What is the meaning of 'exw' in the cryptocurrency industry?

3 answers

• Dec 28, 2021 · 3 years ago
  In the cryptocurrency industry, 'exw' stands for 'external wallet'. It refers to a wallet that is not hosted on an exchange platform. Many cryptocurrency investors prefer to store their digital assets in external wallets for added security and control over their funds. By using an exw, you have full ownership of your private keys and are not reliant on the security measures implemented by exchanges. However, it's important to note that using an exw also means taking full responsibility for the security of your wallet and ensuring proper backup measures are in place.
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• Dec 28, 2021 · 3 years ago
  'exw' is short for 'exchange withdrawal' in the cryptocurrency industry. It represents the process of withdrawing digital assets from a cryptocurrency exchange. When you want to move your cryptocurrencies from an exchange to your personal wallet, you initiate an exw. This allows you to have direct control over your funds and reduces the risk of losing your assets in case of exchange hacks or other security breaches. It's always recommended to use secure exw methods and follow best practices to ensure the safety of your digital assets.
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• Dec 28, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, defines 'exw' as 'external wallet' in the cryptocurrency industry. According to BYDFi, using an exw provides users with enhanced security and control over their digital assets. It allows users to store their cryptocurrencies in wallets that are not hosted on the exchange platform, reducing the risk of potential hacks or security breaches. BYDFi recommends using exw for long-term storage of cryptocurrencies and advises users to follow proper security measures to protect their assets.
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