Steemit Crypto Academy Contest / S3W3 - The Wallets by @sadiqxylo.

Hello Everyone…!!!

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I’m much grateful to participate in this week 3 of the season 3 of steemit engagement challenge. I will be presenting my entry on the contest title The Wallets by the steemit crypto academy community.

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What are wallets? Why do you think wallets are important? Let's talk about it.

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Wallets

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To be a crypto investor, one should always have a wallet which stores his/her assets. Like the traditional finance systems where our monies are saved in banks and sometimes safes in our personal homes. As a crypto investor, you need to have a wallet to keep your assets either for trading or holding for long term.

Wallet I cryptocurrency is simply a digital space for storing cryptocurrencies which is uniquely identified to only one person (owner). It does this with the use of public and private keys in transferring and securing the wallet from other users. The public key is used as an address to transfer and receive funds which can be shared with different users. The private key is used by only the owner to confirm transactions with the wallet.

Wallets safeguards our crypto assets from being stolen or hacked. It provides security to our assets and also help us to retrieve should in case we have it stolen or misplaced. Unlike our normal wallets, when we misplaced it unless a good samaritan returns it. But with digital wallet, we can recover by either recovery phrases, email verification or private key verification.

Considering at different angles, we have different types of wallets. I will give a brief explanation of each.

• Hot and Cold Wallet: this are the most popular wallet types. Hot wallets require internet access and there regarded as web-based wallets, hey are sometimes referred to us software wallets, example are MetaMask and Coinbase Wallet. While cold wallets do not require any internet access and can sometimes be referred to us hardware wallets, examples are paper wallet and USB wallet.

• Centralized and Decentralized wallets: this is another category of wallet. With the centralized wallet, user’s’ assets are controlled by the system and users will have to verify their identities before creating those wallets. These wallets mostly have passwords and can be recovered with verification. While decentralized wallets are not controlled by the system or any third parties and require no verification. These wallets have private and public keys for its operations.

• Single chain and Multichain wallet: it’s also category of wallets type, with the single chain wallet, its stores assets from only a single blockchain. Multi chain wallets stores assets from different blockchains.

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Why do you think wallets are important?

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• Wallets help investors to store their crypto assets: wallets provide storage medium for storing and safeguarding traders assets. It provide safety and easy retrieve assets.

• Wallet help investors to trade or swap out tokens/assets: hot wallets for instance like MetaMask, allow users to swap their tokens for different tokens.

• Wallets provide us with private and public keys which gives us ownership over our assets.

• Wallets connect us to decentralized applications (DApps): for instance, we can connect wallets like TrustWallet to UniSwap to trade tokens and also stake to earn from our asses.

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Which wallets do you own? Why did you choose those wallets? Talk about your experience, and show screenshots of your wallets.

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The steemit crypto academy has introduced me to a lot of wallets, I still have some but I forgot of the passwords and recovery phrases. I mostly use my Binance exchange wallet to carefully out trades so I mostly don’t use these wallets.

There are three wallets I used beside my Binance exchange wallet and these are MetaMask, TronLink and steemit wallet.

• Why I use MetaMask wallet: I created this wallet to answer questions with regards to a particular crypto assignment. In the assignment, the question required as to stake CAKE token.

• Aside this, MetaMask can also be use to connect to decentralized applications DApps, interact with Ethereum blockchain ecosystem and also swap tokens. We can also import tokens from different wallets.

From my MetaMask wallet

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• Why I use TronLink wallet: I recently downloaded this wallet on my mobile phone, I use to transfer my TRX earned on Steemit to my Binance exchange wallet. The reason installed this app is to stake Trons for the weekly contest with Tron-fan-club.

• TronLink can be use to stake TRX, swap Trons for different tokens and also vote for different super representatives.

From my TronLink wallet

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• Why I use steemit wallet: steemit wallet is not like other wallets, it can only be use to claim curation and authors rewards earned on the steemit network. It has addresses for steem and SBD.

From my Steemit wallet

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• As I mentioned already, I mostly carry out my trades on the Binance exchange wallet. In there, I hold a lot of crypto assets, perform future trades and also stake BNB tokens. This wallet is very convenient and reliable and can also perform p2p transactions.

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From my Binance exchangewallet

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Have you suffered any theft in any of your wallets? Tell us about your experience, what do you do to protect your cryptocurrencies?

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The top priority of every crypto wallet is security. This wallet are governed by passwords and keys and should be know to only the owner. I have a lot of friends who suffer theft cases with their steemit wallet.

I’m fortunate to never experienced any theft in any of my wallets. I always change my keys or passwords if I have any doubts.

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what do you do to protect your cryptocurrencies?

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• Web browser like chrome provides keychain for for saving your keys and any one can get access to it in case they open your phone. I always type my passwords or copy and paste my keys instead of using keychain. This prevents anyone getting access to your wallet even if they get access to your phone or device.

• I always use strong password comprising of alphanumeric and symbols.

• When I click on any fishy link or suspicious link, I quickly changed my passwords or generate new keys to prevent my wallet from being compromised.

• I always save my keys and passwords where only I can get access to. I have trust issues and so even my roommate don’t know my phone password.

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Do you prefer hot wallets or cold wallets, give your opinion

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From the beginning of this content, I gave a brief explanation of Cold and Hot wallets with their examples.
From my experience, I will prefer hot wallet over cold wallet and below are my reasons.

• Easy to acquire: hot wallets are very easy to get, with a smartphone or compatible device you can download from AppStore or PlayStore without paying for anything. Unlike hot wallet, cold wallet is very expensive to get, you can easily download from the internet and you have pay a lot of money to acquire one.

• Easy to access and transact my assets: like I have shown my assets in TronLink, MetaMask and Binance Exchange wallet, I can easily get access to my assets provided I have internet connection. This makes it easy to monitor and make transactions anywhere at anytime. Unlike the cold wallet that I have to connect to other devices before I get access to my assets.

• Easy to trade or exchange: the crypto market is very volatile and fluctuate in seconds, with my hot wallet I can easily swap my token to different tokens in case there is great volatility in a particular asset. Unlike cold wallet that I have to connect to other devices before signing transactions which I would have missed the opportunity.

• User friendly interface: the interface of hot wallets are very friendly and they sometimes provide assistance on how to use its feature. Like Binance exchange wallet, they have tutorial for every feature you will have use.

• Cold wallet are offline wallets and so are safe from hackers, it provides strong security to assets making it top priority of every trader. When we keep our keys or passwords of hot wallets away from others or generate new ones in any suspicious cases, hot wallets can also provide strong security to our assets.

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CONCLUSION

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Every crypto investor needs wallets being it hot or cold wallet. It provides storage medium for our assets and aid in transactions. With wallets, we can connect to DApps to earn massive with our assets.

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Thanks For Your Attention