Chapter 14: How to Choose a Blockchain Wallet?

Chapter 14: How to Choose a Blockchain Wallet?

Centralized Wallets
Private keys are controlled by the platform side
Assets are stored in the platform party’s wallet
Password can be retrieved
Transfers require platform review
Centralized accounts are not available on other wallets
No transfer fee within the platform, but there is a fee for asset withdrawal
Sources of risk of losing coins on the platform: the platform’s wallet is hacked, the server is attacked, the operator collapses (wallet service is closed), the operator cheats

Decentralized wallet
Private keys are controlled by users
Assets are stored in the user’s wallet
Password is not retrievable
Transfers do not require platform review
Decentralized account can be used in other wallets
Asset transfer only requires payment of blockchain network fees
Risk of losing coins from wallets: private key leakage and forgetting, private key not backed up, loss of the device where the wallet is installed (phone, computer), installation of a Trojan wallet