Exchange or Hardware Wallets?

[Deleted member 403]

What are the benefits and drawbacks of these two ways of storing Crypto Currencies, like the storage of BTC? Are hardware or custodial exchange providers better for long-term HODL? Hardware wallets are better if your holding for a long-term duration as you then own the "keys," as with a custodial provider, the exchange holds the keys (crypto).

 

[Justin]

Hardware wallet would be certainly be more valuable when it comes to store your crypto currencies but hardware wallets cost money and a lot of people cannot use hardware wallet. Exchanges are better if you are trying to trade or hold for short time.

 

[Trexxxy]

I agree I think they are a good option in case you want to hodl for a long time. However, should you lose the key, then that presents a whole quagmire. I don't see why digital wallets cannot do the job, perhaps there is a fear that they are susceptible to hackers.

 

[Good-Person]

Many people have warned about using exchanges as wallets. Exchanges could be hacked any time. I think it is much better to keep your funds in software wallets. I use Coinomi wallet, which is used by many people around the world.

 

[Ebro01]

Hardware wallet are more valuable in terms of cryptocurrency . In a long time savings the wallet serves better, and in terms of exchange it can be hijacked by spivs.

 

[Justin]

There is nothing as secured as hardware wallet. However, hardware wallets are mostly for holding crypto for a long term, where as exchanges are handy whe nyou are exchanging or trading.

 

[Good-Person]

There is nothing as secured as hardware wallet. However, hardware wallets are mostly for holding crypto for a long term, where as exchanges are handy whe nyou are exchanging or trading.

Hardware wallets are quite expensive. What are your thoughts about software wallets such as Exodus wallet and Coinomi Wallet? I am using Coinomi right now and it is a good wallet. I just hope that it is as secure as hardware wallet.

 

[Justin]

I don't know Coinomi Wallet, however, I use Exodus wallet. I use desktop version of Exodus wallet. You can use without KYC. The only drawbacks of using Exodus is you cannot sell from the platform to convert your crypto to cash

 

[ahmedo24]

I don't know Coinomi Wallet, however, I use Exodus wallet. I use desktop version of Exodus wallet. You can use without KYC. The only drawbacks of using Exodus is you cannot sell from the platform to convert your crypto to cash

In circumstances like these the first thing you do is to convert your coins into a stable coin like usdt then you send it to exchange platform like binance which you can now use your peer-to-peer transactions option to convert to cash.

 

[HayKay]

I agree with you completely on this matter. It's advised that once you're holding coins for a long time, you'll have to use wallets such as trust wallet, Meta mask and the likes that you're in control of the security.

 

[Dora Wi]

I agree that for HODLing, hardware wallets are a much better option than keeping your cryptos on an exchange. The latter is only advised if you are actively trading with the capital in store.

 

[kayode10]

I agree with you completely on this matter. It's advised that once you're holding coins for a long time, you'll have to use wallets such as trust wallet, Meta mask and the likes that you're in control of the security.

This is my plan when it comes to cryptocurrency investment. I always plan to buy cryptocurrency at lower price then wait for a long period of time when the price is a bit higher when you can make more than hundred percent profit before I could sell it.

 

[BrolySSJ]

What are the benefits and drawbacks of these two ways of storing Crypto Currencies, like the storage of BTC? Are hardware or custodial exchange providers better for long-term HODL? Hardware wallets are better if your holding for a long-term duration as you then own the "keys," as with a custodial provider, the exchange holds the keys (crypto).

I think tat hardware wallets are great hwever they can be quite expensive and therefore they are out of the reach of many people that are invested in cryptocurrency.

 

[Nomad]

Hardware wallets cannot be compared with anything as these re the most secured form of crypto wallets. However, hardware wallets cost money and a lot of people do not use hardware wallets due to this reason.

 

[Kunkun]

Well said and I agree too because you make valid point, hardware would serve the best function when holding long term unlike with exchanges that are more prone to hacks and other irregularities

 

[Grandeur]

I would say that the best way to hold crypto currency is by staking in an exchange platform because one gets to make returns on apy while still holding value of the coin.

 

[Monster Masterpiece]

A hardware wallet is best but the fee of key ledgear is high and you need to wait for shipment for some weeks sometimes incompatible with a mobile wallet means you can only use a laptop.

 

[Kaffyfolla]

A hot wallet can also be called a software wallet. It’s a form of digital storage that you can access on your computer or phone, and is connected to the internet. Because of the internet connection, hot wallets are not as secure from hackers as their counterparts — cold wallets. Some exchanges will offer a separate hot wallet in addition to letting you keep your crypto in the exchange.

 

[Skysaint]

Well, I think the hardware wallet is most preferred by people for a long term holdings but currently, I am making use of a cryptocurrency exchange and it's been quite a good and awesome experience so far.

 

[Lens]

I prefer using the exchange wallets, although the hardware wallets is safer but the ability to liquidate
Your assets is faster. Using the hardware wallets makes it a bit difficult for liquidity.