Use crypto wallet rather than Exchange wallet!

wallet usually refer where you keep your funds and the crypto wallet mean where you keep your crypto currency and use them when ever you want but there has difference in crypto wallet such as Exchange wallet and Mobile wallet or privet wallet .. But which wallet should you use ? Let's talk about it today

what is exchange wallet ?

Exchange wallet mean a temporary wallet address which can be changed any time after deposit your coin .. In exchange wallet you can deposit only those wallet which listed there as you can find out only listed coin address there .. There has few process in exchange wallet that when your transaction will be done on blockchain then the deposit will be confirmed on your exchange admin and if the admin wanna confirm it out then your funds will be deposit on the address . Also the main point is you will have no control on your exchange wallet but every thing will be control by an admin there .

what is mobile or privet wallet ?

A mobile or privet wallet mean having your money bank on your pocket which you can not say on exchange wallet as in privet wallet you will have your wallet privet key which lead you to have full control on your funds available in the wallet .. And to deposit and withdrawal you will need no permission from privet wallet as well no one can access your wallet without the privet key .

Advantage of exchange wallet ?

In my idea , the only advantage of exchange wallet is if you want to buy any coin urgent mean wanna do trading for short term very fast then you should use exchange wallet .. As well exchange wallet is good for them who wanna trade often which indicate short term trader or day trader or mid term trader who often need to use their funds to buy coin to recover lose or sell coin to collect out profit .. So the advantage of exchange wallet is trading in short time ..

Advantage of privet wallet?

Such as you need some urgent crypto now and need to send it some where then you can just take the address while send the crypto without any processing except the blockchain processing but this is not possible in wallet exchange wallet because in exchange wallet you need to get confirmation first of your withdraw or deposit which is boring and need time too ..

Why exchange wallet is not for long term crypto holder??

As like i have said above that in exchange wallet you will have no control on your funds but full control will be available on exchange admin .. So if you store your crypto there for long term such as one year?? If so then there might has change the exchange will lost it reputation or exchange will be close while especially the hacking chance of exchange wallet .. You have any idea that almost every top rated exchange get hated ? if not then read this below: Hackers Stole $40 Million from Binance Cryptocurrency Exchange ,$150 million funds get hacked from Kucoin, this year HotBit exchange get cyber attack and 2 million user get affected on their wallet .. This is the biggest reason why you should not use exchange wallet to keep store your funds ..

Why you should use privet wallet for store crypto long term condition ?

Usually in privet wallet no one can access as like i have said above .. Only if some one able to get your privet key then this will be stolen but this is called accident... This kind of story is rare to hear that privet wallet get stolen or hacked if not some people access in wrong site while give access to open your funds .. This is why every step you do in privet wallet then you need to be careful badly .. But some time privet wallet not safe so in this case many user use hardware wallet which is most safe ..

So now you should use that wallet which you prefer according to your need..

Have a nice day Read cash user!