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starwill

Difference between Wallet and Exchange

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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.

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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.

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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.

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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

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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.

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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 

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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

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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.

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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.

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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. 

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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.

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

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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.

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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

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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

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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. 

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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.

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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

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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.

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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.

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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

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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

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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.

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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.

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In addition, on Friday, May 3, we traditionally await another batch of very important statistics from the American labor market, including the unemployment rate and the number of new jobs created outside the agricultural sector (NFP), as well as revised data on business activity (PMI) in the US services sector.   GBP/USD: US PCE Hindered the Strengthening of the Pound   The preliminary statistics on business activity in the United Kingdom released on Tuesday, April 23, were mixed. The PMI in the manufacturing sector of the country crossed from above to below the growth/fall boundary, and with a forecast and previous value of 50.3 points, it actually fell to 48.7. In the UK services sector, on the other hand, there was growth in April – the indicator rose from 53.1 to 54.9 (market expectations 53.0). As a result, the Composite PMI reached 54.0 (52.8 a month earlier). However, all these figures did not attract much attention from investors.   On April 22, GBP/USD fell to 1.2300. The bulls on the pair took advantage of the dollar's overbought condition to return it to the lower boundary of the medium-term corridor of 1.2500-1.2800 in which it had been moving since the end of November last year. However, they did not have enough strength to consolidate within the corridor. The two-week maximum was recorded at 1.2540, after which, pushed by US PCE, the pair went down again and ended the five-day period at 1.2492.   According to specialists from United Overseas Bank, as long as the support at 1.2420 is not broken, there is still a possibility of the pound breaking through the 1.2530 mark. The next resistance, according to them, is at 1.2580. The median forecast of analysts regarding the behaviour of GBP/USD in the near future looks maximally uncertain: 20% voted for the movement of the pair to the south, the same amount – to the north, and the majority (60%) simply shrugged their shoulders. As for technical analysis, the trend indicators on D1 point south 65% and 35% look north. Among the oscillators, the picture is mixed: 25% recommend selling, 25% – buying, and 50% are in the neutral zone. In case of further decline of the pair, it will encounter support levels and zones at 1.2450, 1.2400-1.2420, 1.2300-1.2330, 1.2185-1.2210, 1.2110, 1.2035-1.2070, 1.1960, and 1.1840. In case of growth, the pair will encounter resistance at levels 1.2530-1.2540, 1.2575-1.2610, 1.2695-1.2710, 1.2755-1.2775, 1.2800-1.2820, 1.2885-1.2900.   No significant statistics on the state of the UK economy are planned for the week.   USD/JPY: Reached the Moon, Next Target – Mars?     We called the previous review "Higher and Higher". Now, it is worth asking at what altitude will this flight into space end? When will the Bank of Japan (BoJ) finally decide on a radical change in its monetary policy?   At the meeting on April 26, the members of the Japanese Central Bank unanimously decided to keep the key interest rate at the previous level of 0.0-0.1%. Moreover, the regulator removed from the statement the reference that it is currently buying JGB bonds for about 6 trillion yen per month. The statement after the meeting states that "the prospects for the development of the economy and prices in Japan are extremely uncertain," "if inflation rises, the Bank of Japan will likely change the degree of easing of monetary policy," however, "it is expected that the eased monetary policy will be maintained for some time."   The market predictably reacted to such decisions of the Japanese Central Bank with another Japanese candle on the chart of the USD/JPY pair. The maximum was recorded at 158.35, which corresponds to the peak values of 1990. There were no currency interventions to save the national currency, which many market participants feared. Recall that strategists from the Dutch Rabobank called the level of 155.00 critical for the start of such interventions by the Ministry of Finance of Japan. The same mark was called by 16 out of 21 economists surveyed by Reuters. The rest predicted such actions at levels of 156.00 (2 respondents), 157.00 (1), and 158.00 (2). USD/JPY has long exceeded the levels at which the intervention took place in October 2022 and where the market turned around about a year later. It now seems that 158.00 is not the limit. Perhaps it is worth raising the forecast bar to 160.00? Or immediately to 200.00?   USD/JPY ended the past week at 158.32. The forecast of analysts regarding the near future of the pair looks as follows: fear of currency interventions still prevails over 60% of them, while the remaining 40% are waiting for the continuation of the flight to Mars. Technical analysis tools clearly have no concerns about interventions. Therefore, all 100% of trend indicators and oscillators on D1 point north, although a third of the latter are in the overbought zone. The nearest support level is located in the area of 156.25, then 153.90-154.30, 153.10, 151.00, 149.70-150.00, 148.40, 147.30-147.60, 146.50. And it is practically impossible to determine resistance levels. We only note the reversal maximum of April 1990, 160.30, although this target is quite conditional.   No significant events regarding the state of the Japanese economy are expected in the coming week. Moreover, traders should keep in mind that Monday and Friday in Japan are holidays: April 29, the country celebrates the birthday of Hirohito (Emperor Showa), May 3 – Constitution Day.   CRYPTOCURRENCIES: Where Will Bitcoin Fall?   As expected, the fourth halving took place in the bitcoin network at block #840000 on April 20. The reward for finding a block was reduced from 6.25 BTC to 3.125 BTC. Recall that halving is a halving of the reward size for miners for adding a new block to the bitcoin blockchain. This event is embedded in the code of the first cryptocurrency and occurs every 210,000 blocks – until the moment when the mining of 21 million coins (presumably in 2040) ends the emission of cryptocurrency. It should be noted that the fourth halving will provide for the mining of approximately 95% of the entire bitcoin emission, about 99% of all coins will be mined by 2033-2036. Then, the emission will gradually move towards zero.   In the previous review, we promised to tell how the market would react to this important event. We promised – we report: the market reaction is close to zero. For several days after the halving, there was no growth in volatility. The price of bitcoin slowly and lazily moved first upward, reaching $67,269 on April 23, and then returned to where it began its weekly journey: to the $64,000 zone. It seems that market participants froze in anticipation of who would be the first to start buying or, conversely, selling the main cryptocurrency massively.   According to experts from Bitfinex, the post-halving supply restriction stabilizes the price of the first cryptocurrency and may contribute to its growth. "The reduction in the pace of bitcoin issuance after halving, which will amount to $30-40 million per day, contrasts sharply with the daily net inflow of $150 million into spot ETFs. This emphasizes a significant demand and supply imbalance, which may contribute to further price growth," stated the Bitfinex report.   However, analysts from QCP Capital believe that bitcoin optimists will have to wait at least two months before assessing the effect of the past fourth halving. "The spot price grew exponentially only 50-100 days after each of the three previous halvings. If this pattern repeats this time, bitcoin bulls still have weeks to create a larger long position," their report stated.   Anthony Pompliano, the founder of the venture company Pomp Investments, believes that within 12-18 months, the coin is expected to grow to $100,000, with chances of reaching $150,000-200,000. However, before moving to a bull rally, BTC/USD, in his opinion, is waiting for a correction down. At the same time, Pompliano believes that the price will not fall below $50,000. "I think we have already crossed this Rubicon," – he wrote.   The possible upcoming decline of the main cryptocurrency is probably a topic currently much more discussed than its subsequent growth. Many agree that bitcoin coins will appreciate in the long term. But how will quotes behave in the more foreseeable future? Fidelity Digital Assets, the leading issuer of one of the spot BTC ETFs, has already revised its medium-term forecast for bitcoin from positive to neutral. The reason for abandoning optimistic sentiments is several worrying trends in the crypto market. Fidelity analysts noted the growing interest in selling from long-term hodlers. Among them, there is currently a large percentage of profitable addresses, as noted in the company's report. This means that holders may want to lock in profits and start selling BTC. On the other hand, on-chain data indicates that small investors, on the contrary, continue to accumulate the first cryptocurrency. Since the beginning of the year, the number of addresses on which BTC is stored for at least $1,000 has increased by 20% and reached a new historical maximum. "Such a trend may indicate the growing dissemination of bitcoin and its acceptance among 'average' users," – Fidelity noted.   Specialists from CryptoQuant examined the SOPR indicator readings for these categories of investors and made conclusions similar to those of their colleagues from Fidelity. Investments in Bitcoin by "new" whales (owners of coins "aged" less than 155 days) almost doubled the indicator of "old" large players (more than 155 days). At the same time, the increased value of the metric showed that the profits of the "old" hodlers significantly exceed the indicators of the "newcomers". And if the "old-timers" move to fix profits, this may lead to the formation of price peaks. An analysis of the current picture, according to CEO of CryptoQuant Ki Young Ju, also speaks of the need to exercise caution in anticipation of possible corrections and increased volatility.   Recall that earlier, specialists from JPMorgan noted that digital gold is in a state of overbought. And co-founder of CMCC Crest Willy Woo noted that if the price of the first cryptocurrency falls below the support level of short-term holders at $58,900, the market risks moving into a bearish phase.   As of the evening of Friday, April 26, the BTC/USD pair is trading in the region of $63,950. The total capitalization of the crypto market is $2.36 trillion ($2.32 trillion a week ago). The Bitcoin Fear & Greed Index remained in the Greed zone, although it rose from 66 to 70 points.   Finally, in conclusion of the review, our long-forgotten crypto-life-hacks column. It turns out that in order to become a crypto millionaire, it is enough to have a marker and a piece of paper. The possibility of such a way of enrichment was proven by Christian Langlois, also known as Bitcoin Sign Guy. This guy made headlines in many news outlets after showing a notebook sheet with the inscription "Buy Bitcoin" behind the back of the Chair of the Federal Reserve System Janet Yellen. At that moment, the head of the Fed was giving testimony about the state of the US economy. This image instantly spread across the network and became one of the symbols of the emerging crypto industry.   For his misdemeanour, the 22-year-old intern Langlois was disgracefully expelled from the hearings. But after this episode was shown on television, enthusiasts sent 7 BTC to his crypto wallet to thank the guy for his bold move. Four years ago, Christian sold 21 copies of the "cult" sheet at an average price of 0.8 BTC, earning another 16.8 BTC. Thus, his total earnings reached 23.8 BTC, which is more than $1.5 million at the current exchange rate. And a few weeks ago, Langlois was offered another 5 bitcoins for the original, but he refused to sell the sheet. Nevertheless, Christian liked the idea of further monetizing the self-created object of "artistic and historical heritage", and he decided to sell it at an auction, directing the proceeds to finance his startup Tirrel Corp. On April 25, 2024, the auction house Scarce.City reported that the lot, which became a popular meme, was sold for 16 BTC (more than $1 million). NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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