Difference between Wallet and Exchange - Page 4 - Wallets - CryptoTalk.Org Jump to content
starwill

Difference between Wallet and Exchange

Recommended Posts

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.

Share this post


Link to post
Share on other sites
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:classic_biggrin:

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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 

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

An excellent reason, yet I would really like to keep yourself updated there are several superior accessories in which help moving over stock markets including the Atomic finances the modern-day finances nonetheless it provides large and also outstanding critiques that can be used being a Bitcoin safe-keeping finances and in addition helps exclusive tips and also intelligent gadgets because it helps moving over stock markets.

Share this post


Link to post
Share on other sites

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. 

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
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. 

  • Useful or interesting 1

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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.

  • Useful or interesting 1

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Topics

  • Сообщения

    • КЕШБЭК!   Финансович платит 25$ за отзыв! Подробности тут...
    • Даа, часто так бывает, на что не верим, тот происходит). Думаю что серьезное изменение у биткоина связано с етф. Халвинг не так сильно влияет на цены биткоина, это мое мнение. Бнб конечно не сдается, он же 630$ был, пока биткоин же немного падал, после 73к, и он падал пропорционально.   
    • Также Аркхам и не только они, а очень много проектов не хило выстрелили именно из-за поддержки Бинанса и тут скорее всего будет тоже самое. А вот сможем ли мы попасть в тот список счастливчиков, пока что непонятно, хотя нужно дойти до минимального рубежа - 6-ой уровень.
    • Может быть и получат, а может будет совсем по другому, то есть по нынешней классике - раздавать в основном пользователям из топа рейтинга, а обычные пользователи могут оказаться за бортом, хотя актив был.
    • Да уж тем более, когда количество таких прое становится всё больше и больше и как-то нам не везёт в этом плане. Где большая часть профита в направлении заработка на дропах для обычных пользователей зависит от удачи, увы не от их активных действий 
    • Главный инвестиционный директор Bitwise Мэтью Хоуган заявил, что институциональные инвесторы, вложат в биткойн до 1 триллиона долларов через биржевые фонды (ETF), поскольку они постепенно переходят в криптовалюту. В записке, разосланной инвестиционным экспертам, Хоуган выразил обеспокоенность по поводу волатильности цен на биткойн. Поскольку актив колеблется от 60 до 70 тысяч долларов, генеральный директор считает, что лучшая стратегия — «сохранять спокойствие и смотреть в будущее».   Несмотря на краткосрочные колебания, Хоуган выделил несколько ключевых предстоящих событий. К ним относятся халвинг и потенциальное одобрение спотовых биткойн-ETF такими крупными платформами, как Morgan Stanley или Wells Fargo . Хоуган подчеркнул, что текущие процессы комплексной проверки, проводимые инвестиционными комитетами и консультантами, являются важным шагом перед совершением инвестиций в биткойны. Он упомянул, что в ожидании этих событий цена Биткойна может испытать боковое движение в ответ на незначительные изменения настроений. Тем не менее, Хоуган с оптимизмом смотрит на будущее Биткойна, ссылаясь на устойчивый бычий рынок с ростом почти на 300% за последние 15 месяцев и веские причины для дальнейшего роста.   Январское одобрение спотовых биткойн-ETF значительно открыло рынок криптовалют для профессионалов в области инвестиций. Хоуган считает, что это знаменует собой начало интереса со стороны профессионалов, управляющих триллионами долларов, и этот процесс займет годы. Он также подчеркнул приток $12 миллиардов в ETF с момента их запуска, назвав это самым успешным дебютом ETF. Тем не менее, он ожидает, что глобальные управляющие активами, выделяющие всего 1% своих портфелей в биткойны, могут привести к притоку в 1 триллион долларов, в результате чего первоначальные 12 миллиардов долларов кажутся минимальными инвестициями. Ранее в марте Хоуган предположил, что спотовые ETF Ethereum могут привлечь больше активов, если будут запущены после мая. Учитывая более осторожный прогноз относительно майского дебюта, он предположил , что декабрьский запуск может быть более выгодным. Задержка даст Уолл-стрит и традиционному финансовому сектору больше времени для понимания сложностей криптовалюты, особенно Биткойна. По оценкам Хогана, Уолл-стрит потребуется от восьми до девяти месяцев, чтобы приспособиться к биткойнам, прежде чем рассматривать новый ETF.
    • Hello, friends, I wanted to alert you all about my recent experience with an airdrop group named @Airdrop_Fam. Initially, everything seemed legitimate. They requested an advance payment for their services, which I thought was standard procedure. However, the situation took a turn for the worse when they began demanding additional funds to publish a post. When I resisted their sudden and unexpected demand, communication came to an abrupt halt; they completely ignored my messages. The person behind this scheme is the admin of the group, known as @Airdrop_FAM_Admin. At first, this individual appears cooperative and friendly, but don't be deceived – it's all a facade to extort more money from you. Please, I urge everyone to be cautious and steer clear of @Airdrop_Fam. The group is a sham, filled with no genuine participants. The admin is a charlatan through and through. Don't let yourself be their next victim! Stay safe and always do thorough research before engaging with such groups
    • Як не крути, держава всеодно захоче накласти лапу на вашу діяльність, це просто покищо питання часу!
    • Снижение комиссий и увеличение прибыли: Как Bitmore изменяет игру Высокие банковские комиссии давно являются проблемой для многих предпринимателей. В Bitmore мы стремимся к минимизации ваших расходов на финансовые операции. Убедитесь лично, воспользуйтесь услугами перевода денег между странами, или оплаты счетов.
    • Lower fees and higher profits: How Bitmore is changing the game High bank fees have long been a problem for many entrepreneurs. At Bitmore, we're committed to minimizing your financial transaction costs. See for yourself, use our cross-country money transfer or bill payment services.
×
×
  • Create New...