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Crypto Wallets
CEX wallet vs DEX wallet
In order to guarantee 100% custody of your crypto you need to have backed-up your Seed Phrase properly. There are Many Correct and Incorrect ways to backup your Seed Phrase.
" The Most Important/ #1 rule is too never share and give your Seed Phrase to anyone. "
Some Centralized Exchanges don't actually allow you to hold crypto, but rather show you a representation of what you could have when withdrawing (+ fees for withdrawals). (
Some CEXs allow you to hold your crypto but don't allow you to have the seed phrase for that public address which is visible on the blockchain.
DEXs allow you to connect your decentralized crypto wallets without going through any KYC, since they do not allow fiats manipulation.
When you have access to Seed Phrases it is important to realize and acknowledge that if you lose the Seed phrase then that wallet is Forever lost.
Last modified 1yr ago