I think the main reason is for convenience, storing on exchanges allows them to avoid the complicated technical procedures of using non custodial wallets. Also, another reason is that their main goal when investing in bitcoin is profit, not finding a tool to turn themselves into their own bank. Unlike self-custody, storing on an exchange will make buying and selling faster and easier for them.

After all, what people are aiming for and looking for is convenience and profit, not privacy and complete control over their assets as they are preaching.

I don't like blockchain.com wallet and I would recommend everyone to avoid it, but they give you a seed phrase and that's enough for recovering your wallet.

The wallet is close source. The seed phrase is generated online. How can we know if the seed phrase generated on the wallet can not be accessed by blockchain.com developers? It is one of the worst bitcoin wallet that I have ever seen.

The seed phrase is generated online.

Sigh... why delete a wallet instead of moving it aside and keeping the old copy just in case?  You should never delete a wallet.

am not really cool with the bold words on your comment above, because they are word of discouragement, and am putting it to you that nobody is too late to start accumulating bitcoin, provided they accumulating it to hold for long term 4 to 10 years or longer and not short term. Normally there are no doubt that those OGs who first bought bitcoin at early stage when the bitcoin project was first launched are in good advantage. But that's doesn't mean that we who are just getting started and have not accumulated enough should give up and start saying that we are too late, because we are not providing we are committed and consistence in accumulating bitcoin until will accumulate a good portion of it and then hold for long term.

Exchanges are not storage wallets in the first place. And I don't understand why people are neglecting this. Instead of having a controlled wallet, they continue to use exchange wallets. I wonder why people have learned about the Coinbase incident and many others with the same cases as OP had mentioned, or they simply ignore them.

Until now, we still have holders complaining about the loss of their BTC, which, in fact, they already know how to safeguard. Or they keep themselves innocent despite knowing the possibility.

I believe that when Satoshi was creating bitcoin, he or they had no particular generation in mind, bitcoin was created for all who would find it interesting and embrace it, and this includes both the older and the new generation, bitcoin is for all persons from all and different walks of life, and it's also not created to take out fiat money system completely, but was created to act as an alternative, a very good and reliable alternative.

According to an email purportedly shared between Nakamoto and Bitcoin Core contributor Mike Hearn, Satoshi reasoned that if 21 million coins were to be used by some fraction of the world economy, 0.001 BTC (1 mBTC) could be worth around €1. This prediction came true back in 2013, when Bitcoin first broke through the €1,000 price point; today, each mBTC is currently worth closer to €8.25.

Although Satoshi compares the price of Bitcoin to the Euro in his email, some simple mathematics indicates he may have had a much grander vision for Bitcoin—better explaining why the 21 million maximum figure was chosen.

At the time of Bitcoin's creation, the entire world's money supply stood at approximately $21 trillion. This figure, known as the M1 money supply, is made up of the total value of all the physical money in the world, including cash, coins, travelers' checks, and more.

If Bitcoin were to grow to become the single world currency—replacing all those that the M1 figure is comprised of—then each BTC would be worth $1 million. Because there are 100 million satoshi in each Bitcoin, this would place the value of each satoshi at $0.01.

Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.  I'm sure that in 20 years there will either be very large transaction volume or no volume.

It might sound like a joke to you but bitcoin is miracle God has presented to all men who are willing to grab the opportunity. Believe me bitcoin will be worth 10x its value or more in the nearest future, just like gold it will keep appreciating.

Soon you will know the importance of even owning 10 Satoshi not to talk of a bitcoin itself.

Special greetings to all bitcoin talker's and happy Sunday. I was scrolling through X today when I came across this post above which the post really got my attention, because of the caption on it, so  I was eager to carry out few research about it if it's true, because i was not expecting just less than 4% of the world to only own bitcoin, I was expecting to see a more reasonable figure. But Despite the growing hype around bitcoin am still surprise that bitcoin adoption globally is still low and slow. And from the estimated bitcion ownership by continent north America leads the park with 10.7%, while the adoption of bitcoin in africa is still low just 1.6%.
Am now wrapping up with this word of encouragement and advise, that those individuals who have not yet get started with bitcoin it's still early for them they can get started as soon as possible, because space offers vast potential for future growth and many more.
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