S4B Crypto Contest - Season 5
Hello everyone,
It's your favorite Steemian @rakiya from Nigeria and I'm delighted to join in this contest organized by @waqarahmadshah in this noble community today. It's a wonderful contest and I love to share my participation in it.
What is a crypto wallet?
Crypto wallet as the name implies is a wallet that is used to store crypto currency i.e a place where you store your digital asset and you can send, receive and as well trade them using your private key.
Private key is what makes the owner of the wallet incharge of the wallet I e what makes him or her the sole owner of the asset in the wallet. A wallet whose private key are not available is as good as a wallet that doesn't have an owner.
To say you have a crypto wallet means you have the private key of the wallet. You have full authority over the asset of your wallet and you can send and receive at will.
What are the different types of crypto wallets?
There are many types of crypto wallet and I will be mentioning a few I know. We have the cold wallet and the hot wallet, software wallet, hardware wallet and the paper wallet, we also have the custodial and none custodial wallets.
All the above mentioned wallet are the different types of crypto wallet you may find in your day to day live and they all have their levels of security and some users prefer others to some based on the user experience.
Why do you need a crypto wallet?
Once you have decided to go into the crypto currency business, you need a crypto wallet because that is the only means through which you can be able to send and receive your crypto asset.
A wallet is the only place where a crypto asset is kept or stored for usage or transaction such as sending or receiving and many other things. Since it is a digital assets, you can not hold it anywhere aside on the digital space and that is the reason why we have the crypto wallet.
Every trader or crypto lover must always get a crypto wallet for his or herself because that is the only means through which he or she will be able to hold or store his asset.
What is the purpose of a private key in a crypto wallet?
The purpose of the private is to give you access to become the owner of your digital asset. I have said earlier that he who has the key owns the asset because the private key is the only security that will help the user to send or trade their crypto asset.
So the private key is the most important for users as it is the main key needed to perform certain transaction in the wallet. Everyone with the private key is the owner of the asset.
I want to lastly invite @dave-hanny, @okere-blessing, and @mesola to also share their thought about this very topic today.
Thank you, friend!
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Yes, it is interesting that there are several types of digital wallets, and each one works in different functions and ways. And of course, it depends on the user which one to use, one knows better than anyone else which one suits him and serves him. Good participation, success @rakiya