Hello everyone, I'm happy to be participating in this academy provided by @benton3.
In this post I will be attempting all the questions given by the teacher.
Question 1
● 1. What is a cryptocurrency wallet?
Cryptocurrency wallet is a device or computer program that stores keys for cryptocurrency transactions. It enables it's users to make transactions directly from the wallet.
I have my steemit wallet as example of cryptocurrency wallet.
Question 2
● 2. What are the benefits of a crypto currency wallet.
Benefits of cryptocurrency wallet
- It helps users of crypto to manage their coin balances.
- It helps crypto users to make faster and easier transactions with their crypto assets.
Question 3
● 3. Mention the types crypto wallets.
Types of cryptocurrency wallet
Software wallet
This type of wallet is mostly an app or it can also run on our browser. It mostly works offline and it is less difficult for transaction usage.
Hardware wallets
Thus type of wallet stores the keys of crypto users in a secure hardware and be moved to other devices unlike the software wallet.
Question 4:
● 4 Explain the classification by mode of storage
Classifications based on mode of storage
Hot wallet
This category of wallet works only online and are mostly insecure to use
But they are also user-friendly.Cold wallet
This is the type of wallet that can work offline. It provides more security than the hot wallet
It's not really user-friendly.
I thank you so much @steemkidss for organising educative classes for us. I also thank you sir @benton3 for teaching us crypto. I love the lectures because it is always simple and understandable.
I can't wait for the next class after this.
Very good explanation of cryptocurrency wallet from you.
I enjoyed reading your post
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Thanks for going through my post and reading it. See you another time
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My dear @wizzyboy3, you are doing great in understanding cryptocurrency ecosystem. Keep on thriving. Your explanations are correct. But you forgot to paste the second justify code at the bottom of your page.
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Than, you for your participation in this weeks steemkids crypto academy. We really appreciate bringing out time from your weekly busy schedule to participate in this.
Considering your age, I must say, that I am impressed with your concise and brief explanations, which was straight to the point.
However, I observed that you did not complete the types of wallet. You left out Paper Wallet.
You also did not mention and explain the types of software wallet.
Next time, try to check your work to remove any trace of copying.
We look forward to your participation in next weeks steemkids crypto academy.
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Hello @wizzyboy3, your post has been supported by@ngoenyi, a country representative for Nigeria. Keep being active
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