Difference between Wallet and Exchange

[MOProgress 363]

On 10/14/2019 at 8:46 PM, starwill said:

What is a wallet?
Wallet, Spanish "Wallet", as well as "digital wallet", is the place where we are going to store our Cryptocurrencies, they have no other function than to store them.

There are Wallets where you can store a single type of Cryptocurrencies (for example: Bitcoin) and in turn there are other wallets where you can store different types of Cryptocurrencies (For example: Bitcoin, Ethereum, Litecoin, among others.)

It is necessary to clarify that there are different types of wallets (Physical, In the cloud, for PC, for Smartphone, paper, among others)

What is an Exchange?

Exchange is an online platform, where different types of Cryptocurrencies can be exchanged, bought and sold, at a free market price, where the value of each one is established by its own buyers and sellers, according to the market movement.

We can see the exchange as a financial market, which is governed by the principle of free supply and demand, people exchange their different cryptocurrencies, seeking to obtain the highest possible return.

Clarified both terms we can differentiate

A wallet or Digital wallet, allows us to keep and have control of our Cryptocurrencies, and an exchange allows us to exchange, buy and sell our Cryptocurrencies.

Good post you made here, it is informative and educating, at least those who are just coming into crypto will understand between wallet and exchange. Some usually ask me if cryptocurrency wallet is the same as exchange wallet, and if saving their coin on exchange is safe.

 

And my answer is always, never save your coins on any exchange. the best place is wallet.

[xprince1996 865]

On 11/29/2019 at 6:41 PM, CryptoBoy20 said:

Many people keep their btc in exchange website that's a good post for them. Some wallet allow to buy & sell btc we can sell & buy in coinbase this is one kind of exchange

Even i sometimes i choose to store my btc in exchange because they are supporting almost all the hardforks of bitcoin unlike wallets they are not supporting it instead they taking the hardforks for their own profits.

[CryptoBoy20 170]

They will think only about their own profit they won't think about us some exchange also give interest on the invested amount but still I don't support those exchange because no system is safe.

[scorpiali 5626]

Very good diffenition of wallet and exchange no one can have problems the know the difference between wallet and exchange. In any exchange you have a wallet linked to your account to trade with and you have a independent wallet when you can store you Crypto

[Akbor 1042]

Thank you so much. mainly some use the exchange deposit address for storing their asset but this is very much unsafe. all should should store his asset to any hardware wallet.

[Cgogogo 71]

Wallet is where you keep or store coin,exchange is where you trade with your store coin,so they are two different thing and not thesame 

[Bibhuti Naik 9]

Beginners fails to differentiate. They saves their funds in exchanges for trade opportunity. Exchanges are too risky to save fund. They can shut down their exchange. If a fatal attack occur they may not able to repay your fund

[Whydoyoucare 1094]

Well said, this post will be really helpful to those people who are really confused what is the difference of this two. this kind of topic is really great. i appreciated this, thank you.

[DrHaman 375]

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[Satya31 865]

Very good. This is the one thing we always keep in mind that wallet and exchange are not the same. There are many differences as explained. You need to understand the use of exchange. If you can get that properly it can make you very rich. Also one thing the transaction fee 😀 

Exchange transaction fee i mean withdraw fee is much more than wallets. 

[Dinesh09798 283]

There are many exchange wallets in market. And also we see very nice wallets which are accepts the major coins only. If you want to participate airdrops i suggest to use exchange wallets. If you want to hold your crypto you can use  other wallets like coinbase or blockchain.

[Sumonhn91 12]

Thank you, exchange and wallet are no different, is same some time are difrrent, but i ussing binance and trust wallet.

[Sanil321 0]

Whats the Difference Between a Bitcoin Wallet and an Exchange? A Bitcoin wallet is basically a software program in which you store Bitcoin. An exchange lets you convert “real money” like US dollars to Bitcoin. Exchanges also provide a wallet—but you don't necessarily have full control of that wallet.

[azhar123 0]

Exchange Controls The Wallet’s Private Keys.

Here’s the big concern. When you store your Bitcoin in a wallet controlled by an exchange, like Coinbase, that exchange actually holds the private keys. In other words, it’s sort of like the exchange storing your Bitcoin in their own wallet and giving you access via an account. You don’t actually have the Bitcoin in your own wallet that you fully control, as you would with a traditional Bitcoin wallet.

1 hour ago, Sayyadi said:

in the event that you need to exchange, use exchanger. in any case, in the event that you simply need to safe and keep your coin for quite a while, use walllet. simply normal wallet. try not to utilize exchanger wallet to safe your coin for quite a while. perhaps at some point it needs update your location and your parity will be no more.

The Exchange Controls The Wallet’s Private Keys

Here’s the big concern. When you store your Bitcoin in a wallet controlled by an exchange, like Coinbase, that exchange actually holds the private keys. In other words, it’s sort of like the exchange storing your Bitcoin in their own wallet and giving you access via an account. You don’t actually have the Bitcoin in your own wallet that you fully control, as you would with a traditional Bitcoin wallet

[Corrado25 9442]

19 hours ago, hasdasdaw07 said:

yes. Simply Wallet is the place to store your money, Exchange used to Trade currencies with each other to make a profit from them.

It's best to keep your money on your wallets after all. And good if it's a cold wallet. By saving money, you must understand that you are no longer the owner of your money and at any time you can lose it. I was losing money on Cryptopia and it is not clear now whether they will return it to me

[Naga 1250]

4 minutes ago, corrao25 said:

It's best to keep your money on your wallets after all. And good if it's a cold wallet. By saving money, you must understand that you are no longer the owner of your money and at any time you can lose it. I was losing money on Cryptopia and it is not clear now whether they will return it to me

I think people got too comfortable with exchanges and started leaving their money on exchanges until the cryptoipia hack came and reminded us exchanges are never as safe as our wallets. 

[Harpreet1995 0]

A Bitcoin wallet is basically a software program in which you store Bitcoin. An exchange lets you convert “real money” like US dollars to Bitcoin. Exchanges also provide a wallet—but you don’t necessarily have full control of that wallet.

[CryptoMaxim 3829]

On 15.10.2019 at 04:54, Silvinator said:

Good post. Many people use the addresses given by exchanges as a wallet and that seems like a serious mistake for security reasons. Some have lost money that way.

I believe that using wallets and coins is safer than the exchange. And unknowingly there may be a loss of coins due to the minimum Deposit.

[Sohel Rana Sazzad 453]

There are many differences between a wallet and an exchanger.Only money can be stored in the wallet, but Exchanger can trade and store money.

[Hatred 1388]

On 10/15/2019 at 3:46 AM, starwill said:

What is a wallet?
Wallet, Spanish "Wallet", as well as "digital wallet", is the place where we are going to store our Cryptocurrencies, they have no other function than to store them.

There are Wallets where you can store a single type of Cryptocurrencies (for example: Bitcoin) and in turn there are other wallets where you can store different types of Cryptocurrencies (For example: Bitcoin, Ethereum, Litecoin, among others.)

It is necessary to clarify that there are different types of wallets (Physical, In the cloud, for PC, for Smartphone, paper, among others)

What is an Exchange?

Exchange is an online platform, where different types of Cryptocurrencies can be exchanged, bought and sold, at a free market price, where the value of each one is established by its own buyers and sellers, according to the market movement.

We can see the exchange as a financial market, which is governed by the principle of free supply and demand, people exchange their different cryptocurrencies, seeking to obtain the highest possible return.

Clarified both terms we can differentiate

A wallet or Digital wallet, allows us to keep and have control of our Cryptocurrencies, and an exchange allows us to exchange, buy and sell our Cryptocurrencies.

Another informative post. Thanks for sharing this kind of post. Hope you and other can share other helpful and informative post here in this forum. Have a good day, pal.

[Naga 1250]

On 12/13/2019 at 8:40 AM, Nahna said:

Excellent post. It is always good to emphasize that in an exchange the cryptocurrencies. which is essential if you want full control of your funds. that is where your money are kept when you are trading on exchanges.

well its always safer to stay on your own private wallet but i think people nowadays are just too lazy and leave it all on the exchange rather than sending back and forth between exchange and private wallet.

[kazumina91 148]

The article is very meaningful, thanks for sharing about this, probably anyone who has finished reading your article will have such a rating, it will help newbies as well as those who do not understand well, avoid losing money and being cheated.
thanks a lot

[kazumina91 148]

Wallets are a safer place to store your money if it is highly secure or a hardware wallet you can still sell and make money
money transactions are always on the floor and exchange for profit, but not as secure as your own wallet
good luck

[Ms.o 3322]

Nice topic,very useful, lot of us think that storing crypto on a exchanger is fine,without using or giving time to install a wallet,but the risk or danger of getting hack is prone in a exchanger than if you store it in a wallet.

[Zentoly 419]

52 minutes ago, BitCryptoCoin said:

Exchanges provide you trading and crypto conversion but wallets only provide you crypto saving.

Right to say exchanges have a lot of advantages than wallet and the main advantages of exchange is that a person can easily generate daily income.