Difference between Wallet and Exchange

[starwill 456]

3 minutes ago, jcarlo said:

If we are traders and always do daily trading, storing coins in the wallet exchanger is an option but if we are only investors who want to hold coins for the long term, I think it's safer if we store them in a wallet that we control our own private key

Excellent my friend these points are key to working cryptocurrencies, the idea is that more people join him and nothing better than having very clear what should not be done so that the experience is positive and avoid losses. Thank you for your contribution to the topic

[I-KUN 422]

if you want to trade, use exchanger. but if you just want to safe and keep your coin for a long time, use walllet. just ordinary wallet. don't use exchanger wallet to safe your coin for a long time. maybe sometime it needs update your address and your balance will be gone.

[alexisfuentes 2130]

The fundamental things is that in wallets you have your key private (seed) , so that your coins will never be lost.

Exchange Centralized: "no have control"  of our cryptocurrencies (No private Key)

Exchange Decentralized:  "have control"  of our cryptocurrency.

 

 

[Deborah Christine 410]

This post will help newbie in crypto world to always use wallet than exchange because wallet is more secure than exchange. 

Thank you your explaination is very clear so newbie can know.

[Rounak sarkar 117]

Wallet - which you use to  save your coin, can add more coin to save it can you make transaction with using your wallet. 

Exchange - which you use to grow up your coin or money !! And you can do trading here and earn more money.

The difference between exchange and wallet used to save and transaction  your money. And exchange used to earn and Edo trading. That's it no my opinion !!

 

[teminalibug 309]

Just to emphasize, i say this so many time, do not keep too much money in your exchange system/website's account, just much you can afford to lose.

[teminalibug 309]

On 10/24/2019 at 2:36 AM, bobXsingular said:

Keep all your coins in a hardware wallet to be safe.  With that you control your coins and you are the only person who have access to your coins.  Its like a vault for your coins.  The setup a mobile wallet for your spending with a little bit of amount.

Hardware wallets are expensive so i tend to keep my coins in a paper wallet, different paper wallet, currently i have 3 paper wallet and i think my money is safe there.

[starwill 456]

On 10/18/2019 at 2:06 AM, Phash said:

Thanks for sharing this post. Some People always think an exchange can serve the purpose of a wallet but they don't know it's risky to put their funds there with no reason. The purpose of putting funds in an exchange is to buy coins with it and you withdraw the coin to a supported wallet or you trade your coin as a trader. 

That is correct my friend a contribution for the newest to consider and take into account before misusing and have to pass the many that we had to learn from experience that in some cases were not pleasant. regards

[Agios 1763]

On 10/15/2019 at 2:46 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.

I'd love your post, there many users prefer using exchange as wallet  to store their cypto currencies because with one account they can save all their cryptocurrencies despite in small amount, this usually happen to people who hunt for crypto through faucet sites. and easy to swap to other crypto. 

[Haydoidayctm 82]

I often put my money on exchange wallets to facilitate transactions, only when I hold any coin, I will withdraw them to the wallet to store

[fajarriadi 179]

A very good information for the new member like me. So i can understand the difference of wallet and exchange now. 

[Luciferludz 1442]

there have big difference between quality and cryptocurrency exchange site wallet is a place where you store your bitcoins but exchange is where you use to increase your balance

but there have another wallet where you can store your bitcoins and other cryptocurrency also it allow you to do exchanging from one currency to another currency such as blockchain  wallet, coinomi wallet and cryptopia wallet.

[salakka 76]

Wallet is most importance for keep balance and exchanger as i know beside can trade we can keep coin too but under term and condition from exchanger companies 

[nenni 96]

Different between wallet and exchange is

Exchange is an activity of exchanging or buying and selling the value of coins to fiat currency

Wallet is a digital data storage area specifically for holding coins

[Haydoidayctm 82]

21 hours ago, Starpark said:

Ví có thể được sử dụng làm nơi lưu trữ, trong khi trao đổi được sử dụng làm nơi kiếm tiền. Tôi nghĩ như vậy. Bạn nghĩ sao? Bạn có đồng ý không?

I think so too, wallet to store assets.  But if I don't intend to store the coin for more than a year, I won't withdraw it because it costs money, and the rest is on the exchange.

[Great Commander 659]

Very helpful for beginner crypto traders and elaboratety explained. These two terms is verlry useful in the world of crypto currently 

[xBDT Script 4371]

16 minutes ago, Panakozaki said:

but it's better to save money on the exchange, even though I don't know later or when the exchange will be hacked or closed. maybe I'm too lazy to save the private key and others.

Exchanges are very risky to hold coins. They may be hacked or may exit scam. You know the sentence, "Not your keys, Not your coins." You must have hold the private keys if you want to be the secure owner of the coin. Exchanges are only holding fund for short term like couple of hours/ one or two days maximum so that you can trade. On the other hand, wallets are controlled by you. You can do whatever you wish, whenever you want.

[Mathers 295]

Both a wallet and an exchange are two different things but often these days a lot of people make use of the exchange as a wallet, and they sometime end up losing their funds to hack or some security breach.

[dana33 302]

Just a little advice, never ever stored your coins for a long time on exchange. Like more than 3 months or even 1 year, it's better to stored your coins in your own wallet because we never know is the exchange will still survive or not, and there are so many cases about exchange turn into a scam or get hacked.

[bobjoemega 1088]

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.

  I'm using Exchanges, to store all my coins, even my mining address of RVN is from a platform, and this because i like to get some free coin from some swaps or hard-fork in exchanges, but to avoid the risk of the closing of the exchange, i use five to six exchanges so if one close, they still be four more to trade in it, and recover the lose that you get from the closing one, it's a good strategy to stay safe and can keep you a life, other wise if you lose all funds in one exchange you will suicide.

Edited November 15, 2019 by bobjoemega
i need to change color it's the admin order

[I-KUN 422]

On 10/30/2019 at 7:22 AM, bobjoemega said:

       I'm using exchanges to store all my coin, even my mining address of RVN is from a platform, and this because i like to get some free coin from some swape or hardfork in exchange, but to avoid the risk of the closing of the exchange, i use five to six exchange so if one close, they still be four more to trade in it.

but still there is some risk that you will face. maybe like upgrading the wallet, then change the wallet so your balance will be zero. or maybe they even delisting your coins that you hold on one of your exchanger because of low of trading volume. 

[Nicecrypto 543]

On 10/15/2019 at 4:12 AM, alther said:

A pretty good post for new players in the crypto world, so they don't get regrets when they receive a campaign asking about your wallet address.

And the ones that will use the exchange wallet still don't understand the difference between wallet and exchange wallet which are not in their control however, some campaign would even specify not "exchange wallet" 

Edited October 31, 2019 by Nicecrypto

[bestprofi 372]

The major difference is that in exchanges you do not hold the private key of your wallet. In the crypto world it is said that if you do not have the private key you do not have the coins.

[coinliker 170]

thank you so much for sharing the helpful post. Those are newly entered in the crypto world they can now easily understand the difference between wallet and exchange. 

[giash crypto 258]

wallet is like your pocket money wallet. where you can store your money and you can buy anything with that. simple