Steemit Crypto Academy | Homework 3 @sapwood|Blockchain Wallet|

One of the most important issues that people interested in cryptocurrencies should pay attention to is Wallet. The user must first develop himself in the wallet, then move forward in different subjects. Owning a cryptocurrency must be adequately wallet conscious to keep the crypto safe.

Types of Crypto Wallets

There are different types of wallets that allow us to store our cryptocurrencies and offer different solutions to access them. We have to examine them in different categories. We can categorize it as hardware, software and paper wallets. Software and hardware wallets are used extensively today. Paper wallets, on the other hand, have a very low usage rate. Software wallets are in desktop, mobile or online form.

Desktop wallets: These types of wallets are downloaded and installed on a desktop or laptop computer. We only have a chance to use them on the computer on which they were installed. The security levels of desktop wallets are high, but if your computer is attacked or is insufficient against a virus, you have a high risk of losing all your cryptocurrencies.

Mobile Wallets: Used through a phone. It is smaller and simpler than desktop wallets. It is useful because we have the opportunity to shop in stores that pass cryptocurrencies.

Online Wallets: They offer completely cloud-based service. You can access it with any smartphone connected to the Internet. It is easy to use, but because your private keys are stored online, you are at risk from attack.

Hardware Wallet Users store their private keys on USB memory style devices. Even if transactions take place online, it stores your money more securely, offline. As long as you do not make a transaction, it will not have any connection with the internet. Hardware wallets support many cryptocurrencies. It is very simple to use and useful. You plug your device into a computer connected to the internet. You enter your password. Then you confirm your transfer. As hardware wallets work offline, they are less likely to be attacked. Ledger and Tezor are popular hardware wallets.

Paper Wallets: They are very easy to use. They provide a high level of security. Your private and public keys are printed out from the computer. your passwords are on paper.

Answer (1):

I have not used software and hardware wallets before. However, I know the working mechanisms and security problems well. We need a device for software wallets to work, if that device is not secure enough, we will be attacked. Hardware wallets have a good security length. Because they work offline. They are far from danger. The downside is that they are very expensive. Hardware wallets have better security benefits. Control is at the user.

Exchange Wallet & Decentralized Crypto Wallet

There are also wallets in central exchanges. As soon as you open an account on the exchange, you will be given wallet addresses of cryptocurrencies. Some exchanges provide a single-use wallet address and you have the right to constantly receive new wallet addresses. Are exchange wallets reliable? It depends on which exchange wallet you are using. You are not in control and your destiny depends on the security of the exchange. You risk losing all your cryptocurrencies if the exchange is hacked by hackers.

With decentralized wallets, your security is mostly in your hands. Because all the passwords you need to have while registering on the exchange are given to you.

Answer (2):

The usage purposes of central exchanges are clear. They are exchanges that allow us to do spot trading or margin trading. In order to increase our security in central exchanges, our identity documents, phone number and e-mail address must be approved. It will help us to regain access when we have access problems. Decentralized exchanges have also emerged for us to trade cryptocurrencies. This is their main purpose. With decentralized wallets, we have full control. Because all the passwords that we can master on crypto money are given to one. If we keep decentralized wallet passwords well, we will increase our security even more.

Web 3.0 Wallet

Web wallet; Web wallets, on the other hand, are wallets where you can only get service in environments with internet access. You can access these digital wallets whenever you want in any environment with internet. It does not only serve to keep crypto money. It also allows you to interact with decentralized applications.

Answer (3)

I've used TrustWallet before. It is Binance's official crypto wallet.

As you can see in the picture, it is a very large wallet. At the bottom of the picture is Wallet, DAppp, DEX.

It shows the cryptocurrencies you have in the wallet section. In addition, this part is useful for crypto money withdrawal and deposit.

When we click on the crypto currency symbols, it gives us the addresses where we can deposit crypto money.

The wallet part was like that. Now we switched to the decentralized applications section.

As you can see, it contains hundreds of decentralized applications. Only DApps in the BSC network do not exist. There are also DApps in the ETH network.

I will now connect to the central application, PancakeSwap. For this I need "Binance Chain".

As you can see I interacted with DApp (DEFI). I can exchange hundreds of cryptocurrencies through PancakeSwap. I don't use it too much because of the high transaction fees.

NOW WE GO BACK TO TRUSWALLET AGAIN

As you can see in the pictures, we can do both Swap and Exchange transactions.

@steemcurator01
@steemcurator02
@sapwood