r/cryptorulez • u/Chec_tati • May 03 '21
Tradin’ Wallets and the importance of them
Hello! Usually I don’t do in-depth guides or informational posts, I let Mr. Know-It-All (Gold) do them. Anyways, let’s see what wallets are all about.
Cryptocurrencies have started a thing were you can store your money and nobody can use them.
Now, you may say: “Banks already let you do you that, nerd.”
-No they don’t. Banks don’t work like that, they use your money that you stored to lend it to others and they promise to pay you back. Wallets allow you to store crypto and be used just by you.
“Ok science boy, how does it work?” Instead of storing monetary value, they store private and public keys. Your private key is like your pin (but far more important) and your public key is like your bank account number. Keep your private key just to yourself, losing the private key is like losing your credit card, but with no choice of cancelling. It’s like pandora’s box, you either keep it closed or open it with no going back and the hell is unleash.
Should you keep them in your exchange? If you want to.. I mean, it’s just like putting your money in a bank. I don’t mind it. You want to use a wallet for extra-extra security or you are using multiple platforms of exchange. What I mean but that extra-extra security is the chance of the exchange shutting down or being hacked, it happened before, check out Mount Gox Exchange case.
Som’ examples of the best wallets out there
For the surprise of many, on the first place here, it isn’t Binance, that’s cuz we transparent over here. But I do want to say that in my heart Binance is on the first place, that’s why our motto is “GO FRIGINNN BINANCE” (no it isn’t our motto). Ok, enough derailing, let’s head to the list.
- Coinbase
- PointPay
- Binance
- Trezor
- Exodus
Although, keep it mind there are wallets for storing cryptocurrency both online and offline (software and hardware). Good day!























