are crypto owners naturally paranoid?

[Mahanton]

I would never store my hard earned coins or tokens in an exchange even if it’s Binance or top exchanges out there. They are not exempted from getting hacked anytime without warning like the last time’s incident. Cold hardware wallet is much better because you are solely having 100% custody of all the coins and tokens that you have stored.

Now when it comes to being paranoid, it’s like you ended up stumbling in the same stone and never learned from your mistakes over and over again. So many things to consider like not doing your own research (DYOR), not having second thoughts or time to double check when sending a coin or token to a different waller, or not having common sense in a certain situation that would possibly lose you money, and so on.

You would really make out some regrets that you wont really forget for the entire rest of your life thats why you should really be mindful towards your coin possession and its never been recommended or suggested on storing up your assets or coins on an exchange because we know that anytime it could be possibly hacked which means the coins you do have is always been on risk thats why its better to store off your coins on your own
wallet which you do possess its keys.

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[fullhdpixel]

I would never store my hard earned coins or tokens in an exchange even if it’s Binance or top exchanges out there. They are not exempted from getting hacked anytime without warning like the last time’s incident. Cold hardware wallet is much better because you are solely having 100% custody of all the coins and tokens that you have stored.

Yup, that’s correct. I can’t even do that too, I see some people say that they are making use of hot wallets/exchanges for storage of their coins and I’m usually surprised, because the kind of risk that is involved. Although this rarely occurs with the big exchanges such Coinbase and Binance, but they do happen and have happened a few times, just like when Binance got hacked, although it wasn’t a serious case.

But, people really have to start being careful so that they don’t regret later. It’s good to have different wallets, one can be a cold storage where you main assets are being stored, and the exchanges will only have assets that you plan on trading for that day or so. If you keep everything on exchange and it gets hit by hackers, you will be losing everything.

[Dhaniii]

I would never store my hard earned coins or tokens in an exchange even if it’s Binance or top exchanges out there. They are not exempted from getting hacked anytime without warning like the last time’s incident. Cold hardware wallet is much better because you are solely having 100% custody of all the coins and tokens that you have stored.

Yup, that’s correct. I can’t even do that too, I see some people say that they are making use of hot wallets/exchanges for storage of their coins and I’m usually surprised, because the kind of risk that is involved. Although this rarely occurs with the big exchanges such Coinbase and Binance, but they do happen and have happened a few times, just like when Binance got hacked, although it wasn’t a serious case.

But, people really have to start being careful so that they don’t regret later. It’s good to have different wallets, one can be a cold storage where you main assets are being stored, and the exchanges will only have assets that you plan on trading for that day or so. If you keep everything on exchange and it gets hit by hackers, you will be losing everything.

Of course, every business must have work risk, risk of loss and risk of loss. As a professional, of course, you must have a backup strategy to overcome the risk of losing your assets. make securing your wallet as difficult as possible so that it is not easily hacked by third parties in your crypto. In addition, do not store all your assets in one wallet or in one crypto, try to store in several wallets in case hackers still have other backup assets.

[andriarto]

I tend to prefer to store assets in a personal wallet, because security is our full responsibility, so we don't depend on other parties. Humans are not free from mistakes, therefore to be more secure, I usually store them in several wallets, so that if something bad happens, not all of our assets will be destroyed at once. Therefore, we must be aware of the risks at the beginning

[luckypenguin]

Paranoia usually occurs when you invest your last money and therefore are afraid of losing everything. If you act like that, then you have no experience in investing. Any experienced investor will tell you that you should not invest your last money, everyone should have a safety cushion.  It is also important to use Top Cryptocurrency Exchanges to be sure of the safety of your investments, or top wallets, depending on how you are going to multiply your investments

[Gyfts]

A day trader should be paranoid, I see no reason why any crypto holder should be paranoid unless they are dumping their entire savings into crypto and gambling on its value for short term gain. This is also the reason why people panic sell. I don't understand the logic, having such an extreme paranoia that you'd rather sell at a loss or undercut yourself because you cannot incur a temporary loss with almost a guarantee that the market will recover. At that point you may want to stop trading.

[Imran232]

It confuses me always. Some people say decentralized is best, while some people say centralized is best. Some say if centralized is hacked, then they will return your money if it is trackable. However, this is not possible in decetralized.You know, I believe bitcoin was created so that no one could track you or trace the owner of holders. nature of crypto. That is why we are in crypto. But in centralized, we have to submit kyc and they can track who is holding how much. Despite the fact that decentralized exchange is relatively difficult to hack.But if our luck is bad, then anything can happen to us. So I don't know what else I can say.

[Henrobakkara]

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

For me, I believe it is a general consensus about holding your Bitcoins in an Exchange wallet as being riskier than In your personal wallet that only you have the keys to and this is also dependant on the quantity. If you are holding some in an exchange wallet for trading, that will be fine but I don't see me Hodling all my BTC in exchange wallet.

[Vaculin]

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

For me, I believe it is a general consensus about holding your Bitcoins in an Exchange wallet as being riskier than In your personal wallet that only you have the keys to and this is also dependant on the quantity. If you are holding some in an exchange wallet for trading, that will be fine but I don't see me Hodling all my BTC in exchange wallet.

If you plan to hold your bitcoin in long term, then you should keep it in your own cold storage because its more safe there than entrusting it even in reputable exchanges, smart scammers could still possibly find ways to steal your bitcoins when you least expect it.

However, putting just a small number of your crypto in an exchange is a good idea as long as its for short term only. Because the fact that most of the exchanges today are now centralized, then you should be able to perform KYC for legalization, and that they can also take control on your crypto.

[Fatunad]

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

For me, I believe it is a general consensus about holding your Bitcoins in an Exchange wallet as being riskier than In your personal wallet that only you have the keys to and this is also dependant on the quantity. If you are holding some in an exchange wallet for trading, that will be fine but I don't see me Hodling all my BTC in exchange wallet.

Would really be just no hassle if you do put up only the amounts which you do actively make out some transactions or simply with trading because if you do put it on a hardware wallet then  you would really be finding some problems when it comes to transfers and fees.There's actually no doubt when it comes to safety of your coins
when storing it up on a HW rather than keeping it on a platform.

We are naturally paranoid but there are still some who are careless and doesnt mind about the importance of wallet security until
they would experience for themselves whenever unfortunate conditions happen.

[Natalim]

Paranoia usually occurs when you invest your last money and therefore are afraid of losing everything. If you act like that, then you have no experience in investing. Any experienced investor will tell you that you should not invest your last money, everyone should have a safety cushion.  It is also important to use Top Cryptocurrency Exchanges to be sure of the safety of your investments, or top wallets, depending on how you are going to multiply your investments

I have to agree with that...it was people's mindset and of course, nobody wants to lose their money but rather to grow it. But unfortunately, investments seem not going all that way, we actually experience losses as part and for us to improve then. If we are not going to accept how this works, there is no sense in encouraging ourselves to become an investor. And we don't have to try either as surely we just fail our expectations.