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.

[Kuti4life]

The little knowledge I've acquired about bitcoin storage makes me understand that if it's not your keys...it's not your bitcoin.
What I got from that statement simply implies that it's not advisable to save your seed phrase online... this is because anyone exchange can be hacked but if you save it offline, it can't be hacked.
It also makes me understand that saving my seed phrase offline doesn't conclude the job but also testing my backup to see how efficient it is....

[Decimation]

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?  

Even after the Binance hack, if customers cannot become aware, there will be nothing more to say.

There have been hacking incidents with well-known exchanges before and even at the present time, such hacks have put customers in panic, causing them to lose trust.

After such incidents, even thinking about keeping Bitcoin stored on exchanges is foolishness.

[Abdulzuruku01]

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.

It's even understandable if newbies store their Bitcoin or other cryptocurrency assets on exchanges because they are still inexperienced. But for a high ranking members to make that mistake, to be honest I would call it carelessness because they know the repercussions of storing Bitcoin assets on exchanges.  

I know scammers target both wallets and exchanges, but they focus more on exchanges. Because once they hit an exchange, it will definitely affect thousands of accounts and that's why we must avoid storing our coins on exchanges. Exchanges are meant for buying, selling, and trading. They are not meant to store our assets.  

But if you use wallets to store your coins, scammers can only target one person at a time. The amazing part about using wallets is that your assets are under your control. If you can handle it carefully it will be very difficult to fall victim to scammers.

[cxtreenal]

The little knowledge I've acquired about bitcoin storage makes me understand that if it's not your keys...it's not your bitcoin.
What I got from that statement simply implies that it's not advisable to save your seed phrase online... this is because anyone exchange can be hacked but if you save it offline, it can't be hacked.
It also makes me understand that saving my seed phrase offline doesn't conclude the job but also testing my backup to see how efficient it is....

You have realized that the seed phrase and security key cannot be stored online, which can compromise the security of Bitcoin. To keep your Bitcoin holdings safe it is important to keep these two things (seed phrase and security key) carefully offline. To keep your Bitcoin safe, you need to know a few more things, such as storing Bitcoins in a non-custodial wallet.

The safest way to store your seed phrase and security key is to write them down and keep several copies of them in a separate safe place. This is because if one copy is lost, you can recover your Bitcoin holdings with another copy. You also need to remember that these copies cannot be access /do not fall into the hands of others.

[Pablo-wood]

Anybody using cloud storage is rooting for a self inflicted problem because such storage is being managed by a developer who can access whatever they want as long as they have access to the storage bank even hackers too can attempt it if they succeed in getting through to your email. It is never advisable to use a cloud storage for sensitive information not to talk of seed phrase to your assets.
Using the primary method is absolutely fine and the best recommended because you as an individual only have access to your keys as no other person can be able to know where you kept it. Do not be decieved cloud storage is not safe to store sensitive information be warned do not fall victim of any circumstances as a result of your ignorance.

Cloud storage is never and will never be safe no matter how polished or branded the become. Cloud storage is obviously a third-party storage method which exposes users to all manner of risks. Saving sensitive information like seed phrases and private keys there will not only make us vulnerable to attacks, it also exposes us to cyber thefts and hacks.

[Iamgoat]

Cloud storage is never and will never be safe no matter how polished or branded the become. Cloud storage is obviously a third-party storage method which exposes users to all manner of risks. Saving sensitive information like seed phrases and private keys there will not only make us vulnerable to attacks, it also exposes us to cyber thefts and hacks.

Also cyber tricks. It may be difficult to believe but anything which successfully makes its way into to internet is already threatened security wise. No matter how hard you try to encrypt it. Although I know there are ways you can try to secure what you have online but I will still tie it to depending on how valuable you see it and the damage its likely to cause you when you eventually lose it. If it is related to your life savings or your lifetime investments which are two funds you will ever regret to lose, please protect them with all you can and avoid anything which is going to affect its safety. And most of the time, though not all the time, I always love to work or take a cue from what the majority says. If the majority of experts agree that storing your seed phrase in cloud is not the best approach towards protecting your funds, then I would rather go with them rather than relying on what the minority might be saying despite it being favorable to my choice.