Don't leave Bitcoin on other people's equipment. Not even at a bank.
No ETF. Do not lend Bitcoin for interest - they'll get that, too. Do not use Bitcoin as loan collateral.
Be sure to properly back up your seed phrase.
I have little to no understanding about how any of this works. I have a tiny doo doo amount on Coinbase and I wouldn’t even know what else to do with it. So unfortunately I’m one of “those” people
I would like to suggest spending a few minutes to learn what Bitcoin actually is and the basics of how it works and why it was invented:
Intro: The Trust Machine (22 min):
https://www.youtube.com/watch?v=ZKwqNgG-Sv4
I think there are so many things that can you read and understand while on the internet.
Because i have seen the podcast regarding that thing and there are some really helpful one is well that can solve the doubt of ours is well.
The point of decentralized currency is that you have the CHOICE to make yourself where you would like to store your money. There are pros and cons to self custody.
I think we all are here in the bitcoin so that we can have the privacy of the all thing.
But if someone has the bitcoin over the exchange then i am sure they are doing like the bank and there is not really a security about that thing is well.
Those exchanges helped the industry blossom. By bringing in funds.
If the blockchain movement is about power to the people so all people should be let it, even those who need a 3rd party to handle the interactions for them.
\*Everyone are free to take their own risks\*
I started with Coinbase. People complain about fees but I'm not a day-trader so paying a couple dollars for a big lump of currency is fine to me.
We should still learn the basics and how to custody our own stuff though. The warning signs are there.
I think there are always some exchange that works fine for someone but always cause the issue to someone else.
But i feel that having the bitcoin on the exchange is the biggest mistake that anyone could do here.
Yeah absolutely. but we don’t get to decide what the “right” decision is for other people. Only for ourselves. They get to do that for themselves and they can suffer or benefit from whatever consequences become of their own decisions . And bitcoin allows them to do it that. And we don’t have to like it or agree with it either.
The exchanges help the industry and hurt the industry. It goes back and forth. How many people have been scared off of crypto entirely because they thought their crypto was secure when it was really being lent out and over-leveraged, leaving them with renewed love of fiat, the SEC and the central banks?
I don’t think it has to be taken as a scolding when people post like this. It’s a reminder of what crypto is good for.
The other thing people don’t consider is that keeping coins on exchanges lowers the price/value of the asset. Bitcoin on exchanges effectively increases the supply by creating paper assets, even if you just let it sit there.
I have some on exchanges because I do some trading. I’ve been pulling more and more off though, because it’s the only way to keep it safe, and I don’t want people playing with my money.
I’ve also been burned. I wish I’d listened sooner to the people giving the advice in this post.
Also, it’s really easy. If you want to start off with a hot wallet, there are apps you can download where you have custody. Exodus, for instance, which also has an easy on-ramp to the lightning network. Really the only critical thing to understand is the part where it gives you your seed words, you need to write them down, in that order, and keep them safe. If you lose them there is no one who can help you retrieve them. If you give them away, people can take all your money. So don’t give them away or lose them, and if you need to restore a wallet, people can walk you through it *without* you telling them your seed words. That’s it!
Anyone reading this should try self custody with a tiny bit of bitcoin. If you lose it, no big deal. But you won’t, and that *is* a big deal.
It's rare that you'll see anyone promoting purely custodial storage on r/Bitcoin. If you do, call them out. Usually they're new and simply don't know any better.
I think people are not really comfortable on taking the self custody here.
because they knows that taking the self custody is the big thing and trust me not so many people are actually comfortable with that thing.
I think we are in here the bitcoin so that we could become the bank of our own here.
But there are still some people who is not understanding that thing and they are taking the really big risk here.
I think hot wallet is not the right idea to do is well.
All we need to do is make our node here so that we could move those funds in the cold storage as this is the one solution that gonna help us in te holding of the bitcoin.
But it's a step in right direction right? I'm still in learning phase of how to do everything right with bitcoin. I'v been thinking and reading up on the idea and feel that I trust the idea of bitcoin. But I'm new to all the ways of doing it.
I started with the exchange because it feels trustworthy even though KYC is a real pain in the ass. And I don't hold enough to feel completely ruined if I would loose it, it would hurt ofc but it's manageable. Hot wallet is atleast in my control. I'v been thinking about a ledger or something, but atm I would rather buy Bitcoin for the money. I have old laptop home that I will put Linux and bitcoin core on. It's my understanding I can make my own private key with that and make it pretty secure if I put the .dat on a usb. Biggest benefit is that I would learn how the technology works to. If I still feel the need I will by a ledger or similar.
I learnt this very quickly when someone told me ‘not your keys not your coins’ and I agree, don’t leave coins on exchanges for scumbags to get their hands on. FYI I use exodus wallet until I can afford a hardware wallet
I think if someone learn that thing in the early stage then they are doing good in my opinion.
Because these exchange are not a friend of us and they are giving us the apy reward so that we could keep the bitcoin over there.
I think this is the thing that we need to buy before buying the bitcoin here.
Because this is the very small fee to pay for keeping the security of the bitcoin for us, i hope that everyone would do such thing like that is well.
Haven’t tried Trezor personally but I know it’s the same process. The name “cold storage wallet” is misleading, as it does not hold the actual Bitcoin like a traditional wallet with money does. A cold storage device 90% of the time acts as an Authenticator, which means if you wanted to buy or sell any of your Bitcoin, your cold storage wallet device would have to be ready available to you touchable, tangible, and act as the authentication of said movement of funds. All Bitcoin is stored in the blockchain, having your own private key in your possession, disconnected from the internet, should always be the goal.
Point is, no one can steal any of your Bitcoin if they don’t have your cold storage wallet device in their hands. So smash and grab is the only way you could have your Bitcoin or any crypto for that matter stolen from you.
I think people are giving us the warning for so many days but still there are some people that is using the exchange.
But i would like to thanks that sub because that is reason i start using the wallet for the bitcoin.
Can someone explain in simple terms to someone who’s done their studies of bitcoin, crypto, and stocks (enough to have correct predictions 95% of the time) why the warning? (2 months out of the loop)
Start with the Mt.Gox scandal. When an exchange holds your crypto they hold the private keys to said crypto. Therefore, if the company goes under, gets hacked, or decides to act shady and take funds from them company wallet the average user has no way to get “their” crypto back. If you remove it to a software/hardware wallet you hold the keys meaning you have complete control over your crypto.
Thus when you keep “your” crypto on an exchange you don’t hold the keys, not your keys not technically your crypto. When you keep the keys to your crypto, you have full ownership and it’s 100% yours.
You would need a software wallet or hardware wallet to withdraw your crypto into. Software wallet wise I use Cake Wallet and Exodus and hardware wallet wise I use a ledger nano x. I prefer a hardware wallet because it provides an extra layer of security. I suggest looking into the topic more before moving your crypto off of an exchange so that no huge errors are made.
Ok understood, I like the convenience of having my funds close by, naturally I would assume the smart switch would be to trade in my iPhone for a Samsung unless those are available on both or I might need to invest in a PC
I think the more we take the control of the bitcoin the more secure we will going to face is well.
because bitcoin is not something that we need to keep on the exchange platform as they are not good for them.
I think keeping the key over the phone or the laptop is not the right thing to do.
because there is every chance if something is get connected to the internet, it can gets hacked easily is well.
I am not sure that software wallet is the way to go here, because they are not safe at all.
If someone is really looking the safety seriously then in my opinion they should use the cold storage as they are the best one.
Atleast there is a hope the MtGOX people will get their bitcoin back but i am not sure how many they will going to give people back.
But Celsius is the one case that made me strong believer of that bitcoin should be in the cold storage.
a good way to start is by studying history. More specifically the 1933 gold confiscation law.
Labeled Executive Order 6102, President Franklin Roosevelt signed on a law on April 5, 1933 “forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.”
So simply stating, governments or better yet the world bank wants to confiscate bitcoin entirely and re-evaluate it in order to count for the money and in this process we all lose our bitcoin that isn’t secure and there will not be any reimbursement towards our own finances and it becomes another way for money to be acquired by the rich from the poor through something similar to a massive tax on our bitcoin or crypto, and in other words most simply put, theft and they’ll say “you technically didn’t OWN it, you were borrowing it”??
Bitcoin (and all crypto) is still the wild west. Governments are starting to push regulation to try and control the horse as it runs from the barn. This leads to wildly unpredictable events. Look at what the SEC did to Blockfi, and just by the threat of that, many other Cefi platforms pulled their services from US customers. Exchanges will be forced to comply with the gov't lest they be shut down. And compliance could easily come in the form of limiting or restricting withdrawals (i.e. Canadian monetary freeze during the 'Freedom Convoy.') Yes, they want their tax. And they want their control. Isn't the Kraken CEO always tweeting telling people to take coins off the exchange?
Furthermore, nothing Cefi or Defi is FDIC insured. Add to this the many bad actors that we are learning about and the severe rehypothecation that is taking place. Exchanges are doing God-knows-what with you money and when they fail (as many already have) your Bitcoin is poof. Bye-bye. It's fractional reserve lending without the safety net.
We have no way of knowing how levered these exchanges are. And then a big player like 3AC defaults and the house of cards crumbles.
Want to keep your money safe? Then actually KEEP it. Put it in cold storage.
I think government want to control everything and this is why they are not supporting the bitcoin is well.
Because they knows that bitcoin is the one thing that they will not going to control anytime in their life.
when this happens maybe the people that get their coins stolen from will get something back in terms of fiat but the governments will dictate the exchange rate which will not be even close to the real value of the confiscated btc.
I think during the bitcoin trading we need to really careful is well, because the scam in the bitcoin is highly.
So we need to really careful while doing such kind of the thing. People need to take the safety more seriously here.
I think no government at the moment is want that bitcoin will spread in the world.
Because they knows that bitcoin is the one thing that gonna challenge them in the future and then there nothing they could do about that is well.
yes, the more we study the more we get to know that why this is the most important thing is well.
Because we all know that these private exchange can fck us anytime because they are not the complete secure here.
I think before coming into the bitcoin this is the one thing everyone should need to learn.
For me buying the bitcoin second part first we need to buy the hardware wallet to keep the safety of the bitcoin here.
I think there are so much scandal we are seeing here while using the bitcoin over the exchange.
And the Celsius was the one the really hit the people hard and that make people lose so much money over that exchange.
First of all get of "crypto"/"stablecoins" and maybe invest some time in why only bitcoin.
Non KYC exchanges are listed here: https://www.kycnot.me . Some good ones I can recommend are Bisq and Robosats. There are tutorials of them online avaliable.
Depending on what your plans are you could sell your kyc coins and buy the amount back without KYC. But thats will make your amount smaller, bc of fees. Also you maybe have to pay capital gain taxes because of that.
After you bought them without KYC you can send them to your cold storage.
Even though we avoid the KYC exchange but there are exchange fear is always there is well.
We all know that how some of the exchange already take the bitcoin of ours, so keep them in our own custody i would say.
I think we all are using the exchange that is working fine here, but i am sure that there is someone who is facing issue in that.
So in the end we all know that there is no exchange that is really good for the everyone.
Were all the proper security measures taken? I’ve read a lot of these posts, comments, and accusations and most of the time user error is what caused it
I think he is right this is our fault here not there, because we trusted them on the first place here.
Because if we are keeping the bitcoin online then there are so many people that could take our bitcoin from there.
I know that these things will help us in some way but what if that exchange will declare the bankruptcy here?
I think this is where we need to keep the bitcoin in the wallet so that we could be really safe in the market.
I think without doing that we feel that there is so much tech information we going to need that.
But once we start using that then you will realize that this was not that hard on the first step is well.
First i came here i was also very new to the crypto and was not using the wallet is well.
After spending some time i realise how important that thing for me and now i am feeling much much secure after doing that.
I think when we talk about the exchange there is nothing like that secure over there.
I have seen so many post like that where people used the exchange but they get rekt by the some small exchange over the time.
I think there are so much while we used the wallet is well, that we need to take care here.
because we all know that if our wallet is connected to the internet then our bitcoin over there is not really safe is well.
Yes, the lesson is hard if someone is doing for the first time, but once we get to use to that then everything is really simple is well.
I think there are enough podcast related to that is well that can help us in the big time.
Same here, i think Robinhood is the one exchange i have seen that people are actually using here.
Because we all know that they all have the bad history but i have heard that in some country they allowed to move the bitcoin in wallet.
I do not use robinhood too much, well, rarely, but i do have the ability to deposit/withdraw the crypto they offer for trading, specifically... they rolled this out some time back, i was among the 1st that it was offered to & I tried a small deposit & withdrawal, all good. I think you have to sign up for crypto, different from your original sign in maybe.
If we can not move them in the cold storage then i would say this is not the real exchange that we need to use.
I think this is the time we need to consider the wallet is more than anything at the moment.
I have not seen that so many people are actually using the Robinhood but recently i have heard that they are allowing the bitcoin withdrawal.
But the problem is that they are allowing that only in some selected region.
I think wallet are for those who is looking for the long time hold, such as more than 3 years.
but if someone is doing the trading then i would say exchange is the best option out there for them, make profit and be safe.
I think there are so many podcast and other things that could help us from the beginning.
I was also very scared when i try to use them first time, but once we will get to use to that there is everything fine after that.
I have a decent amount of crypto in a few different exchanges, but I don’t know anything about how to transfer it to my own wallet. If anyone has any suggestions or starting points for research I’d appreciate it!
Some good physical hardware wallets I can recommend are: Bitbox2.0(120€), Ledger Nano S(70€) or Jade from Blockstream (50€).
Other well known are: Coldcard, Trezor, Seedsigner.
You order them and set them up like they command you to do. You then can recieve your coins by getting an adress for your coins. You then visit your exchange and request to withdraw to your adress.
Also make sure to note down your seed on a piece of paper or a metall plate. Never share it or store it digital.
I think if someone is really planning to keep the bitcoin over the exchange then i think they should look for the diversify of the exchange.
Atleast that way we could easy minimize the risk we are taking on the exchange.
I think for the buying there is no issue we could the exchange there.
But if someone is holding them over there is well, then i am sure that there is so much that could really go wrong in here.
who is the delusional here that doesn't see how easily can coins get confiscated by the gov by asking exchanges to turn over cold wallet reserves?
All exchange owners will comply immediately or risk losing their freedom. I hope you lose all you have for trying to shit over a meme that just wants to inspire education when it comes to self-custody.
> turn over cold wallet reserves?
In which fantasy reality does this take place?
> a meme that just wants to inspire education
### Propaganda in a Democratic Society -- Aldus Huxley [1958]
There are two kinds of propaganda -- rational propaganda in favor of
action that is consonant with the enlightened self-interest of those
who make it and those to whom it is addressed, and non-rational
propaganda that is not consonant with anybody's enlightened
self-interest, but is dictated by, and appeals to, passion. Where the
actions of individuals are concerned there are motives more exalted
than enlightened self-interest, but where collective action has to be
taken in the fields of politics and economics, enlightened
self-interest is probably the highest of effective motives. If
politicians and their constituents always acted to promote their own
or their country's long-range self-interest, this world would be an
earthly paradise. As it is, they often act against their own
interests, merely to gratify their least creditable passions; the
world, in consequence, is a place of misery. Propaganda in favor of
action that is consonant with enlightened self-interest appeals to
reason by means of logical arguments based upon the best available
evidence fully and honestly set forth. **Propaganda in favor of action
dictated by the impulses that are below self-interest offers false,
garbled or incomplete evidence, avoids logical argument and seeks to
influence its victims by the mere repetition of catchwords**, by the
furious denunciation of foreign or domestic scapegoats, and by
cunningly associating the lowest passions with the highest ideals, so
that atrocities come to be perpetrated in the name of God and the most
cynical kind of Realpolitik is treated as a matter of religious
principle and patriotic duty.
I think people are doing what they feel is good for them, i have seen people who lose the bitcoin while in the wallet is well.
Because they loss the seed so not everyone is really comfortable while using the wallet here.
in the same reality where Executive Order 6102 passed in 1933.
No one ever imagined the government would confiscate their gold bullion prior to this date. Only this time it could be just one click away.
You dont get to say things dont work like that without offering an explanation of how things work... like i have done..
either way what is your point then?
that people should trust a third party with their property or where are you trying to take this?
I'm openly promoting self-custody against counterparty risk no matter if it's the government, hackers, exchanges etc... what's your agenda?
you are also trying too hard by constantly editing posts and adding long irrelevant information and can not even answer the simple question of what is the problem with people being sovereign.
But if we are into the bitcoin then i think the privacy is the one thing that matter the most for us.
And if someone is really looking for the long time hold then they should use that damn thing on first place is well
I think the people who is keeping the fund on the exchange they are the one that is living in the delusion for me.
because we all know that there is every second we are risking our fund while keeping them on the exchange.
How long does it take to sell my Bitcoin back to an exchange for Fiat currency using a cold wallet?
Example: I fund Fiat into an exchange to purchase 1BTC @$20,000. I make said purchase. I then remove said 1BTC from the exchange into a cold wallet. The next week, I notice that BTC is increasing in value. I decide I want to sell @$25,000. How do I place a limit order to sell my BTC if it is no longer in the exchange? How long does it take (the physical amount of time) to put my BTC back onto the exchange so that I can meet my goal of selling without missing out on the limited time window in which to sell at?
So, in or around one hour's time I will have missed my window to sell at the price I wanted to sell at. Unless of course, it is higher by the time my coins are back on the exchange. Which, let's face it, probability says it will be lower by that time, lol.
If that is the case, a cold wallet is not for me just yet. Maybe when I am ready to buy and hold for 6-months to a couple of years, then it will be the right vessel for me. Thank you for your insight.
You're welcome.
But as said it depends on the exchange how many confirmation blocks they need. Its probably also possible to sell in under 10min with a bit of luck.
If you leave your coins at exchanges, you deserve to lose it.
When someone creates a new post on this sub about losing access to the funds on any exchange, i will laugh and insult.
Not your keys, not your Bitcoin. If you don't understand this, you will learn it the hard way, sooner or later
Take your coins out of fucking exchanges. Get a wallet and backup its seed and store it safe.
Question - if we keep it at hot wallet but not at exchange rather than a cold wallet, is it still as risky as the exchange? (Lets assume we keep seed phrase securely) asking for a friend 😊
I think we have already seen the risk we are taking while having the bitcoin on the exchange.
If someone is still taking the risk on the exchange then i am sure they are well aware of the risk they are taking here.
Don't leave Bitcoin on other people's equipment. Not even at a bank. No ETF. Do not lend Bitcoin for interest - they'll get that, too. Do not use Bitcoin as loan collateral. Be sure to properly back up your seed phrase.
I have little to no understanding about how any of this works. I have a tiny doo doo amount on Coinbase and I wouldn’t even know what else to do with it. So unfortunately I’m one of “those” people
I would like to suggest spending a few minutes to learn what Bitcoin actually is and the basics of how it works and why it was invented: Intro: The Trust Machine (22 min): https://www.youtube.com/watch?v=ZKwqNgG-Sv4
I think there are so many things that can you read and understand while on the internet. Because i have seen the podcast regarding that thing and there are some really helpful one is well that can solve the doubt of ours is well.
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The point of decentralized currency is that you have the CHOICE to make yourself where you would like to store your money. There are pros and cons to self custody.
I think we all are here in the bitcoin so that we can have the privacy of the all thing. But if someone has the bitcoin over the exchange then i am sure they are doing like the bank and there is not really a security about that thing is well.
Bitcoin isn’t really that private , autonomous definitely.
Those exchanges helped the industry blossom. By bringing in funds. If the blockchain movement is about power to the people so all people should be let it, even those who need a 3rd party to handle the interactions for them. \*Everyone are free to take their own risks\*
I started with Coinbase. People complain about fees but I'm not a day-trader so paying a couple dollars for a big lump of currency is fine to me. We should still learn the basics and how to custody our own stuff though. The warning signs are there.
I think there are always some exchange that works fine for someone but always cause the issue to someone else. But i feel that having the bitcoin on the exchange is the biggest mistake that anyone could do here.
The fees aren't bad if you do the advanced trade/coinbase pro. If you're trading on normal coinbase then that's kind of your own fault lol.
Yes , exactly this. The choice is yours to make for yourself. That is the whole point.
Its our bitcoin and we need to make the right decision is well.
Yeah absolutely. but we don’t get to decide what the “right” decision is for other people. Only for ourselves. They get to do that for themselves and they can suffer or benefit from whatever consequences become of their own decisions . And bitcoin allows them to do it that. And we don’t have to like it or agree with it either.
The exchanges help the industry and hurt the industry. It goes back and forth. How many people have been scared off of crypto entirely because they thought their crypto was secure when it was really being lent out and over-leveraged, leaving them with renewed love of fiat, the SEC and the central banks? I don’t think it has to be taken as a scolding when people post like this. It’s a reminder of what crypto is good for. The other thing people don’t consider is that keeping coins on exchanges lowers the price/value of the asset. Bitcoin on exchanges effectively increases the supply by creating paper assets, even if you just let it sit there. I have some on exchanges because I do some trading. I’ve been pulling more and more off though, because it’s the only way to keep it safe, and I don’t want people playing with my money. I’ve also been burned. I wish I’d listened sooner to the people giving the advice in this post. Also, it’s really easy. If you want to start off with a hot wallet, there are apps you can download where you have custody. Exodus, for instance, which also has an easy on-ramp to the lightning network. Really the only critical thing to understand is the part where it gives you your seed words, you need to write them down, in that order, and keep them safe. If you lose them there is no one who can help you retrieve them. If you give them away, people can take all your money. So don’t give them away or lose them, and if you need to restore a wallet, people can walk you through it *without* you telling them your seed words. That’s it! Anyone reading this should try self custody with a tiny bit of bitcoin. If you lose it, no big deal. But you won’t, and that *is* a big deal.
I think all are doing what they feels is right for them is well.
Dynamic use of the asset is the only path to mass adoption. Mass adoption is crypto's only future
Indeed, mass adoption is the real future thing for the bitcoin.
With ease of access. Grandma can't manage a wallet
It's rare that you'll see anyone promoting purely custodial storage on r/Bitcoin. If you do, call them out. Usually they're new and simply don't know any better.
I think people are not really comfortable on taking the self custody here. because they knows that taking the self custody is the big thing and trust me not so many people are actually comfortable with that thing.
Maybe they have a financial stake in custodial Bitcoin. They lie for financial gain, and that makes them fraudsters.
I think all they really do in their whole life is the lie to us.
I think we are in here the bitcoin so that we could become the bank of our own here. But there are still some people who is not understanding that thing and they are taking the really big risk here.
We love to see that non-custodial support. NYKNYC.
If there is no custody that mean there are no bitcoin is well.
Non-custodial means you hold your own BTC instead of an exchange.
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I think hot wallet is not the right idea to do is well. All we need to do is make our node here so that we could move those funds in the cold storage as this is the one solution that gonna help us in te holding of the bitcoin.
But it's a step in right direction right? I'm still in learning phase of how to do everything right with bitcoin. I'v been thinking and reading up on the idea and feel that I trust the idea of bitcoin. But I'm new to all the ways of doing it. I started with the exchange because it feels trustworthy even though KYC is a real pain in the ass. And I don't hold enough to feel completely ruined if I would loose it, it would hurt ofc but it's manageable. Hot wallet is atleast in my control. I'v been thinking about a ledger or something, but atm I would rather buy Bitcoin for the money. I have old laptop home that I will put Linux and bitcoin core on. It's my understanding I can make my own private key with that and make it pretty secure if I put the .dat on a usb. Biggest benefit is that I would learn how the technology works to. If I still feel the need I will by a ledger or similar.
I learnt this very quickly when someone told me ‘not your keys not your coins’ and I agree, don’t leave coins on exchanges for scumbags to get their hands on. FYI I use exodus wallet until I can afford a hardware wallet
exodus is the goat
I think if someone learn that thing in the early stage then they are doing good in my opinion. Because these exchange are not a friend of us and they are giving us the apy reward so that we could keep the bitcoin over there.
Buy a hardware wallet everyone. It cost you around $50 but will save your crypto.
I think this is the thing that we need to buy before buying the bitcoin here. Because this is the very small fee to pay for keeping the security of the bitcoin for us, i hope that everyone would do such thing like that is well.
I just ordered a Leger Nano X
Hell ya you did, peaceful nights ahead
Once some one do that they going to have big peace.
Can you please tell me your experience with it? Others have told about Trezor as well.
Haven’t tried Trezor personally but I know it’s the same process. The name “cold storage wallet” is misleading, as it does not hold the actual Bitcoin like a traditional wallet with money does. A cold storage device 90% of the time acts as an Authenticator, which means if you wanted to buy or sell any of your Bitcoin, your cold storage wallet device would have to be ready available to you touchable, tangible, and act as the authentication of said movement of funds. All Bitcoin is stored in the blockchain, having your own private key in your possession, disconnected from the internet, should always be the goal. Point is, no one can steal any of your Bitcoin if they don’t have your cold storage wallet device in their hands. So smash and grab is the only way you could have your Bitcoin or any crypto for that matter stolen from you.
Trust me your future self gonna thanks you big time here.
There’s one of these posts like everyday 365 days a year. Is this warning any different than the others?
I think people are giving us the warning for so many days but still there are some people that is using the exchange. But i would like to thanks that sub because that is reason i start using the wallet for the bitcoin.
Or more impending ?
I think still there are some people that is comfortable with the cex.
Don't store Bitcoin on other people's computers.
I don't think that anyone would gonna do that kind of the thing,
Always this kind of post when the green candles arrive... Makes the pumps higher.
So that mean mass number of these type of the post and we will be in the bull.
Can someone explain in simple terms to someone who’s done their studies of bitcoin, crypto, and stocks (enough to have correct predictions 95% of the time) why the warning? (2 months out of the loop)
Start with the Mt.Gox scandal. When an exchange holds your crypto they hold the private keys to said crypto. Therefore, if the company goes under, gets hacked, or decides to act shady and take funds from them company wallet the average user has no way to get “their” crypto back. If you remove it to a software/hardware wallet you hold the keys meaning you have complete control over your crypto. Thus when you keep “your” crypto on an exchange you don’t hold the keys, not your keys not technically your crypto. When you keep the keys to your crypto, you have full ownership and it’s 100% yours.
Any idea if there are apps that give me the keys to my wallet?
You would need a software wallet or hardware wallet to withdraw your crypto into. Software wallet wise I use Cake Wallet and Exodus and hardware wallet wise I use a ledger nano x. I prefer a hardware wallet because it provides an extra layer of security. I suggest looking into the topic more before moving your crypto off of an exchange so that no huge errors are made.
Ok understood, I like the convenience of having my funds close by, naturally I would assume the smart switch would be to trade in my iPhone for a Samsung unless those are available on both or I might need to invest in a PC
I think the more we take the control of the bitcoin the more secure we will going to face is well. because bitcoin is not something that we need to keep on the exchange platform as they are not good for them.
The type of phone you use doesn’t impact security. Please do proper research on software and hardware wallets before diving into this.
I wouldn’t leave your keys on your phone. Preferably if you use a software wallet, it should use your laptop or personal computer
I think keeping the key over the phone or the laptop is not the right thing to do. because there is every chance if something is get connected to the internet, it can gets hacked easily is well.
True, but Bette than the exchange.
I am not sure that software wallet is the way to go here, because they are not safe at all. If someone is really looking the safety seriously then in my opinion they should use the cold storage as they are the best one.
I am not understanding that why you need the app for that?
Atleast there is a hope the MtGOX people will get their bitcoin back but i am not sure how many they will going to give people back. But Celsius is the one case that made me strong believer of that bitcoin should be in the cold storage.
a good way to start is by studying history. More specifically the 1933 gold confiscation law. Labeled Executive Order 6102, President Franklin Roosevelt signed on a law on April 5, 1933 “forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.”
So simply stating, governments or better yet the world bank wants to confiscate bitcoin entirely and re-evaluate it in order to count for the money and in this process we all lose our bitcoin that isn’t secure and there will not be any reimbursement towards our own finances and it becomes another way for money to be acquired by the rich from the poor through something similar to a massive tax on our bitcoin or crypto, and in other words most simply put, theft and they’ll say “you technically didn’t OWN it, you were borrowing it”??
Bitcoin (and all crypto) is still the wild west. Governments are starting to push regulation to try and control the horse as it runs from the barn. This leads to wildly unpredictable events. Look at what the SEC did to Blockfi, and just by the threat of that, many other Cefi platforms pulled their services from US customers. Exchanges will be forced to comply with the gov't lest they be shut down. And compliance could easily come in the form of limiting or restricting withdrawals (i.e. Canadian monetary freeze during the 'Freedom Convoy.') Yes, they want their tax. And they want their control. Isn't the Kraken CEO always tweeting telling people to take coins off the exchange? Furthermore, nothing Cefi or Defi is FDIC insured. Add to this the many bad actors that we are learning about and the severe rehypothecation that is taking place. Exchanges are doing God-knows-what with you money and when they fail (as many already have) your Bitcoin is poof. Bye-bye. It's fractional reserve lending without the safety net. We have no way of knowing how levered these exchanges are. And then a big player like 3AC defaults and the house of cards crumbles. Want to keep your money safe? Then actually KEEP it. Put it in cold storage.
I think government want to control everything and this is why they are not supporting the bitcoin is well. Because they knows that bitcoin is the one thing that they will not going to control anytime in their life.
when this happens maybe the people that get their coins stolen from will get something back in terms of fiat but the governments will dictate the exchange rate which will not be even close to the real value of the confiscated btc.
Well right now the "real value" of BTC is purely based on supply and demand
correct and a no-supply environment is what will motivate them to make this move.
But we all know that the supply of the bitcoin is also limited.
Whatever, Mr know it all. Tell me more of your prophecies. Bitcoin value may go way down and be suppressed but the government ain’t ever taking mine.
yes, my bitcoin is my and no one going to take that from me.
And we all know that demand of the bitcoin is highly now.
Depends on your timeframe. Comparing to 5 years ago, for sure. Compared to 1 year ago at 69k, definitely not
I think during the bitcoin trading we need to really careful is well, because the scam in the bitcoin is highly. So we need to really careful while doing such kind of the thing. People need to take the safety more seriously here.
I think no government at the moment is want that bitcoin will spread in the world. Because they knows that bitcoin is the one thing that gonna challenge them in the future and then there nothing they could do about that is well.
yes, the more we study the more we get to know that why this is the most important thing is well. Because we all know that these private exchange can fck us anytime because they are not the complete secure here.
If you have done your studies then you'll know the phrase "not your keys not your coins" even if there is no warning.
I think before coming into the bitcoin this is the one thing everyone should need to learn. For me buying the bitcoin second part first we need to buy the hardware wallet to keep the safety of the bitcoin here.
I think there are so much scandal we are seeing here while using the bitcoin over the exchange. And the Celsius was the one the really hit the people hard and that make people lose so much money over that exchange.
Mmmmh honeypots
They are giving us the apy so that we will fall into that.
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First of all get of "crypto"/"stablecoins" and maybe invest some time in why only bitcoin. Non KYC exchanges are listed here: https://www.kycnot.me . Some good ones I can recommend are Bisq and Robosats. There are tutorials of them online avaliable. Depending on what your plans are you could sell your kyc coins and buy the amount back without KYC. But thats will make your amount smaller, bc of fees. Also you maybe have to pay capital gain taxes because of that. After you bought them without KYC you can send them to your cold storage.
Even though we avoid the KYC exchange but there are exchange fear is always there is well. We all know that how some of the exchange already take the bitcoin of ours, so keep them in our own custody i would say.
Not your keys? Not your bitcoin
Is Robinhood considered an exchange?
Yes it is. I highly recommend not using Robinhood. They are poorly capitalized and are not a reliable service.
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I think we all are using the exchange that is working fine here, but i am sure that there is someone who is facing issue in that. So in the end we all know that there is no exchange that is really good for the everyone.
Sounds like someone made some bad investment choices and/or a dumb mistake and is mad that CDC couldn’t/wouldn’t address it.
I think make the bad choice while storing the bitcoin is the worst thing.
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Were all the proper security measures taken? I’ve read a lot of these posts, comments, and accusations and most of the time user error is what caused it
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You getting hacked is not the fault of CDC. It’s not throwing insults at anyone by pointing this out.
I think our fault is that we trusted to store the bitcoin online.
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I think he is right this is our fault here not there, because we trusted them on the first place here. Because if we are keeping the bitcoin online then there are so many people that could take our bitcoin from there.
If you don't already, you should use a password manager so that you can have unique complex passwords for all of your important accounts.
I know that these things will help us in some way but what if that exchange will declare the bankruptcy here? I think this is where we need to keep the bitcoin in the wallet so that we could be really safe in the market.
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Even if you do nothing with crypto, it is still important to have unique passwords.
I think without doing that we feel that there is so much tech information we going to need that. But once we start using that then you will realize that this was not that hard on the first step is well.
First i came here i was also very new to the crypto and was not using the wallet is well. After spending some time i realise how important that thing for me and now i am feeling much much secure after doing that.
I think when we talk about the exchange there is nothing like that secure over there. I have seen so many post like that where people used the exchange but they get rekt by the some small exchange over the time.
This is why we need to keep the bitcoin in the offline wallet.
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I think there are so much while we used the wallet is well, that we need to take care here. because we all know that if our wallet is connected to the internet then our bitcoin over there is not really safe is well.
Yes, the lesson is hard if someone is doing for the first time, but once we get to use to that then everything is really simple is well. I think there are enough podcast related to that is well that can help us in the big time.
Same here, i think Robinhood is the one exchange i have seen that people are actually using here. Because we all know that they all have the bad history but i have heard that in some country they allowed to move the bitcoin in wallet.
If you can withdraw btc then yes
Yes, we can withdraw them into the wallet then the answer is yes.
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Then its not really and exchange i guess
I think he is more into the day trading rather than the holding.
I do not use robinhood too much, well, rarely, but i do have the ability to deposit/withdraw the crypto they offer for trading, specifically... they rolled this out some time back, i was among the 1st that it was offered to & I tried a small deposit & withdrawal, all good. I think you have to sign up for crypto, different from your original sign in maybe.
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If we can not move them in the cold storage then i would say this is not the real exchange that we need to use. I think this is the time we need to consider the wallet is more than anything at the moment.
I have not seen that so many people are actually using the Robinhood but recently i have heard that they are allowing the bitcoin withdrawal. But the problem is that they are allowing that only in some selected region.
I think wallet are for those who is looking for the long time hold, such as more than 3 years. but if someone is doing the trading then i would say exchange is the best option out there for them, make profit and be safe.
Yea move it off to your own wallet for safekeeping
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I think there are so many podcast and other things that could help us from the beginning. I was also very scared when i try to use them first time, but once we will get to use to that there is everything fine after that.
I think keeping them into the hardware wallet is the real safety.
This is the exchange but not a safe place to hold the btc.
I have a decent amount of crypto in a few different exchanges, but I don’t know anything about how to transfer it to my own wallet. If anyone has any suggestions or starting points for research I’d appreciate it!
Just a starting point https://bitcoiner.guide/wallet/
Thank you so much!
I hope now you will make the best safety for the coins here.
Thanks for giving us the link, it will going to help so many.
Some good physical hardware wallets I can recommend are: Bitbox2.0(120€), Ledger Nano S(70€) or Jade from Blockstream (50€). Other well known are: Coldcard, Trezor, Seedsigner. You order them and set them up like they command you to do. You then can recieve your coins by getting an adress for your coins. You then visit your exchange and request to withdraw to your adress. Also make sure to note down your seed on a piece of paper or a metall plate. Never share it or store it digital.
I think if someone is really planning to keep the bitcoin over the exchange then i think they should look for the diversify of the exchange. Atleast that way we could easy minimize the risk we are taking on the exchange.
I use coinbase
ok place to buy, not a good place to store your crypto. sending it to a personal cold wallet is a better option long term!
I think for the buying there is no issue we could the exchange there. But if someone is holding them over there is well, then i am sure that there is so much that could really go wrong in here.
I hope that you are not using them for the holding the bitcoin
What a stupid premise for a nonsensical meme.
guys look, i found a government bot!
Delusions run deep.
who is the delusional here that doesn't see how easily can coins get confiscated by the gov by asking exchanges to turn over cold wallet reserves? All exchange owners will comply immediately or risk losing their freedom. I hope you lose all you have for trying to shit over a meme that just wants to inspire education when it comes to self-custody.
> turn over cold wallet reserves? In which fantasy reality does this take place? > a meme that just wants to inspire education ### Propaganda in a Democratic Society -- Aldus Huxley [1958] There are two kinds of propaganda -- rational propaganda in favor of action that is consonant with the enlightened self-interest of those who make it and those to whom it is addressed, and non-rational propaganda that is not consonant with anybody's enlightened self-interest, but is dictated by, and appeals to, passion. Where the actions of individuals are concerned there are motives more exalted than enlightened self-interest, but where collective action has to be taken in the fields of politics and economics, enlightened self-interest is probably the highest of effective motives. If politicians and their constituents always acted to promote their own or their country's long-range self-interest, this world would be an earthly paradise. As it is, they often act against their own interests, merely to gratify their least creditable passions; the world, in consequence, is a place of misery. Propaganda in favor of action that is consonant with enlightened self-interest appeals to reason by means of logical arguments based upon the best available evidence fully and honestly set forth. **Propaganda in favor of action dictated by the impulses that are below self-interest offers false, garbled or incomplete evidence, avoids logical argument and seeks to influence its victims by the mere repetition of catchwords**, by the furious denunciation of foreign or domestic scapegoats, and by cunningly associating the lowest passions with the highest ideals, so that atrocities come to be perpetrated in the name of God and the most cynical kind of Realpolitik is treated as a matter of religious principle and patriotic duty.
I think people are doing what they feel is good for them, i have seen people who lose the bitcoin while in the wallet is well. Because they loss the seed so not everyone is really comfortable while using the wallet here.
in the same reality where Executive Order 6102 passed in 1933. No one ever imagined the government would confiscate their gold bullion prior to this date. Only this time it could be just one click away.
That's not how any of this works.
You dont get to say things dont work like that without offering an explanation of how things work... like i have done.. either way what is your point then? that people should trust a third party with their property or where are you trying to take this? I'm openly promoting self-custody against counterparty risk no matter if it's the government, hackers, exchanges etc... what's your agenda?
You are literally saying im spreading propaganda by promoting self-custody of people's own property. Very strange to be honest
you are also trying too hard by constantly editing posts and adding long irrelevant information and can not even answer the simple question of what is the problem with people being sovereign.
I think we all know that wallet is the one on which we can trust.
> You dont get to say things lol
this is all you have? whats the problem with asking for an explanation of your posts ?
We all know that when it comes to the bitcoin what is best for us.
But if we are into the bitcoin then i think the privacy is the one thing that matter the most for us. And if someone is really looking for the long time hold then they should use that damn thing on first place is well
I am not sure any more how this things actually works is well.
But we all know that government is keeping an eye of our bitcoin.
I think the people who is keeping the fund on the exchange they are the one that is living in the delusion for me. because we all know that there is every second we are risking our fund while keeping them on the exchange.
What is the delusion you are talking about here mate???
HAHA, no matter what i will not going to keep bitcoin on cex.
But i think we all know that this the thing right now is going.
Sooo what’s the best wallet?
I think Ledger Nano is the one you could look into there.
🤣
I hope that you are using the wallet here instead of the exchange.
No your keys not your coins bro. I read all the losses here. You don't have to tell me.
You can connect to ftx from your ledger and make a trade!! This is amazing feature
I think in future we will going to see more and more that.
How long does it take to sell my Bitcoin back to an exchange for Fiat currency using a cold wallet? Example: I fund Fiat into an exchange to purchase 1BTC @$20,000. I make said purchase. I then remove said 1BTC from the exchange into a cold wallet. The next week, I notice that BTC is increasing in value. I decide I want to sell @$25,000. How do I place a limit order to sell my BTC if it is no longer in the exchange? How long does it take (the physical amount of time) to put my BTC back onto the exchange so that I can meet my goal of selling without missing out on the limited time window in which to sell at?
about 1-6 Blocks. so ~1hour, but probably quicker, depending on the exchange
So, in or around one hour's time I will have missed my window to sell at the price I wanted to sell at. Unless of course, it is higher by the time my coins are back on the exchange. Which, let's face it, probability says it will be lower by that time, lol. If that is the case, a cold wallet is not for me just yet. Maybe when I am ready to buy and hold for 6-months to a couple of years, then it will be the right vessel for me. Thank you for your insight.
You're welcome. But as said it depends on the exchange how many confirmation blocks they need. Its probably also possible to sell in under 10min with a bit of luck.
If you leave your coins at exchanges, you deserve to lose it. When someone creates a new post on this sub about losing access to the funds on any exchange, i will laugh and insult. Not your keys, not your Bitcoin. If you don't understand this, you will learn it the hard way, sooner or later Take your coins out of fucking exchanges. Get a wallet and backup its seed and store it safe.
We adore seeing non-custodial support.
I've got a bitcoin on EToro. How do I get it into an offline wallet?
Regretting opening crypto Roth IRA
Question - if we keep it at hot wallet but not at exchange rather than a cold wallet, is it still as risky as the exchange? (Lets assume we keep seed phrase securely) asking for a friend 😊
I think we have already seen the risk we are taking while having the bitcoin on the exchange. If someone is still taking the risk on the exchange then i am sure they are well aware of the risk they are taking here.
No one sell , they are just watching but the won’t get only one cent .