On going though the the forum recently i noticed that most newbies are not well informed on how to choose a good wallet and exchange.
#What is a good wallet I can use to store Bitcoin?
# Kyc for accounts or wallets
#Which will be best non-KYC exchanger after Ku-coin?
For this reasons, i have decided to compile a list of useful information they should acquire before using or selecting a reliable crypto exchanges or wallet. also I have listed some working exchanges
***note, I will do well to explain in simplified terms)***
First,what is a wallet?
A wallet as the name implies refers to a safe house for all your assets. Now on the aspect of crypto currency, a wallet is a digital container which helps to manage your digital wealth with ease and more securly.cryptocurrencies are not physically stored inside your wallet but are recorded on the blockchain and so the wallet acts as an interface that displays the total amount of cryptocurrencies associated with yourpublic key.
Bitcoin wallets comes in various categories, ranging from quality and the services they offer their users. I won't go further into the types of wallet, because there is already a general thread made onBitcoin Wallets - Which, what, why?
so please do well to check it out.
not to waste a lot of time, let's go into exchanges.
CRYPTOEXCHANGES
Most people often mistakes exchanges for wallet because it offers its users a wallet where they can store their crypto, but exchanges are not wallets. Exchanges are third party organizations, which manages the funds of its users [more or less like a custodial wallet] providing a place where they can trade different crypto currencies for another or even to a desired fiat currency [vice-versa]. since most crypto exchanges are prone to scam or malicious activities, it is adviced not to leave your funds in their wallets and remember this, [not your key,not your coin]. crypto exchanges comes invarious types but the most commonly used ones are centralized.
CENTRALIZED EXCHANGES[CEX]
centralized exchanges, refers to exchanges that acts as a middle man to help conduct transaction. they offer advantages such as liquidity, user friendly interfaces and a variety of trade pairs. many centralized exchanges have tiered account verification system that impose transaction limits on users until they complete additional security measures.These exchanges,follows the compliance of government bodies, therefore implementing measures to ensure that its users follows or comply to some necessary requirements such as the KYC[know your customer] or the AML[anti money laundry policies to help control fraudulent activities.
here are some most trusted or commonly used centralized exchanges.
Binance
kraken
Bitstamp
OKX
KU coin
Bybit
Huobi
click to see more centralized exchanges
DECENTRALIZED EXCHANGES[DEXs]
Decentralized exchanges operates on a blockchain network that facilitate peer to peer[p2p] cryptocurrency trading, therefore utilizing smart contracts to carry out trade.in the decentralized exchanges,there is no middle-man so every user has control over their assets and is responsible for any activity that may lead to loss of their funds. it also provide privacy benefits as they don't require users to disclose personal information during trading. some popular decentralized exchanges include
UNISWAP
PANCAKESWAP
SUCHISWAP
APEXPRO
click to see more decentralized exchanges
PEER TO PEER EXCHANGES [p2p]
Although, the peer to peer exchange falls under the categories of decentralized exchanges, it is still treated separately. it is simply a crypto market, where buyers and sellers are connected directly without any involvement of a third party.The buyers and sellers,gets to negotiate and agree to a particular price before the transaction takes place.These exchanges uses the decentralized enscrow system to ensure a secure and successful transaction.This means that they hold the traded cryptocurrency temporarily until both participants confirms the completion of the transaction. for now, a lot of well known p2p exchanges like paxful, local bitcoin were said to have shut down after so many years of service but there are still few working p2p exchanges
BISQ
Hodl Hodl
Agora desk
Robosats
localcoinswapt
#Tips on how to select a wallet or exchange#
As someone new into the the world of cryptocurrency, you might be wandering what kind of wallet will best suite you. choosing a wallet depends on your specific need or purpose, which may include;
1.Business
2.Hodl
3.Trading/Investment
there might be some other reasons you may want to choose a good wallet and it's essential to choose one that aligns with your priorities and requirements. Take your time to explore different options, compare features, and prioritize security to ensure the safety of your digital assets
#while choosing a good exchange,
make research on exchanges based on security, reputation, and supported cryptocurrencies. Choose user-friendly exchanges with high liquidity and trading volume.
# Always remember centralized exchanges that don't require (kyc) may change their terms and conditions(T&C) at anytime, so stay up to date with the latest crypto new
# funds should not be left in exchange wallets, as they might be at risk ("Not your keys, Not your coins" )
note (all information here is based on research and my own knowledge, so please do well to carry out your own research before choosing a wallet or exchange. you can correct any false information, on this thread if you feel I'm wrong. I'm open to all contributions)
To know more on kyc,
click me
#What is a good wallet I can use to store Bitcoin?
# Kyc for accounts or wallets
#Which will be best non-KYC exchanger after Ku-coin?
For this reasons, i have decided to compile a list of useful information they should acquire before using or selecting a reliable crypto exchanges or wallet. also I have listed some working exchanges
***note, I will do well to explain in simplified terms)***
First,what is a wallet?
A wallet as the name implies refers to a safe house for all your assets. Now on the aspect of crypto currency, a wallet is a digital container which helps to manage your digital wealth with ease and more securly.cryptocurrencies are not physically stored inside your wallet but are recorded on the blockchain and so the wallet acts as an interface that displays the total amount of cryptocurrencies associated with yourpublic key.
Bitcoin wallets comes in various categories, ranging from quality and the services they offer their users. I won't go further into the types of wallet, because there is already a general thread made onBitcoin Wallets - Which, what, why?
so please do well to check it out.
not to waste a lot of time, let's go into exchanges.
CRYPTOEXCHANGES
Most people often mistakes exchanges for wallet because it offers its users a wallet where they can store their crypto, but exchanges are not wallets. Exchanges are third party organizations, which manages the funds of its users [more or less like a custodial wallet] providing a place where they can trade different crypto currencies for another or even to a desired fiat currency [vice-versa]. since most crypto exchanges are prone to scam or malicious activities, it is adviced not to leave your funds in their wallets and remember this, [not your key,not your coin]. crypto exchanges comes invarious types but the most commonly used ones are centralized.
CENTRALIZED EXCHANGES[CEX]
centralized exchanges, refers to exchanges that acts as a middle man to help conduct transaction. they offer advantages such as liquidity, user friendly interfaces and a variety of trade pairs. many centralized exchanges have tiered account verification system that impose transaction limits on users until they complete additional security measures.These exchanges,follows the compliance of government bodies, therefore implementing measures to ensure that its users follows or comply to some necessary requirements such as the KYC[know your customer] or the AML[anti money laundry policies to help control fraudulent activities.
here are some most trusted or commonly used centralized exchanges.
Binance
kraken
Bitstamp
OKX
KU coin
Bybit
Huobi
click to see more centralized exchanges
DECENTRALIZED EXCHANGES[DEXs]
Decentralized exchanges operates on a blockchain network that facilitate peer to peer[p2p] cryptocurrency trading, therefore utilizing smart contracts to carry out trade.in the decentralized exchanges,there is no middle-man so every user has control over their assets and is responsible for any activity that may lead to loss of their funds. it also provide privacy benefits as they don't require users to disclose personal information during trading. some popular decentralized exchanges include
UNISWAP
PANCAKESWAP
SUCHISWAP
APEXPRO
click to see more decentralized exchanges
PEER TO PEER EXCHANGES [p2p]
Although, the peer to peer exchange falls under the categories of decentralized exchanges, it is still treated separately. it is simply a crypto market, where buyers and sellers are connected directly without any involvement of a third party.The buyers and sellers,gets to negotiate and agree to a particular price before the transaction takes place.These exchanges uses the decentralized enscrow system to ensure a secure and successful transaction.This means that they hold the traded cryptocurrency temporarily until both participants confirms the completion of the transaction. for now, a lot of well known p2p exchanges like paxful, local bitcoin were said to have shut down after so many years of service but there are still few working p2p exchanges
BISQ
Hodl Hodl
Agora desk
Robosats
localcoinswapt
#Tips on how to select a wallet or exchange#
As someone new into the the world of cryptocurrency, you might be wandering what kind of wallet will best suite you. choosing a wallet depends on your specific need or purpose, which may include;
1.Business
2.Hodl
3.Trading/Investment
there might be some other reasons you may want to choose a good wallet and it's essential to choose one that aligns with your priorities and requirements. Take your time to explore different options, compare features, and prioritize security to ensure the safety of your digital assets
#while choosing a good exchange,
make research on exchanges based on security, reputation, and supported cryptocurrencies. Choose user-friendly exchanges with high liquidity and trading volume.
# Always remember centralized exchanges that don't require (kyc) may change their terms and conditions(T&C) at anytime, so stay up to date with the latest crypto new
# funds should not be left in exchange wallets, as they might be at risk ("Not your keys, Not your coins" )
note (all information here is based on research and my own knowledge, so please do well to carry out your own research before choosing a wallet or exchange. you can correct any false information, on this thread if you feel I'm wrong. I'm open to all contributions)
To know more on kyc,
click me