Alen098
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November 29, 2021, 11:31:33 AM |
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According to my perspective the best way to hold btc is to put it off over the Exchange like Biannce... Bcz we have seen A lot of cases of hardwallet get stolen... So I prefer Binance more there are very rare cases of loosing our funds.... And in case of get hacked... These kind of exchanges would pay their users back through Insurance soo they are much secure as compared to hardware wallet
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michellee
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November 29, 2021, 12:34:24 PM |
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The first difference is that hardware wallets are almost always left offline, completely isolated. Only when it is necessary to make a money transfer/receipt transaction, the cold wallet is connected to the internet. All the information in the hardware wallet is very well secured, very difficult for hackers to steal. However, its price is quite expensive, if you are a frequent trader, you will find it quite convenient.
Yup. If we can use a hardware wallet or apps wallet, we can still convert to bitcoin, usdt or other coins so we do not have to worry about the hacker because we control our coins. I guess there will be advantages and disadvantages of using exchange or hardware wallets, especially if you want to store your coins or trade your coins for another coin. But if you want to store your coins, then a hardware wallet will be the best place to keep the coins because your coins are in your hand.
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Pmalek
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November 29, 2021, 01:07:05 PM |
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However, its price is quite expensive, if you are a frequent trader, you will find it quite convenient. Ask yourself, expensive compared to what? Compared to a web wallet or exchange? Yes, it is. Compared to the possibility of losing all your crypto because you got infected with malware and someone hacked your account to empty all your coins from it? The exchange could get hacked like we have seen with Mt Gox or Cryptopia and many others. In that case, the device is not expensive at all. Most of us carry smartphones that cost around a grand or more. Those are expensive gadgets we could save money on. According to my perspective the best way to hold btc is to put it off over the Exchange like Biannce... Bcz we have seen A lot of cases of hardwallet get stolen... So I prefer Binance more there are very rare cases of loosing our funds.... And in case of get hacked... These kind of exchanges would pay their users back through Insurance soo they are much secure as compared to hardware wallet That's a very bad strategy you are suggesting there Alen. Someone once said that exchanges can be divided in two groups: Those that got hacked and those that will get hacked. No idea who said it though. The question is, which of those two will be holding your coins when it happens? There is absolutely no reason why you should use an exchange as a wallet for storing your crypto unless you are looking for trouble. If you think exchanges don't get hacked or are involved in various types of exit scams, make some research on the subject and see what you can find.
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MIner1448
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November 29, 2021, 01:39:34 PM |
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In general, everyone recommends hardware wallets, because it is almost impossible to hack. I wrote "practically" impossible, because I am very surprised at inode hackers who hack everything that is possible and impossible, although there were no cases of hacking with a hardware wallet, but nevertheless, do not underestimate the scammers.
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irsykes
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November 29, 2021, 01:58:14 PM |
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What are the advantages and disadvantages of these two methods to store your coins?
Hardware we have full control to our coin, maybe pros that we save coins in exchange is we can sell it immediately if needed. Because if save in our own wallet, that means more fees that will be used for transaction especially if we are trade and must doing deposit and withdrawal coins.
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sheenshane
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November 29, 2021, 02:40:46 PM |
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What are the advantages and disadvantages of these two methods to store your coins?
Hardware we have full control to our coin, maybe pros that we save coins in exchange is we can sell it immediately if needed. Because if save in our own wallet, that means more fees that will be used for transaction especially if we are trade and must doing deposit and withdrawal coins. If that is so just because of the fess, I won't hesitate to spend less $1-2 for the fess rather than your whole crypto earning will disappear once the exchangers are becomes compromised. It's been always good to store your coin in a hardware wallet or any wallet that you have full control over your private key, in that way your coins are safe. It could be the advantage of an exchange is the quick trade into fiat if you need it but it's just a matter of an hour if you'll wait while using hardware wallets. The most important factor is the safeguard of your portfolio and avoiding possible scams or even exchange becomes compromised and your coin might be stuck.
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lenovop-70
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November 29, 2021, 03:23:55 PM |
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Exchange wallet is not secure, but flexible and you will have more speed to do transaction because its inside the market. For your own security use hardware wallet, with it you can control anything yourself. So i suggest you use them both for two different purpose, exchange wallet for your moving assets, and hardware wallet for your long and saving investment.
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macson
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November 29, 2021, 03:59:10 PM |
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What are the advantages and disadvantages of these two methods to store your coins?
@mk4 has given you a very precise explanation....if you put your assets on the exchange then it is very vulnerable, many suggest that you use a hardware wallet if you have a lot of assets to avoid the worst that could happen, especially since hackers have 1000 ways to get prey.
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Theones
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November 29, 2021, 04:00:16 PM |
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Cons 3. They could anytime shutdown or run away
I think that wont be the case with recognized exchanges like binance since they have bank accounts in different countries and its impossible for run them. As governments have tight control over them. Cons? 1. Losing HW or Break it.
With hardware or software wallets thats the biggest issue and IMO it overpowers all the advantages offered by the hardware/software wallets. Once you loss it, you get it back at any cost.
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wajik-tempe
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November 29, 2021, 04:08:17 PM |
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Cons 3. They could anytime shutdown or run away
I think that wont be the case with recognized exchanges like binance since they have bank accounts in different countries and its impossible for run them. As governments have tight control over them. Cons? 1. Losing HW or Break it.
With hardware or software wallets thats the biggest issue and IMO it overpowers all the advantages offered by the hardware/software wallets. Once you loss it, you get it back at any cost. Nothing is impossible in crypto, cex is cex and our money is held by them, nothing we could do if they are doing scam, i know if the exchanges is already famous and their leaders are known by the people. But if the run away happen, they will just wanted by the police and going to jail if got catch, but our assts will not return. And yeah, hardware wallet could be broke but if you have more than 1 mils USD worth coin in your wallet, it's easier to keep the hardware wallet safe compared to aimed by the pro hackers which aiming large amount of money in crypto wallet.
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Mahiyammahi
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November 29, 2021, 05:39:39 PM |
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Exchange is a centralized system. Where a admin or a group of member control everything. They can monitize your coins or transfer if they wants to as security perpose. Then what's the matter if you have a house but it's key is in house developer's hand. What do you say? Is there any security left for you?
A hardware wallet is a fully decentralized system for storing. It has no internet access so hackers can't reached it. You can transfer you asset anytime .
You should use hardware wallet if you are really concern about you security.
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taufik123
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November 29, 2021, 06:08:35 PM |
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Hardware wallets are the main wallets that are used to store crypto assets more securely and have full control over the assets we have. While the use of Exchange is only as a trading mode, and some large exchanges like Binance can still be trusted to store our crypto assets. Nonetheless, exchanges are still vulnerable to break-ins. Both wallets have their own advantages and disadvantages.
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TinaK
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November 29, 2021, 10:57:12 PM |
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What are the advantages and disadvantages of these two methods to store your coins?
@mk4 has given you a very precise explanation....if you put your assets on the exchange then it is very vulnerable, many suggest that you use a hardware wallet if you have a lot of assets to avoid the worst that could happen, especially since hackers have 1000 ways to get prey. When your assets are on exchange, isn't about the hackers because I believed that hackers are not easy to compromise exchange. I have doubt that the scam that happened on exchange was an inside job and this is what I have worried about when my coin is on an exchange, there is no way to protect us from that scenario. But how about the exchange that offers SAFU? They promised that your fund is safe. To have peace in your mind, much better to choose a hardware wallet and they are right.
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Fatunad
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November 29, 2021, 11:11:37 PM |
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What are the advantages and disadvantages of these two methods to store your coins?
@mk4 has given you a very precise explanation....if you put your assets on the exchange then it is very vulnerable, many suggest that you use a hardware wallet if you have a lot of assets to avoid the worst that could happen, especially since hackers have 1000 ways to get prey. When your assets are on exchange, isn't about the hackers because I believed that hackers are not easy to compromise exchange. I have doubt that the scam that happened on exchange was an inside job and this is what I have worried about when my coin is on an exchange, there is no way to protect us from that scenario. But how about the exchange that offers SAFU? They promised that your fund is safe. To have peace in your mind, much better to choose a hardware wallet and they are right. Wont be easy to compromise but the probability or chance would be always there and you shouldnt really cross out into those chances which would really be a regretful thing once it do happen and this is where you do learn up things on unfortunate conditions. So its neither you would make use of hardware wallet depending or according into your needs so its would really vary honestly. If you do all sort of security of your account then its what matter most.
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Kelvinid
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November 29, 2021, 11:13:08 PM |
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Hardware wallets are the main wallets that are used to store crypto assets more securely and have full control over the assets we have. While the use of Exchange is only as a trading mode, and some large exchanges like Binance can still be trusted to store our crypto assets. Nonetheless, exchanges are still vulnerable to break-ins. Both wallets have their own advantages and disadvantages.
The only advantage that exchange wallets have is we can make use of the coin to trade easily. But in terms of safety and security assurance, there is nothing we can find, even know exchanges like Binance can't give that, how much more of the others? If that we only just hold, exchange wallet is not the best choice. We'd rather use wallets either online or offline wallet as long as we have full control of the keys as we already know that we are secured enough. But of course, we must be careful in accessing sites as the usual reason why people lost their accounts.
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Rinzha
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November 29, 2021, 11:24:47 PM |
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i think hardware wallet its prefer
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AakZaki
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November 30, 2021, 05:11:56 PM |
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Exchange is a centralized system. Where a admin or a group of member control everything. They can monitize your coins or transfer if they wants to as security perpose. Then what's the matter if you have a house but it's key is in house developer's hand. What do you say? Is there any security left for you?
A hardware wallet is a fully decentralized system for storing. It has no internet access so hackers can't reached it. You can transfer you asset anytime .
You should use hardware wallet if you are really concern about you security.
Paying close attention to security is indeed a must, especially by using a hardware wallet. I have 2 types of hardware wallets that both feature asset storage and tight security. But the security of hardware wallets must also be accompanied by user awareness, sometimes fatal errors occur because users are very careless.
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wxa7115
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November 30, 2021, 06:05:10 PM |
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What are the advantages and disadvantages of these two methods to store your coins?
Simply put you must never hold your coins at an exchange, now if you are a trader I understand why you have your coins in an exchange, as you are sacrificing some of the security of your coins in order to try to increase the size of your holdings. But if you are not a trader then your coins must never be in an exchange or any wallet you do not have the private keys, having your coins in a hardware wallet gives you complete ownership of your coins while at the same time it gives you protection from hackers that most people cannot get on their own, so if you have to decide between those two options then get a hardware wallet, I know they cost money but they are worth it.
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Issa56
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November 30, 2021, 09:16:04 PM |
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Seriously I will never advise anybody to keep coin in an exchange because if a coin is in exchange wallet address your money is at risk compare to if you store in a hardware wallet address. If a coin is stored in a hardware wallet address I believe the only risk associated with it is that if you lose your private key which I always advise everybody to also look for a secure place to keep there private key. But if you keep your money in an exchange you can easily lose your money because even the exchange can come up with a new rule which will definitely affect you and also the exchange can be hacked which might affect your fund also mostly in all exhange there is always withdrawal restrictions and I believe there are many more reasons why is not safe to keep money in exchange.
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Natalim
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November 30, 2021, 10:41:18 PM |
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I hope that OP gets something and enlightens his mind now. Having the two different wallets has also a different purpose and that it needs to be clear before using one of them. And I believe that you grasp some ideas and know what you gonna do to safeguard your funds out from this risky environment. I guess, all the replies above are good enough to guide you on which one to choose. If ever you've got a mistake, that was not because we are wrong, it is definitely it's yours.
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