Events made you scare about custodial wallets, centralized exchanges.

[CryptopreneurBrainboss]

I've learnt alot of lessons in this crypto space, I am into alternative coins alot and that part have drained me more than staying on Bitcoin alone, I should have known better.

That's how it always ends (with regrets), altcoins can never be a better investment than Bitcoin just as how centralized seevices can't be a better (security/privacy wise) than self custody but people still won't learn their lessons untill it happens to them.

There has been many cases of exchanges getting hacked and people losing their inevemnsts yet, we'll still have high numbers of people trusting them instead of making use of a custodial wallet to store their Bitcoin.

At least with exchanges going bankrupt, you meant get a tip from the rumours as there's always one before it happens but what about the cases of exit scam schemes that you can't see it coming before it happens. It's about time we stop giving excuse of not knowing when the warnings aew everywhere now, don't trust centralized services (exchanges, wallets etc).

[348Judah]

That's how it always ends (with regrets), altcoins can never be a better investment than Bitcoin just as how centralized seevices can't be a better (security/privacy wise) than self custody but people still won't learn their lessons untill it happens to them.

Greed and eagerness to make quick return on their investment within a short period of time is what deceived many, we cannot also denied a fact that many lack they awareness necessary for them to get advanced exposure over how bitcoin or any other cryptocurrency network operates with the safety measures needed, there are many ways scammers can take advantage of people in what they introduced to them, but someone that has the experience and knowledge on what to accept or reject will definitely discern right.

[AVE5]

Yes, I agree completely.  All this stuff lately with the exchanges and governments sticking their noses everywhere - it really shows the danger of letting some company hold onto your coins instead of keeping them yourself.  I keep most of my crypto coins in a wallet I actually control.  More secure that way.

It's obviously no more news that the governments is just out there looking out for systems or operations to take dominance of that's why they didn't hesitate to build the centralized infrastructure and on the process imposing Kyc and strict regulations whereas, they can override user's transactions activities and control over their funds.
If we're talking about safe place to store our coins, the centralized exchange is the most risky and frustrating infrastructure because, you'll be vulnerable to scammers targets and the government still have control of your private keys.
The centralized wallet or exchange had only been interesting to keep fund's that'll be used in the very short term unlike the non custodial wallet where you controls your coins because there you've your private keys yourself. Perhaps it's better holding of your coins for a long term goals.

but I still oughta run my own full node one of these days.  More hassle to set up, sure, but extra security and privacy make it worthwhile.

Running your own full node straightens your security because you verifies transactions yourself without leaning of third parties but its technicalities is why it seems most of us who had also admired self custodial couldn't afford it.
Nevertheless, Using offline storage device with the ease of controlling our private keys is still one alternative that gives positive reliance of how we could secure our fund's.

[Asuspawer09]

To be fair im using multiple exchanges and I have a funds on some of them, I mean I have over 400$ on one of them just for convinient, I mean sure it wasn't advisable but I do trade most of the time, I have a seperate Electrum wallet for my Bitcoin but other trades are just on exchanges, also exchanges are the probably the most convinient or maybe the only way here locally to withdraw your money in crypto in case you needed to withdraw some money P2P on exchages just make it easier so I have no actual choice but to do KYC and have an actual account on some exchanges.

There are a lot of times of this hacking incidents where I do quickly take out my funds on exchanges because of the huge hacking news, luckily I still didn't get hacked even once in my life my losses are only on trades but so far I don't remember any huge lose even on trading only I only have regrets on some trades where I shouldn't have sell and im just telling myself I should have not sell because the market price is even higher these days but still a profit is a profit and I think taking profit is never actually wrong.

[Aanuoluwatofunmi]

 Anyone who is current with the way centralized platforms are taking hold of people's asset, they will know more better that these are just nothing but the eater of our profits, there's more to the risk they render than the benefits they are serving.

There are in number of scam that has taken place on centralized platform and distilled continue to happen despite the previous experience people have in using them, we don't have to watch and wait until we be the next victim from using a centralized exchange before we know the benefit of going for a non custodial wallet.

[JiiBs]

Anyone who is current with the way centralized platforms are taking hold of people's asset, they will know more better that these are just nothing but the eater of our profits, there's more to the risk they render than the benefits they are serving.

That would be so when you aren’t using centralized exchanges correctly. If you use these exchanges as though they were a wallet, of course you would leave your coins exposed to a wide variation of risk and it’s always a matter of time before it happens.

When you treat it like an exchange, just somewhere you get in and get out just after conducting your business of the minute or day, you would be relatively very safe.

There are in number of scam that has taken place on centralized platform and distilled continue to happen despite the previous experience people have in using them, we don't have to watch and wait until we be the next victim from using a centralized exchange before we know the benefit of going for a non custodial wallet.

There is never a time when people would stop falling victims to the various ills that can spring from centralized exchanges, that’s why it’s important that you figure out best means to use them and always remain updated on their news fields.

[Queen Julie]

I've learnt alot of lessons in this crypto space, I am into alternative coins alot and that part have drained me more than staying on Bitcoin alone, I should have known better.

I've lost some coins on centralised exchanges.
I've used custodial wallets that cost me alot of money in the past.

So yes I am a perfect example to all these mistakes but there is nothing to do that can set things right again than to learn from it, don't store coins on centralised exchanges and don't use any custodial wallet and platforms to store your coins.

Sorry for your loss. You are not the only one who lost a lot in altcoins. My crypto journey started with altcoins. Poverty won't let me buy Bitcoin, even if I had the money. Other responsibilities, like basic needs, would take it all from me. The little my money would reach was on altcoins. Buying altcoins was the worst decision I made.

More to learn from the mistake, since I own few altcoins as we speak. However, Bitcoin will remain the best digital currency to exist. Bitcoin is the safest place to put your money. It is not instant wealth. It is assurance of value

[avp2306]

Anyone who is current with the way centralized platforms are taking hold of people's asset, they will know more better that these are just nothing but the eater of our profits, there's more to the risk they render than the benefits they are serving.

That would be so when you aren’t using centralized exchanges correctly. If you use these exchanges as though they were a wallet, of course you would leave your coins exposed to a wide variation of risk and it’s always a matter of time before it happens.

When you treat it like an exchange, just somewhere you get in and get out just after conducting your business of the minute or day, you would be relatively very safe.

But well many people choose to leave their funds on centralized exchange, since they think this is much easier option to do and somehow they are frequently trading their coins.

The problem is we don't know on when the issue would come. So best practice is to withdraw their funds whenever they are done with their trades or buying some coins in the market. With this they can assure that their funds is safe with their possession.

Although maybe situation is different with small time traders, but they can set a threshold to save fees every time they want to withdraw their funds.

[Muskanrani]

Anyone who is current with the way centralized platforms are taking hold of people's asset, they will know more better that these are just nothing but the eater of our profits, there's more to the risk they render than the benefits they are serving.

There are in number of scam that has taken place on centralized platform and distilled continue to happen despite the previous experience people have in using them, we don't have to watch and wait until we be the next victim from using a centralized exchange before we know the benefit of going for a non custodial wallet.

The main risk of keeping assets in centralized exchanges are system failure and counter party risk . Until you have no private keys then technically coins are not yours it means not your keys, not your coins and history proves it again and again through platform bankruptcies instead of it custodial wallets provides full sovereignty to the users .

Do you prefer hardware wallets to improve security??

What do you think that self-custody and complexity of non-custodial wallets is what urge new users to stay on CEXs??

[hmbdofficial]

Sorry for your loss. You are not the only one who lost a lot in altcoins. My crypto journey started with altcoins. Poverty won't let me buy Bitcoin, even if I had the money. Other responsibilities, like basic needs, would take it all from me. The little my money would reach was on altcoins. Buying altcoins was the worst decision I made.

More to learn from the mistake, since I own few altcoins as we speak. However, Bitcoin will remain the best digital currency to exist. Bitcoin is the safest place to put your money. It is not instant wealth. It is assurance of value

The Alt coin has little to no difference to gambling, that’s why you see more of people telling you about how much they have lost in alt coins that gain. Most of this shit just pump and dump and put you in a tight situation. And that’s the mains difference bitcoin made from the other coins it has stand the test of time and also less volatile as compared to with the other alternative coins.

Sometimes it’s better you learn the hard way or even from your mistakes. I believe there is no way someone will convince you about any alternative coin in the future.

[Plutomanian]

The Alt coin has little to no difference to gambling, that’s why you see more of people telling you about how much they have lost in alt coins that gain. Most of this shit just pump and dump and put you in a tight situation. And that’s the mains difference bitcoin made from the other coins it has stand the test of time and also less volatile as compared to with the other alternative coins.

Sometimes it’s better you learn the hard way or even from your mistakes. I believe there is no way someone will convince you about any alternative coin in the future.

We should be able to learn the hard way in the market because we're seeing ourselves becoming more stable and knowing the basis of the market, this is no longer the time to beat around but to stand firm and totally understand what the market is all about, the risks involved and to evolved in the market.

Altcoins are solid project in the market and most of them are already seen or appeared to become pump and dump in the market, leaving investors to become more cautious about placing an investment. In this trial times, one need to be extremely careful about the investment to invest in. Also we should not conclude that all altcoins projects are all about gambling, we should be more curious about the basis, when the bear and bull season do comes.

[Pablo-wood]

I used to trust the exchange from previous years, I used to stack up most of my investment assets into these exchange so i can get an opportunity for quick buying and selling my token but apparently I experienced like what other people's problem which is freezing of an assets. I used the MEXC for so long time and after I made a deposit and wait for the confirmation, I tried to swap my tokens into bitcoin there is a prompt of "Risk Control" I thought its just normal because they need to make a number of confirmations. But after that day is I ended up cant withdraw my funds thats the time I reach out their support that took me like a month to process and wait for status of my account and good thing they allowed me to withdraw the funds but cannot longer use their platform so by that I told my self that I will never store huge amount in exhanges.

Thanks for sharing your story it's a typical example of how unpredictable centralized exchanges can be, often leaving users in unnecessary stress subjecting them to worries and depriving people access to their investments simply because they have control over it in their custody.

​For me, exchanges serve a single purpose which is quick P2P swaps to fiat currency. Leaving a huge amount of funds on an exchange is like giving a licensed thief the key to your house.

[Nightwatchmare]

I've learnt alot of lessons in this crypto space, I am into alternative coins alot and that part have drained me more than staying on Bitcoin alone, I should have known better.

I've lost some coins on centralised exchanges.
I've used custodial wallets that cost me alot of money in the past.

So yes I am a perfect example to all these mistakes but there is nothing to do that can set things right again than to learn from it, don't store coins on centralised exchanges and don't use any custodial wallet and platforms to store your coins.

Altcoins are not like Bitcoin that is the reason it is easy for people to lose money in altcoins, and if you must invest in altcoins, it is advised to use 10% of your discretionary income so that you can also invest in Bitcoin at the same time. The coins you lost on centralized exchanges is it through trading, through centralized exchange hack or through centralized exchange running away with people's money? Now that you have learn the way you will never make such mistake again, but i am not always happy seeing people doing the right thing after losing their money just because of negligence.

[Cookdata]

Altcoins are not like Bitcoin that is the reason it is easy for people to lose money in altcoins, and if you must invest in altcoins, it is advised to use 10% of your discretionary income so that you can also invest in Bitcoin at the same time. The coins you lost on centralized exchanges is it through trading, through centralized exchange hack or through centralized exchange running away with people's money? Now that you have learn the way you will never make such mistake again, but i am not always happy seeing people doing the right thing after losing their money just because of negligence.

I think the intentions of how altcoins are created make it obvious for it failure. There is no single coin that was created after Bitcoin that never had it intentions and let me be clear with you, both the ones that did ICO and raised money from investors, the altcoins proof of work that has intention of building something different all had the same intentions and it was money, they just wanted to be wanabe Satoshi that couldn't know how to win people on what they created

One thing that amaze the most is the fake commitment of people to the projects and as soon as they have enough, they convert their altcoins to Bitcoin and continue to have believe in Bitcoin. Look at the fork coins that were launched years back, none of them have massive run of what Bitcoin achieved. The rest of the developers that are on those projects are doing because they think they can make changes but it's not working.

[Rockstarguy]

There has been many cases of exchanges getting hacked and people losing their inevemnsts yet, we'll still have high numbers of people trusting them instead of making use of a custodial wallet to store their Bitcoin.

Even with all these bad experiences that have taken place in exchanges, some persons still don't take security seriously by adopting self-custody. Handling private keys is one of the biggest challenges for many people because they see it as a lot of work, and because of this, they settle for an exchange.

Even if negligence, ignorance, and greed have made many choose the exchange despite knowing how risky it is, exchanges are also marketing themselves by promising offers for users that keep their assets on them. Some individuals have chosen not to do the right things because of their own comfort, and the exchanges are playing their own roles to convince people to use them for keeping their assets. This is why it won't be resisted by users.

[moneystery]

Sorry for your loss. You are not the only one who lost a lot in altcoins. My crypto journey started with altcoins. Poverty won't let me buy Bitcoin, even if I had the money. Other responsibilities, like basic needs, would take it all from me. The little my money would reach was on altcoins. Buying altcoins was the worst decision I made.

More to learn from the mistake, since I own few altcoins as we speak. However, Bitcoin will remain the best digital currency to exist. Bitcoin is the safest place to put your money. It is not instant wealth. It is assurance of value

A lot of people also make the wrong move when they end up investing their money in more altcoins and then suffer severe losses from those investments. That experience should be taken as a lesson that altcoins are not the right investment choice because their prices are much more volatile and very unpredictable.
Even though there are many altcoins that claim to offer good value growth potential, and various features that make them seem like good projects, that doesn't guarantee that they will maintain their value and succeed in the long term.

Sticking with Bitcoin is the best decision someone can make, especially for those considering long-term investments. Bitcoin is just so suitable as a long-term investment.

[Nheer]

Sorry for your loss. You are not the only one who lost a lot in altcoins. My crypto journey started with altcoins. Poverty won't let me buy Bitcoin, even if I had the money. Other responsibilities, like basic needs, would take it all from me. The little my money would reach was on altcoins. Buying altcoins was the worst decision I made.

More to learn from the mistake, since I own few altcoins as we speak. However, Bitcoin will remain the best digital currency to exist. Bitcoin is the safest place to put your money. It is not instant wealth. It is assurance of value

Most people join cryptocurrency with the belief that altcoins are the real deal and it's why almost all beginners have an history with altcoins and mostly a terrible experience. The mistake is always how they think you must be rich to buy Bitcoin just as you've said yourself but Bitcoin can always be bought with almost any amount you can afford to get you started, you don't necessarily have to be rich to own Bitcoin. Some people are after quick gains that's why they opt for altcoins not knowing they carry more risk than Bitcoin. Although I think it's all a lesson to learn from.

The Alt coin has little to no difference to gambling, that’s why you see more of people telling you about how much they have lost in alt coins that gain. Most of this shit just pump and dump and put you in a tight situation. And that’s the mains difference bitcoin made from the other coins it has stand the test of time and also less volatile as compared to with the other alternative coins.

Sometimes it’s better you learn the hard way or even from your mistakes. I believe there is no way someone will convince you about any alternative coin in the future.

Exactly, investing in altcoins is almost the same as gambling, the risk is very high and it's why I am not surprised with stories of terrible experiences people share about investing in altcoins. Firstly differentiating a legitimate altcoins from scam is difficult because a lot of scam projects are developed just to scam people and then there's the stress of picking out which will do well with time. These are part of the reasons why Bitcoin stand out.