Difference between Binance(exchange) deposit address and wallet with private keys for SNOs

OK, so I put all MEW wallets on all nodes. But, even if I’ve been around here for 5 months now, I don’t understand what it means that the Binance wallet is for exchange only, instead the MEW wallet has private keys?
Can you help me understand?

In case of MEW you control private keys. Who owns private keys from wallet - they owns any money on that wallet.
In case of Binance they own keys from their deposit. So money on that deposit is belongs to Binance.
They mercifully allow you to use your money, but if they want to stop, they can easily do it in several ways.

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The Binance address belongs to Binance, you cannot access it in case Binance shuts downs, exit-scams or something along those lines. Also, your Binance deposit address could change any time, so any storj payouts sent there will be lost.

Using your own MEW wallet means that YOU are the owner of the adress (=the private keys you use to unlock MEW). So as long as ETH exists and you don’t lose your private keys, you will be able to gain access to this address and your STORJ tokens.

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Thank you very much for the explanation, I had not understood the substantial difference between the two before. I put the MEW wallets back on all nodes. Last question, if I’m not rude, even if we are offtopic, but once the storj is accumulated, how can I transfer them to fiat?

and so on. The search should help to find others

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I am the owner of the address or wallet?
Is it possible to transfer / handle the address to another wallet?

The “wallet” actually is the software you access the address with. So you are the owner of the address (as I said, more precisely you are the owner of the private keys to the address) and use the wallet software MEW to interact with the address.

Yes. If you choose to use another wallet solution, e.g. Exodus or Atomic, these will be able to import your address when you tell them the private keys.

Check out this link:

Step 2 tells you how to import your private keys to the Metamask wallet software, the way this step works is similar with nearly all wallets.

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I want to import my MEW-generated address to Exodus, but I cannot find such a possibility :frowning:
I only find “Move Funds”, but this moves the currency from one address to another, and that’s not what it is about.

Maybe we need to split this thread, because we have moved too far from the original topic.

“Move funds” in Exodus is most likely an “address sweeping” functionality, which indeed only clears the address you give it and moves the funds to Exodus. I don’t know much about Exodus, maybe there is another way.

This link


says the following:

This process does not actually “import” the private key. It sweeps the funds from the private key’s address into your Exodus address so that the “imported” funds remain associated with your 12-word phrase. If you have the option to send the funds as a normal transaction, you can do so since it effectively performs the same function.

Since it does seemingly stay in line with your passphrase (=private keys), this might be the way to go - if that feature supports ETH addresses, of course.

@Alexey can you please move the last posts the a new topic? :slight_smile:

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