Principles of Bitcoin

[Stalker22]

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Those who are constantly propagating to stop using exchanges are the ones who are still using them quietly.  It is not possible to completely stop using exchanges, as long as fiat remains the main currency, we cannot stop using exchanges, that is a harsh reality.

While this might be true for some, I know that is not true in my case. As long as I can make payments directly with Bitcoin, I do not need exchanges. In this way, I can avoid all the risks associated with dealing with exchanges.

[Iranus]

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Those who are constantly propagating to stop using exchanges are the ones who are still using them quietly.  It is not possible to completely stop using exchanges, as long as fiat remains the main currency, we cannot stop using exchanges, that is a harsh reality.

While this might be true for some, I know that is not true in my case. As long as I can make payments directly with Bitcoin, I do not need exchanges. In this way, I can avoid all the risks associated with dealing with exchanges.

Unless you live in El Salvador, you can use bitcoin as your daily payment method; otherwise, you cannot do it if you live in a country where bitcoin is banned or restricted. Currently, bitcoin is not legal or not recognized as a popular means of payment in many parts of the world, so I don't think you're going to stop using fiat. And if you are here to use bitcoin as a currency, then that is true for you, but you are here for profit. You are no exception because most people are trying to accumulate, no one wants to sell or use bitcoins.

[BigBos]

discussing trust Holding your keys is simply the best option when it comes to cryptocurrencies, security of your funds should be the number one thing you consider, and people have always warned against trusting an exchange. I don't think, I wonder why people will so much put their trust in exchanges, not only CEO but also individuals, anything centralized I don't like, talking about banks I wish I was a legislator banks are just too annoying the way they operate is just too selfish, and holding your keys is simply the best option. keeping it safe matters a lot.

I agree with you that indeed security and freedom are of the utmost importance here including the anonymity. But I am not too naive with centralized exchanges, because they advertise everywhere - openly and widely, and of course make it easy for new people to enter the exchange. after they have experienced disappointment with any centralized exchange, what I see is like what happened to FTX, the impact of the flow of funds from centralized exchanges to decentralized exchanges has increased significantly. it means that new people/customers need time to learn Bitcoin and Dex until they are like you now.

[onecall123]

“Principles of BTC — You do not trust a CEO. You do not trust a company. You do not trust a custodian. You do not trust a bank. You hold your own keys. You run your own node. The #bitcoin network will run for the next 1,000 years”, explains @saylor

The principle of bitcoin is quite simple in the use of investment and in trade, Bitcoin has a much more perfect system without any control centered by any securities, so there are no restrictions on its journey other than the owner with those who want to transact. Bitcoin is unique because the decentralization was developed with several combinations of technical methods that are quite relevant and in line with thinking concerning freedom of investment.

Anytime incidents like that of FTX occur you will remember why btc remains at the top and will always reign supreme. Another lesson for those who think exchanges are the best option to secure their funds. Not Your Keys, Not Your Money. Do Not Forget.

Therefore, this is an important lesson for all of us, that the exchange is not a safe place to store any assets, because we do not have complete security access there. Awareness of asset security must be a special consideration for everyone, before and after making a decision where to store assets.

The collapse of the FTX has indeed taught us all a valuable lesson. As soon as you invest in an asset for a company, it becomes the company's money. As long as you don't hold your keys, a platform is free to use them as it wishes. You control your keys, you control your money. Furthermore, the money that you keep in your possession. We can withdraw money without worrying about the system collapsing while a company runs. As we know what happened with FTX, we'll probably see a change in mindset.

[Strongkored]

Even if you have access to your key to the altcoin ownership but it still does not guarantee security because the developer can just abandon the project so that the altcoin becomes worthless unlike bitcoin when you have the key then you really own the bitcoin with its value while for the price it is a different thing, so bitcoin is more than all altcoins in terms of security and for me not key not your coin fully applies to bitcoin not altcoins that are controlled by a company or developer.

[yazher]

This is exactly why Satoshi Nakamoto created bitcoins because the lack of security from the banks and their policies are always choking their users and investors. That's why we need to do exactly what has been the reason for the bitcoins to be created and that is we need to own our personal wallet and keep it as our own private assets so that no one can take it from us and we are the one who has the full control for it. If we put it on some exchanges, then we expect that we won't be 100% sure that we will gonna get it back tomorrow because of how fast events can occur in the crypto market.

[kryptqnick]

I think the "you do not trust" format of discussing the benefits of Bitcoin doesn't feel right. I'd prefer "you don't need to trust", as otherwise it sounds as if people who use Bitcoin just have big trust issues.
There is a place for centralized services, and they will find their customers. But keeping in mind the risks of using them is always a good idea. Unfortunately, people tend to recall it only when bad things have already happened, and then forget over time when things seem to be going alright.

[DaNNy001]

Anytime incidents like that of FTX occur you will remember why btc remains at the top and will always reign supreme. Another lesson for those who think exchanges are the best option to secure their funds. Not Your Keys, Not Your Money. Do Not Forget.

Before now people actually stored their money in exchange platform which probably not been control by them. Many centralized  company have fallen and it's all served as a lesson to new and potential people in the crypto world.
Me myself during this bearish season was able purchase some little amount of crypto in binance and I  was planning on leaving it there so anytime i want it i can go and exchange it but all of a sudden news about how FTX sudden crashed came flying all round the air and this platform is holding the money of so many people that have made investments in or just kept their coins there.
From the all the warning, i had to move my coins from an exchange platform to a more secure and safer way ,a wallet in which I have my own keys meaning i control my own money.

So all this sudden crash should serve as lesson that no centralized platform is actually worthy of your coins

[mendace]

“Principles of BTC — You do not trust a CEO. You do not trust a company. You do not trust a custodian. You do not trust a bank. You hold your own keys. You run your own node. The #bitcoin network will run for the next 1,000 years”, explains @saylor

Saylor is a big maximalist and he knows what he's saying, the best place to store your bitcoins is obviously your private keys.  Want to be even safer?  Then don't trust it and put entropy in the construction of your seed.  Still not enough for you?  Then turn on a node in your home and connect your wallet.  Do you really want to be in an armored safe?  Then you need to buy a hardware wallet.

If you had done at least half of these steps now you would not have lost even 1 satoshi and ftx would never have existed.

[livingfree]

Even if you have access to your key to the altcoin ownership but it still does not guarantee security because the developer can just abandon the project so that the altcoin becomes worthless unlike bitcoin when you have the key then you really own the bitcoin with its value while for the price it is a different thing, so bitcoin is more than all altcoins in terms of security and for me not key not your coin fully applies to bitcoin not altcoins that are controlled by a company or developer.

That's a different thing about keeping your wallet/coins safe from being abandoned by the devs. But that's a serious thing when you've been a fan of a project and you've supported them with all your might and then you see the news that it's being abandoned, that's more than a heart break.

Despite Michael Saylor being one of the whales and bullish about bitcoin, he's not promoting to keep bitcoins into exchanges opposite to those promoters and celebrities that could be hired by exchanges like FTX, crypto.com, binance and other known exchanges.