Lessons From the Biggest Bitcoin Losses in History.

[Aanuoluwatofunmi]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

[reagansimms]

Any mistake in Bitcoin, the consequence is that the money will be lost forever because there is no "forgot password" then reset via email. Bitcoin's history is filled with billions of dollars worth of other people's mistakes, such as the mistakes made by those who stored Bitcoin on the Mt. Gox exchange. This is where the principle of "not your keys, not your coins" applies. Exchanges are more precisely places for trading, not vaults for long-term storage. Every mistake that others have ever made, such as losing their Seed Phrase, getting caught in a scam scheme and wallet address network errors that resulted in the loss of millions of dollars are free lessons for us. Mistakes in the Bitcoin world in general are inevitable and the greatest wisdom is to learn from the experiences of others to avoid the same pitfalls.

[Peanutswar]

[...]
In the year 2014, a lot of people trust Mt. Gox exchange just like the way banks are being trusted to store your fiat currency, that’s the way they trusted the Mt. Gox exchange and they stored all their bitcoin on that exchange but the exchange collapsed and all those bitcoin were lost till date.
[...]

Until now this mistake is still an issue most likely with the newbies out there, they wanted to make an investment with the cryptocurrency and one of the best way to trade is with the use of centralized exchange and after that they left their asset there seeing there is a price movement and also its convenient one glance with their wallet they can see now the price different of their hodling but they neglect the risk that anytime soon the CEX can easily freeze their asset and they can't do anything just to comply if they wanted to get back their assets or worst case not a chance anymore to have it back.

CEX is just for exchange and not as a wallet not unless you are an active trader but not most of your funds are for trade so those idle funds will be go for a wallet... not into their wallet.

[jcojci]

Any mistake in Bitcoin, the consequence is that the money will be lost forever because there is no "forgot password" then reset via email. Bitcoin's history is filled with billions of dollars worth of other people's mistakes, such as the mistakes made by those who stored Bitcoin on the Mt. Gox exchange. This is where the principle of "not your keys, not your coins" applies. Exchanges are more precisely places for trading, not vaults for long-term storage. Every mistake that others have ever made, such as losing their Seed Phrase, getting caught in a scam scheme and wallet address network errors that resulted in the loss of millions of dollars are free lessons for us. Mistakes in the Bitcoin world in general are inevitable and the greatest wisdom is to learn from the experiences of others to avoid the same pitfalls.

People should not keeping their coin at the exchanges since that place is not a storage for the coins. People can trade and increasing their coin amounts but they should send their profits to their own wallet. Keeping their coins at exchanges is not a good decision, no guarantee the exchanges will online forever. If they can aware this and securing their coin at their own wallet, nothing to worry and they will not make a mistake with their Bitcoin investment. We have many lessons so we should always be careful and learning from others is necessary so we don't have making a mistake like them.

[Awaklara]

People should not keeping their coin at the exchanges since that place is not a storage for the coins. People can trade and increasing their coin amounts but they should send their profits to their own wallet. Keeping their coins at exchanges is not a good decision, no guarantee the exchanges will online forever. If they can aware this and securing their coin at their own wallet, nothing to worry and they will not make a mistake with their Bitcoin investment. We have many lessons so we should always be careful and learning from others is necessary so we don't have making a mistake like them.

Every experience is new knowledge for us. We can learn from our own experiences, as well as from others. Mistakes that other people make from past events can become lessons and warnings for us. But remember, always make another plan to be more careful. We've also seen people lose access to their Bitcoin wallets. That's a mistake they made themselves. Manage and protect your own Bitcoin.