A wallet as a container of money or exchange?

[joniboini]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

[Litzki1990]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

We should always give utmost importance when choosing a wallet. Some members have a misconception that they think exchange wallet is too risky and should not keep money in exchange wallet at all but we who are involved in investment or trading but must keep money in exchange account. There are many exchanges in the market out of which a user must select the best and safest exchange where he can keep his money as well as carry out all the activities. If your information can be kept hidden then I think exchange wallet keeps your money very safe.

[jeraldskie11]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

When we say centralized exchange it was authorized by a government to run smoothly in a Country. We all know that government hates privacy, they really want to determine who is that person who have that big funds. They want to make sure that there are no fraudulent activities made by this person before they can withdraw. But that's not only the disadvantages of using centralized exchanges, you can't also own the private key meaning you can't fully own your account and they can do anything to your if they want to. So this is not a best place for holding an assets.

[Gurujebs]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

A lot of people sell their privacy over cool features exchange give them and they always feel relax by those things, but the day even the exchange will report you or flag your account, you wouldn't expect it.

I saw a complaint on X platform, the guy was making complaints that his account was restricted and he couldn't move his funds and the reply he got was that he should visit a nearby police station, that was one of the strangest reply I have seen from an exchange. This are one of the issues of using a centralized exchanges.

[joniboini]

I saw a complaint on X platform, the guy was making complaints that his account was restricted and he couldn't move his funds and the reply he got was that he should visit a nearby police station, that was one of the strangest reply I have seen from an exchange. This are one of the issues of using a centralized exchanges.

That's really odd. Are you sure the suggestion comes from the exchange representative? Maybe you can share the post so we can see the full context. I can see why they should report something to the police if he falls victim to phishing, scams, etc, but being blocked by an exchange is not one of them. I guess you can say he's using a terrible exchange if that's the reply he got from customer service.

[Agbe]

From the content there is no clear cut question but the question was seen from the topic the question is clear. So all depends on the place you using. Wallet is not for exchange but it is a place to keep your coins and save them for future use. And that should be either self custodial wallets or custodial wallets. And exchange is where you trade your coins. You swap, you convert, you buy or sell coins in exchange and it either centralized or decentralized exchange. Now with this all depends on the action you want to take at the moment. Do you want to save it for future use? Or you want to trade? Select the one that is suitable for you. And I advise you to use self custodial wallet then when you want to sell it then you can transfer it to the exchange and sell at once. It is not advisable to keep coins in exchange.