Talking about a wallet, a wallet is a place to store something, be it money, ID cards, business cards, credit cards or other personal items that are considered important. Unlike the case with wallets in Cryptocurrency, where Cryptocurrency wallets are keys or addresses to receive and send tokens that we have.
Cryptocurrency wallet is a place to store digital assets, and its function is very important and we must really protect it. If the Private Key is lost, of course all the assets that we have will be lost. In general, digital wallets and cryptocurrency wallets have almost the same functions, including not having to carry cash to shop or use it for other purposes. Only do their activities online and can be done anytime.
In my country, Indonesia, I have trusted several Cryptocurrency wallets, the security level is Indodax and Pintu. Not only the two Cryptocurrency wallets, there are many other wallets in Indonesia.
Currently I have several wallets in my possession, but not only all the wallets I own have assets in them. Whether it's a Cryptocurrency wallet originating from Indonesia or not.
For my Cryptocurrency wallet, I have the following:
- Indodax
- Upbit
- Rekeningku
- Poloniex
- Binance
The reason I chose Cryptocurrency wallets such as Indodax, Upbit and my account from Indonesia is because the trading fees and withdrawal fees are quite cheap. For Indodax the withdrawal fee is only 12,500 IDR (0.84 USD/ 3.5 Steem), Rekeningku the withdrawal fee is 6,500 IDR (0.44 USD / 1.8 Steem), while the Upbit is 25,000 IDR (1.68 USD / 6.95 Steem) and whatever the withdrawal amount we withdraw will remain the same withdrawal fee.
The Cryptocurrency wallets I have are Poloniex and Binance. The reason I chose this exchange is because it is trusted and I have owned the exchange since 2017. Poloniex and Binance rarely have problems and disturbances, for the IT team they have are very professional.
So far I haven't experienced any wallet theft and I hope it never happens to me. Meanwhile, losses often occur, due to wrong analysis until a loss occurs, as happened to the Luna coin recently.
Before the theft can be carried out by someone else, I have to anticipate and add double security, so that the security of my wallet is maintained safely. I added double verification in the wallet, such as email verification, phone number verification and Authenticator.
The reason I added double security, we better prevent before bad things happen. Because when it happens, it is unlikely that the theft or our assets can be taken back. Never click on a URL that you think is spam. We need to be careful with ourselves.
Before I discuss liking hot wallets or cold wallets, I will first discuss what hot wallets or cold wallets are. Hot wallets are online wallets that are connected to the internet and every time we access hot wallets we must be on the internet network. Hot wallets can be easily accessed at any time either on a mobile phone or on a PC.
While Cold wallets are offline Cryptocurrency wallets and cold wallets only require an internet connection to make deliveries. Cold wallets are safe because they are not connected to the internet. Cold wallets are like safes or coffins and cryptocurrencies can be physical like having Bitcoin coins in metal form.
Between hot wallets or cold wallets, I prefer hot wallets. The reason is that if I want to access whether it's selling or buying it can be easily and doesn't take a long time. Moreover, to access hot wallets, you can use the mobile application from the exchange and from the browser.
I invite friends to participate in the contest held by @crypto-academy, because the theme raised is very interesting and almost all of my friends know about wallets. For that I invite @ayijuridar, @irawandedy, @klen.civil, @liasteem, @husaini, @amri, @moer, @jufrimj, @yanis01, @afrizalbinalka, @f2i5 @muhammadan and other friends.
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Thank you for publishing an article in the Crypto Academy community today. We have accessed your article and we present the result of the assessment below
Comments/Recommendation
Overall, You did great in this contest. Wallets are essential part of the crypto industry and needs to be protected to avoid loss of funds. Thank you for participating in this contest.
Total|7/10
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Thanks @reminiscence01 for the verification and comments. I will try to interact with other participants, with constructive comments.
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As you have rightly described, crypto currency wallets are mainly to serve crypto currencies of any kind.
There are the things we should become aware of with crypto currency wallets. We have to guard our private key with our lives if not, we lose our funds.
It is interesting to see that you have a lot of Wallets. I'm familiar with all except for two. But I will suggest that you limit the number of wallets you have. It would help you in the long run.
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In fact, I have many more wallets, but I rarely use them. I only use these 5 wallets on a regular basis.
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Oh, that is interesting to know!
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Thanks for the interesting comment.
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You seem to have an indept knowledge as pertaining cryptocurrency and wallets, it is admirable.
It is good as you safeguard against possible future theft by tightening on your security.
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I try my best to secure my wallet, to prevent theft. Likewise with you, must keep your assets from being taken by others.
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Yes my friend, i prefer to store my keys offline !
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Different people will have different wallets that he likes. If I prefer Hot wallet. Very easy to use.
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That's very fine.
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Wow thats look amazing. Trading fees always a major concern of a trader and if your trading fees minimized then it would be very grateful.
Greetings @cryptobitcoins
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That's right, withdrawal fees are a concern for everyone who joins the crypto market. And we in Indonesia are grateful, there are exchanges that have low withdrawal fees.
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you have explained everything we need to know about wallet.
One thing I like about wallet is that is very difficult to break through and in wallet all your cryptocurrency or assets are in a safety place.
I really enjoyed reading your work and keep on making quality post here and i wish you all the best in this contest.
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I create double security keys on all the wallets I have. Thank you for wanting to see my post.
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Yes I'm agree with your point. If we lost our private key there is no way how we recover our assets.
You did great job dear friend, i really appreciate on your hard working. Best of Luck for this contest .
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Even if it is possible for a wallet, even then it is very difficult and not necessarily the assets that we store in full again.
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Yes you're right, not necessarily the assets that we store in full again.
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Hopefully we don't lose assets and really keep them safe.
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I love how you beautifully explained the wallets, they don't only allow us to store cryptos but also hold the private keys which makes secured storage and ease of accessibility possible. I also prefer hot wallets for many reasons, I wrote about them in my post. I have a very nice time reading your post my friend.
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There are people who like cold wallets and there are people who like hot wallets. I also like hot wallets, because they are easy to use. Now I will visit your post.
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You've got a free upvote from witness fuli.
Peace & Love!
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Memang bereh that jai aset dan walet... Pat ta eu ban indodax saldo aktif saldo beku?
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Pane na le aset dileh @abialfatih.
Saldo beku nyankeuh saldo yang ta tarek.
Seugaloem jitamoeng lam rekening mantoeng terbaca saldo beku.
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Regarding hot and cold wallets, I guess we can never have it all. Hot wallets grant us access to our assets anytime and are far more easier to operate as compared to cold wallets but cold wallets are more secure which is a plus.
Wow you own a lot of wallets. I like that you use Indodax because of its low fees. We should be able to take advantage of platforms that offer low fees but good services.
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Almost all exchanges in Indonesia have cheap withdrawal fees, one of which is Indodax.
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I’m a student and this has been really helpful to me. I can stay in school for more than three months without spending cash. Even when buying tomatoes I used E cash.
I also have a lot of wallets due to assignments on the crypto academy. Most of these wallets have no assets stored in them. I mostly use it trade if I can’t find the pair of assets I want on Binance exchange wallet.
Fee is the first thing a look for when choosing a wallet. I can’t suffer to make small earnings and use all to pay transaction fees. That’s why I don’t joke with Binance exchange wallet, it’s reliable and low fee cost.
The LUNA token has cost us a lot, we thought we were being wise for buying the low, until the coin turns into penny token. I lot that I know have suffered from this LUNA crash.
Please find time to visit my post as well. Good luck..!!
https://steemit.com/hive-108451/@sadiqxylo/steemit-crypto-academy-contest-s3w2-my-experience-investing-in-the-crypto-market-by-sadiqxylo
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Thank you for your entry, I am very happy.
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You’re welcome
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👍👍👍
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