It's best to avoid making an obvious mistake that seeking for how to rectify the mistake, leaving your fund on an exchange is a total mistake and it has been repeated here many time to avoid such mistakes so it's hard to claim you aren't aware of the mistake.
I know some newbies that is aware of the mistake but still choose to hold BTC in their exchange claim that before it gets large they would remove, with exchange especially Decentralised exchange you don't see anything coming, your account can easily be blocked and you lose access to your funds any thing can happen at anytime the hard truth is that once you don't own the private keys, seed phrase then it's not your wallet.
Topic: The message remains consistent from January to December - page 2. (Read 229 times)
That advise is not going to change. As long as these exchanges won't provide the private keys which is not gonna happen, never store your Bitcoins there and hard earned money for long.
They shouldn't be use like that because their main purpose is just a marketplace where we buy and sell and then withdraw our money. Whoever is using them as a long term wallet is using them wrongly.
We've been there and done that and it's better to learn the experience and lesson from the others than learn it the expensive way, right?
They shouldn't be use like that because their main purpose is just a marketplace where we buy and sell and then withdraw our money. Whoever is using them as a long term wallet is using them wrongly.
We've been there and done that and it's better to learn the experience and lesson from the others than learn it the expensive way, right?
He called out Binance after his account, holding over fifteen thousand USD, was inexplicably deleted. Despite the assistance of an alleged Binance support staff in restoring the account, the coins remained missing, and the account history vanished without a trace.
Again I say, safeguard your coins by removing them from exchanges. Do you ever trust that they will be safe there.
It's not just been told this year, this has been the recommendation from crypto users all the time because crypto exchanges are getting hacked more often so it will be a surprise if we witness a year with no exchange incident.Again I say, safeguard your coins by removing them from exchanges. Do you ever trust that they will be safe there.
"Not your keys not your cryptos".
If you are wondering where to move your bitcoins to after taking them off exchanges, here is what Charles-Tim advises:
Quote
Hardware wallets like trezor and ledger nano are recommended, I will also recommend you to use electrum as the app you will use to operate the hardware wallet, you can download it from electrum.org.
This is a recommendation given a couple of years back and it is still valid though about hardware wallets but the two names you were talking about can't be trusted especially Ledger because they have been trying to do various stunts and also get caught with Ledger Open Source Fakery?!
There are still other hardware wallets out there but I would say Running electrum in an air-gapped device is good enough for an average user, let's say anything below 1BTC.
The consistent message throughout the year, from January to December, persists: Get your coins off exchanges. Those who dismiss the harsh and unfortunate lessons of others may find themselves learning from their own expereince. We'll be here to say, "We warned you, but you didn't heed the advice." A recent incident involving a Twitter user, exemplifies this. He called out Binance after his account, holding over fifteen thousand USD, was inexplicably deleted. Despite the assistance of an alleged Binance support staff in restoring the account, the coins remained missing, and the account history vanished without a trace.
Again I say, safeguard your coins by removing them from exchanges. Do you ever trust that they will be safe there.
If you are wondering where to move your bitcoins to after taking them off exchanges, here is what Charles-Tim advises:
Again I say, safeguard your coins by removing them from exchanges. Do you ever trust that they will be safe there.
If you are wondering where to move your bitcoins to after taking them off exchanges, here is what Charles-Tim advises:
Quote
One of the safe way to securely hold bitcoin is the use of hardware wallet, because your bitcoin will be readily accessible for you to use unlike many other cold storage means. But you need to be careful and operate your hardware wallet with the app you will use to operate it with clean internet environment with no malware.
Hardware wallets like trezor and ledger nano are recommended, I will also recommend you to use electrum as the app you will use to operate the hardware wallet, you can download it from electrum.org.
But, irrespective of the wallet you are using, you need to operate the device in a clean internet environment in such a way the device used to operate it should contain no malware.
Hardware wallets like trezor and ledger nano are recommended, I will also recommend you to use electrum as the app you will use to operate the hardware wallet, you can download it from electrum.org.
But, irrespective of the wallet you are using, you need to operate the device in a clean internet environment in such a way the device used to operate it should contain no malware.
Jump to: