đ Crypto Exchange vs. Crypto Wallet: What's the Difference?
New to crypto? Understanding these two is essential
Crypto Exchange đ
Think of it like a stock market for digital currencies. It's where you buy, sell, and trade cryptocurrencies. Exchanges hold your funds temporarily while you're actively trading. Popular examples include Coinbase and Binance.
Crypto Wallet đŒ
This is your personal storage vault. Wallets don't let you tradeâthey just store your crypto safely. You control your private keys (like a password), which means only you can access your funds. They come in two types: hot wallets (online) and cold wallets (offline hardware devices).
The Bottom Line:
Use exchanges for trading. Use wallets for long-term storage and security.
Many people use bothâtrading on exchanges and transferring their crypto to wallets for safekeeping.
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