Leaving Bitcoin and cryptocurrencies on an exchange means that you risk losing them if the site is hacked or otherwise breached. The safer alternative is to store your coins in a cryptocurrency wallet. This is a piece of software that stores public and private keys, and that interacts with the blockchain. It enables you to make and receive payments with any compatible cryptocurrency. It offers security over your cryptocurrency while still enabling you to readily send and receive funds. However, there are several types of wallet available, and if you hold a currency other than Bitcoin, you will have to ensure that the wallet you choose is compatible with your chosen coin.