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Author Topic: Difference in storing your BTC in a wallet vs exchange...  (Read 2411 times)
ScryptAsic
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November 29, 2014, 05:29:21 AM
 #21

Well this should be clear:
You only own a Bitcoin if you have the private key of its address.

Thus if you hold BTC on an exchange you do not own them.
I would somewhat disagree with this, especially when you are dealing with very small amounts. I would argue that people need to be able to spend some time to understand bitcoin and how it works, and good security practices before they should be controlling their private key and keeping their private key (and money) safe.

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