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It's a SECURITY measure.
Why not spend some time looking around the forums for the MANY times that people have had their accounts hijacked - market holds and cooldowns help them NOT have all their items stolen from them instantly.
You can still trade without the phone app. You just have to be patient. Anything that you want to buy or sell I can virtually guarantee you will be on the market after that time anyway.
One aspect can be prevented by preparing yourselves properly. And the other is simply necessary. That delay is set up to prevent scammers from stealing someones inventory "just like that". If you pay a little attention to these forums you'll notice that plenty of Steam users (and most notably people who are into trading) allow themselves to get fooled by scamming websites. As a result their accounts get taken over which is exactly what Steam guard is protecting; if this happens then the bad guys can't just give all the inventory away (or sell it at a minimum price to an associated account).
So no, this isn't too long I think. It blocks attackers and gives scam victims and Steam support enough time to undo the damage.
That's the world now.
If you want to use the market to its fullest potential then you will need a mobile authenticator. At least this enables instant listings and is safer because it's a separate device assuming you don't give away your entire credential set to a phishing page.
That why you write your recovery code, which was the point, when you're shown a red sign telling you, write it down, so you can remove it from account, if you end up losing your device, and not being able to login.
https://support.steampowered.com/kb_article.php?ref=8625-wrah-9030#sold
https://www.youtube.com/watch?v=GD6qtc2_AQA
Account Hijackers will love to have the option of not having to put up with the wait time restrictions, so they can sell your items, or trade your items right away so you don't have a chance to get your account back in time. Now you know why you have this restrictions. https://www.youtube.com/watch?v=GD6qtc2_AQA
Who said you can't access the market, or trade? You can still trade, or sell on the market but you will need to deal with the trade / sell hold restrictions.
https://support.steampowered.com/kb_article.php?ref=8078-TPHC-6195 https://www.youtube.com/watch?v=GD6qtc2_AQA
I do online banking with several accounts.
They are completely secure, and their security measures don't require a "smartphone".
Everything is verified with just my PC.
So? You're now ignoring the fact that some of Steam's users don't even have their own bank account just yet.
And even bank accounts aren't safe when it comes to scams. In the end it's the user that's the missing link.
They had too many people using support because their accounts were 'hacked' whereas they really have away their personal information.
That's also why a $5 minimum is needed to have an unlimited account.
Heck I got my first 'scam' text today from some losers claiming I owed Bank of America over $850. I have no contact with Bank of America.
Some scammers sent me a phone call claiming my social security number was going to be banned for crimes committed in Texas. I have NEVER been to Texas.
Those bastards... my favorite part about it is how the Steam client takes over your phone and then you have to do everything through the store page and watch ads before you can make a phone call, or run an app, I never put 2 + 2 together before.