Steemit Crypto Academy Contest / S3W3 - The Wallets by @sikan-eyen

Greetings hardworking folks, its exciting to rejoin in the @crypto-academy / steemitcryptoacademy season3 week3 challenge once again. I could not enter for week2 as i found the topic quite overwhelming.

Today i am going to be discussing 'WALLETS', based on the given sub-topic guide:

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

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If you can Picture your conventional wallets; the one you store your cash or ATM cards which you retrieve whenever you want to purchase any item, then now you can picture a cryptocurrency wallet, they are almost similar.

Wallets are programs that stores passwords and keys used for logging into cryotocurrency transactions, allowing one's access to his / her digital currencies (cryptocurrency).

Think of it that way.

Wallets allows access to the blockchain by a wide number of users worldwide. The wallet contains your personal wallet address and your private keys which is used to confirm cryptocurrency transactions.

It is pertinent to note that your private keys ought to be guarded for anyone who has your private keys can easily gain way to your hard earned coins, take note!

Wallets are very important in that;

• They have helped man eliminate the manual duty of performing cryptocurrency transactions, involving entering endless strings of passwords, with the creation of wallets, the software operates seamlessly.

• They enable the sending and receiving of cryptocurrencies across users. All what is required is on the part of the sender is to enter the receiver's wallet address, enter the amount to be sent, confirm by signing in using the private keys, confirm the transaction fee and send.
  On the other hand, the receiver gives out his/ her wallet address to the sender, and authenticate payment, it is that simple.

• Wallets also let you access to buy cryptocurrencies.

_{source: pixabay}

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Basically, there are two main types of cryptocurrency wallet;

• The custodial, and

• Non-custodial wallets

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The custodial wallets are associated with third-parties that stores keys. These could be data security systems company in charge of it. Just as the name implies the key word, custody, meaning your keys kept under the care of someone.

In non-custodial wallets, you are responsible for your keys, there's no better way to say this.

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Wallets on the otherhand is sub-divided into two categories;
Hot and cold wallets.

Quickly giving a summary of this sub-division , i'd say hot wallets requires connection or interconnected devices to the internet to function.

WHILE

Cold wallets has no internet connection.

PS:— Both the hot and cold wallets could be a software wallet installed on mobile or desktop devices, a hardware wallet where there is liberty to either store or remove individual private keys from the device. And lastly, it could also be the paper wallet. Many of us write out our keys on a piece of paper for safety, though this method is considered old fashioned, but few people still implore the use of paper wallet.
Personally, i use this method alongside others.

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

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At the moment i own three wallets.
Two of them are in use at the moment while i haven't begun transacting yet with the third one as i just installed the wallet from my playstore App am trying to master its operations.

So they are; TronLink wallet, Steemit wallet and the trust wallet.

I chose the Tronlink wallet because it has a user friendly interface and facilitates all my Tron (TRX) crypto transactions without hitches.

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And i was able to link my Tronlink wallet to my Steemit account wallet which has Tron as one of its rewarding tokens.

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My Steemit account wallet stores the token i generate from the social media platform in the kind of Steem, Steem Dollar and Tron.

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I particularly love the Trust wallet because it is user friendly, easy to use, secure also allows for buying and selling of coins and also swap and stake coins for interest. I cannot wait to buy some coins to begin using it.

Have you suffered any theft in any of your wallets? Tell us about your experience, what do you do to protect your cryptocurrencies?

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Fortunately for me, i have never encountered incidence of a theft or hack in my wallets before, i am grateful for that.

• However, i take safety precautions by encoding my wallet with strong passwords.

• Using the two-factor authentication system.

• Storing my passwords / keys offline and storing them safely.

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

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Having given insights to the hot and cold wallets in this post above, i prefer the cold wallet.

I'd rather prefer my keys away from the Internet, i use the paper wallet system as i said earlier.

It works well for me !

_{THANK YOU SO VERY MUCH FOR YOUR TIME READING THIS POST ON WALLETS, I DULY HOPE YOU HAVE LEANT SOMETHING NEW THIS TIME.}