Steemit Crypto Academy Contest Season 3 Week 3 - The Wallets | By @afrizalbinalka

Background
Hello steemians, greetings to all of you and my greetings to professors Crypto Academy. As we know, Steemit Engagement Challenge has entered S3-W3 with the theme The Wallet, of course this is a very interesting part of the contest theme for me to discuss this week.

Especially for those who are just starting out in the world of cryptocurrencies, of course this is very interesting for me to discuss here, as well as the experience I got while getting to know crypto. From several articles that I studied to add insight for myself to understand more about Crypto. As an initiative I would like to share my wallet experience. I hope you like it and enjoy the content of articles on this theme. Enter night mode so that you enjoy the contents of the article that I will discuss here.

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What are wallets? Why do you think wallets are important? Let's talk about it.

Let's talk about what a wallet is. A wallet is a useful digital tool for storing, sending and receiving various crypto coins. Then what is the difference with the original wallet? In general, the wallets that we use everyday are usually for storing money, credit cards, ID cards and others. However, it is different from digital wallets which are used to store your coin assets on the blockchain.

So what is stored in a crypto wallet? So what is stored in your crypto wallet is private key and public key. Where every user must store the key properly and securely. Then what if my password is lost! then you will lose all access to the assets or coins in your wallet, therefore you must keep the private key secret so that you can always access your crypto wallet.

Save your private key and public key properly or you can use code Authenticator which you can download on your own smartphone playstore. If you're just starting out about the crypto world that you don't really understand, you learn a lot about the development of the digital world so you don't get caught up in doing something or asking a friend who understands better.

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Which wallets do you own? Why did you choose those wallets? Talk about your experience, show screenshots of your wallets..

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I currently have one Upbit wallet which I trust to store some of the coins I have, as in the image above. Why did I choose Upbit wallet? The first is very easy in transactions that are not too complicated in the process. In addition, the cost of each transaction is relatively cheap at a price of Rp. 1,675 USD is equivalent to IDR 25,000 and in the upbit digital wallet there is Indonesian currency which I can easily exchange whenever I need, of course very practical.

From experience so far, Digital Wallet or Upbit has fulfilled all my needs in cryptocurrency, as described above. However, there are several other wallets such as, Indodax, bittrex, and binance that are widely used by Indonesian trenders. However, I am confident with converting to Upbit because so far there have been no problems with the digital wallet that I use with a fast and practical process.

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Have you experienced theft in any of your wallets? Tell us about your experience, what did you do to protect your cryptocurrency?.

As long as I have known cryptocurrency for almost a year, nothing negative has happened like wallet theft. Because I myself learned more about crypto asset theft from various articles. From the experience that occurred in 2011-2014 regarding the theft of BTC coins in MT.GOX which reached 850,000 thousand bitcoins at that time the price was still relatively cheap 55 USD-400 USD plus the case of *solana * coins in 2022 were hacked bulk. But there are deep concerns regarding the news, is crypto still safe or what? from the news, I always keep my wallet more secure by installing Authenticator and doing fingerprint verification which I think is safe to guard against hacker attacks and beware of spam links that don't click carelessly.

Experience that often occurs in general is a loss in the market, maybe that's a natural thing to happen to world traders. Usually, losses occur when we misunderstand the market chart or rush to trade the coins we store on the blockchain.

Always check your wallet at all times and always be vigilant and always study articles about the digital or crypto world so that you are wiser when situations are not desirable. the other hand can add deeper insight into crypto developments.

Do you prefer hot wallets or cold wallets, give your opinion about.

Before I choose between a hot wallet and a cold wallet, here I try to explain both which I think are equally important and have their respective advantages.

• Hot wallet is a wallet that has no physical and digital form, this hot wallet is basically directly connected to the internet, unlike cold wallets which are more often used in the crypto market, because they are more common and do not require additional purchases for devices. For example, when you use a centralized exchange or an exchange that usually exists immediately after registration, these hot wallets themselves are also easier to use because they only require the internet. Well, this hot wallet is divided into.

1. Desktop wallet that is on a computer or internet browser and a regular mobile wallet, desktop wallets will usually continue to be connected to the internet, generally this uses an extension in the browser and will later be registered in your browser, for example desktop wallets such as metamask, mycelium, electrons and weapons warehouse.

2. Mobile wallets are usually found on smartphones and can be found in the Playstore or Appstore for example SafePal, Trust Wallet and others.

• Cold wallets are the opposite of hot wallets, so cold wallets have a physical form, usually a USB or hard drive. Now this cold wallet is not connected to the internet so that it minimizes the occurrence of hacking, but if you want to use the crypto assets that you store in the cold wallet and buy assets on the exchange you must remain connected to the internet. For example, cold wallets include Ledger, Trezor and Kiki.

Between the two examples that I have described, of course I will choose a hot wallet because it will make it easier for me to buy assets or sell my crypto assets. although hot wallets are very vulnerable to hacking. but each of these 2 points has its own advantages and disadvantages.

In this case, I would like to invite Indonesian stemians to enliven (Steemit Engagement Challenge S3-W3) on the steemitcryptoacademy community page to invite @f2i5 -@tucsond - @abialfatih - @sailawana.

Greetings Stemians @afrizalbinalka