💸 Spot is a decentralized wallet which means that Spot does not have control over your funds.
🏦 Robinhood, Coinbase, Cash App, Crypto.com or Binance are centralized exchanges who store and control your funds.
⛔️ You should never store you cryptocurrencies on centralized exchanges.
👉 With Spot your are your own bank.
👉 With Spot you have control over your funds, 24 hours a day, 7 days a week.
🔐 Spot is a perfect place to store your cryptocurrencies over time.
Differences between Spot and centralized exchanges:
⛔️ A centralized exchange can block or seize your funds.
✅ Spot does not have control over your funds and therefore cannot block, move or do anything with your cryptos.
⛔️ If a centralized exchange gets hacked, you could lose all your funds.
✅ Spot does not store your funds. Funds are secured in every users' encrypted wallet.
⛔️ If a centralized exchange's servers are down, you cannot access your funds.
✅ Funds are not locked by Spot and are always accessible.
You are always free to export your private key 🔑 (also called 12-words recovery phrase in Spot) anytime and use another wallet!
🔑 "Not your keys, not your coins" 🔑
💸 Spot is a decentralized wallet (also called non-custodial wallet)
✅ you control your keys 🔑
✅ you control your funds!
🏦 Robinhood, Cash App, Coinbase, Crypto.com, PayPal, Binance, Gemini, Blockfolio, Kraken... are centralized exchanges
⛔️ you DO NOT control your keys 🔑
⛔️ you DO NOT control your funds!