Josemendez
Verified member
The cryptocurrency world have experience two different form of Wallets , one is called a centralized wallet run by a centralized exchange platform and a Decentralized wallet. The centralized wallet is controlled by the creator or owner of the exchange and users do not have full control of their funds .
Decentralized exchange is not controlled by anyone. One enjoys full control whenever he opens such wallet. He is offered private keys which is the only way through which one can access the wallet.
Most times people for security reasons prefers to save their funds in a Decentralized exchange because once a centralized exchange is compromised , the users funds is at risk .However for trading purposes people prefer to use centralized exchange.
Which of these two exchange do you prefer to use and why ? I use Decentralized wallets all the time and use the centralized exchange whenever I want to convert to Fiat Currency.
Decentralized exchange is not controlled by anyone. One enjoys full control whenever he opens such wallet. He is offered private keys which is the only way through which one can access the wallet.
Most times people for security reasons prefers to save their funds in a Decentralized exchange because once a centralized exchange is compromised , the users funds is at risk .However for trading purposes people prefer to use centralized exchange.
Which of these two exchange do you prefer to use and why ? I use Decentralized wallets all the time and use the centralized exchange whenever I want to convert to Fiat Currency.