Steemit Crypto Academy Contest / S3W3 - The Wallets by @tahir2
I am very happy that to participate in this context. I worked before in a different community so this is my first post in Crypto Acedmy.I have tried to completely improve the better post.
What are wallets? Why do you think wallets are important? Let's talk about it. |
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There are different types of ones that can make the transaction either paid or free.
- Desktop Application
- Mobile Phone Application
- USB Hardware device
Importance of Wallet
- To make a digital asset secure so wallet are important.
- In wallet Private key is important Because it tells about real owner. Without Private key transection is impossible.
- Through wallet, We can get a profit from wallet, through buy and sell any crypto.
- The security of your wallet is a security of your money. So it's provide security.
- We can make a transection, Whenever we need to make transection all over the world.
Which wallets do you own? Why did you choose those wallets? Talk about your experience, show screenshots of your wallets. |
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Binance is my wallet. Because binance is secure wallet for digital assets. It's largest exchange in all over the world..
History of binance
It is founded in 2017 by the
Changpeng Zhao, was based in china but now it's out of china.
Why I chose
There are many service that are provide binance.
- It's enables the usage of two factor authentication to provide secure of user accounts.
It provide s low fees to make a transection as compared to some other exchanges.
It's includes a simple buy/sell option for new traders, while more experienced traders can take advantage of its.
It's provide secure your cryptocurrency as compared to other exchange.
It offers hundreds of possibilities for trading currencies.
It's gives discounts to users who pay with native BNB cryptocurrency tokens and has strong liquidity.
On Binance, users can buy any currency, trade Amy currency and hold 600+ cryptocurrencies.
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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Protect of Cryptocurrency
There are many ways to protect cryptocurrency. Few are below explain.
While the cryptocurrency space evolves at an incredible rate, so do the hacking methods used by thieves to steal digital currency.
To protect their cryptocurrency holdings, prudent investors should take precautions.
A cryptocurrency wallet is one of the best security measures; "cold storage" wallets look like USB drives and are not connected to the internet to protect their cryptocurrency contents from hacks.
The security experts advise against storing cryptocurrency on digital currency exchanges.
Do you prefer hot wallets or cold wallets, give your opinion about. |
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While hardware wallets are extremely effective against digital thieves, they come with a new risk: If you lose your password key, you will never be able to recover the contents of your wallet.storage location for tokens or coins. Cold wallets cannot be hacked online because they are not connected to the internet.
Each hardware wallet includes a private key, which is a password-like piece of code that decrypts the wallet and grants access to the coins or tokens it stores. While hardware wallets are extremely effective against digital thieves, they come with a new risk: If you lose your password key, you will never be able to recover the contents of your wallet.
Welcome Explained Dear.
Best wishes.
Waho brother. such a informative post about binance and wallet.
Your private key is basically your digital identity. It is these keys that allow you to participate in the cryptocurrency market. You can only buy and sell your cryptocurrency via your private key. If you lose this private key, you basically lose access to your crypto assets.
And if somehow this key falls into the wrong hands, the holder of this key can at any time access your crypto wallet and make fraudulent transactions that you cannot. Hence the importance of your private key cannot be overstated.
Cyber criminals on the other hand are always looking for your private keys. They use advanced techniques where they want to hack your crypto exchange or gain access to your private keys. This is the main reason you should always be vigilant and ensure that your crypto wallet is secure at all times.
Thanks for sharing, I also share about the wallet. If you have time please see my post.
I also use binance and I love it.
Wallets make it easy to store out cryptocurrencies and decentralized ones also stores our private keys so that we can have control over the stored assets.
The private keys we’re given are so important. Without them, we can’t sign our transactions which means we cannot trade our assets or even withdraw them.
Tight hot wallets are very easy to use and cheaper, I still prefer cold washers cos of their security. Like you rightly pointed out, they’re offline wallets which make them difficult for hacking.