As a newbie it is better you take custody of your coins

[Taskford]

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Its basic and its important to have a full control on our coins because we don't know what those platform do if we decide to deposit our funds there, and beside to many scamming happen even if they are reputable before like FTX so much better if we save our funds on our personal wallet and transact only when we need something on the platform we want to use.

[Lucius]

~snop~
What do you think? Are we all just sitting ducks waiting to be plucked by crafty cybercriminals, or are some folks just too naive or ignorant?

Regardless of how much you are aware of the risks and how much you invest in personal safety, you are always a sitting duck only with a big difference in how close or far you are from the hunter. If you are careless, leave traces and think that nothing can happen to you, then you are an easy target, regardless of whether it is an amateur hacker or a professional. If, on the other hand, you are very careful, you know all the risks and you constantly work to reduce them, then you are a very difficult target for which the hunter will probably not waste his time.


Everyone should learn to be their own bank from the beginning, because if you acquire bad habits, it will be difficult to get rid of them. What I would perhaps emphasize is that many people think that their coins are safe in non-custodial wallets, which is true - but with the exception of most stablecoins, which can be frozen even if they are in a non-custodial wallet. Keep this in mind if for some reason you store your digital assets that way.

[Ojima-ojo]

What do you think? Are we all just sitting ducks waiting to be plucked by crafty cybercriminals, or are some folks just too naive or ignorant?

I think some forks are just ignorant and naive to have lose the security when i read avout the hack of the personalwallet of the user i also blame them for not using a cold wallet and have chosen to store large funds in an online wallet.

But that being said, self-custody in the proper manner is what makes for total freedom in the cryptocurrency space, bitcoin gives has the opportunity of being your own bank but that comes with it high responsibility.

Because your security is left for you to control and weather or not you get hacked, that is your obligation.

[letteredhub]

I may be a newbie yet through little DYOR process I have put myself through I come to the privy of knowing that self custody of asset, as in being in absolute charge of your digital assets is best in the crypto industry, Instead of a third party channel that create trust issues.

[reagansimms]

Advice needs to be warned repeatedly to anyone, this advice is not only aimed at newbies, even members who have been here for a long time need to be reminded to prevent higher risks that can occur.
This suggestion is often warned on forums through several Threads with different submissions or through comments answering other users questions.
What must always be pinned in the memory of crypto asset actors is that as long as you do not hold the private key, it is not your asset.

[Issa56]

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Your advice is really nice but I think something is wrong, what do you mean by until you have enough knowledge to manage risk associated with the service? Which knowledge do you need to have first? To me I don't think their is any knowledge you should have, even if you are a expert, avoid trusting third parties, make sure your coin is store in a non custodial wallet, your funds is not safe with anyone except under your own watch. No matter how secure the third parties claim to be, don't trust your coin with them.

[Peanutswar]

Some people still can't afford the use of the hardware wallet so they still keep with the use of the hot wallets and even though we are saying in a million times don't store your seed phrase in those notes only surely there are some of them will keep doing the same thing if you really care with your assets it's a make sure you will make an investment with the security of it still happening that they want to use the hot wallets because of the convenience of the access and don't get hassle with tons of verification if you have a budget in crypto get a budget in hardware wallets.

[Frankolala]

Bitcoin was designed to be kept in a decentralized system for proper security by it's owner,so that third party will not be involved. Leaving your coin in an exchange means you are exposing your bitcoin to attack either by the exchange or by hackers. When we leave our bitcoin in exchanges, you are not only abusing the characteristics of bitcoin but you will also bring trauma to yourself.

Noncustodial wallet is what bitcoin was designed to be kept,so as a newbie,you should take note that only you can be your bank to save for bitcoin, so that you don't loose your coin at the end of the day. Hardware wallet is the best for security of your assets

[Obari]

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

This very issue can't be over emphasized and third party in this case also implies with centralized exchanges and we can relate this to the very happening of FTX and how people believed in the project ad how it still crashed, and this is a typical example that anything can happen at anytime.

I think this very wake up call isn't just to the newbies but to every crypto holder because I know there are still very carefree people who still have all their holdings on private exchanges despite being fully aware of the recent happenings with FTX.
People must always have to know that no one is responsible for anyone's actions.

[RILWAN]

I may be a newbie yet through little DYOR process I have put myself through I come to the privy of knowing that self custody of asset, as in being in absolute charge of your digital assets is best in the crypto industry, Instead of a third party channel that create trust issues.

The best way to learn in the cryptocurrncy field is through your research because that way you discovwr the truth without any attempt to inoress of influence you.

Self-custody is the best way of storing your assets, keep your asset on an exchange is the same as a bank so holding your coins on them is the same as keeping your money in the bank so you don't have total control.

[Rengga Jati]

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Wallets, again about wallets and this has become a frequent topic of conversation. In fact, many people have informed them of the importance of using a personal wallet in the form of a hardware wallet for asset security. You are right that in online wallets especially in exchange wallets, we will have a higher risk. Online wallet security is indeed lacking, because as we know how vicious cyber crimes are. Even though we have tried to be careful, there are still gaps for hackers to break through the security of the online wallet. This is not scary but it is a fact. But on the other hand, there are several reasons why someone still uses an online wallet, especially saving their wallet on exchanges. Besides they still use these assets to carry out trading activities, they also sometimes believe that exchanges will be responsible for all cases of hacks. This is confusing because they actually rely on exchanges for this kind of thing.

[CageMabok]

The best way to learn in the cryptocurrncy field is through your research because that way you discovwr the truth without any attempt to inoress of influence you.

And the most important thing is to know what needs to be learned in the crypto space, because there are also people who want to learn to know everything in the crypto space, but they don't know where to start so they need to research what things they need. needed to be known and studied further. Because the influence of research is always greater to know every new thing.

Self-custody is the best way of storing your assets, keep your asset on an exchange is the same as a bank so holding your coins on them is the same as keeping your money in the bank so you don't have total control.

This is absolutely true, in terms of storing any assets that are already owned, of course everyone must have a wallet with full control over them. And this is clearly not in any exchange because the exchange is not controlled by the user himself, except by the exchange owner who provides services for each user.

[Oceat]

Some people still can't afford the use of the hardware wallet so they still keep with the use of the hot wallets and even though we are saying in a million times don't store your seed phrase in those notes only surely there are some of them will keep doing the same thing if you really care with your assets it's a make sure you will make an investment with the security of it still happening that they want to use the hot wallets because of the convenience of the access and don't get hassle with tons of verification if you have a budget in crypto get a budget in hardware wallets.

Hot wallets is for convenience while cold wallet is for storage IMO and if someone wants to use cold wallet they probably have more BTC to be stored. I know there's a risk of using a hot wallets but many users/bitcoiners choose it for convenience like using for spending and paying to any store that accepts Bitcoin. It's just like you are holding your wallet in a bank and you could use it anytime you like as long as there is an internet.

Newbies need a lot of reading and practice how to improve their security or privacy that no one should know their secret passphrase unless if it's a trusted person but still be cautious.

[Lida93]

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Having  self custody of your assets is what no one in crypto needs to joke with as it gives you full charge and control of your future in whatever happens in the market you're exempted from third parties issues.
What I don't subscribe to is idea of  "until you have enough knowledge ", as there's no conventionallu accepted measure or yardstick that's use to determine as enough measure before you have to start trading to face the risk involve. What I mean is that, if you keep waiting for enough knowledge you will never start. Knowledge is a growing thing so you need to start somewhere, where Mr A started from could be different from Mr B, but the most important factor is start from somewhere. Don't wait for enough knowledge else you might never start at all.

[RILWAN]

Bitcoin was designed to be kept in a decentralized system for proper security by it's owner,so that third party will not be involved. Leaving your coin in an exchange means you are exposing your bitcoin to attack either by the exchange or by hackers. When we leave our bitcoin in exchanges, you are not only abusing the characteristics of bitcoin but you will also bring trauma to ourselves.

Exchange is a very important part of cryptocurrency and because of the role exchanges play that is why most of them are regulated and controlled by government and other third-party institutions.
But to be sincere with you, we need the service of an exchange the same way we need Bitcoin miners both are the engine that controls the cryptocurrency industry.

[SOKO-DEKE]

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

Nice one for the advice op, I believe many members have given this advice many times but I believe this will save as a reminder. Always try as possible to be your own bank rather than trusting third party.your funds are not well secured if you still hold your Bitcoin in exchanges because  those money are not fully your due to that you are not the only one in control your funds.what are you thinking that will happen when is not only you in control of your funds, and even  people are saying trust no one withe your money.

[Getmon]

It depends on the circumstances. Some newbies are merely experimenting with buying and selling in exchanges. Typically, newbies left their tokens on exchanges. They are just getting started and from my experience, the majority of them are purchasing bitcoins in smaller amounts. I am not against it either. If they moved their coins in smaller amounts, it would cost them money. However, they must withdraw their funds from any third-party wallets and keep them in their own personal wallets if they decide to invest substantial amounts and hold them for the long term.

[roksana.hee]

This advice is not only suitable for newbies but even old members need ro hear this again to take action.

Since the entire cryptocurrency market is an interconnected digital financial web, that comes with high security and risk since we know that once transactions are sent it is irreversible so the need to pay close attention to our actions in this space is very important.

My advice to others most especially newbies is that, make sure you are holding your asset in your wallet and never trust any cryptocurrency third parties entity with custody of your coins until you have enough knowledge to manage the risk that is associated with such services.

The whole online world is stored full of scammers. Here no one can trust anyone. If you take a step to the front side, it's will be your own confidant. If you are not affirmative to going front then you should quit it. Only believe in yourself here and there.

[taufik123]

Third parties such as centralized exchanges came under serious scrutiny after FTX as a centralized exchange which was successful at first turned into hell for all its investors.

Not just beginners, all were affected and suffered big losses. Storing in a personal wallet and having complete control is highly recommended, but it is also with a note that users must be aware of the security of their own wallet, store the passphrase securely, and can be accessed only by the user, do not lose it.

-snip-
Typically, newbies left their tokens on exchanges. They are just getting started and from my experience, the majority of them are purchasing bitcoins in smaller amounts.
-snip-

Leaving tokens on the exchange must certainly be vigilant and not keep everything. only as access for trading and when you get a profit it will be withdrawn to the main wallet.

Besides that, using a DEX exchange can also be a good suggestion, but you have to look at the testimonials about using the DEX whether it is safe or not. Everything really has to be scrutinized, don't let assets disappear suddenly. Alert is safety first.

[JoyMarsha]

This guidance is meant for everyone, not just beginners. Anyone can make a simple error. like the FXT collapse issue. it had an impact on everyone on minding whether you were beginners or not.
The FXT crash must have taught many people that it is not a good idea to retain their assets on an exchange. It's best to keep your assets in your wallet. That approach gives you control over it.