Someone asked: What’s the difference between keeping your coins on an exchange and keeping them in a self-custody wallet?
My answer: Transfers between users on the same platform are usually just recorded in the platform’s ledger, rather than on-chain, so they’re often fast and don’t incur network fees. With self-custody, both control and responsibility are entirely in your hands: you don’t have to worry about platform-level risks, but there’s no “forgot password” option, and mistakes during transactions are often irreversible.
$BNB 743.28 (+0.15%)
If anything’s unclear, ask me in the comments.
My answer: Transfers between users on the same platform are usually just recorded in the platform’s ledger, rather than on-chain, so they’re often fast and don’t incur network fees. With self-custody, both control and responsibility are entirely in your hands: you don’t have to worry about platform-level risks, but there’s no “forgot password” option, and mistakes during transactions are often irreversible.
$BNB 743.28 (+0.15%)
If anything’s unclear, ask me in the comments.