CRYPTOCURRENCY WALLET AND EXCHANGE BY@SOLEXYBABA |10% PAYOUT TO BUSINES ACTIVITY|
Image edited onCanva
Hello to everyone in Business Activity community. Hope everyone is doing just fine. in the early hours of today, I went out to get breakfast and in the restaurant I overheard two individuals discussing cryptocurrency, and then an argument occurred. and the course of that argument was about Cryptocurrency wallet and exchange. and they began to ask the question of that is it better for one to keep cryptocurrency in a wallet or exchange. then I decided to intervein and cleared the air and after that, they got cleared and left happily, so I felt it is not just okay to tell those two but rather come down here to educate the community on Cryptocurrency wallet and exchange. and I will be breaking it piece by piece to the best of my knowledge.
WHAT IS CRYPTOCURRENCY?
.jpg)
Cryptocurrency as we all know is said to be a digital currency in which operations and transactions are maintained by a decentralized system by the use of cryptography, rather than by a centralized authority. and these cryptocurrencies are the bitcoin and steem and so on. now understand this, since the digital currency operation and transactions are maintained by a decentralized system it means that there are no authorities governing the operations and transactions, no law and other concerning the cryptocurrency an individual with cryptocurrencies have the right to send, sell his asset at any time regardless of go-ahead permission by an authority or management. in the central banks, there are limits to making withdrawal that is why it is called central bank they operate in a centralized system. they dictate your transactions and assets. now let me not digress from the topic of the day, I am only laying a foundation for us to understand this so well. in as much as the cryptocurrency is maintained by a decentralized system we do not keep our assets in the banks we keep them in a safe place and it is an application, so this leads us to the cryptocurrency wallet.
WHAT DO WE MEAN BY CRYPTOCURRENCY WALLET?
The cryptocurrency wallet is said to be a program that enables investors of cryptocurrency to store all their digital currencies assets. This wallet helps an investor store cryptocurrencies safely. since the cryptocurrency is built based on a decentralized system all investors are liable for their assets and as such it is important to have a wallet in other to store your digital currencies. examples of crypto wallets are the Trust wallet, Coinbase, Binance, and so on.
WHAT IS CRYPTOCURRENCY EXCHANGE
A cryptocurrency exchange is said to be a website that enables one to sell or buy a cryptocurrency and as well convert fiat currency to cryptocurrency. So as stated it is a website account, this website when being accessed one can either sell or buy digital currency and equally convert fiat money into cryptocurrency. and examples of these websites are the Luno, Binance, Remitano, Quidax and so on. these are websites that enable an investor to perform the stated transactions above.
IS IT SAFER TO KEEP CRYPTOCURRENCY ASSETS IN WALLET OR EXCHANGE?
Truth be told, based on my opinion it is unwise to keep a great deal of your digital currency in any hot wallet, more precisely an exchange account. rather it is advisable to withdraw the major funds to your cold personal such as the Trust wallet and the rest. because when you store all your digital currency in exchange could see you lose all your crypto assets if the exchange is tempered with (hacked) or on the other hand if the owner traded the currency and ran away. but then it is a choice, always make sure you note the risk involved before choosing where to store your assets between wallet and exchange.
CONCLUSION
Cryptocurrency wallet and exchange have their respective role to play but as much as security is a concern, I rather store the majority of my assets in my wallet than on an exchange in other to avoid lose of my assets in any way at all. that is why everything is made for a specified purpose, the wallet is made to store cryptocurrency assets and the Exchange is made for one to be able to buy or sell cryptocurrency and also to convert fiat into cryptocurrency. as simple as anything.
Thank you for reading, I believe this article is educational enough to give understanding to us all.
MY BUSINESS DETAILS
| Business name: | Xclusive Concept |
|---|---|
| Owner's name: | @solexybaba |
| Business address: | Zaria, Kaduna State, Nigeria. |
| About Business Activity Community: | Link to presentation. Link |
Thank you so much @irawandedy for your support, I am grateful.
Hello @solexybaba , thanks for the topic to share, and since cryptographic topics can arise out of nowhere, in a simple way, in an exit and intervene to give your most favorable point of opinion.
This is a topic that we appreciate and that will be of great help to steemians, to delve into a wide knowledge if they do not already do so.
Greetings.
suggestion noted ma, thank you so much
@solexybaba , Add the sources of origin of the images, please. Greetings.