Steemit Engagement Challenge S3W3||The Wallets||by @mateenfatima||#Burnsteem25

Hello Steemians

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I Hope that you all will be great by the blessings and mercy of Almighty God.Welcome to my post which is my participation towards the Steemit Engagmemt Challenge Season 3 Week 3 in the Crypto Acadmey.The topic of the Contest is The Wallets.So lets discuss about wallets and their importance.

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About Wallets

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Wallets are the important parts to save our money or assets there are many types of wallets we hold for storing our conventional currencies, Idea ID cards , small documents we use different wallets in our daily life. Forever convenience store our money in different places such as deposited it in the bank for the sake of storage and collect it later whenever we want. This money can easily be transferred from one bank to other balance or to different banking accounts.

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Nowadays we mostly used the digital currency so we need digital wallets to store this type of digital currency, we can conveniently used digital wallets to store our assets in the market or to exchange it when ever we want. There are many wallets that are introduced for the convenience of investors to protect their amounts in digitally designed wallets where the keys and different passwords are used to save them. These wallets can be easily used in our mobile or computers.

As in the banks we use different passwords to transfer our money from one banking account to the other same is that in the digital currency we also used some keys or secured passwords that transfer our currencies to the other wallets in a secured way to provide the security of this economical method.

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Crypto Wallets

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To secure our cryptocurrency that we earn from different means there are multiple wallets that are introduced as the growth of cryptocurrency is increasing the number of wallets is also increasing to protect our assets in the easy and convenience way. These wallets are important part of ecosystem of cryptocurrency that are based on digitallay is secured keys and passwords to demonstrate the ownership of assets to the owner.

It has increase the convenience of Crypto traders or investors so that by making their account using their passwords or Gmail they can secure lot of currencies at one place and easily accessed them by using their pincode. To get the ownership of digital assets it will be almost impossible without wallet to store our economy of digital objects such as USD, TRX,Bitcoin and so many currencies we earn.

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In the Crypto word wallets can be easily retriveable through different devices that host them when you were they are lost or stolen. To ensure the security of transactions the borders also Store the blockchain address to which the currency is located.

It is very easy to use the Crypto wallet they may be in the form of apps or some of exchanges also offers their own wallets where you can make your account and after creation the presence of and security of your assets is confirmed. The deposited currencies can be exchanged to the other crypto wallets as well using the generated passwords and keys by the system.

As crypto world is progressing there are so many new crypto wallets are introduced as well with new features that convenience the users more and make the accessibility and security more strong.

There can be two ways to create an account on the digital wallets first is to install any app of the wallet or use the wallets on the exchanges.So this is some introduction to the Crypto wallets now I will talk about the types of Crypto wallets.

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Types of Crypto Wallets

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If we talk about the types of cryptowallets there are two types of Crypto wallet hot wallets and cold wallets.

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1.Hot Wallets

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Hot wallet a wallets are the types of wallets that can be classified into mobile wallets or computer as well that are installed in the form of apps on our phones or computers and we can easily acess them by using our passwords and keys.

Hot wallets can be used in the presence of internet. We can easily says them if we access internet all the time some examples of Hot Wallets are Tronlink,Trust wallet,Metamask,C98 etc.There are so many incoming hot wallets that will be introduced in the future with new features and development.

Hot wallets are user friendly and can be easily accessed in the presence of internet these are free to use but less secure than that of the cold wallets. They are widely used wallets for the storage of the currency because they are free and does not cost anything to the user of the wallets.

There are also paper wallet generator that uses the QR code for the access of your assets but this is less secure method.

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2.Cold Wallets

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Cold wallets can also be said as the hardware wallets. Because they can be downloaded in USB device or maybe another device. The connection of internet is not necessary for the cold wallets. These wallets are mostly used to store the assets for long term.

Cold wallets are said to be more secure and powerful wallets for the storage of your assets there is no chance of hacking because internet access is not necessary for them. If we talk about the example of some ColdLedger ,Nano S, secureX etc.

As a cold wallets required a device for their work so that these have some cost. Different devices can be purchased with pre-installed software that can be used for the storage of assets.

These wallets are not too much used because it is bit complex to use them are mostly used for the long term storage of assets to enhance the security.

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Importance of Wallets

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So now I will talk about the importance of cryptowallets.

• To secure our assets and currencies to ensure their safety and for the exchange of currencies wallets are of great importance.

• For the trading purposes wallets are very necessary as they Store our assets at one place from where they can easily exchange.

• It is difficult to hack them because there are many keys private pins, required to own the wallet so in this way they can enhance the security.

• The exchanges can be done on the reasonable fee securely and in the convenienced way.

• Wallets are of great importance because it makes our transactions easier and faster by there features and speed of making transactions and exchanging.

So this was some points about the importance of wallets that they are the necessity of Cryptoworld now because without these wallets it would be almost impossible to exchange or Store our currencies at one place.

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Wallets that I own

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So now I am going to talk about the wallets that I mostly used and the reason why I use these wallets. Actually I mostly on the hot wallets that can be easily used on my mobile phone the wallets that I use mostly are following.

• Trust Wallet
• Steemit Wallet
• Tronlink Wallet
• Binance

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Tron Link Wallets

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The wallets that I use are tronlink wallet, it is very favourable and easy to acess.The screenshot of my wallet are following.

Tron wallet is built on the top of the Tron blockchain it is actually the official wallet of Tron network.Furthuremore,it is web 3.0 type of crypto wallet and based on the decentralized application that can also be connected to different DApps for various activities and functions.

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Why I choose Tronlink Wallet

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There are multiple reason for choosing the tron link wallet.

• It is very secure wallet because of its multi layer alogrithum encryption it is highly secured.

• You can also switch to the cold wallet by swaping.

• It is very convenient to use. It also allows web 3.0 wallet which helps in the access of the apps for the exchange of TRC 20 assets that provide liquidity and many other benefits.

• It has quick accessibility of swap and exchange functionality or the TRX used told can be easily stake to gain more voting power on the torn network.

• It is the official wallet of tronlink and more trustable and convenient to use that's why I choose tronlink wallet.

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Trust Wallets

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This is widely used wallet it is also web 3.0 and non custodian wallet which is working and connected to several blockchain such as Binance, Etherium avalonche and many others. It has broad capacity to store different currencies and tokens specially all the Non-Fungible Tokens.

It is this screenshot of my trust wallet. Now I will talk about why I use the trust wallet.

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Why I choose Trust Wallet

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• The first reason to use this wallet is its high security and the capacity of storage of several currencies in one exchange.

• It is connected to many exchange is also it is very convenient convenience to use.

• By using different DApps we can access to different companies and suppliers as well.

• The trust wallet sports transactions in different blockchains and also have a great variety of cryptocurrency storage.

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Binance

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Balance is a centralised wallet it was created in almost 2017 and included in the leading exchanges . It is used to buy and sell different crypto assets and supports the huge amount of currencies. Screenshot of my binance wallet is shown below.

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Why I choose Binance Wallet

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There are multiple regions to choose the finance wallet some of them are following.

• The first reason is due to its high trading liquidity disasters offers many currencies and store assets at any time with high liquidity.

• The customer support on this platform is great they exchange never compromise on the security issues. It is leading highly secured exchange or wallet.

• All the cryptocurrency can be easily change it can be set as secure and trustable exchange wallet.

• It also offers different trading methods so that if sometimes we did not have enough money we can trade by using leverage trading method,at different positions long and short to earn little profits.

• The Binance is exchange has low transaction fee and we can easily buy and sell our assets on the exchange.

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My Experience in using these wallets

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If we talk about my experience in in using these wallets then I am very happy to share that I am very satisfied with all the wallets that I use in the daily life transactions. First, I use the trust wallet that protect my crypto funds that I store for the long term. Also, this wallet provide a user friendly circumstance.

The second one is the Tronlink wallet that provide me the opportunity of making the highly scalable and fast transactions to the all other networks of the cryptocurrency world. The Binance wallet allow me to make the quick and profitable trades in the volatile crypto markets.

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Have you suffer any theft

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If we talk about the digital work or online work the first danger that raise in our mind is of hacking or facing any scams.Different peolple have to face many scams in their journey although in crypto or other digital works.

Actually the scamers trap any trader or investor in the way of giving boost prizes and to get reward and sometimes we give our passwords and keys to them so that they excess our wallets and make it empty. So that there are many tricks of scamming.

If I talk about my experience in the cryptor journey so I never face any scam but I am fair off and always took to care before investing in any kind of currency that proper research should be done.

So lucky I have never face any kind of scam or my wallets are never hacked. I am conveniencely using the Crypto wallets but I should try the next too properly save my keys and password so that no one can access my wallets and didn't provide my keys to unlock links to prevent from hacking or scaming.

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Some Methods to protect Wallets.

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Now I am going to talk about some methods of preventing my wallets. So that we can save our assets or currencies without any worry.

• We should keep in mind that always use the strong password for the sake of security specially using the Capital and small letters and different characters also so that the security can be enhanced specially for the centralised wallets in the Crypto world.

• Do not tell your password or didn't hear your keys with any one specially on the online unknown links on different social media ads.

• Save your passwords properly in your USB or Write down on any page to prevent any kind of misuse hacking or scams.

• Diversify your assets into different wallets so that mistakenly some of the word is hacked you can find it on any other place safely.

• Don't Link your wallets to the third party without any kind of verification. If you are going to transfer make sure the passwords and keys are correct so that sometimes we mistakenly did not lost our assets.

• Try to keep your assets in the decentralized wallet so that there will be less chance of hacking.

• Make sure to secure properly your seed codes and phrases to prevent any worry in the future related to your assets or funds.

So these are some methods to protect the wallets from any kind of hacking or scamming and that I also personally use to protect my wallet.

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My Opinion About Hot and Cold Wallets

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So now I am going to tell about my opinion about Hot and Cold wallets.

• Cold wallets are more sure than that of the hot wallets.
• Hot Wallets can be used easily in the presence of Internet while the Cold Wallets can be accessed offline.
• Hot Wallets does not need any kind of external device for their working but cold wallets require any external device such as USB etc.
• Hot wallets have the chance of hacking as well which make it less secure there is no chance of hacking in cold wallets.
• Hot wallets are user friendly.

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So this was some comparative points about the hot and cold wallets now I will talk about my preference so I will prefer hot wallets. As I don't need to store the assets for long time and make the exchange of currencies ealier.

Another is reason is that I find the hot wallets more easy to use such as in the presence of internet we can easily eacess our assets and buy or sell currencies as well in a convienent way on my smartphone and don't need to carry any kind of device with me.

For the security purpose high try to save my passcode and pins had the proper place so that can avoid from the hacking and scamming as well.So that was all my opinion about the hot and cold wallets.

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Conclusion

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Crypto wallets are the great necessity for the storage of currencies so that the security and of our digital currencies can be enhanced .These wallets has make convienent the buying and selling of assets through different exchanges as well.There are different types of wallets also that help us to experience the storage of digital currencies in different way.

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Lastly I would like to invite @steemdoctor1,@chenty,@emmy to participate in this amazing contest.

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Regards
@mateenfatima