Steemit Crypto Academy Contest / S3W3 - The Wallets by @starrchris
What are wallets? Why do you think wallets are important? Let's talk about it.
Which wallets do you own? Why did you choose those wallets? Talk about your experience, show screenshots of your wallets.
Have you suffered any theft in any of your wallets? Tell us about your experience, what do you do to protect your cryptocurrencies?
Do you prefer hot wallets or cold wallets, give your opinion about.
In this current generation the use and application of wallet can't be underestimated because it plays a basic or primary role in the financial and economically sector of our lives and that of any nation, because everyone who wants to have a better tomorrow must have a wallet because of it awesome feature.
Wallet:
A wallet is a storage devices which is mostly used to store financial assets or money, a wallet is more like an piggy bank which was used to store money and other valuable like coins for safety and for efficient future use. A wallet can also be defined or called a container because it helps in safely holding valuables which must not only be money 💰 because as a container it can contain documents and other valuable papers.
Safe:
Wallet are storage devices that helps safely hold asset or properties of a person safely, that is to say with wallet on asset tends to be safer and secured from thief or criminals even though no wallet assured 100% safety , although the ensures a large percentage of safety to their user.
Organization:
wallet help people easily organize their money or asset in as in a safe place for easily and faster collection in time of need, for example puting your money in you pocket directly mostly results cause money to squeeze, fall accidentally on the ground which might result to permanent lose and harder to remove a selected amount with out Incase of emergency but with an ordinary physical wallet it's saver are cleaner to save or keep our cash save.
There are different types of wallet, they Include
| Hot wallet | Cold wallet | Ordinary |
|---|---|---|
.jpeg) | .jpeg) | .jpeg) |
- Hot wallet
- Cold wallet
- Ordinary Wallet
Hot wallet:
This is the one of the most used wallet in the world, it gain popularity since the emergence of crypto currencies or assets in our current generation, I also call this wallet the online or virtual wallet because the store your asset in a in an online spot that can only be accessed with the help of the internet connection. That's is to say with out the help of network connection the users of cold wallet can't access their account or asset.
Cold wallet
In the other hand cold wallet is a wallet that can be use to store asset in a safer place offline, it more like a physical device like the USB and other storage devices that help store resources. Cold wallet is also known as the direct opposite of hot wallet because it was created to settle the downsides of hot wallet.
I have just one type of wallet and it's the Hot wallet for the main time I may acquire other types of wallet especially the cold wallet wallet, because I am a grown up who make money I am definitely expected to have a wallet to store my wallet for the growth of the project and for buy own especially when I am talking my future, so therefore I have to have so savings of my asset, as we all now it's not convenient for me to physical hold all the asset and the virtual asset so I discovered the best way to contain and safe my hared earned asset.
I chossed this asset because they are reliable, when I am talking of reliable I am talking of binance and trust wallet that comes with the application. This application gives me assurance that my asset are as safe and cool as I previously left them, most especially trust wallet because trust wallet is Decentralized and don't have any center admin controlling the activities in the wallet so I am sure no one except me can access the Wallet
Roqqu is also a trustworthy asset but the problem is it's not as reliable as binace and trust wallet but I love using it because it is a local exchange and the price of assets here are really higher than that in other exchange like binance, I usually buy asset for binace and store it in binace it gonna stay for a long period of time but I send them to Roqqu if their sell time is close to one or two months
No have never been robbed of cold and hot wallet because I have been extra careful for example
° I don't ever store my password to any wallet online or in any application that can be accessed from any or different online source like email, chrome, Opera mini because these platform no matter how secured, it could be hacked into to steal those important password and used by criminals to manipulate your account with out the real owner awareness.
° I don't ever attempt to keep my password in any public place because it would be easier for criminals to their the password to manipulate the account.
° I don't try input my password in public because one might memorize your password when you and inserting the password of the wallet and go home and try it on their device and access your wallet without your permission.
° I don't input my password would to any fake site or anyone pretending to be officials in the wallet company and asking me for my password to help resolve issues or upgrade in the application.
° Trying to buy a cold wallet would make it very much difficult for anyone trying to hack into your account because only you can access your password at your own time.
At first I will be weight the both wallet by listing their disadvantages and the one with more advantages against the other in importance and priority would be named the best.
The difference between hot and cold wallet
| Hot wallet | Cold wallet |
|---|---|
| Always cheap because no money is needed to sign up | very much more expensive worth at least $50 = 191.713847 steem |
| It a virtual wallet | It's can be held physically |
| It can only be accessed using the internet | it doesn't need internet connection to work |
| Less secured | more secured |
| More convenient to use | less convenient to use |
From the comparison I will go for cold wallet since it's more secured for me and my asset. As we all know security is the best feature and use for wallet and from our comparison cold wallet is more secured because it's makes it less impossible for criminals and theives to steal your asset and password since only you have access and control over the use and storage of the password or key of the wallet, no matter how good it remains extremely difficult to hack a cold wallet because it doesn't need internet connection which makes it disconnected from the outside world.
Thanks going through,
I am inviting @anyiglobal @olabillion @ijelady
Your post was upvoted and resteemed on @crypto.defrag
Thanks so so much
Upvoted! Thank you for supporting witness @jswit.
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.
Wallet are really awesome and the have helped a lot of souls, thanks for appreciating my work .
Therefore the security of the wallet must be maintained with double security.
I enjoy reading through your article, and it's nice you've choosen the Binance exchange and the Tronlink app as well.
Woww I am so honored to see such lovely 😍 comment I really appreciate.
Thanks for stopping by
It is a quite interesting content. Sincerely, I have learnt alot by reading your article on Wallets. Nice one!!
Thanks for stopping by, I hope you are going to have a wallet now
Yes but When you transfer your crypto from one wallet to another, you'll be able to see the cold wallet address, a very important piece of information. If you want to send coins to your cold wallet, make sure you copy and paste it into the recipient's wallet. overall informative post stay blessed
Wow this is such an awesome I deal, I will take caution from now.
Thanks for stopping by also remain bless
You are right my friend, wallets are used to store our assets securely and we have control over them with the provision of the private keys. I also prefer hot wallets because it's almost free, I checked one on a website the day I wrote my post and it's about 98,000 Naira which is costly. Hot wallet is my best for ease of accessibility.
Yea, you are right friend cold wallet are really very expensive, you know the say good thing don't come easy.
Thanks for stopping by.
There’s no doubt in terms of security the cold wallets are better than the hot wallets. But they’re quite expensive and difficult to use although I prefer them as well. I don’t have personal experience with cold wallets but the security aspect lures me.
Yea even me it's really expensive in the market and I won't advice I small crypto asset holder to bother because of the price in market, I believe it basically for the whales in the Crypto world, thanks for stopping by.
even cold wallets are not perfect, the best way to prevent theft related issues with our wallets is to keep our keys safe and avoid clicking on spam links.
Woo that’s cool, then you will buy from Binance then transfer to Roqqu and sell. I will try it to benefit from the little profit.
Wow good to hear, I haven’t also experienced such issues in any of my wallets, but I have friends who suffer theft case with their wallets as a result of spam links.
Yeah cold wallets are free from cyber attacks but in a case where you want to trade your assets to will have to download hot wallet.
Please do find time to visit my post. Good luck..!!
https://steemit.com/hive-108451/@sadiqxylo/steemit-crypto-academy-contest-s3w3-the-wallets-by-sadiqxylo