savings) to protect your liquid STEEM and SBD

SIP - Time-locked Savings Accounts

@ausbitbank - Steemit.com updates - Savings accounts, New payout options, New registration process and more [release 0.0.20161011 PR 460]

Please Check out:
https://steem.io/getinvolved/steem-backed-dollars/
https://steem.io/SteemWhitePaper.pdf

This Feature was part of an update, there was announcement about this previously
https://steemit.com/steemit/@steemitguide/ready-for-steem-update-0-14-0-everything-you-need-to-know-about-the-upcoming-hardfork

Written on 12 October 2016