Steemit Crypto Academy Contest / S3W3 - The Wallets by @sameer07
Hello Steamians!
I hope all members will be Fine. Happy to say that, we are enter in Third Week Of Season Three. I’m participating in this contest of Season 3 -Week 3 of the Steemit Crypto Academy. In this post we will be talking about The Wallets. So let's Start,
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1- What are Wallets? Why do you think wallets are Important? Lets talk about it.
Wallets, we know that these are flat pouches that are used for carry personal Small things, like Currency, ID card, Student Card , ATM , License Etc. But according to contest, in this week we will discuss about Digital Wallets.
Digital Wallets, where we have our Cryptocurrencies in receipts. If we look Traditional Banking it will be that we have a account from bank, but in this case we have wallet or wallets on Internet/Network. These wallets allow us to control investment that we made in Crypto market. The Wallets allow us to manage our keys and our wallet addresses for well control over all investment.
Wallets are Good source of alternative for investors in Cryptocurrencies to store your investment. Wallets are very secure and provide us great privacy. If we execute transactions we need an email.
Wallets are electronic application used for financial transaction. Digital Wallets are used to store funds, Cryptocurrencies and can be used to store all financial. In these days some wallets allow Thier users to store Personal information, ID card , Data , Tokens, ETC.
The importance of wallet is provide us security, since we can be clam our money is safe and secure. All Cryptocurrencies investors should have one or more than one wallets. We make our investment more safe and secure if wallet are better.
There are Two types of Wallets..
🔹 Hot Wallets
🔹Cold Wallet
Now, u will show you how they work. Wallets offers us to store Cryptocurrencies or Token. If you have wallets, then be very careful with the keys and save keys in your Drive. Because losing of keys mean you can lost your money and as we know that it's impossible to recover our account or our keys.Wallet does not accept third party and security of wallet is very high.
Digital Wallets increase or enhance the security and user financial information is encrypted.
Digital Wallets make it easy for their user to transfer our money to our friends, family members that they live in any part of World.
Intermediary does not involve in any type of transactions, it uses peer-to-peer method of transactions.
2- Which Wallets do you own? Why did you choose those wallet? Talk about Your experience, show Screenshot Of your Wallets.
Before working on steemit, i have no idea about Cryptocurrencies, well i started learning more about Cryptocurrencies to Steemit. First i handled Steemit Wallet. This was first Wallet that i handled after start working on steemit and still have it till date.
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As you know, we need steemit wallet if we working on steemit. We need steemit wallet for withdrawal our earning from Steemit. As you know that we earn Steem and SBD and TRX coin on Steemit Platform. We need this wallet to maintain our club status. As you know that, if we need to power up we use steemit wallet for power up. If we need to transfer our steem to another user so again we need steemit wallet for transaction. Steemit Wallet is very Important for Steemit.
On other hand, since i started work in steemit and i got knowledge about Cryptocurrencies. I started learning from Steemit. Then i created account on Binance. Now I will show my Binance Account.
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I also choose Binance, i trusted this wallet because i never heard any bad comments about Binance. But mostly I heard comments on other blockchain wallet..Many people's say card has been stolen. The security of other wallets are less stronger than these wallets.
As you know that, This wallet is used for Deposit and Withdrawal of Cryptocurrencies , for trading, 2P2 transactions etc. After start working on steemit, i want to get Withdrawal of my earning from Steemit. Then i created account on Binance wallet. I used this wallet for withdrawal steem for Steemit and deposit those steem in Binance. Than i convert those steem Into USD.
Binance provide their users to low fees on transactions as compared to other wallets.
I have good experience in Binance wallet that has been very good and easy to use. l visit this wallet many time in a day. Everyday i learning new things in Binance.
In Binance, anyone can't steal our Cryptocurrencies, or assets, because anyone make this mistake they will lose their assets. Binance wallet is best for us when it's come to holding assets.
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I have another wallet The name is metamask wallet. I use metamask wallet to connect opensea.io because i promote my steem NFT. In opensea.io is must to connect any wallet than i use this wallet. I use this wallet for connect opensea.io platform where i promote my NFT.
I always aware of the Crypto market. I always looking for best investment opportunities that opportunity will make me profitable and where i can put and have learned into practice.
3- Have you suffered any theft in any of your Wallets? Tell us about your experience, what do you do to protect your Cryptocurrencies?
Fortunately No, i have not suffered any theft in any my Cryptocurrencies wallets. I have always safe wallet from this type of risk because I have heard true story of my college teacher, they have had Thier investment stolen. My teacher have suffered irreparable losses because they don't recover own money.
I haven't experienced like that since i installed trusted application or wallets and i started to save my Cryptocurrencies or assets.
Keys should be kept in secure place and put your keys in place where we will easy to find keys by this we can always touch with our assets .
Never share your password with other users which you don't know. If you do that they will steal your assets.
4- Do You Prefer hot wallets or cold wallets, give your opinion About.
Hot and cold wallets have their pros and cons respectively. Before choosing out of 2, one really has considered the trade-off of both wallet.
Hot Wallets ,The wallets that are mainly known to maintain connection with Internet. Hot wallet is wallet that can not run with out connection of internet. With the facility of internet every user can make faster transactions. Hot wallet is chosen by lot of people's because of it's usability. Hot wallet has an advantage of its speed. User that use wallet for trade, Hot Wallets is the best wallet because These wallets execute trade fast.
Hot Wallets are attacked portfolios by Hacker's which leads the lose of assets in wallets.
Cold Wallets , The wallets that can run without Internet or offline wallets. These wallets doesn't need internet for operations. Cold Wallets are more safe and secure as compared to Hot Wallets because it is not immune to online attacks from Hacker's. Cold Wallets require physical Access to wallet like pin or password which is very difficult.
Cold Wallets are slow in speed and less convenient. These wallets are slow carrying out transactions as compared to Hot Wallets.
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Now the Question is Which of the both wallets are Best?
I must choose Hot Wallets, reason is because hot wallets are too faster and convenient as compared to cold wallets. I want to feel my assets in my hands but in safe place
Hardwares used as cold wallets that are very expensive than hot wallets that are free. Hot wallets are best always best for me.
For Users who prefers Hot Wallets for the storage of their assets should sure that they must go for a Hot Wallets with high secure and safe reputation. User getting in touch with assets so everyone should try and own wallets.
I would like to invite @faran-nabeel , @aaliarubab and @sitarandriys for participating in this contest.
Best Regards,
@sameer07
My friend,wallets are very important to carry on our day to day activities in our crypto wallets.
The keys are to be store properly and not exposed to people bacuse they might go to the extent o trying to hack them and through that all our crypto will be gone.
Your are right my friends, wallets are very important for save our assets and Keys should be kept in secure place and always touch with assets.
Thanks for your review.
Okay dear.
Your post was upvoted and resteemed on @crypto.defrag
You are right Binance is the best wallet of Cryptocurrencies. Best of Luck for the contest..
Thanks for your review.
Such a informative post about wallets, i really like your effort you did great job brother.
Best of Luck for this contest.
Thanks for your review.
This is really Great 🔥
Thank you..
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.
Yes you're right, Each key has a corresponding wallet address and its very important for all users to keep secure our private keys.
Thanks for your review..
So don't ever share your wallet with other people.
I will never make that mistake..
We are better off avoiding unwanted things.
Yes
Yes it is true and i also use this exchange and thank you so much friend for sharing this wonderful post best of luck.
And also thanks for inviting soon i take part on this contest.
Thanks for your review.
Thank you for your advice on securing our hot wallet. Like for me, i use Google Authenticator in securing my wallet.
Thanks for your review and thanks for told about Google Authenticator..
Very well detailed and unique post dear friend. And sir sorry for late response because I can't receive notification through you because you can't write my correct username.
Thank you so much for your invitation ☺️. I surely participate in this contest.
I'm sorry for that mistake, i hope you will post as soon as possible and waiting your Entry for this contest.
Thanks for your review.