Hello all!
I've never used any wallets (like Electrum and such) but everybody tells me I should because of safety reasons. Why?
Isn't it like a fiat wallet where I put my cash in and it can't grow anymore? I'm confused
Thanks.
Consider Electrum and Electrum-like wallets like your own vault which you have at home and your keep your money in. The only way to get an access to it is to use the key which have only you and no one else. You can be sure that nobody can steal funds from your vault until they somehow get the key from you. From the other side consider another type of wallets, most commonly online wallets, as something similar to your friend's vault where he keeps your money on your behalf. When something happens to him, his vault or key, that's all. You no longer have your money and you probably wouldn't be able to find out who stole your money, your friend or someone else who stole your friend vault's key. You have to trust a lot to your friend to allow him to keep your money. That's the most important reason you have to use a wallet which allows you to control private keys. Not less important is to keep the private keys from your wallet safely so no one could steal them.
