A Repost of my assignment| Steemit Crypto Academy Contest / S3W3 - The Wallets by @justiceanietie.

in hive-108451 •  2 months ago 

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A wonderful greetings to all and happy new month to we all. I am grateful for this contest about Wallets and details of it is seen below.

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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, wallets are space where we can keep our documents saved for long time. However, for more understanding of Wallet to a lane man, Wallets is where one can save his valuables in terms of assets/virtual currency.

What we are looking at here is a digital wallet or electronic wallets which can be installed and use via a mobile device which assist in carrying out financial transactions with ease. Here the transactions details are secured via the app by saving the information as well as password.

It is very important for you to know that this wallet gives the users assistance in making digital payments when shopping online without the use of master card (ATM). Note, before you can have assess to this online shopping, you would have imputed your card/ bank information in order for you to get permission via the app whenever you wish to make your purchase.

This wallet equally make use of mobile device's WiFi capabilities like bluetooth, also it transmit payment very securely from your mobile device to the exact point of sale which is the receiving end of the transaction.

Example of digital wallet can be seen below:

• Applepay
• Atomic wallet
• Trust wallet
• Paypal
• Google Wallet
• Cash App
• Venmo
• Alipay
• Roqqu

The mobile devices/digital wallets make use of the following technology:

Magnetic Secure Transmission (MST): This helps in generating encrypted field which the point of sale can easily read and identify. When the card is slot in at the point of sale, it is the magnetic secure transmission that helps in reading the card.

Quick Response Codes (QR codes): Here payment can be done via the the scanning of bar codes through the used of your device camera. The quick response codes helps in storing information through the matrix bar codes

Near Field Communication (NFC): Here electromagnetic signal helps in connecting two smartphone for easy access and transfer of information from one device to another. Note, the both devices in which this transaction is been carried out must be very close to each other.

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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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I am currently owning the following wallets:

  1. Roqqu exchange wallet
  2. Trust wallet
  3. Atomic wallet

The major reasons why i choose to use these wallets is for buying and selling of crypto currencies.

Roqqu Excgange:
Roqqu exchange is an important wallet where you can buy and hold your crypto currencies not just crypto only but you can equally save money which an interest will be added to the investment capital within the time schedule. As a user, you can store your cash on the app and equally send cash to users of the same App/ other Apps all this transactions can be done via the App. Note, there is also room for instant buy and sell.

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Trust Wallet:
My major aim of using trust wallet is because of the features it carries. As a user, you stand the chance of buying coin at prey sale and this can make one to become wealthy overnight.

Trust wallet equally allow coin transfers to other Crypto currencies platforms without limit. But when i started using trust wallet, i lost some cash simply because i never knew that each Crypto currency has specific address. For example Beep20, TRC20 etc. The screenshot is seen below:

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Atimic Wallet: My aim of keeping this wallet is just for holding free coin. This free coins can be lunched in future. There is also room to buying and selling of cryptocurrencies on the App .

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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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Since i started using these wallets, i have not experienced any theft. But of all these wallets, the most used is Roqqu exchanged and the exchanged has equally implemented some security measure by making used of Google Authenticator which the code must put before any transaction can be done successfully.

This measure of security is very essential and helps in securing my Roqqu account from theft.

I make sure i don't disclose my password to anybody and equally make sure i don't login my account in someone's device. This measures has really kept my wallets safe.

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

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We can see that both hot and cold wallets are used to store cryptocurrencies but i preferred to use the hot wallet. This is because of its speed in carrying out transactions. The limitations of hot wallets is because it is open to attack. This means that one can easily loss his crypto. Unlike the cold wallet which is more secured but but limited in transactions based on speed

You should take note that the hot wallet is a software which gives room to users to enable them store,send and equally receiving different Crypto currencies tokens. However, some of it advantages can be seen below.

• It create room for flexibility
• It is cost economical
• It is very easy to use
• Custody

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Conclusion

I have explained much about wallets in this publication especially the hot wallet, and this is just mobile which enable and give you access to your digital portfolio in any area you find your self.

To support Club100, i have set up my reward to 100 Steem Power.

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