Grassroot Crypto Education | Series 2 Volume 6- Contest: Crypto Wallet or Bank by @junst

Introduction To Steemkidss

Wow, I love steemkidss because of the way, it is improving both to the kids, adult and even the teachers. This have made it possible for @fredquantum to share a contest for kids. This contest is not above our limit, instead is helping us to grow better in steemit and also in crypto course. It will also help us to manage our finance both in digital and real money.

Source

What Is Crypto Wallet Or Bank

Crypto Wallet

It is a device, app or medium used in storing of crypto assets like storing of steem and can also be retrieved back when needed. It is best used in storing of conventional currency, beacuse it does not need in spending of the currency, but it need to be stored in a place. Then at your convent time you can retrieve it back.

Bitcoin wallet is an example of crypto wallet, which is used to store Bitcoin transaction and assets

It also store your private key and which make the system Decentralized and will be safe for storing of currencies.

Crypto Bank

This is the managing of digital currency through bank providers and are backed up by crypto assets. This is best for investors or customer who wants to hold or stake a currency for a period of time. It has a better interest set up for a specific currency in a specified time.

Wirex wallet is an example of crypto bank, it is used for storing, earning and growing of reward through digital assets.

It is keyless, which means that is custodial. Beacuse is only issued by banks and are backed up by crypto assets.

Differences Between Crypto Wallet Or Bank

Crypto Wallet	Crypto Bank
It has low yield interest rate	It has high yield interest rate
Currencies can be insured	Currencies can not be insured
Nfts trading is not seen	Nfts trading is seen
It has keys which is own by the individual	It is keyless, which means it is custodial which is issued by the bank
It is Decentralized	It is Centralized

Note: All this is backed up by crypto assets

1. Momma offered you 10 USD to keep it for 2 years. Would you keep it in the crypto wallet or bank?

For sure, If momma offered me 10 USD. I will keep it in the crypto wallet. Because there are reason why I said so. This crypto wallet is said to be the best for my opinion.

Momma I thank you for offering me 10 USD

Why do you go for the choice above?

Yes as I said, my reason of choosing crypto wallet is that

• It is insured, which means that my currency can not be hacked by another user.
• It is Decentralized, which mean that I can control how I used the USD currency and know one can control it for me.
• I can retrieve back my USD any time, any where, beacuse I am the owner of the private key.

Is any harm attached to your choice? Explain

For now there is no harm, because it is insured. But when it is harmful, is when I expose my private keys to other user, then any one can login to my wallet with the private key and stole my token.

Also private key is also used to retrieve my money back. But when I loose the private key, I can not longer retrieve or gain back my assets.

But crypto wallet has a low yield interest rate, which means that is not suitable for staking or holding of currency.

Conclusion

Thanks to everyone on steemkidss, thanks to the teachers and thanks to my lovely friends. I hope this contest of crypto course to the kids, will keep on growing in steemkidss. I hope to be a crypto student.

I am inviting @chukwu10, @graceani and @innocent10 to participate in this contest.

My Regards