If you get misleaded it's your fault

[Abdulzuruku01]

Right, but before deciding to buy Bitcoin, you should not only consider how much money to invest. Rather, you should also know how to keep the Bitcoin you buy safe. Because financial preparedness allows an investor to afford to buy Bitcoin, and knowledge about security helps him hold on to that asset. So both are important for long-term investors.

An investor should be very aware about storing Bitcoin. And should choose a wallet with a lot of consideration. In that case, an investor should take the advice of someone experienced and follow the advice of one and a half experienced senior members of this thread. I think we should be careful about our wallet and keep it as secret as possible. It should be kept secret from our family, relatives and all.

You are correct. Choosing a reputable wallet to store your Bitcoin should always be considered before making any move. And for newbies who always think of storing Bitcoin for a long time on an exchange, they can see what’s going on with exchanges now. Imagine if Binance which is one of the top exchanges could get hacked, is there any reason to store Bitcoin on any exchange again?  

This is one of the main reasons why experienced members used to warn to choose a safe wallet to store your Bitcoin, Because if you keep it on an exchange, you could wake up one day and see your funds disappear. But experience is the best teacher and I hope newbies will learn from this incident.

[DPHOR]

Right, but before deciding to buy Bitcoin, you should not only consider how much money to invest. Rather, you should also know how to keep the Bitcoin you buy safe. Because financial preparedness allows an investor to afford to buy Bitcoin, and knowledge about security helps him hold on to that asset. So both are important for long-term investors.

An investor should be very aware about storing Bitcoin. And should choose a wallet with a lot of consideration. In that case, an investor should take the advice of someone experienced and follow the advice of one and a half experienced senior members of this thread. I think we should be careful about our wallet and keep it as secret as possible. It should be kept secret from our family, relatives and all.

You are correct. Choosing a reputable wallet to store your Bitcoin should always be considered before making any move. And for newbies who always think of storing Bitcoin for a long time on an exchange, they can see what’s going on with exchanges now. Imagine if Binance which is one of the top exchanges could get hacked, is there any reason to store Bitcoin on any exchange again?  

This is one of the main reasons why experienced members used to warn to choose a safe wallet to store your Bitcoin, Because if you keep it on an exchange, you could wake up one day and see your funds disappear. But experience is the best teacher and I hope newbies will learn from this incident.

One thing we can never predicts on exchange is that of hacking and that is why we must avoid lot of exchanges that are not trustworthy, and even if we would keep our funds in exchange we should at least know the kind of amount we are leaving on exchange. For instance, those who are constantly trading, you should move out the important funds and leave the little you would be wanting to trade with, especially those that love leaving their profits and capital inside exchange should do as well to moved out their funds.

[Queen uloma]

Right, but before deciding to buy Bitcoin, you should not only consider how much money to invest. Rather, you should also know how to keep the Bitcoin you buy safe. Because financial preparedness allows an investor to afford to buy Bitcoin, and knowledge about security helps him hold on to that asset. So both are important for long-term investors.

An investor should be very aware about storing Bitcoin. And should choose a wallet with a lot of consideration. In that case, an investor should take the advice of someone experienced and follow the advice of one and a half experienced senior members of this thread. I think we should be careful about our wallet and keep it as secret as possible. It should be kept secret from our family, relatives and all.

You are correct. Choosing a reputable wallet to store your Bitcoin should always be considered before making any move. And for newbies who always think of storing Bitcoin for a long time on an exchange, they can see what’s going on with exchanges now. Imagine if Binance which is one of the top exchanges could get hacked, is there any reason to store Bitcoin on any exchange again?  

This is one of the main reasons why experienced members used to warn to choose a safe wallet to store your Bitcoin, Because if you keep it on an exchange, you could wake up one day and see your funds disappear. But experience is the best teacher and I hope newbies will learn from this incident.

One thing we can never predicts on exchange is that of hacking and that is why we must avoid lot of exchanges that are not trustworthy, and even if we would keep our funds in exchange we should at least know the kind of amount we are leaving on exchange. For instance, those who are constantly trading, you should move out the important funds and leave the little you would be wanting to trade with, especially those that love leaving their profits and capital inside exchange should do as well to moved out their funds.

Youre very correct because no exchange is totally safe from hackers irrespective of how popular or  trusted the platform maybe. For me I think exchanges should be used for trading and not as a place to store funds for a long time. Even if you trade consistently, keep only amount you need for trading in your exchange and move your reserved funds and profits into a personal wallet where you can control your private keys.

Just like you have said. Those who often leave their profits and capital in their exchange should do well to move out their funds, for your own good.

[SquirrelJulietGarden]

Youre very correct because no exchange is totally safe from hackers irrespective of how popular or  trusted the platform maybe. For me I think exchanges should be used for trading and not as a place to store funds for a long time. Even if you trade consistently, keep only amount you need for trading in your exchange and move your reserved funds and profits into a personal wallet where you can control your private keys.

When you fund your account, risk starts to exist and risk does not appear only after you store your fund on exchange a long time.

In addition, what is a long time?
Is it one week, two weeks, one month, 6 months or one year?

It does not make any sense to say a long time, immediately after you send fund to an exchange account, you begin to have risk of losing your money because of the exchange (they can freeze your account, seize your fund) or by any secure accident like hack.

[Ojima-ojo]

You are correct. Choosing a reputable wallet to store your Bitcoin should always be considered before making any move. And for newbies who always think of storing Bitcoin for a long time on an exchange, they can see what’s going on with exchanges now. Imagine if Binance which is one of the top exchanges could get hacked, is there any reason to store Bitcoin on any exchange again?  

This is one of the main reasons why experienced members used to warn to choose a safe wallet to store your Bitcoin, Because if you keep it on an exchange, you could wake up one day and see your funds disappear. But experience is the best teacher and I hope newbies will learn from this incident.

Is very unfortunate that we still have some newbies or even high ranks members who are still holding their Bitcoin or other cryptocurrency assets of large sums on exchange.


This is unfortunate because they have not really practiced what we have preached to them on multiple occasions so when this kind of money getting stuck on exchange wallet we don't have to pity them so much even though we feel their pains, they should have taken steps to prevent themselves from relying on only one wallet more worst is keeping fund on exchange wallet for that matter.