Website exchange account is a type of wallet?

ethantaylor

full member

Activity: 280

Merit: 100

I wouldn't simply regard all exchange websites as wallets.

A wallet allows you to send/receive cryptocurrency to/from anyone; an exchange website needs to have the exact same feature in order to be a wallet.

bitcoin8x

jr. member

Activity: 65

Merit: 5

Quote from: tbnz24 on January 16, 2018, 04:44:39 AM

Hi Everyone!

Is was wondering if holding a website cryptocurrency account is a type of cryptocurrency wallet?

Or is it not classed as such because the funds are held under a third party?

Thanks. tbnz

Most exchanges have limits on withdrawals, so I wouldn't classify it as full-featured wallets as you'll have to do several withdrawals to a classic wallet if you want to buy something expensive (Lambo for example). There are exceptions though. A good one is https://openledger.io, which is a decentralized exchange with full capabilities of a multi-wallet.

tbnz24

newbie

Activity: 2

Merit: 0

Thanks for that roofer. Could you please clarify the last sentence for me?

Roofer111

newbie

Activity: 29

Merit: 0

Yes, it's definitely considered a wallet. But not a very safe one. Cryptocurency Exchange also have security measures but is not advisable to store a large amount of Crytocurrencies. Hackers are tirelessly working to steal BTC's in an Exchange. Convenience is one of the common reasons why people are always storing their money in an Exchange. Also in real life, most people are not storing their money in bank because it also has the possibilities to be robbed, more likely in an exchange which is Digital

tbnz24

newbie

Activity: 2

Merit: 0

Hi Everyone!

Is was wondering if holding a website cryptocurrency account is a type of cryptocurrency wallet?

Or is it not classed as such because the funds are held under a third party?

Thanks. tbnz

Topic: Website exchange account is a type of wallet? (Read 115 times)