Steemit Crypto Academy Contest / S3W3 - The Wallets by @steemdoctor1 | #burnsteem25 | Club100

Hello everybody.

Welcome to this post. I hope that all of you will be happy and good and enjoying your precious health with the grace and blessings of Almighty Allah. Today, I am here to participate in the Steemit Engagement Contest Season 3 and Week 3. This publication is actually in the SteemitCryptoAcademy community and the topic of discussion is The Crypto Wallets So, let's start the discussion without any wastage of time.

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

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As we all know that the cryptocurrency is the form of digital currency that cannot be touched or even felt physically but can be exchanged for as the payments purposes or the marketing. Well, some newbies in the crypto space are amazed that where these assets can be placed or even traded. So the answer to their this question us hidden in our this topic.

The cryptocurrency assets are actually placed or stored in special cryptographic tools that are actually known as the crypto wallets. Yes, crypto wallets are the storage sites for the cryptocurrency assets. Millions or trillions of crypto assets including coins or tokens can be stored securely in the crypto wallets. As we use the pocket wallets to store or secure our fiat currency so tye same is the case in the crypto space, the crypto wallets are used to secure the crypto assets.

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The crypto wallets are secured with the help of various cryptographic elements. The assets that are stored/placed in the wallets are actually secured with the help of a private key. Private key actually means the source of accessing the assets that are placed in the wallets. The private keys can be only accessed by the owner of the wallet.

The person who have access to the private key can easily access the assets that are placed in the wallet. Also, the owner of the private key can make the transactions like sending and receiving the funds from or in the wallet. Although crypto exchanges also offer the wallets where the assets can be stored but these wallets could be used for the temporary/short-term storage of the assets because they are less secured as compared to the outside wallets.

Importance of Wallets

The importance of the crypto wallets can be guessed by the above discussion. Crypto wallets are mainly very important for the security of the crypto assets. We know that the cryptocurrencies are not in the form of physical currencies that can be stores in the physical wallets. So, these digital assets are stored and secured in the crypto wallets.

The crypto wallets could be in the form of the applications that can be downloaded to the devices. After creating the account, the users are given with the private keys of the wallet that are them utilized later on to perform the wallet-related activities.

Another importance of the crypto wallets is that they are much more secure and safe than the wallets that are available on the exchanges, so the users can utilize the outside wallets to store their large capitals and also can take out the required amount whenever they want to trade on any exchange.

Most of the users usually keep their stable coins in the crypto wallets and these coins can be staked as their savings. Moreover, they are much more secure than the banks as the users have own control on their assets and they can utilize their authority by using the private keys of the wallets easily.

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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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Actually, I have been in the crypto trading space foe many years and I have experienced a lot if wallets during this journey. Some of them are Coinbase, Electrum, Trezor, MetaMask, Trust Wallet, Tronlink and many more. But I have enjoying using the below wallets very much.

Binance Wallet

The first wallet that I am currently using is the Binance wallet. Actually, it is an in-chain Wallet that is offered by the Binance Exchange within the exchange. I have already mentioned that there are many exchanges that also offer the wallet feature and Binance exchange is also one of them. Below is the screenshot of the my Binance wallet.

_{S.S taken from my Binance Account}

The reason for selecting the Binance Wallet is that I am a regular crypto trader and I use to prefer the Binance Exchange due to its user friendly system. Moreover, it is better to place your reasonable capitals in the exchange wallets like Binance so that I could be able to take the fast decisions while considering the conditions of the market. So, for the quick decisions, I have kept some of my assets in the Binance wallet.

Tronlink Wallet

The second Wallet that I am using these days is the Tronlink wallet. Tronlink is a very secure and safe wallet as it belongs to a very popular and successful crypto ecosystem, Tron blockchain. It is actually the official wallet of the Tron blockchain that is used by many of the experienced traders to store their crypto assets in the form of Tron (TRX) or the stable coins including USDT. Below is the screenshot of my Tronlink wallet.

_{S.S taken from my TronLink wallet}

The reasons for selecting this wallet is that it is the official wallet of the Tron blockchain and the transaction fee of the Tron blockchain is almost negligible as compared to the other popular wallets of the time. Also, I feel satisfied while storing my stable coins in the Tronlink wallet. The effecient and scalable transactions of the Tron blockchain is another reason behind the selection of this wallet.

Steemit Wallet

The most important wallet that I am using these days is the Steemit wallet. All of us are well aware about this wallet as it is the most important Wallet that all of us use in the daily routines. This is the official Wallet of the Steemit blockchain and actually the first Wallet that I had ever used in the history. Below is the screenshot of my Steemit wallet.

_{S.S taken from my Steemit wallet}

The reason for using this wallet is so simple. As I am a regular user of the Steemit blockchain and the rewards of this platform are actually given in the Steemit wallet so I have to use it regularly. Moreover, the most important thing about the Steemit wallet is that unlike the other two above-mentioned wallets, it is not an application, but actually a web wallet. I really love using the Steemit wallet but actually the Steemit blockchain.

My Experience with these Wallets

I have already discussed that I am a regular crypto trader so I have to use different wallets in order to keep continue my crypto journey. So, the above wallets are very helpful for me in this regard. The Binance wallet help me to place my funds there for making quick decisions in the market of cryptocurrencies.

The TronLink wallet is actually that wallet which I use for the ling-term holdings of stable coins in mist cases. Moreover, I also hold the TRXs that are given to us as the extra rewards from the Steemit platform there. Also, the official wallet is very useful for me as I can easily manage my wallet-related activities on the platform from there.

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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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Security is the main concern of everybody in the daily lives as well. But when we talk about the crypto trading or investing then the security if the crypto assets become very important as we know that the Cryptocurrencies are digital assets and the frauds or scams chances are more online as compared to the offline activities. So, security is the main and the most needed concern of everybody in the crypto concern.

Hackers and scammers are wandering about everywhere in the crypto world so one should have to be very careful while traveling in the blockchain roads. To me, thank God, I got a narrow escape from a very great loss in the form of the crypto wallet hacking. Actually, it was the time when I was new in the crypto world, I was holding a few dollars roughly $110 in the Trust wallet.

One day, I received a message from a scammer who was in the search if a prey. He asked me that he will double my funds if I provide him the private key of my wallet. I was new and became curious on hearing this. Then, I contacted one of my friend @alihussain07 and told him the whole scene, he helped me in this matter and asked me to never provide the keys to him. Then, be let me know about the hackers abs scammers in the crypto space. In this way, I got a narrow escape from the large loss. Thanks brother.

Ways to Ensure your Security

The following things could be considered into attention if we want to travel a safe and sound journey in the crypto space.

• First of all, you should have to place the private key of your wallets at secure places. It is better to note it and hold a hard copy of the wallets.

• Never trust anyone in the crypto space by providing him the private keys of your wallet.

• Avoid opening the scammer's links.

• Try to divide your capitals in a number of different wallets instead of only one wallet.

• Try to store the crypto assets in the decentralized wallets as they are more secure and safe than the centralized ones.

• Never place the large investments in the exchange wallets. Place your funds in the outside wallets and extract the needed amount at the time of use.

So, these measures could be helpful in ensuring the security if your crypto assets in the crypto wallets.

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

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Before discussing the answer of this question, first we should have to discuss about the hot and cold wallets.

• Hot Wallets:

It is actually the term which is used for the online wallets. The hot wallets are those wallets that are offered by various platforms in the form of applications or webs. These wallets could be used for the storage of cryptocurrency assets online..

• Cold Wallets:

This term is used for the offline wallets. Cold wallets are actually those crypto wallets that are not linked to the internet. They could be in the form of offline applications or the hardware wallets as well.

My Opinion for Hot or Cold Wallets

I have actually two opinions in this matter. One of the opinion goes to the favour of the hot wallets while the other opinion goes in the favour of the cokd wallets. These opinions are discussed in the form of below paragraphs.

As I have already discussed that the cokd wallets are offline wallets and there us no any link of these wallets with the internet. So, there are very low chances of hacking or scams. The scammers are actually wandering online everywhere so the usage of cold wallets provides a safe side in this regards. The funds or assets of the users are much more secure and safe in the cold wallets as compared to tye hot wallets.

Another opinion is that although the cokd wallets are more secure and safe than the hot wallets but if we have to made some quick entries or exits in the market and our assets are present in the cold wallets then it us a possibility that we could miss the quick move while extracting the funds from the cold wallets.

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Conclusions

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Crypto wallets are actually the cryptographic tools that can be used for the storage of the cryptocurrencies assets. We all know that the cryptocurrencies are in the form of the digital currencies so the protection and security of these assets is very important for tha traders to ensure their secure and safe journey in the crypto space.

There are actually two basic types of the crypto wallets. One of them is the hot wallet while the second one is the cold wallet. Hot wallets are the online wallets while the cold wallets are the offline wallets. Cold Wallets are much more safe and secure than the hot wallets.

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I would like to invite my friends @abdu.navi03, @badmus-official, @numanfarooq7677 to take part in this amazing contest.

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Writer: @steemdoctor1

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25% Goes to @null (#burnsteem25)

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