Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Domithra on July 17, 2018, 02:43:31 AM
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As the names suggest already, exchange and wallets have their unique functions which is particular to each of them. Wallets are used for storing coins for longer time under good security whereas Exchanges are used for trading coins and holding them for temporary use. Exhange wallets do not offer much security as they are susceptible to attacks from hackers.
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I think that is same, but you should choose trusted wallet or exchange.
but if myself, I will choose exchange for storing my coin, because we will be easier when want to sell it, if you use wallet you should send it to the exchange first and you should pay for fees .
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I think both have different benefits. Exchange helps to liquidate coins as soon as possible. and our wallet is the safest place to hold coin.. But I would rather prefer hard wallet.
So, should make a distribution plan. to keep our coin. We should separate some coin for trading and some for storing.
Thanks.
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Im prefer to choose private wallet, i dont trust 3rd party to hold my asset, but this could be a dilemma for daily trader, because even top exchange is still much vulnarable
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For myself, I chose an offline wallet like TREZOR and NANO Ledger to store long-term coins.
The Exchange Wallet is very vulnerable in hacking but we need it because I trade every day.
This personal wallet is needed to store Bitcoin and Ethereum.
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As the names suggest already, exchange and wallets have their unique functions which is particular to each of them. Wallets are used for storing coins for longer time under good security whereas Exchanges are used for trading coins and holding them for temporary use. Exhange wallets do not offer much security as they are susceptible to attacks from hackers.
For me, its just the same, I have coin in exchange too that sleep over a year and it was just there waiting for my direction. As long as, you have set up 2fa that's fine to store coin there.
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It's depend with your cases exactly.
If you are a trader of course you will choose to store your coins at exchanger. so when you need to sell/buy the coins. you can execute it directly.
But if you are Hodler or Buying some POS coins or Medium/Long Trader , it's better to store it at the wallet. cause it's more safety and if that coins/token use POS algorithm, you will get some reward
for hodling them. and We don't know when the exchanger will got hacked or bankrupt or other problem which will happened to our exchanger.
So decided it carefully.
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As the names suggest already, exchange and wallets have their unique functions which is particular to each of them. Wallets are used for storing coins for longer time under good security whereas Exchanges are used for trading coins and holding them for temporary use. Exhange wallets do not offer much security as they are susceptible to attacks from hackers.
From security point of view, the best option is COLD WALLETS. Like ledger or trezor.
The second is hot wallets, like metamask, blockchain.info and others.
Exchanges are least secure and safe way to store coins.
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I think both are ways to store coins/tokens but here’s the big concern. When you store your coins in a wallet controlled by an exchange, that exchange actually holds the private keys. In other words, it’s sort of like the exchange storing your coins in their own wallet and giving you access via an account. You don’t actually have the coins in your own wallet that you fully control, as you would with a traditional wallets. I think it's better to use a private wallets rather than used an exchange wallets because, if the exchange site is hacked you may loose your coins/tokens.
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Desktop wallet is better i think, than any exchange wallet they can close it or make problems for you we remember how user couldnt withdraw from HITbtc.
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Some currencies are so expensive to move, that there is no choice but to store them on exchange. But serious amounts should probably be stored on official wallet or safe hardware. Also keeping it at exchange with USDT is nice, to lock up the profits, essentially trading as time goes on.
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There must be some speculation about this. If you want to get money faster, you will definitely choose to exchange their coins as soon as possible, because it is very ambitious to get money. If people who want to get a bigger profit, they will save their coins to play in the next round, which is certainly the advantage they get is greater than exchanging the coins directly.
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If it is not your keys then it is not your coins. It is way better to have your coins/wallets where you have full control.
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It's better that hardware wallets, like Trezor, Nano Ledger S and KeepKey.
If we keep it on the Exchange, the risk will be hacked. SAma is like MountGOX hacking.
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So, It means never store coins on exchange wallet for long time. Just store the coins when you want to trade them. While for wallets like MEW or Metamask can be used for storing coins with a long time period.
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very true, the exchange only functions for a temporary wallet, and is not suitable if it is used as the main wallet, because it is easily exposed to hacker attacks, it is also susceptible to coins lost due to refreshments from the exchanger. so for those who are new, they must have a main wallet so that the coins remain safe and not lost.
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As for me I use a simple wallet and it's very convenient. I'm sure that it's safe enough. If I want to buy something or withdraw some money I simply exchange it for something that is acceptable.
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Just save the coin when you want to exchange it. Whereas for wallets like MEW or Metamask can be used to store coins for a long time.
that means you don't have to save coins in the exchange wallet for a long time.
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Most secure and trusted option of storing coins is hardware wallet.
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Most secure and trusted option of storing coins is hardware wallet.
I agree with you.I keep a small amount of coins on the stock exchange to trade.For long-term storage only cold or hardware wallet.
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I keep the coins that are in reliable stock exchanges.I trust the wallets, but I don't trust my computer.therefore I do not hold coins that are not on stock exchanges.