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PSA: An account with an exchange is not a "wallet" and usually can't even be used as if it were one.

Bitcoin Reddit

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When somebody asks for a "good wallet", people come to the rescue mentioning all kinds of apps that are most certainly not wallets.

A wallet is something where you physically can hold your possessions. Your coins, bills, cards and documents. A bitcoin wallet physically holds your private keys. If it doesn't, it's not a wallet.

Sure, exchanges that provide apps for their consumers' convenience try to convince you that it's all the same but it isn't! Binance/Kraken/Bitfinex/... are not wallets. These are exchanges. They might be great exchanges even but they are not wallets and you can't use their apps as wallets neither. Send to the wrong address and your transaction will never go out. Receive from the wrong address and you might have to explain a lot before seeing your money again. Try sending the wrong amount and again your account might get blocked.

A leather wallet never cared about what you do with the stuff in there and neither does a Bitcoin wallet. It's a container and not a sneaky guardian of other people's interests! In Bitcoin we are our own banks!


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