Steemit Crypto Academy Contest / S3W3 - The Wallets by @shravana
Hello everyone
This is Saravanan from India
I am here to participate in challenge conducted by #SteemitCryptoAcademy.
What are wallets? Why do you think wallets are important? Let's talk about it.
In our personal life we use wallets or purse to keep our Money, ATM cards, other personal cards, Identity proof,etc,. for safety and also it is always with us so we can use it anytime. I am coming into topic Digital wallets are assets but we cannot see it in real life, we can only see the money as numbers in any of the electronic device. We can use the wallet to transfer money to another person wallet. In this Electronic wallet we cannot see the real currencies but we can transfer money multiple times without any charge or with minimum charge to other persons bank account or wallets.
Types of digital Wallet
There are five types of wallets are currently available to the users for different purposes of transfer
Open wallet
Open wallet is a open for all wallet in which users from anywhere in the world can send and receive from the wallet. But both users must have the same type of wallet website or application. This can be Online payment or In-store payment.
Closed wallet
Closed wallet is between the user and the business websites or sellers. Users can use only the stored money in the wallet. Users can only make payment through app or website. If we cancel the transaction or requested refund then the full amount is refunded to the wallets.
Semi-closed wallet
Semi closed wallets are used in some branches and in some locations where a mutual agreement is made between them to transfer money. Semi closed wallets are in limited coverage area only.
Crypto wallet
Crypto wallets are used to store, send and receive Crypto currencies. We can do transaction using Public and Private keys as password.
There are two types of Crypto wallets available.
- Software (Hot) Wallets
In this Hot Wallet we use a computer or mobile Application for transactions. We need to use the private keys for the transactions. These private keys are different and unique to all users. The types are,
Web Wallet
Computer Wallet
Mobile Wallet - Hardware (Cold) Wallets
In this Cold Wallets an external electronic device used to store assets in offline mode. A cold wallet can support many currency. Cold wallet to be connected to a computer ( through USB port ) or mobile ( through OTG ) to operate it for transactions using a seperate software.
IoT wallet
IoT stands for Internet of Things. Now a days IoT wallets are very advanced and installed in various devices like watches, wristbands or other IoT wallet enabled devices like smart car, computers, Laptops, smart refrigerators, and others.
Why do you think wallets are important?
- Free or less transaction fees
- Higher Security
- Convenience
- Very Quick
- No change problem(excess amount returned after payment)
- Money in wallets cannot seen by others without our permission
Which wallets do you own? Why did you choose those wallets? Talk about your experience, show screenshots of your wallets.
- MetaMask
I have recently opened an account in MetaMask to link it with Opensea a NFT trading platform. I have not started trading NFT but I am learning the process of NFT trading through the MetaMask Ethereum Wallet.
Screenshot taken from my mobile
- TronLink Pro
I had opened TronLink pro because of #Steemit. The tron reward for my post are staked through the TronLink Pro wallet by me. We can also transfer Trx from this wallet.
- Paytm Wallet
I am using Paytm wallet for nearby store payment and also for paying my elctricity bill, cellular bill, etc,.
Have you suffered any theft in any of your wallets? Tell us about your experience, what do you do to protect your cryptocurrencies?
No, I have not seen any theft in my wallets and bank account yet. To protect our wallets and crypto currency we need to keep our keys and pin safely and don't share it with anyone. Don't click on any Spam links sent from unknown person. It may help hackers to steal your account. Use any one of the password locker to store your keys safely. If required use the finger print lock authentication to open application.
Do you prefer hot wallets or cold wallets, give your opinion about.
I am using only Hot Wallets because I have only few dollars in my wallet. I am also new to this crypto currency platform. If you want to store large amount in your wallet it is prefered to use cold Wallets for higher safety and Security. If you are having less amount in your wallet and doing many transaction it is preferable to use hot Wallets. I did not say that hot wallets not having security but when compared to cold wallets it is somewhat less secured.
Upvoted! Thank you for supporting witness @jswit.
You made a complete description of the types of Wallets and their importance. On the other hand, I also prefer to use Hot Wallets because it allows me to access my funds anytime and anywhere, plus I don't have large amounts either.
Thanks for sharing this post!
thank you for your valuable comments.
You're Welcome!
Indeed friend, I love the interface of Paytm wallet it has a lot of features like some of the wallets in my country. Thank you so much for sharing a detail post about wallets.
thank you for your valuable comments. Yes it contains most of the features.
Your explanation about wallets is clearly understandable. You also explained about all types of wallets. From your post I can easily understand what is hot and cold wallet.
thank you for your valuable comments.
The review earlier given on this article has been removed. You have been identified as an operator of multiple accounts, an example is this same article reposted by one of your accounts, @saravanann. This attitude of cheating is not tolerated on Steemit.
Remarks
thank you for your review. I am improving my content. I will come back stronger.
We both are friends and we are having same name. I think that he had used my content in his post.
Ok brother I will prove it to my CR.
The vote given earlier has been removed from this article. You have been identified to be multiple accounts operator which is very bad.
Thank you @irawandedy for your support.
https://steemit.com/hive-108451/@cryptogecko/rgaurx#@cryptogecko/rgaurx
You may wish to take a look at this comment, where I have investigated and found that both of these users are unique and different from one another.
Being quite new in cryptocurrencies, it’s right to use only hot wallets. The concept of cold wallets seem quite cumbersome and time consuming. It’s very secure but hot wallets provide easier interfaces for use.
I’m quite new in the crypto space as well but I hope to start using cold wallets soon.
Thanks for sharing.
Yes you are right my friend
Wow that nice, it’s good that you want to trade in NFTs, it has recently gain stand in the crypto space and gives much profit to users.
I have talked about this on several occasions, people on network platforms promise much returns by sending you spam links to click on. When you dip then they get access to your keys.
Yeah it’s advisable to use cold wallet to store large amounts of assets and when you’re holding for long term.
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
Thank you my friend for your valuable comments and also taking time to read my post.
You’re welcome buddy
You are right my friend. Wallets are easy to use and gives us the proof of ownership over the stored cryptos, even if we lost our phone that is holding the wallets we can still regain them with our keys that has been saved before. I also love hot wallets for so many reasons.
Yes you are right my friend. Thanks for sharing a valuable comment.