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RE: What Does It Mean To Invest In Steem And What Are The Ways One Can Invest In Steem by lukman1
Nice tutorials, let me ask, what the difference between leaving your steem on Binance and on the steem blockchain? What effect does that create or give?
First of all, Binance is a centralized exchange whilst steemit wallet is decentralized. Simply implying that no one have any control over your steem in the steemit wallet and the it cannot be hacked. But centralized exchanges are governed by an authority and your account can be restricted if you go against their rules. Not only that, centralized exchanges can be hacked.
So when we consider where to keep your steem between Binance and Steemit Wallet, I will advice steemians to always cultivate the habit of storing it on the steemit wallet because they are much secured and protected.
But one effect I think the steemit wallet has is that, the user cannot see the real value of the stored assets if he is really investing. Meaning that, he might not realize when the value of the asset is appreciating or reducing. This may make him to miss big chances to sell their coins because we all are investing to gain profit in the future.
This is what I think about keeping my steem in my Binance wallet and in my Steemit Wallet as well as the effect it creates.
Corrections are welcomed sir.