Crypto Dilemma: Where to “Store” Crypto
“You literally can not store cryptocurrencies on a centralized exchange. Because the actual cryptocurrencies can ONLY exist on blockchains.”
An excellent blog by Miko Matsumura in Medium. Must read to improve your knowledge about blockchain.( the link is provided on the end)
You can store your crypto in two ways :
- In private wallet
- On a cryptocurrency exchange
Cryptocureency in wallet :
- safe and most controlled place to keep Cryptocurrency
- Not in a position to trade
- there will be times you regret that your assets are not on an exchange.
Cryptocurrency on exchange :
- You cannot store cryptocurrencies on a centralized exchange. It can only exist on blockchains.
- You are storing your Cryptocurrency on exchange wallet ( you don’t control).
- There is no legal clame of your assets. once you have transferred control over your crypto asset to another party you have no legal recourse.
- Hackers can steal your credentials and steal your funds. The exchange itself can be hacked.
- Exchange can steal airdrop from you.
Evercoin plans to solve this dilemma of where to store your cryptoassets by providing wallets that are integrated with the exchange.
Check out the link below.
https://evercoin.com/index.html
If you like the blog. Share and give a upvote.
Thansk for your support!
https://blog.evercoin.com/cryptocurrency-wallets-vs-exchanges-terrible-choices-92559ffe131f
Very nice blog buddy ..u cleared some of my question about wallet nd exchange ..
Most welcome 🙏
Hacking is big problems to small investers, to whom we can trust?
Binance & Bittrex is good exchange till now and we can trust to store our crypto..
Yes exactly,
If big exchanges get hacked, chances are there that they will recover. Like recently the korea’s biggest crypto exchange “bithumb” got hacked. But they has managed to recover roughly 45 percent of the cryptocurrencies stolen during the June