Rookie question: Why is the "wallet" so important?

During these last few days, I can read a lot on this forum about the relase of the “wallet”. But since I am a rookie in this industry. Can someone please explain for me and others:

  1. Why is it so immportant that SAFEX will have it’s own wallet?
  2. Why is better to keep coins in “SAFEX” wallet than at the exchange (Bittrex for example)
  3. If I have coins in this wallet how can I trade them? Do I need to send them back to the exchange and pay a fee?
  4. If I don’t have coins in the wallet, are they actually connected to the Chile Block chain, once it comes out?

Because it will become the only wallet to access chille coin when its released. Also there will be special features that allow say voting according to your holding of safex

Actually the best place is offline in say a “paper” wallet. Next best place is a secure wallet that allows you access to your private keys. EG the safex wallet

And lastly on an exchange. There someone else controls/owns your coins and promises to give them back when you ask (withdraw).

You cannot at the moment.

If you want to trade then you need to trust an exchange and do your trading there

Apparently you will be shifting them from the omni-protocol on BTC blockchain to the chille blockchain when chille coin comes out. Then only safex wallet will be able to operate on your safex coins.


@Rob, Is there a difference if I buy SAFEX via exchange or via Safex.IO, beside the minimum amount I can buy?

I have another question, you said that the best place is offline “paper” wallet and after that secure wallet… Can I ask why is this the best option? Because it’s secure or is there another reason?

What will actually change in 3 months when the Chille comes out?

Not really but I believe in Exchange it is a bit cheaper… Offline paper wallet is always the best option because your funds will be “offline” so literally hack proof. :smiley:

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  • They are the same coin.
  • price, you should be able to buy cheaper on exchange since the site has to charge a premium to cover themselves when they buy off the exchange. Also the premium helps the project with some extra funds
  • Ease, the site is easier for new people

Since chille is in the design stage any answer I give is likely to change a little/lot.

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