Exchanges versus Personal Wallets

[carlfebz2]

Its quite simple, with your own personal wallet, you own your bitcoin whereas if you store it on an exchange, they have your bitcoin. They can vanish in a instant and you'll lose all your bitcoin. Not saying that they will, but that can happen. And have happened before too, remember hashocean?
So, it is always best to have your bitcoin in your own wallet.

Hashocean was a cloud mining service .It was not a wallet. Even I had an account in that hashocean and got cheated by them. Regarding wallets ,can any one suggest me which is the best wallet to store bitcoins which has private keys because I got a notification from my bitcoin exchange to transfer my coins to some other wallet . Previously I was using multibit, but it's not that good.

Only electrum for me is the best to choose if you want to transfer your bitcoin that you can backup your private keys .. Other than other wallet..
Most of the traders right now or who are holding bitcoins they are now transferring their bitcoin to the safety place and electrum is one of the great wallet that i think your bitcoin are safe.. make sure after you save your seeds backup private keys where your bitcoin saved..

This is what im doing on which im securing all of my bitcoin on electrum wallet specially when theres an approaching august 1 event. Keeping your bitcoin on exchanges or any other wallets without the posession of your private keys is very risky. This is the suggested thing to do as of now. Exchange wallet is only good if you are doing active day trades but remember dont leave your bitcoins for too long there.

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[Mkmanik]

Coinbase just is an exchanger its not a personal wallet. You can lost all of your bitcoin if you stored them in coinbase. so if you want to save them securely then move all of Bitcoin to the personal wallet (desktop, electrum)which give you private key for your wallet.Electrum is best one of them. After 1st August you can use again online wallet like blockchain or coinbase.

[pitiflin]

What are the drawbacks of using an exchange like Coinbase versus having my BTC in a personal wallet. I am new to BTC so using an exchange has made things easy to jump into. That being said, with August 1 approaching I worry I may be losing a lot of decision power should a hard fork occur. 

What specifics freedoms do you gain from trading outside of an exchange service with relation to the fork?

 

Exchanges have your Bitcoin with themselves but, personal wallets makes sure that your Bitcoin stays with you itself. You have your own private key and no one can access your Bitcoin unless and until you give your private key to someone. Personal wallet is the one of the best wallets and recommended ones and probably the  safest ones . Its better if a person uses personal wallet instead of exchange when security is of the main concern.