Don't be fool to keep on exchange, look my name

[ektotanes]

I'm sure people have heard about this many times, but no reminder of safety can be superfluous. I really would rather give my money to someone who needs it than I would keep my savings there, which not only I have access to.

Always DYOR and don't hold your crypto on exchanges.

[Ndabagi01]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner.

Many people are already aware of this, and bringing it up again serves to remind some individuals, particularly the beginners. Some people who lose money due to this online service or exchange are occasionally aware of it but can't live without it, while others may be enticed by their tempting offers. Some exchanges have a high level of security and guarantee the safety of their customers' assets, but you never know when they will exit scam or go collapse.  Knowing about this is vital and will help guide you better.

Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

While some exchanges fall into the hands of hackers or exhibit frauds, others provide a wonderful example to follow; just keep in mind that red flags exist even if the exchange expresses positive faith in them. Giving money to social institutions and war victims on your own accord is referred to as charity, not a loss of funds to them.

[CryptSafe]

OP, this movement started a very long time ago before your appearance here as I look you are a newbie. Not your key, not your coin is a well known statement on this platform. Although you did a good job bringing it up again even though it is still very much in action, you have awaken the consciousness of members towards that direction both old and new for that matter.

Holding your coin gives you less pressure to worry about since you have custody of it safely without any interference with any third party. Your coin being with you is very safe as to grant you access at any time you feel like without any reason to hold them back like third parties who would require you to a kyc process before anything.

This topic is very vital and crucial as it guides us and preserve our nature.

[GideonGono]

I think this has been stated for so many times but people still don't care much about it unless they would be a victim of it.
Most of us are aware that online storage aren't safe for our funds or cryptocurrency.
Even well known or big trading sites sometimes get's hacked and we've seen it before, I think that enough is a proof that storing it online isn't safe.

[Mahanton]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

Its one of the golden rule here on crypto space on which you should really be minding of always on which you should really be having this kind of common sense when you do keep up your assets.It would really be just that dumb to store those keys on cloud.This is why you should really be that sensible in towards your holdings because if not then you would really be losing those coins.I would rather keep up my coins on a USB
and would really be locking it an making some password at least rather than on storing it in cloud which its never been that recommendable. When you are making trades then it would better that you do pull off those funds or coins out of an exchange and doesnt bother out something when it comes to fees. We know that fees now arent really that high for you to boggle out or would  really be having those hesitance.
Be wary about the risks because it is really better to have some expense on fees just because we know that it is really just that much safe this way.

[Mate2237]

You are trying your best to remind us your username again. It is good bro remind us like this because persistent reminding will make some users who have not heard the figurative language of

Not your key, not your BTC

will be very much aware of the statement. Even as you been saying time to time people are still giving it def hear. Like this period that the fee is high, many people are saving their coins in exchange because if they keep it the wallet and when they want to make send, the fee is high so instead they prefer keeping nit in the exchange and trade it at their pleasant time.

[SatoPrincess]

Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

This is misleading, when you're hold your coins on online service, it doesn't mean you will completely lose all of your money and can't get it back when a bad thing happen. If you're give your wealth to social institutions, war victims etc, it's donation and you don't have any access to claim back your money. The bad thing of online service is prone of hack and they will ask you many questions or KYC, but you still can access your money as long as the service isn't scam or hacked.

Not saying holding on online service is good, but your comparison aren't make sense.

I don’t think the comparison is stupid, I think what OP is trying to say is storing your keys online is same as giving your money away to the company that owns the service, instead of losing money that way you should give it to charity.

Is this a serious problem in the process of using cryptocurrency or bitcoin, I think not. Because of the few stories some organizations or individuals have problems in managing their assets, and we can all manage it ourselves and don't put too much weight on bad luck in the journey of using it. I don't want to talk much about negative action when it's not common and depends on the user himself, every tool has features or risks to use.

Of course it is a serious problem, even Theymos had to make a topic about it and pin the banner for everyone to see. Reminder: do not keep your money in online accounts. Only a few bad stories? When Mt Gox and most recent FTX crashed, how many people do you think were affected? Only a few thousand I guess.

[alastantiger]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

Another side of this is that even it is your keys, it may not be your bitcoin anymore if you choose to share it with a random dude who you just met online or anywhere. It is like putting your head in a hangman's noose and expecting nothing to happen. Some safe places to store your keys include - offline wallet, offline flash drive or hard drive, paper wallets. I once stumbled how to topic on Securing Your Seed Phrase with Washers by fillippone it a DIY thing incase you need it.

[kaseygriffin]

You yourself must be aware of the responsibility of storing assets anywhere, not just in the cloud. No one will know if one day there will be a security flaw related to this wallet, so it is still necessary to be cautious and careful when storing assets here. In addition to the transaction issue, you should maintain the monthly transaction and check on the problem every time you trade. This way, you can update your monthly balance and avoid incorrect transactions or errors.

[drwhobox]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

True, if you don't own your key, you dont own your bitcoin. But if you play smart enough to keep it safe no one can steal it from you. I think people keep their wallets online to avoid hassle but this is not ideal. Bitcoin private keys or phrases needs to be stored offline.

[Rengga Jati]

Not your key, not your BTC

This is true and a fact.
That is why every time we are going to save and invest our money in BTC, we must be careful about it, we must be smart and careful to keep the key save and not lose it. We must know where is the best way to save our assets. But, it doesn't mean that there is no chance for us to invest in BTC and get the benefits. We get it and so far, it is good enough. Choose the hardware wallets that will help us to decrease the risks.

Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

This is different.

[Obari]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

Well I don't know what would have promoted  this thread by op but I'm sure of a saying that, what works for one might not work for the next person which simply implies that there are alot of persons like myself who feel safe and secure storing my seed phrase on clouds without having to bother over natural disaster or any casualties.

I recently  read a thread where robbers invaded  the house of a popular  crypto influencer and made away with some valuables leaving this laptop on the table with a written note beside it "seed phrase and pass phrase " and I want to believe that those robbers were dumb but believe  me that no all robbers would be that dumb so I don't buy the idea of storing your seedphrase physically.

[Dr.Bitcoin_Strange]

Yes, I'm looking up your name, but what's written there, and what does it mean? Ops, just kidding 🤣😂. Well, this has been a concept that has been preached in this forum ever since I joined the forum, and I believe there is no one who will actively spend one month on this forum without reading anything related to not your key, not your coin. Keeping our coins on a centralized exchange and also backing up our phrase to online servers means we want those information to be in the hands of anyone when our security gets compromised. The best way to back up wallet data is on an offline medium, like paper or a metal sheet.

As the day passes by, scammers and hackers are thinking of better ways to steal the coins of some Bitcoiners who can fall victim to them. Also, with the situation of some centralized exchanges that have failed before and the US government putting some harsh laws on some platforms dealing in Bitcoin, you never know if any exchange will collapse any day.

[be.open]

It would seem a very simple mantra, "not your keys - not your coins." I like to meditate on simple things sometimes, even at the risk of seeming banal. Is this always exhaustively true? I think not, if I entrust my keys to a responsible custodial storage service, these will also be my coins. Or not? Is the opposite always true, "your keys - your coins"? I also think not, if I stole the keys, then this does not automatically make me the owner of the coins. Or does? I don't know why I'm typing this, just like that.

[macson]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

thank you for always reminding this great sentence!

This is an example of why it is strictly forbidden to store large amounts of Bitcoin assets on centralized exchanges.

According to the researchers, someone has set up the website hitbt2c.lol, mimicking the authentic website of HitBTC, hitbtc.com, and enticed crypto traders to connect their wallets or deposit crypto as onto a real exchange. If the users follow instructions, instead of a legitimate exchange, they would deposit money to scammers’ addresses, and the funds would be gone.

[1] https://www.nasdaq.com/articles/serial-phishing-scammer-uses-a-mix-of-laundering-techniques-including-coin-swaps-and-a

$1.7M in Bitcoin tied to QuadrigaCX reawakens after years of dormancy
The wallets were thought to be inaccessible following the death of the exchange's founder in 2018, as he had sole responsibility for the wallet's private keys.

[1] https://cointelegraph.com/news/1-7m-of-bitcoin-tied-to-quadrigacx-reawakens-after-years-of-dormancy

-do not believe easily in an exchange.
-don't be easily tempted by an exchange.
-always update information.
-keep your assets in a private wallet where only you and your confidants know the pass and private key.

[Ayers]

Not your key, not your BTC

It can be said that this is propagated and repeated billions of times on this forum, and in the market, it is too familiar to all investors. But how many people are doing this is what matters because, as we have seen, exchanges are still going strong, and there is no sign that they are waning or that people are stopping using them.
In the history of the development of the market, the crash of FTX is not the only one, before that, we also had Mt.gox, and in the future, there will certainly be a few more exchanges closing down. But people will quickly forget and still use CEX because of the convenience it brings.

[reagansimms]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

Everyone who is involved in the Cryptocurrency field first remembers your name long before you were born on the forum. The hacking tragedy that occurred at Mt. Gox, KuCoin, Binance and several other tragedies that have occurred have made anyone learn an important lesson to always store assets in a wallet that can be controlled by the Private key.
Previously this message had been conveyed by several other forum users including Theymos when the FTX collapsed. It doesn't matter if you want to remind us of this, you can create your own version of the topic with some cases attached.

[CarnagexD]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

well it depends of course. central exchange are there to manage the funds that cannot do on their own. so it's just like a win-win. those companies only make money with their own tokens and by paying transaction fees nothing more. If you want to be in control, then put it on a hard wallet or a ledger. Just a reminder that just do what works and makes sense for you, and for OP it's the other way around.

[bussybuddy]

Is this a serious problem in the process of using cryptocurrency or bitcoin, I think not. Because of the few stories some organizations or individuals have problems in managing their assets, and we can all manage it ourselves and don't put too much weight on bad luck in the journey of using it. I don't want to talk much about negative action when it's not common and depends on the user himself, every tool has features or risks to use.

It is a serious problem, the events of losing crypto stored in an exchange or online is so much that people should be warned about it repeatedly, it isn't just a few stories as you call it, it is very common. The way to manage your BTC's is to do it by yourself, keep it in your self custody wallet, write out the seed phrase and have more than one backup in two different locations.

There are many people who still keep their BTC's in exchanges, or store their keys online, many of them haven't lost their funds, but it does not mean that the funds are safe, any funds you don't have its keys or is stored online can be lost very quickly with a small error.

As you say it's very common, but what I see is not quite so, there are cases like you mentioned and that's all the stuff going on in this environment, and I try to think about calculations of how many people suffer from such incidents in the crypto environment, it could be in the billions of dollars or even more but let's be realistic when it comes to the size of this market , we all understand the market is still small but some statistics about its marketcap compared to the proportion of people at risk, it is nothing. So I still make the point that there are problems that can be solved by themselves in usage behavior, maybe nowadays information spreads quickly and easily, so many people like to exaggerate the severity as well. As a risk, if the environment is so unsafe, people won't come and use it. And in the spirit of building positive things, I fully support the most risk-free asset management, but it is fair to say that the above issue is just a small reminder of the cases that have been encountered before. trouble during use.

[ilovealtcoins]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

Thanks for reminding us, but I think if you've been here long enough, you'll know that this is a saying that has been used and circulated on this forum for years. We popularized it before you entered the market, or did not join the forum. Anyhow, I hope that your article will receive interest from newcomers and they will better understand the meaning of this immortal saying. If someone invests in bitcoin without knowing this saying, they are not a bitcoin investor.