The Tech Quiz - Season 15
pixabay, edited on pixellap
I believe many of us are using a wallet, it's common everywhere. We have wallet for men and for women, why do you think go with their wallet when they're going out?
pixabay
it's obvious that there's something precious is inside the wallet, which is money, right? Absolutely yes. Just like the physical wallet where people use to arrange their money inside so as to be safe, the same thing happen to crypto wallet.
I know the first question you will like to ask is what is crypto wallet? you are right. In todays contest, we will go into deep explanation of crypto wallets, not just the wallet, we will also look into some secured wallets that's recommendable. We'll look into the advantage of disadvantage of crypto wallets. So guys this the best way to learn about crypto wallets in other to know how to manage your crypto effectively.
What are crypto wallets? |
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Now let's begin with what crypto wallets really mean. crypto wallets is a digital wallet whereby you can use it to store, send, and receive cryptocurrency. Just like a wallet I mentioned to hold cash when you're going out, crypto wallets is similar to that but the difference is that it holds digital currency.
Now that we've come to know what crypto wallets is, now let's look into different type if crypto wallets. We have 2 type of crypto wallets which
- software wallets
- hardware wallets.
Software wallets is a mobile in apps form where you can easily download and install into your computer or phone while in the case of hardware wallet, it's a physical devices to store your cryptocurrency . I hope it's understandable and clear.
Can you recommend a secure crypto wallet? |
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Since I started my journey in crypto world, I came to realize that trust wallet is a secured wallets, highly recommended. why do I choose trust wallet?.
picture of trust wallet in Google play store
Now let's look into trust wallet features:
- Trust wallet support 2FA security
- Multisig support
- Built-in security audit
- Non-custodial which means that you have full control over your private keys and your funds.
This Trust wallet is available in Android, IOS and also on web, meaning you can get access everywhere.
Pros and cons of crypto wallets. |
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Here come to last part of crypto wallets. I have explain the benefit of using crypto wallets and the most highly recommended wallet which is trust wallet. Now let's look into the advantage (pros) and disadvantage(cons) of crypto wallets.
THE PROS
If you have a crypto wallet, you are in complete control of your own funds, so you don't have to worry about your funds being stolen by a third party.
More freedom and flexibility to do whatever you want to do with your money because you're not subjected to the rules and regulation of central authority.
Another advantage of using a crypto wallets is that you'll have the ability to make fast and also cheap transactions. you can send and receive funds quickly and with little charging fees.
You can easily get access you your wallet and find anywhere in the world in an internet connections. it's doesn't matter whether you're in your country or not.
THE CONS
The first time I come to know about trust wallet I don't know about how to keep safe the private key. after some month, I lost my phone and all the fund my wallet was gone because i couldn't recover it. I lost the private key.
The disadvantages of crypto wallets is when your private key is lost or stolen. If your private key is lost or maybe stolen, you will lose access to your wallet and your fund, and it's can't be recovered. even if you have a billion dollars fund.
Some crypto wallets can be hack by hackers which means you can lost your fund and assets to hacked.
Another most disadvantage is that the market value of cryptocurrency can fluctuate at anytime meaning that the value of your crypto can go up or down. It's not predictable.
Conclusion |
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Crypto wallets is a wallet use in storing crypto currency and by using crypto wallets you will get access to fast transaction and to access your fund anytime anywhere. You can also loss your fund if you lose your private key which cannot be recovered. That should tell us that we need to have highly recommended wallet and we keep our private key safe in other to avoid the cons of crypto wallets.
I'll like to invite @drhira @dexsyluz @danish578 @suboohi @nsijoro @wakeupkitty @goodybest and @patjewell to join this contest.
Thanks alot dear brother fir inviting me for this nice contest but i already Participated in this contest.
I like your point
I missed this one and also learned from your post thanks for sharing with usc
Yeah and that's actually what am scared about cryptocurrency. When I started online platform, I was rewarded 1$ which worth 700 that time. I left it on my wallet, after sometimes, the value increase And am earning from it.
That's why I said it unpredictable.
Yes your right it's unpredictable. But we ca Guess some percentage for it. By the way best of luck for your Contes and for future in crypto mrket
My x Link
https://x.com/Mhiztachosen/status/1756705811038888243?s=20
Good evening my dear friend, why wouldn't you be cons of crypto wallet, it just reminded me of steemit crypto wallet and why we should keep our keys safe to avoid any case of theft. Each cryptocurrency has their specific reason for creation and have their importance in the crypto world, these characteristics has made crypto transaction very fast, I mean without delay, the benefits of owning a crypto wallet which you have listed are so enormous, ranging from having full access to your money to security of your assets. My dear friend I'm so happy that you have been introduced into this crypto world, and you have been exposed to some certain benefits. Owning a crypto wallet is very vital and makes a lot of sense, because in this age I can't even imagine any youth that can stay without knowledge of crypto. I really appreciate you for inviting me to join this contest. I use binance as my crypto wallet, because the give chance for me to explore different features in the crypto world. So happy dear. Goodluck on the contest.
Exactly steem is also a crypto and we should keep our keys safe, because just like other wallets if the key is been stolen, leak or loss, we may lose our account. Thank you.
Assalamu Alaikum, I hope you are well. I am very happy that you have participated in this contest. Trust Vault has given you the mission. Trust Vault is very good and its security system is very good If it is strong, that's why I personally use Trust Vault
Yes I use trust so many years now and it's recommended bro. Thank you for checking on my post.
Great your most welcome. Im also personally Using trust wallet even im not holding on exchange on. Exchange the fund is not in your. Hand butt in Wallet its in your control.