Steemit Crypto Academy Contest / S3W3 - The Wallets by @temitopef
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Good day, Steemians, and I welcome you to my blog once again for the 3rd week of the engagement challenge in this season 3. The Academy has once again given us a very interesting topic to work on and I am very happy to be writing on it today as I talk about wallets.
What are wallets? Why do you think wallets are important? Let's talk about it.
Wallets are pouches that can be made of different materials like leather and many others, they are used to hold our normal conventional currencies, ID cards, ATM cards, small documents, and others. Wallet ensures that the aforementioned materials are properly and securely contained in it. But being a crypto academy contest, wallets have a different meaning.
In the crypto space, wallets are a digital type of wallets that is used to store cryptocurrencies (a form of digital currency) so that it remains unique to the owner at any point in time. Buying and selling of cryptocurrency is directly into or from a crypto wallet which means to buy a crypto asset, you must have a wallet where you will receive it and to sell as well, you must have some in your wallet.
Furthermore, wallets play important role in the safety of our crypto assets to ensure that it cannot be stolen or lost easily. Normal wallets can be lost while walking on the road and once it's lost that's forever especially when it falls into the hand of someone who lacks the integrity to call the numbers that may be on the documents in the wallet.
Wallets in the crypto world can be easily retrievable through different means even when the devices that host them are lost or stolen. They can be retrieved by simply logging in again with passwords into wallets of centralized exchanges or restoring funds using the private keys of the decentralized wallets or other cold wallets. These wallets are of two types which are hot and cold wallets and I will be talking about them below.
Hot wallets are connected to the internet at all times and make their access easy. Examples of Hot wallets are TronLink, MetaMask, C98, TrustWallet,, and many others.
Hardware wallets as one under cold wallets can be USB device that stores someone's assets and is only connected to the computer when the owner needs to access the assets. Their examples are, Ledger Nano S, Trezor Model, D'CENT Biometrics Wallet, Secure X, and many others.
Why do you think wallets are important?
Which wallets do you own? Why did you choose those wallets? Talk about your experience, show screenshots of your wallets
The wallets I own are hot wallets and they are classified as mobile wallets because I access them from my mobile phone most time. I will be listing the wallets that I own below.
TronLink: TronLink wallet is a wallet type that is built on top of the Tron blockchain and it's the official wallet of the Tron network. Furthermore, it is a Web3.0 type of crypto wallet that has built-in decentralized applications that can be used to connect with other DAPPs for various activities in the crypto space.
Why I chose TronLink
Trust Wallet: Trust Wallet is also a Web3.0 wallet, a non-custodian wallet at that, which can be used to store cryptocurrencies across several blockchains, Binance Smart Chain, Ethereum, Avalanche and many others, in one wallet. Furthermore, it can be used to store BEP-20 tokens, ERC-20 tokens, and many others, also Non-Fungible tokens (NFTs), it's one of my favorites.
Why I chose Trust Wallet
Steemit Wallet: Steemit wallet is a non-custodial wallet that is used for the recipient of Steemit curation and author rewards and it is also used to store assets like Steem, SBD and TRX that is integrated to the platform. I started using this wallet when I joined Steemit last year.
The Screenshots of my Steemit Wallet Why I chose Steemit Wallet
Binance Wallet: Binance wallet is different from those I have spoken about earlier because it is a centralized wallet of the popular centralized exchange, Binance. It was created in the year 2017 and it has been one of the best in the world with good service. I have many reasons for choosing this exchange's wallet and I will talk about them.
Why I chose Binance Wallet
Have you suffered any theft in any of your wallets? Tell us about your experience, what do you do to protect your cryptocurrencies?
This is one occurrence I don't want to experience in the crypto space, that is theft. I have lost so much money in trading and holding some assets but fortunately for me, I have never experience theft before, and with this, I don't have any experience to share about the theft of my cryptocurrency assets in any of my wallets so far but I will be talking about some of the ways I protect my cryptocurrency assets in the wallet.
How I Protect my Assets in my Centralized Wallets
Security on Binance
How I Protect my Assets in my Non-Custodial Wallets
Do you prefer hot wallets or cold wallets, give your opinion about
At the beginning of my entry today, I have explained what hot and cold wallets are with their examples but in this section, we are expected to show the one we preferred which I will be doing just that. Once again, Hot wallets are the types that are connected to the internet at all times and examples are Mobile wallets or web wallets like Trust Wallet, C98, TronLink, Metamask, and many others.
Furthermore, cold wallets are the types that are based offline to store crypto assets in a way that it's only connected to hosting devices when needed, examples of them are Ledger Nano X, Trezor, and many others. In terms of security, cold wallets are better because they are only connected when needed while hot wallets are more susceptible to hacks because they are connected to the internet at all times.
My choice out of the two will be based on my experience, I have not been able to use a cold wallet before because its initial investment is costly, I checked one today and it is around 98,000 Naira that is equivalent to 600 Steem. So after all, I prefer hot wallets.
Why I prefer Hot Wallets
Conclusion
Wallets are very important in the crypto space because without them a lot of things are not possible, if we don't have a place to store our cryptos how are we going to trade them? This is why wallets serve as the storage place for our assets so that we can perform many transactions. I prefer hot wallets for ease of accessibility, cheap initial investment, and many others. Many thanks to the @crypto-academy for this awesome topic. This is where I will be stopping for now, thank you so much for reading.
Thank you for publishing an article in the Crypto Academy community today. We have accessed your article and we present the result of the assessment below
Comments/Recommendation
Overall, you have done great in this contest. You explanations on wallets are well detailed . Thank you for participating in this contest.
Total|9/10
Thank you so much professor for the review.
You define cold wallet very well. The best cold wallets are those that are disconnected from the internet, such as an external hard drive or a thumb drive. Cold wallets also make it impossible for hackers to steal your coins because they can't access them.
I'm very happy that you love my explanation. Thanks for stopping by.
Just like passwords, OTP codes or PINs, private key wallets must also be protected. Because if the codes are leaked to irresponsible people, your crypto assets might disappear. Then, how to keep the private key? First, never share your private key wallet with anyone, including individuals claiming to be from crypto companies, whether they are crypto exchanges, wallets or the issuer of the currency itself. Second, write down the private key on a piece of paper (try not to use it on a cellphone, computer or other electronic device), then store the paper carefully, for example, in a safe, under the bed or any other place that you think is safe.
Your contributions on my post is very good and appreciated. Thanks for stopping by.
I am very happy.
Once again a great post!
You are truly nailing these crypto challenges my friend. Well done!
Ps. Thank you for the invite. I am coming for you (•ิ‿•ิ)
Yes momma. I can't wait to read your post in this contest. Waiting...
Haha! It’s a tough one this week 😊
Hahahahahahaha
I love the way you start your publication before jumping into the real matters of the day LOL. it caught my attention to actually read your publication.
I love the measure you have put in place to secure your wallet, Top level. I actually learn from your publication.
Hahaha. I just thought I should begin with the basic knowledge of wallets. Thanks for stopping by.
You are always delivering , your crypto articles are always top-notch, i initiated 2 step verification on my exchange as well, as this makes it more safer and I get to authorize the transactions myself.
It's good to know that you also authenticate 2-FA on your exchange account, it gives improves the security of our accounts. I have read your post too, you wrote a beautiful post in the contest. Thanks for stopping by.
Hi @temitopef, very good post.
For some reason I omitted in my post the fact of placing the binance, Huobi, steemit wallets, which are also wallets, very good that you have placed them.
There is a huge diversity of options, it is good to read different posts about it, because it allows us to know a little more.
Thanks for the information
You are right my friend, they are all wallets which allows us to chose any that suits our needs at a particular time. We also learn from each other and I am very happy that you learned more from my post. Thanks for stopping by.
The same with me. I wouldn’t want to experience theft at all. We’ve already lost so much due to market instability that losing due to theft would be something else.
That is why I want to understand and start using cold wallets cos of their safety although they’re not easy to use.
Theft has never been a good thing not even in the crypto space. I can't bear to see someone's hard earned money flew away just like that.
Yeah that’s true, future trade has its wallet, spot trade has its wallet and even when translating with P2P a separate wallet is used. Wallets are very important in the crypto space.
This also a reason why I possessed this walle, you can vote for super representative, stake TRX and the highest stake person earn rewards in the Tron-fan-club community.
The P2P feature has really help me a lot. Oh, I never knew there is a band on trading cryptocurrency in Nigeria. I don’t know if my country government is even away of cryptocurrency.
Yeah that’s true, we can trade with any crypto pair with hot wallets or even with different trading methods.
Please find time to visit my post. Good luck..!!
https://steemit.com/hive-108451/@sadiqxylo/steemit-crypto-academy-contest-s3w3-the-wallets-by-sadiqxylo
The P2P helped us in my country so much that it was through this method many of us were still able to remain in the crypto space. I have visited your post before. Thanks for sharing on my post.
The P2P has help me a lot too. My pleasure dear.
A very complete and descriptive post. I like the analogy you make between the meaning of wallet in real life, as a means to carry various documents and paper money, and what it means in the crypto universe.
Like you, I have never gone through the unpleasant experience of a theft of funds, and I hope it doesn't happen.
Thanks for sharing this post!
I'm very happy that you have never gone through thefts too in the crypto space, it is something we pray we don't experience. Thanks for stopping by and recognizing my work.
It was a pleasure!