Were do I store my money

[Dunamisx]

Any non-custodial storage that gives us complete privacy and allows us to maintain the necessary security measures means there is nothing that will make us forfeit our coins to hackers. Most of the incidents we are seeing today regarding hacks and scams are related to our individual mistakes and lack of information about using a non-custodial wallet instead of a custodial wallet, while the possible scams are also related to not being informed of the necessary steps to take to secure our assets from scammers.

[YellowSwap]

Been self custody isn't enough anymore,  many people did this and they lost their coins, some people are losing their coins true trust wallet and the complains is all over Reddit and twitter right now.

I think it's time to add extra layer of security to your crypto wallet, don't rely on them simply because they are hardware wallets or promising airgapped device.

I am using a airgapped device and I still went ahead to adding higher numbers, words and other to make a passphrase, i am not ready to lose my funds to scammers yet again, once bitten should be twice shy.

[Antotena]

Been self custody isn't enough anymore,  many people did this and they lost their coins, some people are losing their coins true trust wallet and the complains is all over Reddit and twitter right now.

I think it's time to add extra layer of security to your crypto wallet, don't rely on them simply because they are hardware wallets or promising airgapped device.

I am using a airgapped device and I still went ahead to adding higher numbers, words and other to make a passphrase, i am not ready to lose my funds to scammers yet again, once bitten should be twice shy.

I think if you are the amount you hold will determine how you do self custody. You can use hot a wallet that helps in privacy control and have your seed phrase back up all by yourself, but this has to be done if you have small Bitcoin for use. You should keep this kind of coin on hot wallet since you are likely going to spend them anytime. If you are going to plan for storage of long term, then I highly advice that you go with airgap wallet that is offline.

I know that hardware wallet is intense right now, some people are dealing with the trauma of what some hardware wallet has been through. They are still one of the ways to combat theft of coins from hackers. You can still use a hardware wallet without any problem and you will be safe from hacks except if you later expose your seed phrase or even private keys to another people.

[SilverCryptoBullet]

Any non-custodial storage that gives us complete privacy and allows us to maintain the necessary security measures means there is nothing that will make us forfeit our coins to hackers. Most of the incidents we are seeing today regarding hacks and scams are related to our individual mistakes and lack of information about using a non-custodial wallet instead of a custodial wallet, while the possible scams are also related to not being informed of the necessary steps to take to secure our assets from scammers.

Non custodial wallets don't give users complete privacy. Privacy or not, it depends on how users use that non custodial wallet with Bitcoin addresses, UTXOs, Bitcoin full node, and Tor connection.

If you have bad practice with Bitcoin addresses, don't use change addresses but reuse addresses, bad use of UTXOs, and don't run your Bitcoin full node, don't use Tor, a non custodial wallet itself is unable to help you getting good privacy.

Bitcoin privacy resources.
Protect your privacy.

[Zlantann]

We? There is no system that is 100% secure by default, the devs still have a responsibility to audit and check their system regularly, to ensure there are no critical bugs that can be exploited. This is the reason why open source and well-reviewed wallets are recommended, not because they are immune to breaches, but because they can be easily identified and patched.

Let's not forget that the first reason why self-custodial wallets are recommended is because its users control their keys and they cannot be locked out of their funds. However, how their devs manage the software and fix vulnerabilities is another thing.

Reports have shown that hackers are using AI technology to identify lapses in these decentralized systems. Developers are now going a step further by adopting this new technology to review and verify code. The system is far from perfect, but it is safer than someone freezing your funds for one excuse or another.

The truth is that, most of the victims of these incidents are already aware of the consequences of putting money in such platforms and just as you already said, they believe so much in the security of those platforms but with all these recent hacks I hope they would have a rethink and try to do the right thing.
There are several better wallets to use and that is why I can't and don't want to believe that, there are people who make deposit to prediction market wallet with hope to holding it and it playing games with the deposit which is just insane to me.

Some people don't want to take responsibility. They want to keep and use Bitcoin the same way they use their fiat bank accounts. Anyone who is using an exchange, casino, or prediction market account as their bank might end up regretting their actions.

[Agathamay]

The truth is that, most of the victims of these incidents are already aware of the consequences of putting money in such platforms and just as you already said, they believe so much in the security of those platforms but with all these recent hacks I hope they would have a rethink and try to do the right thing.
There are several better wallets to use and that is why I can't and don't want to believe that, there are people who make deposit to prediction market wallet with hope to holding it and it playing games with the deposit which is just insane to me.

Some people don't want to take responsibility. They want to keep and use Bitcoin the same way they use their fiat bank accounts. Anyone who is using an exchange, casino, or prediction market account as their bank might end up regretting their actions.

It is true that a lot of people don't want to handle the responsibility of holding their coin and just like the case with Binance hack where at the end of the day, Binance was totally responsible for the losses and recovery of the stolen asset which wouldn't have been the case if it was a decentralized wallet where the user would have to be totally responsible for the losses  and this draws me back to the fact that, a lot of people don't even care about this privacy they cherish so much online as long as their money is presented to be safe, they don't mind taking the risk.

[Orpichukwu]

✂️✂️✂️✂️✂️

This looks like a good perspective to using centralized crypto exchange, getting to rely on the exchange for recovery is kind of a breath of fresh air, I sincerely hope they come through with the promise. But I still think cold wallet is better though.

That looks like a trap you set yourself off on to believe that off all places, centralised exchanges are the best and safest place to run to in terms of handling your coin holdings.

Yes, Binance is able to handle all the losses which occurred because of the hack. Then what? Does that change the fact that they can still freeze your coin and restrict you from withdrawing whenever you want? What if another major hack happens and they can’t cover the loss that time, or a big decline hits the exchange and everyone decides to get their money out? How sure are you they have everyone’s deposits available on reserve?

[Pablo-wood]

✂️✂️✂️✂️✂️

This looks like a good perspective to using centralized crypto exchange, getting to rely on the exchange for recovery is kind of a breath of fresh air, I sincerely hope they come through with the promise. But I still think cold wallet is better though.

That looks like a trap you set yourself off on to believe that off all places, centralised exchanges are the best and safest place to run to in terms of handling your coin holdings.

Yes, Binance is able to handle all the losses which occurred because of the hack. Then what? Does that change the fact that they can still freeze your coin and restrict you from withdrawing whenever you want? What if another major hack happens and they can’t cover the loss that time, or a big decline hits the exchange and everyone decides to get their money out? How sure are you they have everyone’s deposits available on reserve?

The mere thought of having funds that can't be accessed due to restrictions and freezes can be very frustrating. The incontinence it creates and the period of stress that comes with it. Submitting documents that get rejected due to reasons that might not even sound valid most times. I can't advise anyone to store crypto in exchanges no matter how reliable they claim to be. It is either self-custody or no-custody at all.