STEEMKIDS CRYPTO ACADEMY WEEK 4/CRYPTOCURRENCY WALLET||10% payout to steemkids

Hello friends, welcome to my week 4 participation in the steemkids cryptoacademy.
This week we learnt about the cryptocurrency wallet.
I have learnt a lot from teacher @benton3 this week.
Now I will submit my assignment below:

Question 1

● 1. What is a cryptocurrency wallet?

Cryptocurrency wallet can be defined as an app, device or physical medium that allows users of crypto to store and also retrieve crypto assets.
Cryptocurrency wallet is used to store the keys for a cryptocurrency transaction.

When a coin is stored in a cryptocurrency wallet, transactions can be made directly from there.
Examples of cryptocurrency wallet is our steemit wallet which we are all familiar with. Our steemit wallet enables us to store our steem, SBD and Tron in it. We can make transactions such as exchanging SBd to steem and converting steem to Steempower directly from the wallet.

Question 2

1. What are the benefits of a crypto currency wallet.

Benefits of cryptocurrency wallet

• Cryptocurrency wallet enables it's users to send and receive cryptocurrenvies.

• It is easy and convenient to use.

• It provides security and assurance for cryptocurrency users

• Cryptocurrency wallet can be used to complete transactions

• It enables users to manage their crypto balances
  

Question 3

1. Mention the types crypto wallets.

Types of cryptocurrency wallets

• Software wallets
  Software wallets may be an app or can run in our browser.
  Many of them uses the internet connection and provide an easy way of carrying it about

• Hardware wallets
  This type of wallet stores the users keys in a secure hardware. And this can be moved to any other devices.
  A hardware wallet does not require internet connections to run it and this makes it a secure form of storage.
  

Question 4

● Explain the classification by mode of storage

classification by mode of storage

• Hot wallet
  This is the category of wallet that works with internet connections. They are more insecure to use as they are usually prone to cyber attacks.
  It is a user friendly wallet category

• Cold wallet
  Unlike hot wallet, the cold wallet does not require network connections to run it. It is better than hot wallet in terms of security.
  The cold wallet is less user friendly.
  

Thank you so much everyone for reading through my post. Learning is fun and considering the condition of the world today and where it is heading, it's very important for also to acquire a lot of knowledge.
See you all soon.