Wallet or Exchange || 10% to @tron-fan-club
Today i will Discuss with you Wallet or Exchange, Which to Safe for you. I always try to share with everyone what I know everything about blockchain and crypto. So in its continuation today I will talk to you briefly about Wallet or Exchange, Which to Safe for you. i Hope you like my today's post.
We keep our crypto assets in our crypto wallet or on the centralized exchange site. But many of us have a question about where we can keep our crypto assets safe, and how we can keep our crypto assets completely safe. Today I will talk about whether our crypto assets will be safer if they are in the wallet or on the centralized exchange. In fact, I think it is impossible to give an answer to this question. So today I will discuss in detail that you will understand for yourself where you will feel safe if you keep the crypto assets you have. If you can read my post today well.
For example, if I talk about wallets, we can keep our crypto assets much more secure in wallets. Because the crypto assets that we keep in the wallet are not under anyone's control, which means that since I have private keys, no one other than me can transact the assets in this wallet. No one has any control. With that in mind, we can definitely keep our assets safe in the wallet. But another problem with the wallet is that if we somehow lose the private key we have to control it, we will never get back the crypto assets in that wallet. It will be lost from us forever.
If we are thinking of keeping our assets in a wallet, then we must keep those privates safe. It should be saved in a few places. Because if the private key is lost, it will not be found. In that case, it can be seen many times that if this private is lost, then it cannot be entered.
But in case of centralized exchange, if you lose its password, then there is no problem. Because if you lose the password since the centralized exchange is under someone's control. Your passwords, your assets are under their control. So even if you lose your password, you can recover the password, if you have the mobile number and email address with which you opened the account. Then you will be able to recover the account and after recovering the account you will be able to get back the assets that were in that account and you will be able to make the transaction. This is an advantage of centralized exchange.
Again, there are some problems with centralized exchanges, such as: We have heard that centralized exchanges are sometimes hacked or sometimes withdrew. It is their own will, they can run us the way they want. It is their complete control, they can do whatever they want. But it is a problem of centralized exchange.
What do we do then? From what I have said above, I understand that both the wallet and the centralized exchange have problems. If we want to exchange our asset, we must use centralized exchanges. Because we want to do USDT from Steem, in that case we have to use centralized exchange. Because we can only store resources in the wallet.
But now we will talk about how to use it. I will personally tell you how to keep your cryptocurrencies safe. In fact I personally use centralized exchanges and wallets. I have to use exchanges to trade, in which case I trust Binance a lot and I use Binance. The mobile number with which I opened the account in Binance is to register with my own National ID card. Because if I lose that mobile number, then I will not be able to extract any assets from Binance.
Therefore, the mobile number with which I opened the account is registered with my NID card, ie if the mobile number is lost, then I can find out the mobile number again and if I can pick up the mobile number, I can login to Binance. In that case I use Binance to trade. If I want to hold a crypto, I use the wallet to hold it and I keep the private keys in a few places personally. Like I write it in a diary and keep it elsewhere.
You must use wallet to hold long time. And if you want to hold on for a long time, then you must remember, create a few wallets and share all your crypto resources in them. If you ever lose a wallet, you will still have the crypts in the rest of your wallet. But if you put all the crypto in one and if it is lost, then all the crypto resources will be lost from your life. And you can keep some resources at Binance or at Centralized Exchange, because there you can recover your lost password. So I think the more you share your assets, the more secure your assets will be. Even if you get lost in one place, you will find the resources you have in another. And if you lose something, the rest will be yours.
https://twitter.com/KawsarH67898725/status/1530211233596846080
This is a very accurate lecture. I love the fact that you brought balance to the use of wallet and exchange.
Hello friend @kawsar, this is a very detailed, interesting and educative post you have written on wallet or exchange.
Thank you for this piece of information, now I know the difference between wallet and exchange.
Come to think of it all my cryptos are being kept in one wallet but from the information I have gained from your explanation, I'll transfer them to different wallet, just in case I loose the keys to any of my wallet.
Thanks again for this detailed explanation
I will actually choose wallet for safe keeping of my assets but certainly exchanges serves more purposes but least secure.
You have cleared the thing in a very beautiful way. Everyone will be very easy to understand. Good luck to you.
Thank you very much for this valuable article. In fact, personally, I have stored only 40% of my portfolio in a private wallet. Other 60%, I have to keep in some exchange wallets as I want to Trade them.