Steemit Crypto Academy- Blockchain Wallet- Chapter-3 Homework Task by @sapwood

I am so happy to learn new concepts each day with a detailed lecture by @sapwood.

Today I learn about different Blockchain Wallets and It's use cases along with how to secure our wallets too.

Question 1 :-

Have you ever used a Hardware/software wallet? Which one is having a better security advantage?

I am a very small investor in the crypto market so at present I don't have any experience with Hardware Wallets.

But I know very well about it because some of the friends are using those, I have an idea but I don't have any experience with Hardware Wallets.

By personally I using software wallets only. At preset I using Trustwallet, Tron pro, Binance Exchange and other Exchange wallets for my needs.

If I buy any coin for long term hold I simple send those to my Trustwallet. Because here We get complete control of our assets, no one not possible to touch those. That's why I hold my long term coins in my Decentralized wallets like Trustwallet, Tron Pro and many more.

For regular trading, I use Exchange Wallets.

Coming to security Hardware wallets is the best choice because those are offline, so hacking chances are very less. But for small investors, who don't have any knowledge to handle Hardware wallets it's better to keep in Software wallets is a good choice.

If you wish to keep those for log time hold keep those in Decentralized wallets is a good choice than Exchanges. Because in Exchanges we can hold but not get 100% security for our assets. If that Exchange gets hack we also lose, that's the major issue in Centralized Exchanges.

Question 2:-

What are the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet. How do you secure/restore both types

In a centralized wallet, if we lose our passwords, bake up keys or Authentic Mobile number we can restore our account simply by contacting that exchange support team.

It takes 3 to 4 days, but for this, we need to submit all our original documents once again and need to prove ourselves. We are the owner of that account. It takes huge time but is possible to restore if we lose emails, password, mobile numbers or Google Authentic back up key also.

But coming Decentralized wallet we can restore our account simply with a second if we have that mnemonic keys in our hand. No need to take permission from anyone, we can access our account from anywhere at any time very easily.

But if you lose your mnemonic key, then no one helps you to recover your account. You lost your assets permanently. This is one big issue here but keeping those keys in securely is our responsibility here. If we lose we lose our assets permanently.

Question 3:-

Give an example of a Web 3.0 wallet and what are the distinct uses of a web 3.0 wallet? Have you ever used any Web 3.0 crypto Wallet? Examples?

Yes, I had experience in Web 3.0 also. On using this I can access different platforms without leaving my wallet.

At present I using Trustwallet more for my needs. On using this I can buy or sell any coin which those listed in Bilaxy, Uniswap, 1Inch, Pancake, and Bakery swap and many more. All those sites we can access using Metamask wallet web 3.0 wallet also but I am comfortable in Trustwallet so mainly I using Trustwallet for every need.

Because on Using Trustwallet we can access Ethereum, BSC chain projects and much more very easily.

For this we just simple pasting we address, then searching we can go to that platform, then we trade there. Those we see in Trustwallet. In one wallet we can store different Blockchain coins in one place.

Example

For Example, I wish to buy bake coins. For this, I just simply go to my Trustwallet.

At the bottom, we can see the DApps option. Just click it, then you get like this window.

Here just type Bakeryswap, then you get like this window.

Now select the **Bakeryswap.org ** site for buying bake.

Or

Scroll down the window you can also get all DApps list ,from this also we can access which Dapp we need to access .

Now I change Network to BINANCE SMART CHAIN.

Because I wish to buy Bake Using BUSD, So I select smart chain network.

On selecting we can see ,Our BSC CHAIN Wallet automatically link to Bakery swap .

Like that we can swap, which coin we wish.

Like this, we can connect all DApps through Trustwallet. Here we don't leave our wallet but accessing all DApps.

This is a very big growth in the crypto market. In my opinion upcoming future complete depends on Web 3.0 wallets and DAPPS.

Usecases In Web 3.0 Wallets

• Simple to use

• We get 100% control over our assets

• We lose or get damage to our mobile, we can restore our account within a second using a mnemonic key.

• We can access and Trade all coins in different Dapps without leaving our wallet.

• We can connect our wallet to different Networks like Ethereum, Smart chain, Tomo and much more Networks very easily.

• No need to create different accounts for accessing different networks assets because we can access all most of all network coins through Web 3.0 Wallets very easily.

• we can hold different Network coins in one wallet.

Like that we having a lot of advantages in Web 3.0 wallets.

Thanks for reading my post.