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Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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I tried to explain what Cold Wallet is in comic strips.
TL;DR
I explained what a Cold Wallet is and how it will be used in a particular situation.
Some Takeaway
Wallet in crypto terms is essentially a digital bank account for your cryptocurrency. While the cold wallet is a type of wallet that does not connect to the internet. It refers to a certain type of security measure to disconnect your wallet from the internet to prevent any hacking. As much as your financial information is publicly available on the blockchain, one can potentially harm your asset through various methods to steal your cryptocurrency away. Thus, a cold wallet is considered a more secure storage option for your digital assets to stay away from potential attacks.
Private Key
The private key is your bank account password. A cold wallet is to hide your private key as much as possible in a secure place. It is better to avoid accidentally sharing your private key online, one can prevent the private key from ever showing on the internet by disconnecting from it or writing on a piece of paper.
Paper Wallet
A paper wallet is thus a piece of paper that records your private key. It does not refer to the type of material that a physical wallet is used for. It refers to a way to keep your private key away from strangers.
Hardware Wallet
Another method to secure your cryptocurrency is to have a USB-like hardware wallet to store your private key. You can again disconnect it from the internet while accessing your cryptocurrency.
Maintenance of Wallet
Many people believe their wallets can always be secure. They forget that wallets need maintenance. Even if your wallet is a cold wallet, you want to make sure the software is updated and or your paper wallet has a good quality of paper to have a readable private key. That is why you will have to frequently check your wallet offline and make sure they work.
In conclusion
A wallet is essential for cryptocurrency. Choosing a type of wallet will impact how secure your cryptocurrency wants to be.
I tried to explain what Cold Wallet is in comic strips.
TL;DR
I explained what a Cold Wallet is and how it will be used in a particular situation.
Some Takeaway
Wallet in crypto terms is essentially a digital bank account for your cryptocurrency. While the cold wallet is a type of wallet that does not connect to the internet. It refers to a certain type of security measure to disconnect your wallet from the internet to prevent any hacking. As much as your financial information is publicly available on the blockchain, one can potentially harm your asset through various methods to steal your cryptocurrency away. Thus, a cold wallet is considered a more secure storage option for your digital assets to stay away from potential attacks.
Private Key
The private key is your bank account password. A cold wallet is to hide your private key as much as possible in a secure place. It is better to avoid accidentally sharing your private key online, one can prevent the private key from ever showing on the internet by disconnecting from it or writing on a piece of paper.
Paper Wallet
A paper wallet is thus a piece of paper that records your private key. It does not refer to the type of material that a physical wallet is used for. It refers to a way to keep your private key away from strangers.
Hardware Wallet
Another method to secure your cryptocurrency is to have a USB-like hardware wallet to store your private key. You can again disconnect it from the internet while accessing your cryptocurrency.
Maintenance of Wallet
Many people believe their wallets can always be secure. They forget that wallets need maintenance. Even if your wallet is a cold wallet, you want to make sure the software is updated and or your paper wallet has a good quality of paper to have a readable private key. That is why you will have to frequently check your wallet offline and make sure they work.
In conclusion
A wallet is essential for cryptocurrency. Choosing a type of wallet will impact how secure your cryptocurrency wants to be.
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