Let's explore the types of wallet we have

Types of crypto wallet

There are two main types of wallets:
Custodial wallet and
Noncustodial wallet

1)Custodial wallets; are wallets where a third party like CEX exchanges(bybit, binance, okx e.t.c) stores your keys for you. Custodial wallets are very easy to access and are good for newbies or users who don’t want to fuss too much with security, and who aren’t concerned with trusting a third party to their private keys. Because of risks like hacks, or even an exchange going bankrupt (which has happened before), it’s generally not advisable to keep large amounts of cryptocurrency in a custodial wallet.

2) Non Custodial wallets; are wallets where you store your own keys. Instead of third parties like crypto CEX exchanges having custodial access, you have full control over your digital assets. Users with non-custodial wallets are their own banks with access to their funds. These non-custodial wallets are ideal for experienced traders ready to shoulder the great responsibility of storing their keys safely. Many in the crypto industry believe in the maxim: “not your keys, not your coins”, meaning that If you lose access to your private key, you lose all of your crypto assets, it's difficult to retrieve a lost private key for non-custodial wallets, so you need to be extra careful.

We have two types of non-Custodial wallets as well;

1)Cold wallet(has no connection to the Internet e.g hardware wallet like, ledger, trezor model T e.t.c )

2)Hot wallet(has an Internet connection e.g metamask, trust wallet e.t.c)

Stay tuned for my next post where I'll write about the wallet keys we have
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WHAT IS A CRYPTO WALLET?

Crypto wallets store your private keys and public keys, keeping your crypto safe and accessible. They also allow you to send, receive and spend cryptocurrencies like Bitcoin, Ethereum, Tron e.t.c.
They also support cryptocurrency transfers through the blockchain. Wallets allow users to perform certain actions with their crypto assets, such as buying and selling or interacting with decentralized applications(dapps).

A crypto wallet has two keys: (i) Public keys and (ii) Private keys

(i) Private keys: These keys are your password to access your wallet. This key is like a bank account password or PIN and this key is essential that you keep it safe and secretly. Examples are the 12 phrase words you receive from trust wallet, the email and password you use to sign in on exchanges like #binance , Mexc and many other CEX exchanges.

(ii) Public keys: These keys are what you send to your friends whenever you want to receive coins from them. This key is like a bank account number and can be shared widely. Examples are address, email e.t.c.

WHY CRYPTO WALLETS ARE IMPORTANT IN THIS INDUSTRY?

Unlike a normal wallets, which can hold actual cash, crypto wallets technically don't store your crypto. Your holdings live on blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That's why its important to keep your wallet private keys safe.

In addition, we have different types of wallet but in my next post, I will share with you the types of wallets that we have. #BTC #XAI #tia #etf

A must read #BTC #etf

WHAT YOU WERE NOT TOLD ABOUT WHO INVENTED BITCOIN😲$BTC $ETH $BNB

Satoshi Nakamoto is the name used by the creator of bitcoin. It is unknown that Satoshi is one individual or a group of people, but in 2008 he/she sent out an email to a cypherpunk mailing list outlining a proposal for what would become bitcoin.
After bitcoin's launch in 2009, Satoshi remained active in nurturing the early bitcoin community until 2011 when he or she or they vanished without a trace.

Over the years this has led to speculation about their identity. Some have suggested prominent computer scientists and cryptography while others think its a famous tech leader Elon Musk. One of the key figures and most likely creator from bitcoin's early days was Hal Finney, a computer scientists, who received the very first bitcoin transaction from Satoshi. However, Finney denied he was bitcoin's creator and died in 2014.

In early discussion with members of the cypherpunk community, Satoshi claimed that in the case of centralized, disruptive tech companies such as Napster, it was relatively easy for governments to close down the website and bring criminal charges against developers. However, project like the Toronto browser are still going strong because its impossible to find the creator and shutdown a particular website domain. This may explain why bitcoin's creator has chosen to remain anonymous to avoid scrutiny from government and regulators.

In a final message from Satoshi to an early Bitcoin developer in 2011, the creator said "he had moved on to other things and that the future of bitcoi was in good hands".#BTC #etf #tia #ETH #ai

WHAT IS CRYPTOCURRENCY?
A cryptocurrency is just like a digital form of cash. You can use it to pay friends for your share of the bar tab, buy that new pair of socks you've been eyeing up, book flights and hotels for holiday. Cryptocurrency is digital. It can also be sent to friends and family anywhere in the world.

WHY IS IT CALLED CRYPTOCURRENCY?
The name cryptocurrency is a combination of cryptography and currency.
"Cryptography", we use advanced math to secure our funds, making sure that nobody else can spend them.
"Currency" is money
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