Not technical explanation at all and probably has a bunch of holes in the explanation but to make it really understandable. I would say an exchange is like having chickens still at the place that you bought it so they say they are yours but they are not in your possession. A wallet is like having them in your possession.
Not exact but a basic explanation how I understand it.
Thanks. That is a good explanation. i guess I am just trying to figure out which is which and how to use them. Like should I use Alby and WOS as my wallets or Strike or BlueWallet? Is one better than the other. Are they all self-custody? I think so. I don't love how WOS app is wide open on my phone without much of a password. I think Exodus is an exchange, so by listening to #[2] , I know not to hold my Bitcoin on the exchange. I know buying on WOS cost me fees. I saw someone post about sending FIAT from something to Damus, so maybe that's a good route rather than straight purchasing. I know this is 80 million questions in one post, so probably not easy to answer. I'll be listening to the Bitcoin Breakout series again to try to process it all.
