Understanding Crypto Exchnages, Mobile Wallets, Hardware Wallets and Security

A lot of people are just subjected to knowing just one thing in the crypto world. Cryptocurrency is decentralized meaning you control your money. When you control your own money you are responsible for everything that happens to your money. You are your security, your analyst, your financial manager, your everything. So it’s best you know everything there is to know about crypto currency.

You must have been hearing crypto exchange but you have not taken your time to check what it means. Quite alright, the name explains itself right? Where you exchange cryptocurrencies. Well if you had that thought, then you are right. But you know people still confuse crypto exchange to crypto wallets. Well cryptocurrency exchange is an online platforms that allow you to exchange one kind of crypto to another type of crypto. The platform is not subject to less than 4 crypto assets. It gives you variety of different crypto options. With crypto exchange you can deposit your fiat and convert it to crypto assets. Examples of crypto exchanges are Binance, Huobi, Kucoin, Crypto.com, Gemini,Kraken

While cryptocurrency wallet is a place you store your wallet. Now this crypto wallet could be Mobile wallet or Hardware wallet. The mobile wallet is usually in a crypto exchange. Most crypto exchanges have a mobile wallet, while some mobile wallets are not crypto exchanges.

But leaving your cryptos in a cryptocurrency exchange wallet, makes you vulnerable. You don’t own the private keys, but the mobile wallet, you own the private keys and you don’t depend on a third party.

pros of mobile wallets:
Control of of private keys( not a crypto exchange wallet)
Fast transactions

Con
If you lose your private keys, you have lost your assets

While Hardware wallet is the most secured wallet to keep your crypto. It keeps your private keys offline an inaccessible to digital threats. This method helps to secure large crypto for long term storage. But they are very expensive and it’s way less convenient for day to day transactions.

The most important part to consider is security. You have to make sure your computer is highly secured by using high-quality security software. These are the software to make your wallet secured

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