Events made you scare about custodial wallets, centralized exchanges.

Abu-Naim

sr. member

Activity: 504

Merit: 280

Quote from: SilverCryptoBullet on Today at 12:19:02 AM

Use a non custodial wallet can help you to control your transaction fee, and avoid expensive withdrawal fee from centralized exchanges or custodial wallets.

You have said it all, take the transaction fee aside, your privacy is very important, and you cannot afford ro let your personal info lacked just because you are using any centralized exchange.

Your thread carries some important links that have completely explain everything you will need to know about your privacy, security of your coin, and your freedom. Using Centralized exchanges is not proper, but for traders, it is good, but always take your coins outside the exchange once you are done trading you should send your money out of the exchange to your personal wallet.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

I had some terrible experience with coinbase and also another another one which I can't seem to remember cause it's been very long since it happened and I am not gonna lie I lost few hundred worths of Bitcoin at that time which would be in thousands now atleast that's when I switched to fully non custodial wallets and also I am more aware of not keeping too much money in the exchange wallet which also only if I have the intention of doing trades.

When we are new we usually find these custodial services more convenient than taking responsibility on our own but it's not worth the risk.

ImThour

copper member

Activity: 1442

Merit: 1522

Bitcoin Bottom was at $15.4k

I was once locked on my own Binance account because they thought I am not the actual owner of that wallet, and I had some funds (more than half of my portfolio) in that exchange account. I was scared for sure, and I promised myself to not keep any amount of money in any Centralized exchange from now onwards. These events where people lose more than thousands of dollars are really scary. Be your own bank, and make sure it's safe!

Stalker22

legendary

Activity: 1526

Merit: 1359

Yes, I agree completely. All this stuff lately with the exchanges and governments sticking their noses everywhere - it really shows the danger of letting some company hold onto your coins instead of keeping them yourself. I keep most of my crypto coins in a wallet I actually control. More secure that way. but I still oughta run my own full node one of these days. More hassle to set up, sure, but extra security and privacy make it worthwhile.

SilverCryptoBullet

member

Activity: 97

Merit: 43

In cryptocurrency, advice goes to going with non custodial, open source wallet, run your full node to gain many important things.

Security of your fund.
Full control on your coins.
Privacy with full node.

Leaked Chainalysis video suggests Monero transactions may be traceable
Tracing Monero via malicious nodes

The report from Chainalysis shows that if you don't use a full node, don't use Tor, they can collect your IP address and it breaks your privacy.
Importance of running a Bitcoin full node and use it for your transaction broadcast.
Why everyone should run a node
Why should I run a Bitcoin full node

Guides to run a Bitcoin full node.
How to run a Bitcoin Core full node for under 50 bucks!
The simplest Full Node guide ever.

Reminder on Bitcoin users from forum admin theymos, Antonopoulos, and Lopp.
Reminder: do not keep your money in online accounts
Not your keys, not your coins.
How the SEC nearly destroyed my retirement account

Governments can suddenly shut down all exchanges in batch like this or seize all your money like that.
47 crypto exchange shutdown by Germany
Court freezes N548.6 Million belonging to ‘ByBit, KuCoin’ Nigerian crypto users

Some scary stories and you don't want to experience a same terrible story.
Be careful using Binance & Centralized Exchange
The risk of posting your exchange's address publicly
Sanctioned Services and the service traceability to this forum, Any danger?

Recent events should make everyone withdraw all their coins to their own wallets: Part 1
Recent events should make you withdraw all your coins to your own wallet: Part 2
Recent events should make you withdraw all your coins to your own wallet: Part 3
Get your coins out of custodial wallets now: Part 4

Use non custodial, open source wallet. Move your coins out of any centralized exchange, any custodial wallet.
Back up your wallet too.

[Guide] How to back up a wallet seed phrase.

Use a non custodial wallet can help you to control your transaction fee, and avoid expensive withdrawal fee from centralized exchanges or custodial wallets.
You don't want this.
Problems with Coinbase withdrawal fees.

Topic: Events made you scare about custodial wallets, centralized exchanges. (Read 49 times)