1. The Differences between Crypto Wallets and Crypto Vaults
The core distinction between Crypto Wallets and Crypto Vaults (self-custodial wallets) lies in ownership and responsibility:
- Crypto Wallets: Regarding the Crypto Wallets, the custodian holds your private keys. This means you're not responsible for safeguarding your keys, providing added convenience for your trading activities.
- Crypto Vaults: Crypto Vaults grants you exclusive ownership of the private keys, placing you in complete control of the security of your funds. Crypto Vaults can be used for secure and responsible long-term storage.
2. Effective Usage Recommendations
- Crypto Wallets: Use these for short-term storage and active trading due to their easy accessibility and trading-friendly features.
- Crypto Vaults: Opt for Crypto Vaults when you require the highest level of security for long-term storage of your crypto assets. To remind you: You are responsible for the secure storage of your Crypto Vault backup.