S4B Crypto Contest - Season 5

Good day my follow steemians on #steem4bloggers, it my greatest happiness to be here with you all on this community, and I also hope that you all are in good health and safe place.

Today I will be participating on a contest which is organized by @waqarahmadshah which has to do with crypto.

What is a crypto wallet?

Well, crypto wallet is a digital wallet that allows user to send, received and even store their crypto currencies like #steem, Bitcoin, Ethereum and others.

And it has other features like public address that users used in receiving funds and keys like private key that is used for managing and accessing the store crypto currencies.

What are the different types of crypto wallets?

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In crypto world they are different types of wallet available which i will be listing them below.

• hardware wallet: this wallet is physically devices that is designed to store the user private keys offline, it is know as one of the most secure options since it is not connected to internet in order to reduce hacking.

• paper wallet: this has to do with the printing of public and private keys on a piece of paper. It is also a way of storing crypto currencies offline, away from potential cyber threats.

• brain wallet: it allow user to memorize a passphrase or seed phrase instead of keeping it physically.

• Desktop wallet: it is installed on your desktop or commpter so desktop Wallet is a common type of crypto wallet user used to securely store and manage their private keys on a computer hard drive.

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Why do you need a crypto wallet?

They are many reasons why traders need crypto currency wallet, and it is important for anyone look forward to store, manage and transect with crypto currencies.

Crypto wallet is necessary in many ways such as secure storage, control over funds or coins, diversification of Assets , accessibility of funds or coins at anytime, decentralization of funds and security features. So this are they important need of crypto wallet.

What is the purpose of a private key in a crypto wallet?

Without the private key, it is impossible for anyone to access the funds store in a wallet , so it provides the security and ensure that it only the owner can send and received crypto currencies. So it is a secret key code that it is know by to the user or owner of the wallet.

It is used to access and control the currencies store in a particular wallet by a user.

I will like to invite @bossj23 @goodybest and @toflex to participate in to this contest too.

ST. @xiguang, @italygame @nixiee , @Goodybest and @eric818

Thank for reading my post.