Steemit Crypto Academy Contest / S3W3 - The Wallets by @emmy7924
Hello friend, how are you doing today. I am sure that you're doing fine. Today, I have discussed an interesting topic about wallet as part of my entry in the crypto academy contest.
What are wallets? Why do you think wallets are important? Let's talk about it.
Wallets are simply a means through which businesses and individual can store and send funds across one another. An example of wallets are; Binance wallet, MXC exchange, PayPal, Google pay and so may others. Cryptocurrency wallets are the types of wallets that allows us to buy, send, swap, hold and sell cryptocurrency.
In cryptocurrency there are basically two types of wallets which is the hot wallets and cold wallets. So friend, Wallets are online platform, application, electronic devices that allow business owners and individual to make transactions electronically without going to the bank. Wallets are also known as digital wallets since it's electronic and it can be download on our smartphone.
There are several reasons why wallets are important and some of these reasons are mentioned below:
Wallets help both business owners and individual to perform transactions very fast.
Wallets provide us with a means of savings
With wallets we can send money to our loved ones abroad.
Wallets provide us with banking services, such as savings, paying for goods and services and so on
Wallets enables us to buy, sell, send and hold our cryptocurrencies.
Wallet help us to buy Airtime and also make payments for utility bill.
Which wallets do you own? Why did you choose those wallets? Talk about your experience, show screenshots of your wallets.
In do not own much wallet apart from Roqqu wallet and MEXC Global wallet.
MEXC Wallet
MEXC Global wallet is a very nice wallet that has numerous features like Binance wallet and I love the wallet for it features and simplicity which is the main reason why I decide to choose the wallet as my wallet where I can build up my crypto portfolio.
Roqqu Wallet
This is another good wallet that I choose and cherish so much. Roqqu wallet is one of the most simplest wallet that I had ever seen in the crypto market. Roqqu is an easy to use wallet infact what I my even saying. Roqqu is a user friendly wallet that had the services that am looking for in the crypto market.
The main reason why I choose Roqqu wallet is that Roqqu is a nigeria wallet that is less stressful as compared to other wallets that has a lot of KYC rules and regulations.
My experienced with Roqqu wallet;
I had previously encountered some ugly experienced with Roqqu wallet in the past. One thing with Roqqu is they customers services that doesn't reply to the issue of their customers directly. There was one certain time that I transferred coin from Roqqu to Binance exchange and after waiting for about an hour I didn't received the coin so I had to chat Roqqu up and they respond was that I my transaction was sent successfully without me receiving the coin.
Another is experienced was the airtime that I lost and sometime Roqqu airtime recharge is not usually available for customers to recharge they phone. Although, Roqqu wallet is still a good wallet as they are working so hard to become one of the best crypto exchange in Africa.
Have you suffered any theft in any of your wallets? Tell us about your experience, what do you do to protect your cryptocurrencies?
In terms of thief I haven't suffered any thief in any of my wallets before. I have been using my wallets for up to a year now and I haven't suffered any thief in any of the wallet. However, I have try my possible best to secure my wallets against thief that may likely occurred by inputting a very strong password and locking most of the apps in my phone most especially my wallets from unauthorized access.
Do you prefer hot wallets or cold wallets, give your opinion about.
Hot wallets is the wallet that I prefer using than cold wallet. Hot wallets is the type of wallet that is very easy to use with several services in the wallets than cold wallets.
The rest why I so much prefer hot wallets is that in hot wallets, I can easily buy and sell cryptocurrency than cold wallets. And also with hot wallet after selling my cryptocurrency for fiat currency, I can transfer it directly into my bank account nor use the money and pay for utilities bill if I choose to do that.
I am inviting; @fantvwiki, @amryksr and @rubilu123 to also participate.
Thank you for publishing an article in the Crypto Academy community today. We have accessed your article and we present the result of the assessment below
Comments/Recommendation
Roqqu is a centralised wallet. You should be able to understand the pros and cons of using a centralised platform . Thank you for participating in this contest.
Total|7/10
cool, you explained well. good luck my friend.
Thank you for reading this post sir.
Take good care of your wallet and if possible add double security to ensure its safety.
It’s Always good to keep your keys of your wallet in a safer place because if you do mistake and lost the keys it will very difficult to get assets to your wallet and you assets will be gone waisted and always make sure you place your keys in a place where no one can get contact with your keys and thank you for sharing with us.
Thank you friend for stopping by it's my pleasure to have you around.
It’s Always good to keep your keys of your wallet in a safer place because if you do mistake and lost the keys it will very difficult to get assets to your wallet and you assets will be gone waisted and always make sure you place your keys in a place where no one can get contact with your keys and thank you for sharing with us.
Hi @emmy7924. I agree with you in your preference for Hot Wallets, because of the ease of making any transaction whenever and wherever you want, which is more difficult in a Cold Wallet.
An extraordinary security measure for the funds we have in our Wallets and prevent theft, is to activate the 2-factor verification (2FA), and if your phone allows it, the fingerprint reader so that it can only be unlocked by its owner, as I explain in my post, which I cordially invite you to read it when you have the time.
Best regards!
I am glad that you stopped around here. Thank you so much for your contribution.
You explained well about Wallet's. Very good explaination of Wallet's. Good luck 😃. Also visit my post.
When I read this, I knew you’re from Nigeria. Also most all contents that talked about Roqqu wallets are Nigerians and they claim is the best they have ever used. How good is this wallet?
How did that happened, is that you paid for the airtime and never got recharged or what actually happened? You also said the funds you transferred from Roqqu wallet to your Binance wallet took over an hour, did you finally receive it ?
Please find time to visit my post as well. Good luck..!!
https://steemit.com/hive-108451/@sadiqxylo/steemit-crypto-academy-contest-s3w3-the-wallets-by-sadiqxylo
Thank you for stopping by.
You’re welcome
I love your explanation about wallets, crypto wallets can be those that belong to centralized exchanges or non-custodial wallets. They don't only allow us to store the assets alone but also keep the keys to the wallet which gives us the proof of ownership. I also prefer hot wallets for so many reasons and I am happy that you also do.
Thank you dear for your comments am glad.