To trade virtual currencies, you need to open an account on an exchange provided by a virtual currency exchange company.An exchange is an online place where you can buy and sell virtual currencies. It also comes with the ability to store virtual currencies acquired through transactions.When purchasing virtual currency, basically, you can easily obtain it by depositing legal tender. In addition,from thetalad.com you can buy and sell between different types of virtual currencies.The main purpose of the exchange is to provide a place for investors to buy and sell cryptocurrencies and to sell cryptocurrencies.On the other hand, the purpose of the wallet is to store the acquired virtual currency. When trading cryptocurrencies, you should be aware that exchanges and wallets have different purposes.However, when trading on an exchange, it is also necessary to keep the purchased virtual currency. Therefore, by opening an account on the exchange, a wallet for the account opener will be created automatically.You can store the acquired virtual currency as it is in the wallet of the exchange, or you can create your own wallet separately and move it to store it
1.Can be distributed and stored:
The first is the ability to store cryptocurrencies in a decentralized manner.If you prepare and store multiple wallets for yourself instead of storing them only on the exchange, you can secure a state where you can store them in a distributed manner.You can also reduce the risk of hacking by using a wallet with a high security level.
2. Easy balance inquiry and remittance:
Second, you can easily check your balance and transfer money.Since the wallet is an electronic wallet, you can easily check your balance in real time.Also, for example, if you store virtual currency in your smartphone wallet, you can easily send money just by operating the wallet on your smartphone.
3. Counterparty risk can be reduced:
Third, it reduces counterparty risk.A counterparty is a counterparty, such as a trading partner or an exchange. In the unlikely event that the exchange is closed, you may not be able to retrieve the currency you have stored.You can hedge such risks by creating your own wallet and transferring cryptocurrencies to it. However, you need to be careful about this because you have to manage the private key yourself.
What are the features of online wallets for virtual currencies?
In order to use each wallet wisely, it is important to understand the characteristics of each wallet.The first online wallet serves to store cryptocurrencies in your online account. Of the many wallet types, it is the most commonly used type of wallet.If you keep it on the exchange, you may not be able to withdraw your virtual currency if the exchange closes. Therefore, by using another online wallet together, it is possible to manage assets in a decentralized manner.
Online wallets can often be used simply by setting an email address, ID, and password. However, please note that the wallet will not be available if the site becomes unavailable, such as when the service provider’s server is down.Also, be aware that if your account is hacked and your password is stolen, your cryptocurrency may be stolen.
What are the features of virtual currency mobile wallets?
Mobile wallet is used by installing the wallet on your mobile device. If you install the app on your smartphone or tablet and store the virtual currency, it is an advantage that you can always secure the state of holding the virtual currency.
In addition to being able to easily use virtual currency and transfer money on the go, you can also manage your balance with just one smartphone.
Click here .This wallet is suitable for shopping at stores that accept payment in virtual currency.The security method differs slightly depending on the specifications of the mobile wallet. If you can manage the private key required for virtual currency remittance on a device such as a smartphone, you can manage the security yourself.By using this type of mobile wallet, even if the management company that provides the service is hacked, you can avoid the situation where the virtual currency in your smartphone is stolen.