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Hello Crypto kids,
It is a great pleasure to be here again, among my fellow kids in this great community.

The pleasure indeed is mine to come before this great community to discuss on what we need to know about crypto wallet and bank.

Trust me, this adventure promises to be educative and fun-filled, follow along as we begin.

<center><h3> WHAT IS CRYPTO WALLET</h3></center>


![crypto-6716411__480.jpg](https://cdn.steemitimages.com/DQmayxcZszdfrLNyRehaCDDigPQiWDjdNCxTdZpuxRgDJQ7/crypto-6716411__480.jpg)
[Source](https://pixabay.com/photos/crypto-bitcoin-blockchain-6716411/)

A crypto wallet can be explained as a device or a physical medium which helps to store the private/public keys for transaction of cryptocurrency.

In addition to the storing of keys, a crypto wallet also plays a major role in encrypting or signing information.

A crypto wallet functions by a theoretically/randomly generated number, used with a length which relies on the algorithm size of the requirement of the cryptocurrency technology.

This number is then changed into a private key through the use of the cryptocurrency cryptography algorithm requirement.

After the private key has been created, a public key is then derived from the private key by making use of the needed cryptographic requirements.

The private key of a crypto wallet is used to send cryptocurrency out of the wallet and as such, it should remain private and shouldn't be shared with the public.
The public key on the other hand acts as the wallet address of an account which is used to receive cryptocurrency into an account.

<center><h3> BANKS</h3></center>

![euro-sculpture-2867925__480.jpg](https://cdn.steemitimages.com/DQmSBwwJ6PRfyyBcKEaFRyn5Y7F4nVHAQmvogMS6GxaJncy/euro-sculpture-2867925__480.jpg)
[Source](https://pixabay.com/photos/euro-sculpture-euro-sign-artwork-2867925/)

A bank can be explained to be a financial institution that has the license to receive deposit and give loans.
Banks also help to provide some financial services, such as safe deposit, wealth management, currency exchange etc.

<center><h3> DIFFERENCE BETWEEN WALLET AND BANKS</h3></center>

WALLET| BANKS
--|--
It functions as a Decentralized system| It functions as a centralized system
It very difficult to hack| it is easily hacked
It is built using blockchain technology| It is not built using blockchain technology
It operates 24/7, this means it works all the time| It has working hours
It is used to store cryptocurrency and other digital asset| It does not store cryptocurrency, but rather it stores the native currency of it's country.

Having gone through this brief explanation, shall we proceed to the question of the day.

<center><h3><div class="phishy"> 
MOMMA OFFERED YOU 10USD TO KEEP IT FOR 2YEARS. WOULD YOU KEEP IT IN THE CRYPTO WALLET OR BANK?
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From the knowledge I have gained from steemit and crypto world in general, if momma were to offer me 10USD, I will preferably keep it in my crypto wallet.

<center><h3><div class="phishy">
WHY DO YOU GO FOR THE CHOICES ABOVE</div></h3></center>
There are numerous reasons why I would go for the above choice, some of them are :
* <b> SECURITY:</b>

![safe-913452__480.webp](https://cdn.steemitimages.com/DQmbgUBSatoBsDEMqk8DGMv2cDxFztksy6mSYvfMzRzFe1Y/safe-913452__480.webp)
[Source](https://pixabay.com/illustrations/safe-vault-steel-door-913452/)

Crypto wallet has more security when compared to our local banks.
For example, it is quite easy to pull out money from an individual bank account without his permission, unlike a crypto wallet, which is usually very difficult to hack.

And when it comes to savings, my individual takes security as a major factor to consider.

* <b> PRIVACY:</b>

Another reason why I will choose to keep the money in my wallet is that I will be given 100% privacy, unlike when it is kept in the bank.

When money is kept in the bank without use, the bank stylishly takes out of a user's fund and claim to use it as VAT.

* <b> CHANCE OF FUNDS INCREMENT:</b>

Another reason why I will keep the 10USD in my wallet is that there's a high probability that the money will increase after the end of 2years.

For example, let imagine I used the $10 to buy 10trons and store them in my wallet [1 Tron = $1], then after the end of 2years, Tron price might increase to $10 each, this means I will be having a total of $100, a profit of  $90.
Such an increment cannot occur if the money was kept in the bank.

* <b> DECENTRALIZATION:</b>

Another reason why I will prefer to save the 10USD in my crypto wallet is due to the decentralized state of crypto wallet.

Since my crypto wallet functions in a Decentralized state, I am sure that my funds is not under the control of any individual and I can access it whenever I want.

<center><h3><div class="phishy">
IS ANY HARM ATTACHED TO YOUR CHOICE? EXPLAIN</div></h3></center>

Yes, there are few harms attached to my above made decisions, they are:

* <b> RISK OF LOSS OF FUNDS:</b>

The nature of the cryptomarket is highly volatile and most time, unpredictable.

There is also a probability that after purchasing tron at the rate of $1 per Tron, Tron might depreciate in price.

Just imagine that at the end of 2years, Tron decrease in value to $0.5, then my $10 will reduce to $5. And this is a risk that I tend to bear.

* <b> LOSS OF PRIVATE KEYS:</b>

Another risk I tend to face is total loss of funds if my private keys are lost.

As a decentralized system, once my keys are lost, that is the end, there's no other option.
Once the keys to a Crypto wallet is lost, the account cannot be recovered and it's funds are forever gone.

<center><h3><div class="phishy">
CONCLUSION</div></h3></center>
The crypto wallet is a very good place to store funds, as it gives 100% guarantee of funds security.

Thanks for reading!
Cc
@ngoenyi
@steemkidss


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