Oh there it is. Now I understand how hot wallet works. So the basic thing would be if these wallets are for easy spending and those wallets that you have the private keys are for long, high value storage of coins. Thank you very much.
Sort of, but not quite. Web wallets are like an exchange in that all you have from them is a promise that they're going to let you spend the money that they're holding for you - it's an account, so in reality you don't own the Bitcoin, you're just letting someone else spend on your behalf.
The main alternative is a software wallet - this is a wallet that you download and hold on your computer. One way to do this is by downloading Bitcoin Core, the official client, but that takes a lot of data and it's quite hard to keep running, so one of the best things you can do is create a lightweight wallet on Electrum or Multibit. These are services in which you have full control over your private keys and they don't, but they hold the blockchain (public ledger keeping a record of transactions) on their own server so that you don't have to run it yourself.
An option which definitely
is for storing large amounts is a hardware wallet - this is a separate machine that holds your Bitcoin on it. The main reason to have these is because they're near immune to viruses and can be recovered without backing up the data (the TREZOR wallet is the most popular of these).
Thanks for clearing that up. So Exodus qualifies as a software wallet since I downloaded it. I have put a passphrase and I have the 12 word backup phrase. Does this mean I am really the rightful owner of the coins that I have deposited in this wallet? And how do I keep these type of wallets from attack since these always need the internet for them to work. I am planning on purchasing hardware wallets but not at the moment since I am still starting on my exploration in cryptocurrency, and these wallets converted to my local currency is a about half a month's salary.
Thank you. But may I ask, where do I get my private keys? I created a wallet in coinbase, xapo and exodus and I have trouble on where to find it.
There's no way you can get private keys from xapo and coinbase but on exudos as its a desktop wallet you have to open the app and press ctrl+left_shift+d and press Exodus/Developer/Assets/Bitcoin(what coin you want)/Export private keys and and some .csv will be created on your desktop including the public keys and its private keys.
Hope it helps.
May I ask after I get my private keys, what do I do with it? I am still unclear on how to use these keys. After I get the .csv, is it possible to create my own paper wallets and treat it as my own bank? In the near future I am planning to keep the keys for sweeping in a bank vault.