INTRODUCTION TO WALLET SECURITY REGARDING BLOCKCHAIN

Hello to everyone in this great community today and on this great platform at large. I greet you all in good spirit and I want to believe that we all are doing just great today and if so we give God the praise for the sustenance of life and good health.

I welcome you all to another beautiful weekend before us all and I want to believe that we all had a lovely week, as such, we will be having time with family and friends as though it is a good day to rest our head after a stressful week.

Today, I am here to discuss another important topic regarding the blockchain with you all and this time, I have titled today's discussion to be INTRODUCTION TO WALLET SECURITY. It is going to be an interesting discussion especially for newbies as we will be unraveling important points regarding the said topic today.

In that case, I urge you all to sit tight and relax as I begin the discussion for today. I wish you all a happy reading as I begin.

---

The digital world is evolving and changing, as such, a lot of things are being carried out digitally. We have seen how we can purchase items just by placing our order on the respective platforms and afterwards, we will get our items in a short while.

Source

We now purchase goods and services via the digital currency. With the cryptocurrency, we can buy items from a store that allows for cryptocurrencies as exchange for their their goods and services and that is a positive experience regarding digital technology.

Now these digital currencies are stored in a wallet that supports it, and that is why just like your commercial bank application, you can transfer digital currency from the place your digital assets are store, and that place is called the Wallet.

This wallet is regarded as a safe in which your digital assets are store and secured. This wallet possess a seed phrases that is used to gain access to your funds, and this is why it is recommended that you do well to save your seed phrases both online and offline and you should make sure the seed phrases are kept safe to avoid it being compromised.

Since this is the introduction, we won't be going deep into the wallet as a whole but I will have to drop down the necessary information we need to know regarding wallet security.

WHAT IS WALLET SECURITY?

Just as I have mentioned earlier, wallet security is considered as the seed phrases or password which we need to input in other to gain access to the funds in our wallet.

Source

Wallet in cryptocurrency is regarded as a digital safe in which our cryptocurrency assets are safely kept. The wallet helps to manage and store our digital funds, and whenever we want to make use of these assets, then we must log into the wallet first before we can access our assets(funds) in the wallet.

The wallet does more than just saving our funds. We now do a whole lot of things with the wallet. You can now see how we can connect our wallet via web3 evolution. With the wallet, we gain access to web3 and all that it entails.

This require us to sign in and authenticate our proof of ownership regarding the wallet. This is to make sure that the wallet connected to any web3 platform or project is solely that of the owner and not some random individual.

The digital wallet is a safe house for our digital assets and these assets are called cryptocurrency.

WALLET PASSPHRASE

The wallet has different ways of securing our funds in the wallet and one major characteristics of the wallet is that it has what we call the passphrase, although it can also be called the seed phrase. It allows you to access the funds located in the wallet and also it is vital that you save the seed phrase both online and offline.

The uniqueness of the passphrase is that, even if you lose your phone, providing the wallet has a password, it can not be jeopardized because when an authorized user wants to access the wallet, the wallet will demand for the password, and if the password can not be provided, then the access to the funds in the wallet will be denied.

Source

And you on the other hand can as well get a new phone, download the wallet and then import the passphrase to the said wallet. Immediately that is done, and after setting up your password, you then can access the funds in your wallet.

---

CONCLUSION

The digital currency wallet has a good level of securing our funds through it special way by which the security system is built on, as such it is very hard for a random user to gain access to the wallets without a permission from the owner of the wallet.

Remember that retrieving your wallet back can only be done if you happen to save the passphrase properly, and without the presence of a third-party else, it will be difficult and impossible to gain access to your funds if the wallet is being jeopardized or if you didn't save the passphrase to your wallet.

When next we are here, I am going to be talking about the various types of wallets.

Thank you all for having me today. I look forward to discussing more regarding this topic with you when next I am here, but for now, I say goodbye.