Wallets vs. Exchanges
There’s no secret that even the biggest and trustworthiest exchanges are getting hacked here and there. This makes people trust their Bitcoin rather to personal wallets than to those that the exchanges provide. It’s not only a matter of safety but there’s also an idea behind such change. Crypto industry grows rapidly, and the big exchanges may turn into centralized institutions just like the banks in a traditional financial system.
Recently, OKEx suddenly suspended the withdrawal of the users’ funds, and even after figuring things out, it doesn’t have the trust it used to have. Users started withdrawing their funds en masse as soon as they were able to.
Meanwhile, wallets provide convenient options for people who don’t trust their funds to the exchanges, may it be holding or trading. Unlike the exchanges, they support all the types of altcoins and won’t make you roam from one exchange to another with endless logging in and out. A new product, Freewallet, tries to combine the functions of a wallet and a crypto exchange, enabling fee-free transactions between the users of the platform. Being simple, convenient and integrated with businesses that support cryptocurrencies, Freewallet promises to become a hit.