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MarkRoberts
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Bronze Bitcoiner
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Joined: Wed Jan 13, 2021 10:19 am

Are exchange (Coin base) and hot wallets the same thing?

Fri Mar 19, 2021 8:55 am

Exchange / custodial wallet = someone else controls the private keys.

Hot wallet = you control the private keys, but they are saved in the wallet and in theory, could be lost due to malware.

Cold wallet = you control the keys, and the private keys never interact with anything connected to the internet.

A hot wallet is a wallet that is online. Coin base is an exchange (you can get coins for FIAT) and also has a wallet build, where you can store the coins you just bought. Binance is an exchange and has a wallet, too. As for Exodus, that's a hot wallet because you can store crypto but it's not an exchange per se. I hope this helps!

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