What's the difference between a crypto wallet and exchange?
The difference between a crypto exchange and a wallet is easy to understand. Think of an exchange like a bank account and a wallet like the physical wallet you carry every day. The money you have in an exchange isn't really yours; it's held by the exchange, which can freeze or lock your funds at any time.
On the other hand, a crypto wallet is completely different. With a wallet, you have full control over your money. No one can freeze or take your assets; they are entirely yours. You can send or receive money whenever you want, without worrying about your account being restricted.
Self Custody Is Key 🔑
The difference between a crypto exchange and a wallet is easy to understand. Think of an exchange like a bank account and a wallet like the physical wallet you carry every day. The money you have in an exchange isn't really yours; it's held by the exchange, which can freeze or lock your funds at any time.
On the other hand, a crypto wallet is completely different. With a wallet, you have full control over your money. No one can freeze or take your assets; they are entirely yours. You can send or receive money whenever you want, without worrying about your account being restricted.
Self Custody Is Key 🔑
What are the risks with holding your assets on an exchange?
This one is pretty clear. Imagine you have $150,000 in your account during a market high, and you want to take out some profits. But suddenly, your account gets restricted or your money is on hold for three weeks. Now, your $150,000 is only worth $75,000 because you can’t sell or move your funds.
Let’s not forget about the crashes that exchanges often have, which can prevent users from accessing their accounts, or the hacks that target these exchanges.
Remember, if you don't have the keys, you don't own the coins.
This one is pretty clear. Imagine you have $150,000 in your account during a market high, and you want to take out some profits. But suddenly, your account gets restricted or your money is on hold for three weeks. Now, your $150,000 is only worth $75,000 because you can’t sell or move your funds.
Let’s not forget about the crashes that exchanges often have, which can prevent users from accessing their accounts, or the hacks that target these exchanges.
Remember, if you don't have the keys, you don't own the coins.
How to create a crypto wallet?
Just search for the wallet you want in the App Store or Google Play, download it, and create a new wallet.
⚠️ Make sure to keep your 12-word seed phrase or private keys safe. This gives you access to your wallet, and you should NEVER share it with anyone. If you do, you could get scammed.
Just search for the wallet you want in the App Store or Google Play, download it, and create a new wallet.
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What is the best crypto wallet?
The best wallet out there is Trust Wallet. It's a multi-chain wallet owned by Binance, which means it supports many different networks and coins. This allows you to store any token on any network you choose, making it great for buying and selling any coin or token you want.
If your coin isn't already shown in Trust Wallet, just click "Manage Crypto" at the bottom, search for your coin, and enable it on the right network.
The best wallet out there is Trust Wallet. It's a multi-chain wallet owned by Binance, which means it supports many different networks and coins. This allows you to store any token on any network you choose, making it great for buying and selling any coin or token you want.
If your coin isn't already shown in Trust Wallet, just click "Manage Crypto" at the bottom, search for your coin, and enable it on the right network.
What is the best exchange to buy crypto using cash fiat?
Unfortunately, every exchange has some downsides. In my opinion, Binance is the best, but you can use any exchange you like. Just remember that your funds may be frozen for a while, depending on how long you've had your account.
Unfortunately, every exchange has some downsides. In my opinion, Binance is the best, but you can use any exchange you like. Just remember that your funds may be frozen for a while, depending on how long you've had your account.
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Crypto beginners guide by Calvin hill
Take everything in this guide with a grain of salt; not everything is accurate.
Take everything in this guide with a grain of salt; not everything is accurate.
What are the best websites or apps to watch crypto charts and price action?
TradingView, CoinMarketCap, CoinGecko, DEX Screener, and DEX Tools are all useful.
TradingView is best for big, well-known cryptocurrencies. CoinMarketCap and CoinGecko are similar; it just depends on what you prefer. DEX Screener and DEX Tools are great for tracking small-cap and meme coins.
TradingView, CoinMarketCap, CoinGecko, DEX Screener, and DEX Tools are all useful.
TradingView is best for big, well-known cryptocurrencies. CoinMarketCap and CoinGecko are similar; it just depends on what you prefer. DEX Screener and DEX Tools are great for tracking small-cap and meme coins.