Hello everyone
This is Saravanan from India
I am here to participate in challenge conducted by #SteemitCryptoAcademy.
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Nowadays the wallets are most important for everyone's life. In our personal life we use wallets or purse to keep our Money, credit cards, debite card, other personal cards, Identity proof,etc,. for our safety purpose and also it is always with us because we can get any information from the wallet. so we can use it anytime anywhere. Now I am coming into topic Digital wallets are assets but we cannot see it in real life, we can only see the money as numbers in any of the electronic device. We can use the wallet to transfer money from one person wallet to another person wallet. In this Electronic wallet we cannot see the real currencies but we can transfer money multiple times without any charge or with minimum charge to other persons bank account or wallets. It is very useful for use and time consuming is very less.
There are five types of wallets are currently available to the users for different purposes of transfer
Crypto wallets are used to store, send and receive the Crypto currencies from One address to another address without fees or with less fees. We can do transaction using Public and Private keys as password.
There are two types of Crypto wallets available.
Software (Hot) Wallet:
In this Hot Wallet we use a computer or mobile Application for transactions. We need to use the private keys for the transactions. These private keys are different and unique to all users.
The types are,
- Web Wallet
- Computer Wallet
- Mobile Wallet
Hardware (Cold) Wallet:
In this Cold Wallets an external electronic device used to store assets in offline mode. A cold wallet can support many currency. Cold wallet to be connected to a computer ( through USB port ) or mobile ( through OTG ) to operate it for transactions using a seperate software.
Closed wallet is between the user and the business websites or sellers. Users can use only the stored money in the wallet. Users can only make payment through app or website. If we cancel the transaction or requested refund then the full amount is refunded to the wallets.
Semi closed wallets are used in some branches and in some locations where a mutual agreement is made between them to transfer money. Semi closed wallets are in limited coverage area only.
Open wallet:
It is known as free wallet. Open wallet is a open for all wallet in which users from anywhere in the world can send and receive from the wallet. But both users must have the same type of wallet website or application. This can be Online payment or In-store payment.
IoT stands for Internet of Things.Now a days IoT wallets are very advanced and installed in various devices like watches, wristbands or other IoT wallet enabled devices like smart car, computers, Laptops, smart refrigerators, and others.
Last month ago I had opened an TronLink pro because of #Steemit. The tron rewards for my post are staked through the TronLink Pro wallet by me. We can also transfer Trx from this wallet to another wallets. There are so many advantages in this wallet. I had using this wallet from last month itself.
I have recently opened an account in MetaMask to link it with Opensea a NFT trading platform. I have not started trading NFT but I am learning the process of NFT trading through the MetaMask Ethereum Wallet.
I am using Paytm wallet for nearby store payment and also for paying my home elctricity bill, cellular bill, etc,. In this Paytm wallet we can put an fixed deposit also. They gave some interest for it and also they gave so many offers and some cashback for me.
No, Till now I have not seen any theft in my
all wallets and bank account yet. To protect our wallets and crypto currency we should need to keep our keys and pin safely and don't share it with anyone. There are so many spam links are coming to all of our mails. Don't click on any Spam links sent from unknown person. It may help hackers to steal your account and withdraw all the things in our wallet. Use any one of the password locker to store your keys safely. If required use the finger print lock authentication to open application.
I am using only Hot Wallets because I have only few dollars in my wallet. I am also new to this crypto currency platform. If you want to store large amount in your wallet it is prefered to use cold Wallets for higher safety and Security. If you are having less amount in your wallet and doing many transaction it is preferable to use hot Wallets. I did not say that hot wallets not having security but when compared to cold wallets it is somewhat less secured.
Hello, @saravanann. You have been identified to be an operator of farming accounts. This article was originally created by @sravana about 2 days ago and it scored less than the pass mark, then you have reposted the same article with a few changes.
In your achievement 1 post, you have included @sravana as your recruiter on Steemit, unfortunately, that's not true. Without any doubt, you are a manipulator that has been handling more than one account.
This is the link to the original article created by @shravana earlier.
I hereby invite @cryptogecko to note these accounts and deal with them accordingly in your community. This is a fake user and he has been muted here. Thank you.
Remarks
Cc:-
@steemcurator01
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As soon as I have checked everything, I will provide my feedback. Thank you @fredquantum for bringing this to my attention.
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Upvoted! Thank you for supporting witness @jswit.
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You are right my friend, without wallets we can't trade any cryptocurrency assets at all, they help us to store our cryptos and the keys that gives us the proof of ownership over them, and the assets we have stored in them.
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Thanks for spending your valuable time to read my post
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