Steemit Crypto Academy Contest / S3W3 - The Wallets by @alihussain07 Supporting #burnsteem25
What are Wallets |
|---|
So we can say that cryptocurrency wallet is another version of pocket wallet but the changes that it is a digital version. Cryptocurrency wallet contain information that are required to access digital assets such as Bitcoin ethereum. The public wallet address cryptocurrency wallet is uniquences of 30 to 50 character. And this address is used by other when they send cryptocurrency to your wallet. Dadar 1 is private key that is flatly longer than that of public address and this is used to access the crypto assets.
It is impossible to use cryptocurrencies without the presence of crypto wallet. With the presence of crypto wallet you are compatible of sending and receiving cryptocurrency assets. These wallets are called as semi- anonymous. With the help of public blockchain explorer anyone can inspect the contents and transaction. When we buy cryptocurrency through the exchange like Bitcoin or Ethereum e use exchange like binnance or kucoin and wallet is self hosted by the exchange.
Types of Crypto Wallet |
|---|
Cryptocurrency wallet can be categorized into two form . One is hot wallet and the other is cold wallet. These are given name on the basis of how they works.
Hot Wallet is wallet that operates when it is connected to internet. Hot Wallet are easier to access and also to setup. However hot wallet aee more susceptible to hacker and scams. Hot Wallet can be examplified as our pocket wallet which we can take to anyway.
Cold wallet is a type of wallet which is not connected to the internet. It can be examplified as as bank wallet which we cannot take with us. As it is not connected to the internet then it is considered as best and suitable for storing large amount of cryptocurrency for period of time.
Hardware wallet is a type of cold wallet that uses the hardware devices to store the crypto currency. It is considered as safe and secure way od storing cryptocurrency.
Importance of Crypto Wallet |
|---|
As we know that cryptocurrency are not available in physical form so in order to save the crypto currency you need a wallet. When you keep the crypto currency in our wallet it becomes secure with the help private key. We can only access the crypto currency although it is present in the blockchain. So with the help of cryptocurrency wallet our assets are safe . No one can access our cryptocurrency assets that are present in our wallet.
When we keep our cryptocurrencies in our wallet we can also do trade at the same time. Cryptocurrency wallet are also specific for transaction of our assets. When the exchange is established there is definitely need of its wallet so that assets can he stored. Without wallets we can not run the exchange in successful way. Wallets are also the source of our connection with decentralized application. So these are some important feature why we need crypto wallet.
- Most liquid option we can cash out anytime
- Likely Secure
- User Friendly
- Simplicity
My own Wallets |
|---|
Binnance Wallet |
|---|
As I am cryto trader so I mostly used binnance wallet for my cryptocurrencies trading. I start using binnance exchange wallet about 2 years ago when I start trading.
When it comes to experience of using the binnance wallet my experiences is very exceptional with binnance wallet and I consider it most suitable wallet. The most important feature of this wallet is its KYC verification and its security of not hacking. The experience with binnance wallet is also very good because as I am a cryptocurrency trader so I have to trade here and the fee for the Trading is very low here.
Steemit Wallet |
|---|
The another type of wallet that is mostly used or you can say everyone use who is on steemit platform is steemit wallet.
I am using steemit wallet from almost 1.5 years . This is the most simple web wallet among those I have used. My experiences with steemit wallet is also good. As there is not conversion fee in steemit wallet when we convert Sbd to steem and also and its likes its simplicity.
Experience of any theft in the using of Wallet |
|---|
Since I start my journey in decentralized application I did not suffer any loss through the wallets but one time I suffered a loss through the fake application known as ok mini and wallet named as ok mini wallet. In which people said that if we invest 100 dollar then they will give us 5 dollar daily and our 100 dollar will also remain safe.
When I invest the 100 dollar in that application and after some days they ran away with all the money and wallets was also unable to open with our keys. That was my first and last loss from the scammer.
How to protect from Scammers |
|---|
Scammer are always active in search of their pray so that they can scam with someone. So it is advice that always do the things which can protect you from scammers.
- Don't believe in any links that sent to you. Always stay away from those link.
- Don't give your keys to anyone . Because most of scams are occurs in this way.
- Prefer to use decentralized wallets because these are more secure and safe to use.
- Distribute your assets in different external wallets so that scams does not destroy your all assets.
- Try to use cold wallet as they are not connected to internet so as there are less chance of hackings
Hot vs Cold wallet: Which one is best |
|---|
When it comes to using the cold Wallet and hot wallet there are both advantage and disadvantages of both wallets. One that is connected to internet while other is not. But I still prefer cold wallet for the storage of our assets. The most important feature of cold wallet is that it can not hacked. In cold wallet the private keys always remain unexposed to everyone. Cold wallet are also remain unexposed to viruses. While taking about the hot wallet these are most vulnerable to the hacking.
We have seen a lot of hacking events in previous years in hot wallet and the Major event that was takes place in Mt.Gox'x wallet and this was the most vulnerable. Most of people was scared after that. So that is why due to avoiding from the hacking I always prefer to use cold wallet of we have to store cryptocurrency for long term
I would like to invite @malikusman1 @steemdoctor1 and @jani786 to take part in the contest
Impressive entry from your side brother. You have explained all about the crypto wallets in a very comprehensive way. Your knowledge about the working of different wallets is really appreciated.
Great work and good luck for the contest.
Yeah that true, how can you trade crypto without having wallet, it goes side by side and one can’t work with the other. Wallet help us store, swap, buy and sell our crypto assets.
Binance exchange is a centralized system and so require KYC verification. When your identity is not verified, you can get access to certain features on the platform. It’s mostly done to prevent theft issues at the P2P trade.
I have also suffer a similar scam on a trading platform known as CG, we where trading BTC for every five minutes to predict rise and fall. It run away with my money some few weeks after I have joined.
Please find time to visit my post as well. Good luck..!!
https://steemit.com/hive-108451/@sadiqxylo/steemit-crypto-academy-contest-s3w3-the-wallets-by-sadiqxylo
I love you explanation about wallets, they help us to store our cryptos and even the keys to secure them. I prefer hot wallet because they are easy to use and cheap to acquire in the beginning, not like cold wallets that require some money to buy them.