Do you remember the moment when you decided to try Bitcoin? It’s a big step into the unknown. Newcomers might get confused with a growing number of services offering a crypto exchange. Luckily now you can use the fully legit services to buy digital currencies such as crypto exchange (identical to stock exchange) or a crypto wallet. Remember these are not the same thing!
But let’s start with basics: if you’re going to operate cryptocurrencies, it is essential to understand where your Bitcoin is stored. To the common perception, Bitcoin is stored in a wallet (like cash). This is technically incorrect. We often get confused by the phrase “BTC in my wallet” which implies that coins are physically there.
As we rarely operate cash most money today exists merely as transaction history and balance info and Bitcoin is no exception. Transactional information about cryptocurrencies resides in their respective blockchains. The coins themselves are not discrete things that need storage. The information about your balance is stored within a particular block with other details like creation time, etc., which can’t be adjusted.
Bitcoin balances are maintained using public and private “keys”. These are the long sets of numbers and letters linked to each other through the mathematical encryption algorithm.
The public key, as the name suggests, is exposed to everyone and could be found through public blockchain explorer. It works similar to your bank card number; you may give it to anyone who wants to send you BTC. The private key is more like your bank card’s PIN code; it allows you to authorize transactions and should be kept safely. Thus, It is the “private key” itself that is stored in your Bitcoin wallet. You may choose a secure cold (offline) wallet like Ledger Nano, Trezor or even paper wallets. These are all personal wallets in which you own, hold, possess your keys. They are great for storage purposes.
But if you would like to trade or send/receive BTC frequently, you have no choice other than going online. So the question is, do you sign up and trade at the crypto exchange (centralized or decentralized) or choose a cryptowallet app?
Mercuryo wallet can be equally useful for newbies and experienced crypto users for a variety of reasons. We are developing a service meant to combine the mobility and flexibility of an app with a proper security level.
So what is the difference between Mercuryo wallet and crypto exchange?
Our comparative table will guide you through the key aspects of crypto exchange.
All kinds of crypto users can benefit from the simplicity of Mercuryo service and lower fees. Of course, crypto professionals and those who enjoy the trading process itself will go to crypto exchange to get some adrenaline. But for everyday use Mercuryo wallet is perfect for fulfilling your crypto needs.
Also, Mercuryo is going to launch BTC card soon to bring crypto to your daily life and allow you to pay with BTC.