Exchange And Decentralized Wallet - Club5050
Centralized Crypto Wallet also known as Exchange wallet, is a type of digital wallet that allows a user to store, trade and send cryptocurrencies. These Exchange Wallets are owned and maintained by a third-party that have total control over the exchange,wallet and transactions of your account. Popular exchange platforms like Binance and Luno uses this centralized Order.
Decentralized crypto wallet Is a digital wallet that enable a user to hold, exchange and send cryptocurrencies. As the name says "Decentralized", it means it's doesn't have any central authority or whatsoever. Using This type of wallet means you'll be given your Private Keys(Access and Control) which have total Authorization over your wallet. Popular platforms like MetaMask and Trustwallet uses this Decentralized Order.
Characteristics Between The Two
To make this differentiation neat, I'll make use of a tabular form to list their differences.
.jpeg)
| Exchange Wallet | Decentralized Wallet |
|---|---|
| Does not allow full access over your private keys | Allows full access over your private keys |
| Are mostly used to Buy, Sell and Exchange Cryptocurrencies | Are mostly used to hold and spend cryptocurrencies |
| Have Presence Of Third-party/Central Authority over your wallet | Absence Of Third-Party/ Central Authority over your wallet |
| The Interface is complex and require Special training | The Interface Is easy to Navigate |
| Offer special features like Signal Trading | Does not offer special features |
Which Wallet Is Better?
I don't dislike any of the Crypto wallet stated above because both of them have there unique features and Uses, but I would prefer a decentralized Wallet because it's less prone to attacks and if anything were to happen to my portfolio, I'm to blame because I didn't secure my keys. This doesn't mean decentralized is better, everything that has an advantage also have a disadvantage and the choice of any of the wallet depends on the user's need.
Thanks for reading....❤️
NOTE: 10% Author reward goes to the community account.
Much better and well explained. Thanks for your coming up with this wonderful topic. It will be so easy for the readers to understand the exact difference between Wallet and Decentralised wallet.
Thanks for reading.
Twitter Shared Link
Hi, @nane15, I noticed your in charge of crypto and business Curation today and I've called to your attention that my post hasn't been curated yet. I know your schedule is tied up and very busy but I'll appreciate if you curate my post. Thanks,🕊️
Not all posts receive the curation vote. This depends on many things, strive to create more and better content.
Thanks for the reply sir, I taken this into consideration. Also this is my second post that hasn't been curated....
https://steemit.com/hive-183397/@ronindboss/homework-task-of-tron-fan-club-tutorial-or-or-basic-understanding-of-cryptocurrency-and-blockchain-technology
I hope it meets your requirements.