Teaching the minority how to use and invest in crypto.steemCreated with Sketch.

in introduceyourself •  7 years ago 

Hello, my name is Alfred I am a new Steemian, I am writing a shot book to teach people in my community how to use crypto, I am from South Africa and I want to make people aware of crypto in my community and the rest of Africa, I believe these crypto currencies and other blockchain technologies got the ability to uplift people out of poverty, improve efficiency and the quality of life.

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This is the first chapter of the book below, please critique and help me improve the book so it’s easy to read and can be understood by every day to day person.

Chapter 1
Wallets

UNIT 1.1: Crypto Wallets

First for you to invest in crypto currencies, you need to open a wallet, just like opening a bank account. Trading crypto is different because wallets is not required. Funds are transferred between the user’s bank account or through other online financial service providers to the trading platform although the underlying asset is not owned. Crypto investing is just like any form of investing where crypto’s are owned as assets. In other countries they are regarded as property. To pursue this form of investing, firstly the user needs a wallet, where an address will be generated in a form of a public and private keys. This enables the user to be able to send and receive coins/tokens.

UNIT 1.2: Types Wallets

There are a variety of wallets to choose from, depending on the amount of security the user’s looking for. There are four main wallet categories i.e Online wallets (cloud wallets), Mobile wallets, Hardware wallets and Paper wallets.
UNIT 1.3: Wallet Security

Choosing your wallet security is one of the essentials in the crypto world. Different wallets have different levels of security. We will describe the security levels from weak to strong. First is Centralized Exchanges, this is keeping your coins in an exchange like Coinbase and others, this one of the weakest form of security. Exchange are more vulnerable to hacking we could also look at one of the famous case study of the Mt. Gox, where users lost their coins that were kept in the exchange.
The second level of security is Dependent Lite wallets. This type of wallet has nodes that are attached to the blockchain and transactions are routed through theses node(s). This functionality might make it difficult for users when these node(s) are overloaded with traffic or when they go down. This could cause confusion to user’s as their transactions will not be processed on time an example of this the Jaxx wallet.
The third level is Independent Lite wallets. This type of wallet is like the Dependent Lite wallet except its not dependent on a blockchain linked node, it operates independently, example is the bread wallet.
The forth level of wallet security is Hardware wallets this are physical devices like a flash drive and other hardware devices used to store coins and tokens. The firth level is the Full client/Thick client, this is basically downloading the entire/part of the blockchain to your machine and run it from there, although this requires a lot of disk space but its more secure than most hardware wallets.
The safest way to store crypto at this point is through a Cold wallet. This could be in a form of paper or physical coins. The basis is usually something tangible with private and public keys on it. This is the safest form of security for funds in crypto, it’s not vulnerable to hacking and other cyber-attacks.

End of chapter.

Please critique and help me improve the book. Thanks!

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