STEEMKIDS CRYTOACADEMY WEEK 4| CRYTOCURRENCY WALLET|| Assignment by @chiomzy810
It's another week to learn things concerning cryptocurrency Wallet, I wouldn't want this knowledge to pass me by as this is my first time of partaking. Warm greetings to all my fellow kids present.
I really appreciate this privileged given to all us to learn the basic statics attached to steemit and about cryptocurrency. My gratitude to @benton3 for this awesome opportunity.
What Is A Cryptocurrency Wallet?
What Are The Benefits Of A Cryptocurrency Wallet?
There are lots of benefits which include;
- A cryptocurrency wallet makes it easier for users to store, manage and do transactions with their cryto assets.
- It's security is assured based on the type of wallet you use.
- It helps us to manage our crypto balances.
Mention The Types Of Wallets
The main two types of of crypto wallets include;
✓Software wallets.
✓Hardware Wallets.
SOFTWARE WALLETS:
This type of wallet are mostly used by people today, This wallet can come in form of an app or run on a browser. Most of them uses the internet connections and makes it easier for making payments and transactions with less difficult.
Some of the wallets in software wallet Includes;
✓ Online or web wallet.
✓ Mobile wallet.
✓Desktop Wallet
HARDWARE WALLETS:
This type of wallet does not require internet connection to work, Thursday making it a secure form of storage. It stores it's users keys in a very secure hardware and can be moved or transferred to other devices. Hardware wallets are not user-friendly compared to software type. Accessibility to cryto assets tends to be more difficult.
The wallet here is;
✓Paper.
Explain The Classification By Mode Of Storage
In this part, we have two types of wallets bassed on Mode Of Storage which includes;
Hot Wallet:
This type of wallet works with internet connection, thus making cryptocurrency wallet unsecure. They are more easier to use, more user-friendly and prone to security and cyber attacks.Cold Wallet:
This type of wallet requires no internet connection to store cryptocurrency, it stores them in an offline mode. It is less user-friendly compared to hot wallet .it can be stored in a detachable drive or computer hardware, which can only be accessed when you want to use it.
Conclusion:
Learning about cryptocurrency wallet was really understandable and amazing, I enjoyed every bit of it. Above is my assignment and mostly written to my understanding of it. Thank you again @benton3 for the opportunity to take part!.
Special regards:
@benton3
@steemkidss
@ngoenyi
We appreciate your participation in the Steemkids Crypto Academy.
Thank you
Thanks for sharing
You're welcome
Thank you for participating in this weeks crypto academy. We appreciate the time you brought to do this assignment.
Your presentation was fine and explanations very clear and straight to the point.
However I observed, you did write about Paper wallet as a type of wallet even though it is mostly outdated.
All the same, thanks for the good work.
Looking to your participation in week5 of steemkids crypto academy.