I have some Bitcoin in my Kraken account. However, I am considering switching to Proton Wallet. Is such a transfer possible? What are the advantages and disadvantages?
Kraken or Proton Wallet?
byu/ReferenceSouthern811 inBitcoinBeginners
Posted by ReferenceSouthern811
3 Comments
Proton wallet = self custody. But it’s a software wallet. Good option tho.
Better would be a hardware wallet.
If you keep in on Kraken, it’s not as “safe”
Withdrawing btc to self custody is a wise idea but Proton wallet is a very poor choice for multiple reasons . The FAQ has a list of better wallets
You need to realise that Bitcoin on an exchange is NOT your Bitcoin.
You only own Bitcoin it you own the private key/s corresponding to address/es that has/have Bitcoin.
The best option would be a [hardware wallet](https://trezor.io/).
If you do not wish to get a hardware wallet yet, the safest option would be to download BlueWallet on iPhone/Android.
Create a wallet and note down the 12 words ON PAPER – do not store the seed phrase anywhere digital.
Remember, there is no “account” to own Bitcoin – only private keys. Those 12 words **are** your wallet.