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What is the difference between hardware and software wallets?

Hardware wallets are physical devices like Ledger or Trezor that store private keys offline, making them less vulnerable to hacking or malware. Software wallets are apps or desktop programs that run on internet-connected devices, making them more convenient but potentially less secure. Hardware wallets are considered the gold standard for long-term storage because they are resistant to phishing and keylogging attacks. Software wallets are better suited for frequent transactions. Many traders use both: hardware wallets for cold storage and software wallets for active trading. Choosing between them depends on your security needs and trading activity. Q63. How to check if an exchange has proof of reserves? Proof of reserves is a verification method where an exchange demonstrates that it holds customer assets on-chain to back deposits. Traders can check this by reviewing transparency reports published by the exchange or verifying cryptographic audits performed by third-party firms. Leading exchanges may provide Merkle Tree audits where users can confirm their balances are included. However, not all exchanges provide reliable proof, and some have been caught manipulating audits. The safest approach is to cross-check with blockchain explorers and verify whether reserves match claimed balances. If an exchange cannot provide credible proof, trust should be limited. Q64. Why do exchanges limit withdrawals? Exchanges may impose withdrawal limits for regulatory compliance, risk management, or liquidity reasons. Daily limits often apply to accounts that have not completed full KYC verification, in line with anti-money laundering rules. Withdrawal limits may also be triggered during periods of high volatility or when an exchange experiences liquidity stress. In some cases, limits are signs of financial instability or mismanagement. Traders should be cautious if withdrawal limits are suddenly introduced without explanation, as it may indicate deeper problems. Always read an exchange’s withdrawal policy and test small withdrawals before depositing large sums. Q65. What to do if an exchange gets hacked? If your exchange is hacked, the first step is to withdraw any remaining funds as quickly as possible, if the platform is still operational. Monitor official announcements and confirm whether stolen funds are insured or will be reimbursed. In the past, some exchanges like Binance have refunded clients after hacks, but others like Mt. Gox collapsed entirely. Traders should also report losses to authorities where applicable. This is why it is best practice not to store large amounts of crypto on exchanges. Moving funds to secure wallets after trading reduces exposure to exchange hacks. Q66. How to use blockchain explorers to track funds? Blockchain explorers are online tools that let users search transactions, addresses, and blocks on a blockchain. By pasting a transaction ID (TXID) or wallet address into an explorer, you can see whether funds were sent, confirmed, and where they moved. Popular explorers include Etherscan for Ethereum and Blockchain.com for Bitcoin. Traders use explorers to confirm withdrawals from brokers or exchanges, ensuring transparency. However, explorers show wallet addresses but not the owner’s identity, so stolen funds may still be hard to recover. Learning how to use explorers effectively helps traders verify payments and avoid misinformation. Q67. Why do some wallets charge high gas fees? Wallets themselves do not usually charge gas fees; the fees are determined by blockchain network congestion. However, some wallets may add service fees on top of the required network fee. High fees are common during periods of heavy activity on chains like Ethereum. Traders can adjust gas fees manually in many wallets, choosing slower confirmation for lower cost. Alternative blockchains such as Binance Smart Chain or Solana often provide lower transaction costs. If a wallet consistently charges much higher than normal fees, it may be adding hidden surcharges, and users should consider alternatives. Q68. What is a multi-signature wallet and is it safe? A multi-signature (multi-sig) wallet requires two or more private keys to authorize transactions, rather than a single key. For example, a wallet may be set up so that 2 out of 3 designated keys must sign for a transfer to occur. This adds an extra layer of protection against theft because one compromised key is not enough. Multi-sig is widely used by exchanges, businesses, and organizations to secure funds collectively. It is safer than single-key wallets, but users must carefully manage backup keys to avoid losing access. For personal traders, multi-sig can also reduce risks of hacking. Q69. How to avoid fake wallet apps? Fake wallet apps are a growing scam, often appearing in app stores or shared on social media. To avoid them, always download wallets from official websites or verified developer accounts. Check reviews, download counts, and permissions before installation. Scammers may design apps that look identical to trusted brands, but they steal seed phrases when users set them up. Using hardware wallets or trusted open-source wallets reduces this risk. If a wallet asks for private keys during setup or redirects to suspicious websites, it is likely fake. Staying vigilant and verifying authenticity is essential before storing funds. Q70. DeFi vs centralized wallets: Which is better? DeFi wallets, also known as non-custodial wallets, allow users to control their own keys and interact directly with decentralized applications. Centralized wallets, such as those provided by exchanges, store keys on behalf of users, making them more convenient but less secure. DeFi wallets provide more freedom and reduce reliance on intermediaries, but they require technical knowledge and personal responsibility for key security. Centralized wallets are better for beginners who prioritize ease of use but come with counterparty risk if the provider is hacked or insolvent. The choice depends on whether a user values independence or convenience more.