Steemit Crypto Academy Contest | S3W3 - The Wallets by @cryptobitcoins | Supporting #burnsteem25
I hope all of you will be fine and Enjoying Good health with the grace of Allah Almighty. My Name is Ali Hassan and Today I'm here to participate in the Steemit Engagement Contest. This Post is my Participation in the Steemit Engagement Contest Season 3 Week 3 Which is held in SteemitCryptoAcadmey.
I am very excited to Participate in this contest because I want to share my knowledge about Wallets with this lovable community. So, without any waste of time let's move toward our discussion.
Here we are going to discuss What are Wallets. Wallets are Actually Digital Tools or Apps which allow the user to store their money Securely and Safely on the Internet. Wallets are Operated My Specific Keys and Codes, The user who has the key then means the Wallet belongs to him.
A Wallet May be Digital means on Internet or May be Physical like Hardware Wallets. Both are secure and Safe and you can store your Assets in them without any risk. They are just like your Bank Account or it would not be wrong if I say like your Online Mobile Banking.
Aas your Banking App allows you to Transfer your Assets or Deposit them the same as in a digital wallet but the digital wallet is far easier than banking apps.
Digital Wallets are made so that they can be accessed anywhere and at any time with the availability of the Internet. Anyone can open their own wallet with a few steps in which you have to enter some details and after some confirmation, your Account in that wallet was successfully created.
You will be provided with Some Keys, Phrase Codes, PINs, and Private Keys. So, you have to save these keys in a safe place and never share your keys with anyone because they can't be edited or Recovered.
Crypto Wallet:
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And If we talk about Crypto wallets then there are Several Wallets running in the market. There are two ways to open your Crypto wallet. The first one is by Choosing a Digital Crypto wallet Like (Bitcoin wallet, Trust Wallet and Meta Mask) and secondly when you create an account on a Crypto Exchange than the exchange owns its own Create a Wallet for you.
Whenever you purchase coins they arrive in your wallet. In both cases, you are provided With depositing Addresses and you are also able to transfer your funds to some other wallets and Exchange them.
A Tip for Newbie is that Please make sure that you are depositing Right Crypto to the right address. Make Sure and Double check that You are depositing Crypto by using the right blockchain. For example: If you send BNB to a USDT address then all of your assets will be lost. Even if you use the wrong blockchain your assets will not come and your transaction will fail to result in a loss.
Importance of Wallets.
- Digital wallets are the source for Storing our Digital assets like Crypto Currency.
- They Help us to Send and Receive Assets from different Sources.
- They can be used for making Online Transactions with a very low fee.
- Digital Wallets are made so that they can not be hacked easily because their Source code is digitally Encoded.
- Safe, Secure, and Convenient.
- Can be accessed any time, Anywhere.
Below I mentioned Some Wallets which I Mostly Use.
This is My Trust Wallet Account. It is considered as one of the best Wallets which is highly Secure and safe.
I Choose Trust Wallet because of the following Features:
- Safe and Secure.
- Support all blockchain Transactions.
- Covers a Variety of Crypto Currency.
- Offers Dapps which makes it wonderful.
- It is Free to use and is very easy to understand.
This is My Tronlink Wallet, I use it due to following Reasons.
Here are some Reasons to choose this wallet.
- Tronlilnk is actually developed and operated by Tron Ecosystem. So, it is an official app to store Trx that's why I create my Wallet.
- There are many other Wallets like Trust wallet also offering TRX wallet but I use Tronllink to accept payment from Steemit.
- There is no reason to use this wallet other than to take my Gift TRX from steemit.
Binance is Actually an Exchange but I mentioned earlier that Exchange makes your wallet on its own.
Here are some Reasons behind choosing Binance.
- Binance is the No 1 leading Brand in Crypto Exchange Market, So this thing attracts me. Because they never compromise their principles.
- It is very Safe and Secure.
- Low Trading fee.
- Good Customer Support.
- Gifts and Give away every Week.
- Discounts and Trail funds.
- Covers Top Crypto Currencies.
Overall my experience is good as I face no difficulty in managing my account. I mostly use these wallets to receive and make Payments. My payments arrive as the Transaction is validated. There is no Delay in a transaction. Low fees allow me to make no of payments all over the world.
A digital wallet makes my life more easier as I am a student and I have to purchase Courses from a different website and when I use my Mastercard for payment a lot of Govt. Taxes stop my way but using Crypto it makes easier and a digital wallet solves all my problems.
The Answer to this Question is Yes. I became the Victim of a Scammer soon after when I Joined a digital wallet. As, I was not fully aware, how to use the wallet and avoid scammers. Someone Contact me and asked me to open the link and attach your wallet you will receive a booming surprise.
As I was not aware of how wallets attach to a third-party account. So, I open the link and validate the Transaction. As I confirm it all my assets were gone and my wallet was empty. But now I realize that was my mistake.
Ways to Protect your Wallet
Here are some ways to make sure your account is Secure and Safe.
- First of all, make sure that your Device means your phone should be properly locked by your FaceID and Fingerprint this will make sure that no one can get access to your wallet by your own phone.
- Secondly, Never share your wallet keys with Anyone. Because who has a key, he has full access to your account.
- Never Open an Unkown Link.
- Never link your account to a third-party account that is not registered.
- Write down your Keys on paper and keep them in a safe place never place your keys on the drive and on Cloud Storage.
I mostly Prefer Hot Wallet, Because Hot Wallets are connected through the Internet and we don't need to carry anything with us as we can log in to our account anywhere by putting these keys.
While on another side your account is offline in Cold wallet and you have to carry a hardware device. Cold wallets are much more secure than Hot wallets, as they can never be hacked.
Hot wallets Vs Cold Wallet:
| Hot Wallet | Cold Wallet |
|---|---|
| Hot wallets are user-friendly | Cold Wallets are not User Friendly |
| Need Internet to Access | They can be accessed Offline |
| No need to carry any hardware device | You have to Carry your Digital hardware device |
| Connected to Exchanges | Offline, Not connected to Exchanges |
| More Chances to be hacked | No chance of Hacking |
| Less Secure | More Secure |
| Free to Use | Starting from $200 |
The Use of a hot wallet and Cold wallet depends on the user. If a user wants to hold their crypto for a long time then he prefers a cold wallet because they have a high level of security. But a user who wants to trade his coins continuously then he prefers a hot wallet because they are connected through the internet and you can exchange your coin easily.
But research shows that today is the trend of Hot wallet because it is free to use and it is also safe. Persons having a short portfolio always prefer a hot wallet.
Conclusion:
Wallets are the best source to store your digital assets. Crypto wallets are growing day by day because they are secure to use and provide a no of features that one can select according to his need. Hot and Cold wallets are both beneficial but depend on the need of the user. I prefer Hot Wallet.
I want to Invite My friends @steemdoctor1 @jani786 and @janemorane to this amazing Contest.
Written By: @cryptobitcoins
Great work brother.
I had no words to explain the quality of your analysis and actually your work is revealing your experience in the crypto space by itself.
Thanks a lot for sharing with us and I wish you a very happy contest.
I'm very thankful for your kind words. I'm not talented but your words make me.
Crypto assets are an important breakthrough in the world of finance. No wonder security is vital for this digital asset. Managing your crypto wallet keys is an important part of keeping your account secure. The same applies to crypto assets, which use cryptography to access access.
In crypto terms, this is often referred to as the private key. Each key has a corresponding wallet address. Without this address, no one can access the crypto assets in your wallet. It is very important to keep private keys secure so they are not lost or stolen.
Thanks for sharing, I also share about the wallet. If you have time please see my post.
Thank You so much for reading and sharing your review with me.
Sure, I will find time to read your post.
Thank you for your time and opportunity.
Yes dear,I concore with your choice that trust wallet is really a good wallet,as they are the most high in security and also gives you asses to most things in the app when you are offline.
I'm totally agree with your statement and love to read your post specially comparison between cold and hot wallet stay blessed best of luck
Thank you so much.
Wallets allow us to store out digital assets securely and it's easy to use. I also prefer hot wallets because its initial investment is cheap unlike cold wallets that requires buying with a lot of money in some cases.
This is absolutely necessary and not just for newbies. The way the addresses and their networks have been designed can sometimes be tricky. It’s important to choose the right network with its wallet address and double check. Don’t be too lazy to protect your transactions.
Thanks for sharing.
Just with internet we can now make transactions to any part of the world at anytime. Unlike the banking system when they have closing hours.
You can also stake TRX with your TronLink wallet to earn from your asset. You can also swap your TRX with USDT and different tokens.
I have seen many links on steemit platform to click on a receive support. I always consult my country representatives before doing anything of such sort.
This is very stressful and at the end you still have to download hot wallets to trade your assets.
Please find time to visit my post as well. Good luck..!!
https://steemit.com/hive-108451/@sadiqxylo/steemit-crypto-academy-contest-s3w3-the-wallets-by-sadiqxylo