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

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

Ojima-ojo

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Quote from: Marvelman on January 11, 2023, 05:28:09 AM

What do you think? Are we all just sitting ducks waiting to be plucked by crafty cybercriminals, or are some folks just too naive or ignorant?

I think some forks are just ignorant and naive to have lose the security when i read avout the hack of the personalwallet of the user i also blame them for not using a cold wallet and have chosen to store large funds in an online wallet.

But that being said, self-custody in the proper manner is what makes for total freedom in the cryptocurrency space, bitcoin gives has the opportunity of being your own bank but that comes with it high responsibility.

Because your security is left for you to control and weather or not you get hacked, that is your obligation.

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Quote from: Marvelman on January 11, 2023, 05:28:09 AM

~snop~
What do you think? Are we all just sitting ducks waiting to be plucked by crafty cybercriminals, or are some folks just too naive or ignorant?

Regardless of how much you are aware of the risks and how much you invest in personal safety, you are always a sitting duck only with a big difference in how close or far you are from the hunter. If you are careless, leave traces and think that nothing can happen to you, then you are an easy target, regardless of whether it is an amateur hacker or a professional. If, on the other hand, you are very careful, you know all the risks and you constantly work to reduce them, then you are a very difficult target for which the hunter will probably not waste his time.

Everyone should learn to be their own bank from the beginning, because if you acquire bad habits, it will be difficult to get rid of them. What I would perhaps emphasize is that many people think that their coins are safe in non-custodial wallets, which is true - but with the exception of most stablecoins, which can be frozen even if they are in a non-custodial wallet. Keep this in mind if for some reason you store your digital assets that way.

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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.

Its basic and its important to have a full control on our coins because we don't know what those platform do if we decide to deposit our funds there, and beside to many scamming happen even if they are reputable before like FTX so much better if we save our funds on our personal wallet and transact only when we need something on the platform we want to use.

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Upon reading about the recent case of an experienced member of this forum: I've been hacked, it appears that the self-custody of one's coins may not be appropriate for all. Some people may lack the necessary knowledge or simply don't care enough about the security measures required to properly protect their assets. I fear that some folks just aren't cut out for the task and I can only imagine with the influx of digital natives, we'll see more tales of woe like this.

What do you think? Are we all just sitting ducks waiting to be plucked by crafty cybercriminals, or are some folks just too naive or ignorant?

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Quote from: Gozie51 on January 11, 2023, 04:30:10 AM

the difference with exchange is that it is not secured or backed by government like banks incase of any crash or scam like FTX.

This is the point why anyone must not leave their coins on exchange including Binance, most people think Binance is safe since it's regulated and licensed, SEC has been audited Binance and Binance has SAFU. But there's no transparency about how much the SAFU that Binance own currently and does they have tricky rules like Celsius where they wouldn't refund their customers if they don't have any money left.

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Quote from: Ndabagi01 on January 09, 2023, 06:48:52 PM

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

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).

You said an exchange will leverage on one’s assets with them. Does that mean the funds being kept in the exchange with them will be used for trading and other purposes without us being aware of it, just like the way local bank does with our funds being kept with them?

That is the point here. Exchanges are like banks and banks use customers deposit for other businesses including giving as loan to others, doing all sort of businesses to gain some profit on the capital you dropped with them. This is same with exchanges. Binance have a lot of coins that are stakable and if you do that of course they use your coins for other businesses. I don't think banks inform the customers about what they will use their money for if they deposit them but all you know is to get your money when you need it and the difference with exchange is that it is not secured or backed by government like banks incase of any crash or scam like FTX.

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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.

There is no point in going back to exchanges or any third party just because you have acquired a good knowledge of risk management.

Your personal wallet is your freedom because you have no security tension since you have your private key stored with you; even if all the cryptocurrency exchanges are having security threats, you shouldn't panic because you are in control of your coin.

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Quote from: Ndabagi01 on January 09, 2023, 06:48:52 PM

You said an exchange will leverage on one’s assets with them. Does that mean the funds being kept in the exchange with them will be used for trading and other purposes without us being aware of it, just like the way local bank does with our funds being kept with them?

The funds are in your control there when they reflect on your account balance. He meant is if you are just gonna stay put your money there then its at risk of being freeze or what, at least if you gonna put your funds there use it for exchange or trading to make profit, or to increase your asset value. Thats only my interpretation of what he said.

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Quote from: Ndabagi01 on January 09, 2023, 06:48:52 PM

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

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).

You said an exchange will leverage on one’s assets with them. Does that mean the funds being kept in the exchange with them will be used for trading and other purposes without us being aware of it, just like the way local bank does with our funds being kept with them?

I think that is what most excganges do, just lime the cebtralized traditional bank trade with customers' money and even borrow some from clients to receive interest on them.

Some practices are also engaged with cryptocurrency exchanges take FTX issues for instance some of the customer's money is lent to others without the customer's permission so source practice exists with crypto exchange

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

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).

You said an exchange will leverage on one’s assets with them. Does that mean the funds being kept in the exchange with them will be used for trading and other purposes without us being aware of it, just like the way local bank does with our funds being kept with them?

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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).

This is very interesting to point that exchanges are jut leveraging your assets given that most of them have conversion rates that are abysmal.

I am actually guilty of this- I keep most of my BTCs inside our local exchange (coins.ph) due to the convenience that it provides. The downside is, whenever I convert my BTCs to our desired local currency, the conversion rates are relatively high to the point that it eliminates the point of investing it. In addition, this also puts me at the risk of the exchange losing my BTCs in the event that they are scammed, which I am hopefully not wishing it to happen.

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This is absolutely correct, the discussion of self custody have been on the rise lately since the aftermath of the FTX collapse that dealt a heavy blow on the entire msrket for some time now, but then we still have some investors who are adamant to take action on time.

One thing i have noticed is that, befor any project scams investors, there is always early warning, but investors will choose not to pay close attention to such warning.
But for those with adequate knowledge, self-custody is the best form of storage and fhe real essence of Bitcoin, your coins, tour wallet and your bank= total freedom.

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Your advise should always be taken note by everyone, we keep on telling this so that everybody is aware that we should be the one holding our funds and not the exchanges.

But even how badly we keep on telling this tip and reminder to everybody, there are still a few people that ends up badly by not having the custody of their own coins and soon they'll share their bad experience about an exchange or an unknown wallet.

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

inreviseable

Just a minor correction, maybe you're typing too fast and haven't noticed it. It should be "irreversible".

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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 inreviseable 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 cryotoxurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

This goes for everyone most especially for newbies who have less knowledge and control on their own coins. It’s a lot more secured for your coins to place them in your non-custodial wallet, aside from not operated online, you also don’t give any access to a third party so rest assured, as long as you are responsible with your own wallet, you will never experience hacking or stealing. You can trust exchanges but only when you’re good enough and knows how to deal the risk smartly.

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

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 inreviseable so the need to pay close attention to our actions in this space is very important.

Always make verification before confirming any transaction you're about to make because they are irreversible when sent, there's a way to recheck the beginning letters of the address and the last fee letter of the same address to be thesame, there's a copy and paste malware that aim attacks on the clipboard replacing the one you intentionally copied.

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 cryotoxurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Dont also mishandled your keys if in your custody, get a good means to sefure it and avoid it getting exposed to a third party and don't use a centralized storage network in securing your keys.

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Quote from: OcTradism on January 08, 2023, 09:16:29 PM

Wallets can be built from companies that build and provide wallet softwares only but they can come from exchanges too.

Nowadays you can see exchanges have many products to expand their ecosystems. Centralized exchanges have their decentralized exchanges and their wallets too.

For me I don't believe that any cryptocurrency wallet or decentralized exchange that is owned by a centralized exchange is non custodial wallet and really decentralized exchange. It's very logic to think so and you can agree or disagree with me but it is a good alarm for people who trust in open source, non custodial wallet and decentralized exchange launched by a centralized exchange.

Instead of using a centralized wallet exchange product, it's better to use a hardware wallet that focuses on developing non-custodial wallets. As a beginner, you should know about the differences between which wallets are safe or not, and which wallets have full control or not. If you don't have full control it will be very risky, you don't have keys, you don't have a wallet and you don't have assets.

nothing is more secure than a self-owned, self-managed hardware wallet. The centralized exchange is only a bridge for trade and exchange to fiat, do not make it the main repository.

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Quote from: drwhobox on January 09, 2023, 01:00:53 AM

Quote from: OcTradism on January 08, 2023, 09:16:29 PM

Wallets can be built from companies that build and provide wallet softwares only but they can come from exchanges too.

Nowadays you can see exchanges have many products to expand their ecosystems. Centralized exchanges have their decentralized exchanges and their wallets too.

For me I don't believe that any cryptocurrency wallet or decentralized exchange that is owned by a centralized exchange is non custodial wallet and really decentralized exchange. It's very logic to think so and you can agree or disagree with me but it is a good alarm for people who trust in open source, non custodial wallet and decentralized exchange launched by a centralized exchange.

Anyone can build wallets. A company or a person builds a wallet, but if it is decentralized, it can not be controlled by authority. The developer who builds that no custodial wallet does not have control over any users so I don't think there should be any problem at all.

A crypto wallet that's based on decentralised alone is not confusing enough, I will never keep my coins on such crypto wallet, open source is the real reasons why crypto OGs use and trust a crypto wallet, don't get it confused.

Also it doesn't make sense for a centralized company or platform to build a decentralised tool and wallets, I will not trust them at all, if you want to be centralized then build everything based centralization, don't jump about.

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Quote from: drwhobox on January 09, 2023, 01:00:53 AM

Being decentralized alone or presenting to be so does not make a wallet recommendable or a good option to use.

Coinbase has a non custodian wallet, and wants everyone to believe that it's your keys and your coins without any interfering from them, but the wallet happens to be closed source and it is impossible to verify if coinbase does anything behind the scenes, like keeping backups or pre generated keys.

A non custodian wallet should ideally be open source and verifiable.

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Quote from: OcTradism on January 08, 2023, 09:16:29 PM

Wallets can be built from companies that build and provide wallet softwares only but they can come from exchanges too.

Nowadays you can see exchanges have many products to expand their ecosystems. Centralized exchanges have their decentralized exchanges and their wallets too.

For me I don't believe that any cryptocurrency wallet or decentralized exchange that is owned by a centralized exchange is non custodial wallet and really decentralized exchange. It's very logic to think so and you can agree or disagree with me but it is a good alarm for people who trust in open source, non custodial wallet and decentralized exchange launched by a centralized exchange.

Anyone can build wallets. A company or a person builds a wallet, but if it is decentralized, it can not be controlled by authority. The developer who builds that no custodial wallet does not have control over any users so I don't think there should be any problem at all.

OcTradism

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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 cryotoxurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Wallets can be built from companies that build and provide wallet softwares only but they can come from exchanges too.

Nowadays you can see exchanges have many products to expand their ecosystems. Centralized exchanges have their decentralized exchanges and their wallets too.

For me I don't believe that any cryptocurrency wallet or decentralized exchange that is owned by a centralized exchange is non custodial wallet and really decentralized exchange. It's very logic to think so and you can agree or disagree with me but it is a good alarm for people who trust in open source, non custodial wallet and decentralized exchange launched by a centralized exchange.

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https://bit.ly/387FXHi lightning theory

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).

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Imo, there's no "until" clause in that advice, if you're going to be your own bank then you have to take responsibility of the actions you take and the consequences of those actions. As a matter of fact, the more knowledge and experience you get, the more averse you should get to the idea of giving up custody of your assets.

The surface risk is that of stolen, seized or hacked funds. But there is a whole privacy risk where users can have their personal information sold to government agencies or unverified ones, there can also be a privacy breach where malicious actors can get hands on your information and use that to try to create personalized scam attempts.

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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.

Topic: As a newbie it is better you take custody of your coins (Read 468 times)