As a newbie it is better you take custody of your coins

Viscore

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Quote from: jackg on January 08, 2023, 08:23:31 PM

It's a great idea to take custody of your funds from the start (especially if you've only got a small investment) because you're going to be risking less when you really do need your funds in your own wallet (there was some warning FTX was going to collapse before it did, if you know how the network works, you'll be better at taking your funds out as early as possible).

You're also missing the point of crypto if you're keeping funds on an exchange as you're not really investing in it (you're just investing in an exchange as they'll leverage your assets).

True. Crypto is decentralized so you also need to save it in a decentralized wallet like your own non-custodial wallet so you can have the sole control of your funds, and not the other group or entity. Reputable centralized exchanges may be reliable these days but just like FTX, anything could happen all of a sudden. So as early as today, have your own non-custodial wallet and stay away from centralized exchanges, regardless if they are reputable or not.

Ojima-ojo

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Quote from: zaki12 on January 21, 2023, 07:13:12 AM

Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

Sometimes we also forget crypto assets as inheritance. If long-term assets are supposed to provide access to crypto assets to future children or grandchildren. That way, if something unexpected happens, families can still access their crypto assets.

One of the things that worry me less is how to transfer my cryptocurrency as an inheritance without letting my kids know how to access to until a long time when the money is rightly needed, we have quite a good number of lost coins due to traceability from family members of of late crypto holders.

So in the end I concluded that the best way is to teach my loved ones about cryptocurrency assets and let them know how to access my wallet when am not around in that way, my coins can easily be inherited even if I am not available.

The basic thing is to create awareness and education within the family because cryptocurrency is the best form of wealth transfer as it does not involve third-party.

zaki12

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Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Advice that needs to be remembered at all times for all of us, even though it is basic, sometimes people forget this important thing. Bottom line, don't put your assets in one wallet because that's very risky. If you are a big investor it is better to keep crypto assets in several coldwallets, and only keep a few in CEX.

Sometimes we also forget crypto assets as inheritance. If long-term assets are supposed to provide access to crypto assets to future children or grandchildren. That way, if something unexpected happens, families can still access their crypto assets.

JoyMarsha

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This guidance is meant for everyone, not just beginners. Anyone can make a simple error. like the FXT collapse issue. it had an impact on everyone on minding whether you were beginners or not.
The FXT crash must have taught many people that it is not a good idea to retain their assets on an exchange. It's best to keep your assets in your wallet. That approach gives you control over it.

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Third parties such as centralized exchanges came under serious scrutiny after FTX as a centralized exchange which was successful at first turned into hell for all its investors.

Not just beginners, all were affected and suffered big losses. Storing in a personal wallet and having complete control is highly recommended, but it is also with a note that users must be aware of the security of their own wallet, store the passphrase securely, and can be accessed only by the user, do not lose it.

Quote from: Getmon on January 18, 2023, 04:59:16 AM

-snip-
Typically, newbies left their tokens on exchanges. They are just getting started and from my experience, the majority of them are purchasing bitcoins in smaller amounts.
-snip-

Leaving tokens on the exchange must certainly be vigilant and not keep everything. only as access for trading and when you get a profit it will be withdrawn to the main wallet.

Besides that, using a DEX exchange can also be a good suggestion, but you have to look at the testimonials about using the DEX whether it is safe or not. Everything really has to be scrutinized, don't let assets disappear suddenly. Alert is safety first.

roksana.hee

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Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

The whole online world is stored full of scammers. Here no one can trust anyone. If you take a step to the front side, it's will be your own confidant. If you are not affirmative to going front then you should quit it. Only believe in yourself here and there.

Getmon

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It depends on the circumstances. Some newbies are merely experimenting with buying and selling in exchanges. Typically, newbies left their tokens on exchanges. They are just getting started and from my experience, the majority of them are purchasing bitcoins in smaller amounts. I am not against it either. If they moved their coins in smaller amounts, it would cost them money. However, they must withdraw their funds from any third-party wallets and keep them in their own personal wallets if they decide to invest substantial amounts and hold them for the long term.

SOKO-DEKE

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Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Nice one for the advice op, I believe many members have given this advice many times but I believe this will save as a reminder. Always try as possible to be your own bank rather than trusting third party.your funds are not well secured if you still hold your Bitcoin in exchanges because those money are not fully your due to that you are not the only one in control your funds.what are you thinking that will happen when is not only you in control of your funds, and even people are saying trust no one withe your money.

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Quote from: Frankolala on January 14, 2023, 12:30:46 PM

Bitcoin was designed to be kept in a decentralized system for proper security by it's owner,so that third party will not be involved. Leaving your coin in an exchange means you are exposing your bitcoin to attack either by the exchange or by hackers. When we leave our bitcoin in exchanges, you are not only abusing the characteristics of bitcoin but you will also bring trauma to ourselves.

Exchange is a very important part of cryptocurrency and because of the role exchanges play that is why most of them are regulated and controlled by government and other third-party institutions.
But to be sincere with you, we need the service of an exchange the same way we need Bitcoin miners both are the engine that controls the cryptocurrency industry.

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Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Having self custody of your assets is what no one in crypto needs to joke with as it gives you full charge and control of your future in whatever happens in the market you're exempted from third parties issues.
What I don't subscribe to is idea of "until you have enough knowledge ", as there's no conventionallu accepted measure or yardstick that's use to determine as enough measure before you have to start trading to face the risk involve. What I mean is that, if you keep waiting for enough knowledge you will never start. Knowledge is a growing thing so you need to start somewhere, where Mr A started from could be different from Mr B, but the most important factor is start from somewhere. Don't wait for enough knowledge else you might never start at all.

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Quote from: Peanutswar on January 14, 2023, 10:23:04 AM

Some people still can't afford the use of the hardware wallet so they still keep with the use of the hot wallets and even though we are saying in a million times don't store your seed phrase in those notes only surely there are some of them will keep doing the same thing if you really care with your assets it's a make sure you will make an investment with the security of it still happening that they want to use the hot wallets because of the convenience of the access and don't get hassle with tons of verification if you have a budget in crypto get a budget in hardware wallets.

Hot wallets is for convenience while cold wallet is for storage IMO and if someone wants to use cold wallet they probably have more BTC to be stored. I know there's a risk of using a hot wallets but many users/bitcoiners choose it for convenience like using for spending and paying to any store that accepts Bitcoin. It's just like you are holding your wallet in a bank and you could use it anytime you like as long as there is an internet.

Newbies need a lot of reading and practice how to improve their security or privacy that no one should know their secret passphrase unless if it's a trusted person but still be cautious.

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Quote from: RILWAN on January 14, 2023, 01:20:19 PM

The best way to learn in the cryptocurrncy field is through your research because that way you discovwr the truth without any attempt to inoress of influence you.

And the most important thing is to know what needs to be learned in the crypto space, because there are also people who want to learn to know everything in the crypto space, but they don't know where to start so they need to research what things they need. needed to be known and studied further. Because the influence of research is always greater to know every new thing.

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Self-custody is the best way of storing your assets, keep your asset on an exchange is the same as a bank so holding your coins on them is the same as keeping your money in the bank so you don't have total control.

This is absolutely true, in terms of storing any assets that are already owned, of course everyone must have a wallet with full control over them. And this is clearly not in any exchange because the exchange is not controlled by the user himself, except by the exchange owner who provides services for each user.

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Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Wallets, again about wallets and this has become a frequent topic of conversation. In fact, many people have informed them of the importance of using a personal wallet in the form of a hardware wallet for asset security. You are right that in online wallets especially in exchange wallets, we will have a higher risk. Online wallet security is indeed lacking, because as we know how vicious cyber crimes are. Even though we have tried to be careful, there are still gaps for hackers to break through the security of the online wallet. This is not scary but it is a fact. But on the other hand, there are several reasons why someone still uses an online wallet, especially saving their wallet on exchanges. Besides they still use these assets to carry out trading activities, they also sometimes believe that exchanges will be responsible for all cases of hacks. This is confusing because they actually rely on exchanges for this kind of thing.

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Quote from: letteredhub on January 14, 2023, 12:05:20 AM

I may be a newbie yet through little DYOR process I have put myself through I come to the privy of knowing that self custody of asset, as in being in absolute charge of your digital assets is best in the crypto industry, Instead of a third party channel that create trust issues.

The best way to learn in the cryptocurrncy field is through your research because that way you discovwr the truth without any attempt to inoress of influence you.

Self-custody is the best way of storing your assets, keep your asset on an exchange is the same as a bank so holding your coins on them is the same as keeping your money in the bank so you don't have total control.

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Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

This very issue can't be over emphasized and third party in this case also implies with centralized exchanges and we can relate this to the very happening of FTX and how people believed in the project ad how it still crashed, and this is a typical example that anything can happen at anytime.

I think this very wake up call isn't just to the newbies but to every crypto holder because I know there are still very carefree people who still have all their holdings on private exchanges despite being fully aware of the recent happenings with FTX.
People must always have to know that no one is responsible for anyone's actions.

Frankolala

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Bitcoin was designed to be kept in a decentralized system for proper security by it's owner,so that third party will not be involved. Leaving your coin in an exchange means you are exposing your bitcoin to attack either by the exchange or by hackers. When we leave our bitcoin in exchanges, you are not only abusing the characteristics of bitcoin but you will also bring trauma to yourself.

Noncustodial wallet is what bitcoin was designed to be kept,so as a newbie,you should take note that only you can be your bank to save for bitcoin, so that you don't loose your coin at the end of the day. Hardware wallet is the best for security of your assets

Peanutswar

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Some people still can't afford the use of the hardware wallet so they still keep with the use of the hot wallets and even though we are saying in a million times don't store your seed phrase in those notes only surely there are some of them will keep doing the same thing if you really care with your assets it's a make sure you will make an investment with the security of it still happening that they want to use the hot wallets because of the convenience of the access and don't get hassle with tons of verification if you have a budget in crypto get a budget in hardware wallets.

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Quote from: Ojima-ojo on January 08, 2023, 04:59:48 PM

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Your advice is really nice but I think something is wrong, what do you mean by until you have enough knowledge to manage risk associated with the service? Which knowledge do you need to have first? To me I don't think their is any knowledge you should have, even if you are a expert, avoid trusting third parties, make sure your coin is store in a non custodial wallet, your funds is not safe with anyone except under your own watch. No matter how secure the third parties claim to be, don't trust your coin with them.

reagansimms

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Advice needs to be warned repeatedly to anyone, this advice is not only aimed at newbies, even members who have been here for a long time need to be reminded to prevent higher risks that can occur.
This suggestion is often warned on forums through several Threads with different submissions or through comments answering other users questions.
What must always be pinned in the memory of crypto asset actors is that as long as you do not hold the private key, it is not your asset.

letteredhub

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I may be a newbie yet through little DYOR process I have put myself through I come to the privy of knowing that self custody of asset, as in being in absolute charge of your digital assets is best in the crypto industry, Instead of a third party channel that create trust issues.

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