Steemit Crypto Academy Contest Season 3 Week 3 - The Wallets by @osiola.
Hello everyone.
this is the third week of the steemit engagement challenge and @crypto-academy community has done well by providing us with this important topic this week.
In cryptocurrencies having a wallet is a good thing because it helps us to keep our asset in a good place and no one can get assess to your wallet accept you give that person go head.
You can’t be involved in cryptocurrency without owing a wallet because when you don’t have wallet, it very difficult to keep your assets and you can be steal at anytime.
The wallet is the bank of all cryptocurrencies where buying and selling take place and you can even store your assets in it.
Most people don’t want to be doing transactions and people will be seeing them and so the best place to keep your assets, to make transactions without thirds party, difficult for thieves to Steal you etc is to own a wallet.
I know a lot of people still don’t know what wallet is and I want to make it clear to them and they will also get to know much more about wallet.
What are wallets?
A wallet is a place that stores both the public and the private keys for making transactions of cryptocurrency.
Wallets is the process that stores the public and private key , where the pubic key is used in sending assets in your wallet and the private key is like an address to your wallet which is used to deposit and making transactions of assets into your wallet.
A wallet is a place where assets are stored and you can either buy or sell and you can send or receive assets.
Example of wallet: Binance wallet, blockchain wallet, etc
Why do you think wallets are important? Let's talk about it
- having a wallet is the best thing that can be happen to everyone dealing in crypto because asset like, cryptocurrency, etc will be in a safe place and no one can get in touch with it and it can be there for a period till the time you want to use those things been store in your wallet.
Wallets prevent thefts from stealing your asset because the password of a wallet is not a common password for a person to memorize and write it down to be able to get into your assets without you not knowing and when a theft does not have your keys it will be very difficult to penetrate your assets.
in crypto, you can make a profit from your wallet because there are a lot of cryptocurrencies inside your wallet and so you can decide to buy any of them and give that coin time once you are lucky and the price of that coin rise you can make a lot of profit there.
- to make transactions inside a wallet cost less and is controlled by the owner of the wallet and you can make a transaction without a third party system.
- The wallet is not owned and controlled by any authority and it is ready be owned by the users, you can do anything inside your wallet and is free for everyone and you don’t have to pay anything for owning a wallet.
Which wallets do you own? Why did you choose those wallets? Talk about your experience, and show screenshots of your wallets
Yes, I have my wallet, and the name of the wallet is called Binance and I choose that wallet because I trusted that wallet more than anyone because I have never heard anyone saying bad things about it but the other wallet like blockchain I have heard a lot of people saying they have stolen their card. Those who trade cards with the buyers that they will redeem the card and later come and tell them that the card is been used.
But in binance , you can’t steal anything there because once you do a mistake you will lose all your assets for stealing because that person will report you, and the moment the person reports you they won’t waste a minute self they will block you and for me, Binance wallet is the best when it comes to holding assets.
I have a lot of experience in the Binance wallet there is no single day I won’t visit the Binance wallet I have been learning new things every day I have used the wallet to learn more about cryptocurrency and when to buy a coin and when to sell a coin, I have learn how to make profit inside.
it almost one and a half years now when I got to know there was a wallet called Binance, I remember a very good friend of mine wanted to give me binance and so he told me to give him an address for his to send me the Bitcoin, it was hundred dollars Bitcoin he was going to send be me, so I asked my roommate that my friend was going to send me Bitcoin and he told me to give him address for him to send the Bitcoin.
So my roommate told me there was a wallet called Binance wallet that I should download and sign up and I will get the address of Bitcoin them send it to him and he was able to help to create the account and after we sent the address to my good friend and he sent me the Bitcoin.
I was able to used the Bitcoin to buy a lot of coins inside my wallet and make a profit from them and I have had a couple of experiences with the Binance wallet and I can tell you that is the most trusting wallet you can ever believe in because it very difficult to get the steal and it very difficult for anyone to break into your wallet and so you all should try and download the application and started using for your crypto saving and making transactions.
Have you suffered any theft in any of your wallets? Tell us about your experience,
No, I have not experienced anything like that, like someone penetrating into my wallet to steal my asset or in the process of making transactions they have stolen my assets I have not experienced anything like that ever since I downloaded the application and I started to save my asset in there and making my transactions I haven’t come across something like and I have never heard of anyone complaining that they I have stolen his assets inside the wallet.
what do you do to protect your cryptocurrencies?
I always make sure I put my keys both public and private keys in place so it will be easy for me to find them ,so that I can always get in touch with my assets.
I don’t let anyone to have access to my keys keys accept those I trusted so much with for them their I know they won’t do anything to cause harm to me.
and never share your password with a person you don’t because once you do that they will steal your assets inside your wallet.
Do you prefer hot wallets or cold wallets, give your opinion
for me, I will choose a hot wallet because it is the safest place as compared to a cold wallet. In cool wallet once you misplace them or they stole it you will lose all your properties inside it and you can never get it back on less they fellow fear God returns it back.
I choose hot wallet because,hot wallet I know you won’t feel your assets in your hands but it will be in a safe place and once they steal your phone and you still know still the place you store your password you can still get in touch with your asset.
the hot wallet is always the best and for me, my choice is the hot wallet.
Ever since wallet has been introduced into the system it reduced the rate of stealing and so it has always good for each one of you to own a wallet and to prevent thieves from stealing you or getting in touch with your assets and so every one of you should try and own your wallet.
I will like to invite @jimah1k @chenty @tymestwo77 to participate in this contest.
You possibly invest or trade in crypto space without having wallets. It’s a must to every crypto trader.
Wallet such as cold wallets have to be paid for and they are very expensive though it provides strong security. It’s only hot wallets we download for free.
Yeah very true, though i have different wallets like MetaMask and others, I do prefer the Binance exchange wallet because of its reliability and The P2P feature.
I have beard of a lot, but it’s usually due to careless or clicking on links that promise uses tokens.
Buddy, you can’t trust anyone with your keys ooh, the crypto wallets are blockchain immutable. You can even trace back to the person who steal your assets. Always keep your keys to yourself.
Please do have time to visit my post as well. Good luck buddy..!!
https://steemit.com/hive-108451/@sadiqxylo/steemit-crypto-academy-contest-s3w3-the-wallets-by-sadiqxylo
the best way to keep your asset safe inside your wallet is by not giving your keys to anyone to prevent any suspicious and thank you for going through my work.
My pleasure buddy.
hello this is the link of my image
https://images.app.goo.gl/J65oDfe3KXtKoqgH6
Your post was upvoted and resteemed on @crypto.defrag
The image used in this article is not properly sourced as the link leads to another page that is out of the context. You have a few things to learn from this article 👉 https://steemit.com/hive-147599/@fredquantum/how-to-properly-utilize-free-images-and-sourcing-them-the-right-way-practical-steps-or-by-fredquantum.
Correct the link and tag me when you are done for a proper review.
hello professor @fredquantum I am done with what you asked me to and thank you so much for the correction.
Crypto assets are an important breakthrough in the world of finance. No wonder security is vital for this digital asset. Managing your crypto wallet keys is an important part of keeping your account secure. The same is true for crypto assets, which use cryptography to secure access.
In crypto terms, this is often referred to as the private key. Each key has a corresponding wallet address. Without this address, no one can access the crypto assets in your wallet. It is very important to keep private keys secure so they are not lost or stolen.
Thank you for sharing, I also share about the wallet. If you have time please see my post.
So it always good to keep your keys in a safer place and don’t show your keys to anyone to prevent them for stealing your assets.
Yes, the key must be stored properly.
Binance exchange is one of the best exchanges in the world and I also use their wallet because it is very secure. I prefer hot wallets too for many reasons I wrote about in my post.
Thank you for sharing and inviting me bro. It’s very important to have your reasons for choosing a wallet. Security is number one for me and so I’m glad to read the things you’ve written about the security of Binance wallet. It’s no surprise that you make reference to the p2p feature because it snores easy trades for crypto and is safe.
binance is always the best among the wallet we have because it’s very difficult to steal someone assets and trading in binance p2p is always the best and it doesn’t take time complete a transaction.