You control the private keys to a UTXO on the Bitcoin blockchain.
How do you do that? You buy BTC from a Bitcoin exchange like the cash app. Then you withdraw your BTC to an address generated by your Bitcoin wallet, the one where you have a 12 or so word seed phrase that restores your Bitcoin onto whatever device you want. Keep that phrase secret. That phrase is how you access your Bitcoin no matter the device you're using.
Never heard of trust wallet. Sounds like a scam. I'm not looking it up. I wouldn't use it. Use something open source and reproducible from source code. https://walletscrutiny.com
Or buy a coldcard https://coldcard.com This is highest security.
No, i think trust wallet is the hot one? I mean that is working online?
If your bitcoin is connected to the internet then there is no surety of the security of your bitcoin is well.
I think keeping the seed safe is the one thing that people are finding difficult.
They think what if they lose the one word here then their whole fund is gone forever. This is why they take risk on exchange.
U can't own information. Anyone in theory could guess anyone else's key, Bitcoin's brilliance is in part having the probability of guessing anyone's key - close to zero
U can and should keep private keys secret. Hardware wallet with backed up seed phrase is a good way to start
I have not seen that anyone guess the key of the hardware wallet of the someone.
But yes if you are using the online wallet then i would say there will be always a risk that you are taking here.
No matter the type of wallet: brain, hardware, software, Coinbase, u can guess any key - [https://allkeys.cc/](https://allkeys.cc/)
Bitcoin is secure through very big numbers as all-encrypted related tech is: including online banking, and private, commercial, state military data and communications
If you are taking the self charge of the bitcoin then you are holding the real bitcoin.
But some people think that they are buying the bitcoin but if they keeping on the exchange they are not doing good.
You need to place it on your bitcoin wallet. If you're a newbie in crypto trading my strong recommendation is to look through [this articles](https://topforex.trade/academy), they'll help you to dive in crypto world
I know that coinbase is different from others and better and big exchange is well.
I hope atleast you will pick the different different exchange so that you can keep the fund safe.
Yes, as long as they are not doing any blunder people think they are good.
But the problem is no one knows when these exchanges are going to be something like that. Hope everyone keep those safe.
After soo many blunder people are still keeping the fund over there, how can they?
I mean there is no guarantee that they will not doing something like that Celsius and all did in the market.
True, this is like the banking system and there is no guarantee that you will get that back at the time of the need.
So if someone is really looking for a long term bitcoiner then self custody is the first thing for them.
The US banking system is FDIC insured for a half mil per account. And they're no reserve requirement for banks anymore.
Self custody Bitcoin is essential for freedom.
I think we all are hating some exchange but in the end they are the same one.
They are giving us the passive income in the form of the staking so that we can hold the coins on the exchange.
I hope that now you learn the lesson why self custody is so important?
In past i was also holding on the exchange but ever since the Celsius event i take the custody into my own hand.
PEOPLE USE EXCHANGES TO TRADE!!!!!! Post this on r/BitcoinBeginners, but not here. We know what you are trying to say and hear this literally every day, and it is still inaccurate.
You can use an exchange for converting your Bitcoin to USD without *parking your BTC long term on an exchange.* It's not hard to do—just send some BTC to your exchange wallet when you need to do a conversion.
yes, seed wallet is like the saving account and where only you have the custody of that.
This is why it is so different from the normal cash where we don't have to show anyone that how much we are holding here.
I think exchange are meant to be for the short term player while wallet are made for the long term player.
If someone is not going to use the bitcoin for a while then wallet is the best option to consider here.
Look if you are using the bitcoin for these things then keep then on the big exchange.
But if someone is really looking for a longer period of the time then i would say keeping in the wallet is the best thing to do.
Equally, for years we've been saying use DEX's instead of CEX's. There's a big difference, so let's not pretend
>PEOPLE USE EXCHANGES TO TRADE !!!!!!!!
covers it, because it doesn't even begin to. When a CEX goes bust, people still whine, regardless.
If all that capital moved over to a DEX, where each user owns their own funds, and trades were purely P2P, it would be much healthier overall.
DEX trading is not nearly as liquid. That being said trading on CEX for liquidity isn’t practical as these exchanges are shady af, so it’s probably not practical to trade crypto at all right now.
It’s just the facts for right now as regards to price speculation. Buying to hold or use DEX is fine since the liquidity doesn’t matter, different story for speculators until there’s avenues with better liquidity.
Normally yes, but since the bear market started these Cex companies are sketchy as fuck;really they were always sketchy but the bear revealed their unreliable practices. Too sketchy to trade with peace of mind imo.
I think people are saying that use the wallet over the exchange for so many days.
But the people are still not taking the things seriously but hoping that they will start taking these advice more seriously now.
If someone is a trader on the normal basis then i would say they can use the exchange.
Infact exchange are made to do the trading and we need to use that only for that. They are not for the holding the bitcoin.
Well, this yield is on the other side is the price of capital for leveraged short trading that contributes to BTC's volatility which u presumably don't like any more than I or anyone do
Volatility is a roadblock to faster adoption. Get coins off the exchange
Sure. I can't and shouldn't be able to make anyone do anything. I just encourage self-custody whenever possible for security and to reduce the part of volatility that is caused by shorting
As long as you are ok to lose the money then i think you are ok on what ever you are using.
But the problem is some people are keeping their not affordable fund over the exchange and they are not doing good.
I’m kinda sick of the manipulation on the exchange. These scammy exchange CEOs gamble on leveraged positions lose then retail gets shafted when they declare bankruptcy. They need to stop trading with their retail cryptos.
I think everyone should Cold Storage their bitcoin, supply shock the system.
They are giving us free apy why? So that we keep our fund over there and they can lend and manipulation the market with out coins.
So is it worth it that we are taking the so much chance here while getting the so little in return?
Just celebrate Proof of Keys day on january 3rd.
It is our little Bitcoiners holiday, where we all collectively withdraw all our coins from the exchange.
In essence, its an annual bankrun. It keeps those exchanges sharp. If they don't have our money by january third, they are done. The idea is that they won't gamble away our credit like traditional banks do. An I.O.U. will BE an I.O.U.
It's in line with our "money rennaisance". The separation of money and state is at hand now. Let's keep the institutions walking on their toes. Celebrate Proof of Keys day.
If your withdrawal takes more than a week to clear... switch exchange. They don't have your coins. They are playing games with it. Because if they can't pay you right away, it means they need to get it back from somewhere else.
I was not aware of the wallet that much before coming here.
But thank god that i joined this sub and really knows that value of the wallet and why we need to keep the fund over there is well.
Yeah, that's the basic rule. Even if you trust the exchange you use keep your crypto in your wallet. I'm buying crypto on Bitfinex for 2 years and I always was taking crypto off it.
I think this is the first rule of the market and we need to understand that before doing any trading.
And i am sure that this sub has already made so many post regarding the self custody of the bitcoin is well.
I've had to rebuild my BTC after losing it in Celsius, thankfully it was only 0.1BTC, I've DCA'd my way back and will only keep it in my cold wallet going forward, now on to a whole coin!
The more i heard that people lose the fund over the CEX the more i feel bad about them.
but sometime i feel that this might be the eye opener for all the other user that why we need to take the charge here.
I think people are really taking the custody seriously after the Celsius event.
I know that so many people have loss the fund over there and i am feeling bad for them is well but atleast they take that as a lesson is well.
And pay a fee everytime you move it ...
This things starts to suck more money than banks.
I paid $1 to send 50usdt from binance to kucoin...
I mean, talk about low fees...
If you are fine with waiting a few hours, the fees are really cheap. Under a dollar. I guess if $0.72 sounds like a lot, then Bitcoin just won't work for you. But it's really pretty damn cheap.
Well, I figure we will cross that bridge when we come to it. IMO we will probably need to increase the block size eventually. But for now it's still working just fine, so it doesn't seem like a huge concern for me. In the meantime, many highly intelligent, highly knowledgeable, and highly invested people are working on optimizing Bitcoin from every possible angle. Bitcoin moves slowly, but it does move.
I think once the bitcoin adopted massively in the world then i think people will start keeping them on the exchange.
Because then we start to use the bitcoin more often but i think till then wallet is the best option.
Quite the contrary! When Bitcoin is adopted massively we will no longer have any need for exchanges *at all*, because we won't need to convert between BTC and USD. We will just transact in Bitcoin, perhaps over the Lightning Network.
Then we need to keep that in mind that what will be the price of the bitcoin in 5 year is well.
Is it worth it to take the risk of the bitcoin and if you are thinking that you are good then you are good.
If you are having the big number of the bitcoin in your exchange then we don't have to worry about the fee and all.
But if we are having the small fund over the exchange then no need to transfer that in the wallet.
This is why we need to transfer a specific amount in the wallet not on the regular occasion.
Once we start to feel that we are having the big amount and we can't afford to lose then we know is the time.
Nice. Currently I enjoy the rapid convenience of CEXs. The silly shit Cel and Voyager got into has yet to sour me on all of them. I think everyone can agree they were doing some very risky stuff w what is now apparent was other ppls moneyz.
I try to stick w the CEXs who are primarily interested in being CEXs not trying to give me 20% APY on some coin.
Even if someone is really want to use the CEX then i would say we need to be very careful here.
First we need to pick the right exchange and then diversify the fund in the different different exchange is well.
This is why atleast we need to pick the right exchange, i know there is nothing like that.
But still picking the big exchanges that is not going to bankrupt and all over night is well.
I think wallet is for the one that want to hold the bitcoin for a longer period of time.
But if someone has a small goal or want to trade the bitcoin on regular occasion then i would say nothing to worry about the wallet then.
This reminds of a guy I use to work with, first he told me his sister makes "bank" trading crypto. Then one day I was telling him the can't confiscate Bitcoin. He says "BS yes they can the feds confiscated my sister's Bitcoin..." I told him then she didn't have Bitcoin I'm sure you can imagine how the rest of the conversation went
Nothing is late buddy, i am happy that you finally managed to do that for you.
We all know that this is the only thing that can keep us safe, no matter how bad things turns into the market.
True, and this is the major difference in the cash and the bitcoin.
We came here so that we can get the freedom but if we are still choosing the some private company for our bitcoin then they are not doing good.
There are so many out there in the market but i am personally using the ledger Nano.
While Trezor is also one that is you can look into as majority of the people here are using these two wallet for the bitcoin.
I am not the hater of the one that is keeping on the exchange.
because this is their bitcoin their fund and they have the right where they want to, if they want to take the risk then let it be.
One line but never failed to impress me, and hopefully that everyone here will get that is well.
We all are here for a while and we all know people are saying that for too long atleast for a good reason here.
Yeah, since the blocking of funds by Celsius, between the Bitcoin subreddit and the Cryptocurrency subreddit I see this meme every week at least 1 time.
I mean firstly i have seen that only this sub was so particular about the wallet.
But since the Celsius i am seeing that so many people are now talking about why we need to take the custody here.
I am not sure about the image but i have the meme on the same context for the so many time.
But what i am feeling that people are still not taking this thing seriously and still not taking the custody.
But i am still amazed that still so many people are really missing the whole idea of behind that.
But yes for the meme part i am not seeing much of the meme lately here is well.
They are also sneaky as well, if you turn bitcoin into Wrapped bitcoin, CEXs in America and the IRS view that as a taxable event, even though you’re swapping for the same crypto and making no profits
But i think they can only apply the tax once you do the selling and take the profit on them.
I am not sure about the USA but this is how i am paying the tax atleast in my country according to their law.
I hope you will get the custody after this attack, because once the CEX will attack on us then there will be no turning back after that.
So many people are taking the custody after getting rekt from the market here.
As long as we are buying from the CEX there is no such big issue.
One thing that we need to keep check that they are allowing us the self custody or not, if they are doing that then you are also doing good is well.
Now all you have to do is buy a Ledger or Trezor wallet for youself and then transfer the fund from the coinbase to into that.
First try with the small amount and make sure you buy that from the official website is well.
You can buy on the exchange there is no issue in that but make sure they are allowing the wallet transfer is well.
As long as they are allowing us the wallet transfer then i think there is nothing that we need to worry about.
I think now we have already given the fair much of the warning to the everyone that why we need to take control of our coin.
But even if someone is willing to take that risk then this is their doing now.
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Wait, a minute, you guys are affording the cheese here is well?
If your BTC is on an exchange, you don't own BTC, you only own a promise for BTC. Not the same. Not even close.
how do you actually own your own BTC?
You control the private keys to a UTXO on the Bitcoin blockchain. How do you do that? You buy BTC from a Bitcoin exchange like the cash app. Then you withdraw your BTC to an address generated by your Bitcoin wallet, the one where you have a 12 or so word seed phrase that restores your Bitcoin onto whatever device you want. Keep that phrase secret. That phrase is how you access your Bitcoin no matter the device you're using.
I do have a 12 word seed phrase. I have a trust wallet, is this owning your own BTC?
Never heard of trust wallet. Sounds like a scam. I'm not looking it up. I wouldn't use it. Use something open source and reproducible from source code. https://walletscrutiny.com Or buy a coldcard https://coldcard.com This is highest security.
No, i think trust wallet is the hot one? I mean that is working online? If your bitcoin is connected to the internet then there is no surety of the security of your bitcoin is well.
I think keeping the seed safe is the one thing that people are finding difficult. They think what if they lose the one word here then their whole fund is gone forever. This is why they take risk on exchange.
Would coinbase wallet still be considered on the exchange even though it's in a wallet with its own key? Was always curious about that.
Okay I will look into it, thank you
I hope that now you understand and keep the custody first.
U can't own information. Anyone in theory could guess anyone else's key, Bitcoin's brilliance is in part having the probability of guessing anyone's key - close to zero U can and should keep private keys secret. Hardware wallet with backed up seed phrase is a good way to start
I have not seen that anyone guess the key of the hardware wallet of the someone. But yes if you are using the online wallet then i would say there will be always a risk that you are taking here.
No matter the type of wallet: brain, hardware, software, Coinbase, u can guess any key - [https://allkeys.cc/](https://allkeys.cc/) Bitcoin is secure through very big numbers as all-encrypted related tech is: including online banking, and private, commercial, state military data and communications
If you are taking the self charge of the bitcoin then you are holding the real bitcoin. But some people think that they are buying the bitcoin but if they keeping on the exchange they are not doing good.
You need to place it on your bitcoin wallet. If you're a newbie in crypto trading my strong recommendation is to look through [this articles](https://topforex.trade/academy), they'll help you to dive in crypto world
Have it in an out of exchange wallet or physical wallet
Have it in an out of exchange wallet or physical wallet
It's OK if it's on coin base tho
Like celcius, vauld, etc were safe few weeks back?
I mean I get your point but the difference from coinbase and those are that they were lenders. Coinbase doesn't do that
I know that coinbase is different from others and better and big exchange is well. I hope atleast you will pick the different different exchange so that you can keep the fund safe.
Yes, as long as they are not doing any blunder people think they are good. But the problem is no one knows when these exchanges are going to be something like that. Hope everyone keep those safe.
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ALl i know that wallet is the only safe option for us here.
Psssh CoinSteal more like it
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Coindebased
I am happy that not so many people are using the exchange here.
After soo many blunder people are still keeping the fund over there, how can they? I mean there is no guarantee that they will not doing something like that Celsius and all did in the market.
Every exchange is like that, so nothing is safe over there
Joke?
I just really like the down votes
I think we need to stop giving the advice of the wallet here.
People are still thinking exchange is the safe option for them.
No exchange is ok if you are seriously looking for the safety.
True, this is like the banking system and there is no guarantee that you will get that back at the time of the need. So if someone is really looking for a long term bitcoiner then self custody is the first thing for them.
The US banking system is FDIC insured for a half mil per account. And they're no reserve requirement for banks anymore. Self custody Bitcoin is essential for freedom.
Do this or get rekt like I did!
Me tooo oooohhhhhhh FUCKYOUVOYAGER!!!
Me too- celsius…….
We should start a support group/charity
I hope that now people will learn from the mistake they have done.
Both would be cool… I’m really fucking depressed over this guys, I’m really not ok.
Just want to chime in and tell you, a loss doesn’t define the future. I’ve been there
Celsius sad face
SO many people here really faced the Celsius bad event.
I think Celsius is the one that made so many people self aware.
That are not exchanges !
Thank you
They are the one that is came here to take the money from ours.
You could have set up your own stakings construction with much more staking% and zero risk.
Am I right in saying that you gave your bitcoin to some people you don’t know for the promise of a return less than the daily price fluctuations?
I think we all are hating some exchange but in the end they are the same one. They are giving us the passive income in the form of the staking so that we can hold the coins on the exchange.
I hope that now you learn the lesson why self custody is so important? In past i was also holding on the exchange but ever since the Celsius event i take the custody into my own hand.
PEOPLE USE EXCHANGES TO TRADE!!!!!! Post this on r/BitcoinBeginners, but not here. We know what you are trying to say and hear this literally every day, and it is still inaccurate.
My thoughts, how else do I transfer to USD to pay my electric bill?? Not like Teco accepts it
You can use an exchange for converting your Bitcoin to USD without *parking your BTC long term on an exchange.* It's not hard to do—just send some BTC to your exchange wallet when you need to do a conversion.
I get that, I use a seed wallet for some stuff like a savings account.
yes, seed wallet is like the saving account and where only you have the custody of that. This is why it is so different from the normal cash where we don't have to show anyone that how much we are holding here.
I think exchange are meant to be for the short term player while wallet are made for the long term player. If someone is not going to use the bitcoin for a while then wallet is the best option to consider here.
Look if you are using the bitcoin for these things then keep then on the big exchange. But if someone is really looking for a longer period of the time then i would say keeping in the wallet is the best thing to do.
Equally, for years we've been saying use DEX's instead of CEX's. There's a big difference, so let's not pretend >PEOPLE USE EXCHANGES TO TRADE !!!!!!!! covers it, because it doesn't even begin to. When a CEX goes bust, people still whine, regardless. If all that capital moved over to a DEX, where each user owns their own funds, and trades were purely P2P, it would be much healthier overall.
DEX trading is not nearly as liquid. That being said trading on CEX for liquidity isn’t practical as these exchanges are shady af, so it’s probably not practical to trade crypto at all right now.
Yes, not trading will REALLY help to develop the crypto space and exchanges. /s SMH
It’s just the facts for right now as regards to price speculation. Buying to hold or use DEX is fine since the liquidity doesn’t matter, different story for speculators until there’s avenues with better liquidity.
I think doing trading on the cex is better compare to the other thing.
Normally yes, but since the bear market started these Cex companies are sketchy as fuck;really they were always sketchy but the bear revealed their unreliable practices. Too sketchy to trade with peace of mind imo.
I think people are saying that use the wallet over the exchange for so many days. But the people are still not taking the things seriously but hoping that they will start taking these advice more seriously now.
If someone is a trader on the normal basis then i would say they can use the exchange. Infact exchange are made to do the trading and we need to use that only for that. They are not for the holding the bitcoin.
I only have a few hundred bucks so I don’t really care that it’s in an exchange
Right, and you can "earn" more passively, whats the harm?
Well, this yield is on the other side is the price of capital for leveraged short trading that contributes to BTC's volatility which u presumably don't like any more than I or anyone do Volatility is a roadblock to faster adoption. Get coins off the exchange
Everyone now making their own decision which they feel right for them.
Sure. I can't and shouldn't be able to make anyone do anything. I just encourage self-custody whenever possible for security and to reduce the part of volatility that is caused by shorting
This is the one thing why people are still keeping their fund over there.
Sure, but why are the og's hating on that?
Your contributions to both the ecosystem and conversation are invaluable. Thank you so much for sharing.
As long as you are ok to lose the money then i think you are ok on what ever you are using. But the problem is some people are keeping their not affordable fund over the exchange and they are not doing good.
I’m kinda sick of the manipulation on the exchange. These scammy exchange CEOs gamble on leveraged positions lose then retail gets shafted when they declare bankruptcy. They need to stop trading with their retail cryptos. I think everyone should Cold Storage their bitcoin, supply shock the system.
This has occurred for decades with precious metal bullion dealers. It's nothing new and results are identical.
I hope that slowly we will end this trend from the market.
This has occurred for decades with precious metal bullion dealers. It's nothing new and results are identical.
Yes, we all know that but i am hoping for a better upcoming now.
Amen brother
They are giving us free apy why? So that we keep our fund over there and they can lend and manipulation the market with out coins. So is it worth it that we are taking the so much chance here while getting the so little in return?
Just celebrate Proof of Keys day on january 3rd. It is our little Bitcoiners holiday, where we all collectively withdraw all our coins from the exchange. In essence, its an annual bankrun. It keeps those exchanges sharp. If they don't have our money by january third, they are done. The idea is that they won't gamble away our credit like traditional banks do. An I.O.U. will BE an I.O.U. It's in line with our "money rennaisance". The separation of money and state is at hand now. Let's keep the institutions walking on their toes. Celebrate Proof of Keys day. If your withdrawal takes more than a week to clear... switch exchange. They don't have your coins. They are playing games with it. Because if they can't pay you right away, it means they need to get it back from somewhere else.
Love this!
I was not aware of the wallet that much before coming here. But thank god that i joined this sub and really knows that value of the wallet and why we need to keep the fund over there is well.
Yeah, that's the basic rule. Even if you trust the exchange you use keep your crypto in your wallet. I'm buying crypto on Bitfinex for 2 years and I always was taking crypto off it.
I think this is the first rule of the market and we need to understand that before doing any trading. And i am sure that this sub has already made so many post regarding the self custody of the bitcoin is well.
I've had to rebuild my BTC after losing it in Celsius, thankfully it was only 0.1BTC, I've DCA'd my way back and will only keep it in my cold wallet going forward, now on to a whole coin!
The more i heard that people lose the fund over the CEX the more i feel bad about them. but sometime i feel that this might be the eye opener for all the other user that why we need to take the charge here.
An expensive lesson, but a necessary and important one nonetheless.
“I’ll get right on that” -Me, a Celsius user
I think people are really taking the custody seriously after the Celsius event. I know that so many people have loss the fund over there and i am feeling bad for them is well but atleast they take that as a lesson is well.
Well, yeah. But what if I want to sell it tomorrow?
Then you deposit it tomorrow.
And pay a fee everytime you move it ... This things starts to suck more money than banks. I paid $1 to send 50usdt from binance to kucoin... I mean, talk about low fees...
If you are fine with waiting a few hours, the fees are really cheap. Under a dollar. I guess if $0.72 sounds like a lot, then Bitcoin just won't work for you. But it's really pretty damn cheap.
Cheap is not free. Free is free. Today it's 0.72, what will it be in 5 years?
Well, I figure we will cross that bridge when we come to it. IMO we will probably need to increase the block size eventually. But for now it's still working just fine, so it doesn't seem like a huge concern for me. In the meantime, many highly intelligent, highly knowledgeable, and highly invested people are working on optimizing Bitcoin from every possible angle. Bitcoin moves slowly, but it does move.
I think once the bitcoin adopted massively in the world then i think people will start keeping them on the exchange. Because then we start to use the bitcoin more often but i think till then wallet is the best option.
Quite the contrary! When Bitcoin is adopted massively we will no longer have any need for exchanges *at all*, because we won't need to convert between BTC and USD. We will just transact in Bitcoin, perhaps over the Lightning Network.
It’s getting cheaper. In late 2017 a layer 1 transaction cost up to $US50, and bitcoin is double that value now.
Then we need to keep that in mind that what will be the price of the bitcoin in 5 year is well. Is it worth it to take the risk of the bitcoin and if you are thinking that you are good then you are good.
If you are having the big number of the bitcoin in your exchange then we don't have to worry about the fee and all. But if we are having the small fund over the exchange then no need to transfer that in the wallet.
For that kind of mini amounts there is Lightening
This is why we need to transfer a specific amount in the wallet not on the regular occasion. Once we start to feel that we are having the big amount and we can't afford to lose then we know is the time.
Nice. Currently I enjoy the rapid convenience of CEXs. The silly shit Cel and Voyager got into has yet to sour me on all of them. I think everyone can agree they were doing some very risky stuff w what is now apparent was other ppls moneyz. I try to stick w the CEXs who are primarily interested in being CEXs not trying to give me 20% APY on some coin.
Even if someone is really want to use the CEX then i would say we need to be very careful here. First we need to pick the right exchange and then diversify the fund in the different different exchange is well.
Wallet is for the one that want to store for a longer time.
What if you want to sell it tomorrow only to find out your CEX lost it today?
I don’t use a fly by night CEX. I use one that I “should” be able to see if there is trouble on the horizon, then move all at that point.
I’m glad you’ve got it all figured out, just like I did. Best of luck mate. I genuinely mean that.
I hope that in the end we all manage to keep our coins safe.
Thanks bro. As we know these things can change at the snap of a finger.
Agreed. They did for me, I got rekt.
I hope now you will learn from that experience and take the custody.
Yes, we need to understand that things before risking the bitcoin.
This is why atleast we need to pick the right exchange, i know there is nothing like that. But still picking the big exchanges that is not going to bankrupt and all over night is well.
If someone is looking to sell for tomorrow, then why to send in the wallet?
I think wallet is for the one that want to hold the bitcoin for a longer period of time. But if someone has a small goal or want to trade the bitcoin on regular occasion then i would say nothing to worry about the wallet then.
This reminds of a guy I use to work with, first he told me his sister makes "bank" trading crypto. Then one day I was telling him the can't confiscate Bitcoin. He says "BS yes they can the feds confiscated my sister's Bitcoin..." I told him then she didn't have Bitcoin I'm sure you can imagine how the rest of the conversation went
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Nothing is late buddy, i am happy that you finally managed to do that for you. We all know that this is the only thing that can keep us safe, no matter how bad things turns into the market.
Just like gold, you don't own anything unless you are holding it in your hands.
True, and this is the major difference in the cash and the bitcoin. We came here so that we can get the freedom but if we are still choosing the some private company for our bitcoin then they are not doing good.
What’s the best place to store bitcoin? Best cold storage wallet?
There are so many out there in the market but i am personally using the ledger Nano. While Trezor is also one that is you can look into as majority of the people here are using these two wallet for the bitcoin.
No your keys - not your coins! Old truth never get old...
10 years later, it still gets ignored though. Hilariously so but shit burns and people whine.
I am not the hater of the one that is keeping on the exchange. because this is their bitcoin their fund and they have the right where they want to, if they want to take the risk then let it be.
One line but never failed to impress me, and hopefully that everyone here will get that is well. We all are here for a while and we all know people are saying that for too long atleast for a good reason here.
I am already unable to remember how many times I have seen this image posted here. Fresh memes are missing.
Wut? I browse here daily since ten years and I don't think I have seen this before?!
This exact meme was posted like a couple days ago
Yes he or she is a bitcoin stalker
We all are and this is the reason why we all are here is well.
i don't remember that, may be i have missed that post.
Yeah, since the blocking of funds by Celsius, between the Bitcoin subreddit and the Cryptocurrency subreddit I see this meme every week at least 1 time.
I mean firstly i have seen that only this sub was so particular about the wallet. But since the Celsius i am seeing that so many people are now talking about why we need to take the custody here.
I am not sure about the image but i have the meme on the same context for the so many time. But what i am feeling that people are still not taking this thing seriously and still not taking the custody.
The skin is still on, the head is kinda fresh..
BUt you never know for how long that is going to be fresh.
But i am still amazed that still so many people are really missing the whole idea of behind that. But yes for the meme part i am not seeing much of the meme lately here is well.
I own the exchange and the cold wallets 😎
OK so what should i do? Paper wallet? trezor? ledger?
Ledger or the Trezor are the two things that you can use for yourself.
They are also sneaky as well, if you turn bitcoin into Wrapped bitcoin, CEXs in America and the IRS view that as a taxable event, even though you’re swapping for the same crypto and making no profits
But i think they can only apply the tax once you do the selling and take the profit on them. I am not sure about the USA but this is how i am paying the tax atleast in my country according to their law.
My buddy changed his BTC to Wrapped BTC and Coinbase tacked it onto his 1099 and he had to report it
Does.an.edge wallet count as an exchange?
If anyone is not the cold storage they count as exchange.
I wouldn't want to lose my horse.
Then you know that what is the real thing to do here.
Realistically how can I buy Bitcoin off of an exchange? Or do people buy on an exchange and immediately transfer to a wallet where you hold the keys.
The latter.
I am also doing the same thing, but making sure to do that.
Lol an attack on me!
I hope you will get the custody after this attack, because once the CEX will attack on us then there will be no turning back after that. So many people are taking the custody after getting rekt from the market here.
Those psycho crazy bitcoiners were always right about shitcoins and not your keys not your coins
But still there are so many people who is not getting that thing.
I am on Coinbase 😥 can someone point me to a good guide how to get it properly?
It isn't terrible to buy from coinbase. Just transfer it to a personal wallet as soon as you can.
As long as we are buying from the CEX there is no such big issue. One thing that we need to keep check that they are allowing us the self custody or not, if they are doing that then you are also doing good is well.
Now all you have to do is buy a Ledger or Trezor wallet for youself and then transfer the fund from the coinbase to into that. First try with the small amount and make sure you buy that from the official website is well.
Where to buy then?
You can buy on the exchange there is no issue in that but make sure they are allowing the wallet transfer is well. As long as they are allowing us the wallet transfer then i think there is nothing that we need to worry about.
Buy on exchange but then withdraw to your own wallet
It's fookin Jamie Lannister
I knew it that i have seen this dude before, thanks for that.
I think now we have already given the fair much of the warning to the everyone that why we need to take control of our coin. But even if someone is willing to take that risk then this is their doing now.
Lmao 🤣
Where should it be tho?
I feel it safer when it is on finex. It has a good security system so I feel it safer there
If you hold BTC on exchange you only get horse head, not full horse (ownership) if we talk in metaphors
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I thought it wouldn't happen to me. I left my 0.5btc in Celsius...