How Bitcoin Was Originally Stored

[Rockstarguy]

Exactly. In my experience the people who ignore this are the same people who never even understood bitcoin. They just saw something that goes up and thought they could make a lot of profit by investing in it. These are the same people who panic sell every time there is a FUD out.

I don't think they have yet understood Bitcoin because if you find Bitcoin interesting to invest in, then you must know you can't run away from or avoid its volatility. If you want to earn a profit in Bitcoin, then you must be able to embrace the dip. People are so focused on profit in Bitcoin that they don’t want to think critically about the volatility of Bitcoin, which is unpredictable.

It can dip more than what they expect at an unknown time, and whenever such volatility happens, the ideal thing is to accept it and understand that it is volatility that has always been referred to as unpredictable.

[Obim34]

Exactly. In my experience the people who ignore this are the same people who never even understood bitcoin. They just saw something that goes up and thought they could make a lot of profit by investing in it. These are the same people who panic sell every time there is a FUD out.

Nothing limits anyone from learning about self-custody, and why they chose to hold their Bitcoin in a centralized exchange. They've been covering laziness in researching, with ignorance, which has been a major problem for people who have became victims.

We no longer live in the Stone Age. I ask my browser how I can buy and store Bitcoin, even the information on it wasn't ignorant enough to refer me to the use of centralized exchanges to store Bitcoin, people refuse to learn, not a problem of ignorance, informations are not limited, they are everywhere.

[White pawn]

What some people don't understand is that part of the reasons why Bitcoin cause created is so that people who adopt it can control their money, so storing it in exchanges is like going against the concept of self custody, infact what's the need of adopting Bitcoin when their money is in the custody of an exchange. Well i understand that some folks are ignorant about that and hopefully they'll learn with time but those who understand but still choose to risk using exchanges are really crazy as fvck if you ask me.

Exactly. In my experience the people who ignore this are the same people who never even understood bitcoin. They just saw something that goes up and thought they could make a lot of profit by investing in it. These are the same people who panic sell every time there is a FUD out.

It should also be that they got enlightened the wrong way by those who introduced them, this is the reason why no one should take advice in the bitcoin sphere from their favourite influencers, footballers and every other big public figure they follow and learn from. Imagine someone who is a staunch fan of binance introducing to bitcoin and all he's taught you is to store all of your holdings on binance or one of these exchanges who are prone to these hackers and ponzi schemes. I believe, doing that beats the initial ideas of the reason why satoshi created bitcoin.

[Promocodeudo]

What some people don't understand is that part of the reasons why Bitcoin cause created is so that people who adopt it can control their money, so storing it in exchanges is like going against the concept of self custody, infact what's the need of adopting Bitcoin when their money is in the custody of an exchange. Well i understand that some folks are ignorant about that and hopefully they'll learn with time but those who understand but still choose to risk using exchanges are really crazy as fvck if you ask me.

Do some people have this knowledge that exchange aren't for storing their Bitcoin asset and for that it has nothing to do with self custody,  although some people want it very easy since it does not require anything much to do some transaction in exchange, they think they can as well keep their Bitcoin there without considering the vulnerability of exchanges in terms of the security of their Bitcoin asset, Bitcoin investors who value their asset will not consider storing their Bitcoin in exchanges not even after everything that took place recently, anyone that didn't learn from those incidents, might not learn again.

[Dreadboost]

What some people don't understand is that part of the reasons why Bitcoin cause created is so that people who adopt it can control their money, so storing it in exchanges is like going against the concept of self custody, infact what's the need of adopting Bitcoin when their money is in the custody of an exchange. Well i understand that some folks are ignorant about that and hopefully they'll learn with time but those who understand but still choose to risk using exchanges are really crazy as fvck if you ask me.

Exactly. In my experience the people who ignore this are the same people who never even understood bitcoin. They just saw something that goes up and thought they could make a lot of profit by investing in it. These are the same people who panic sell every time there is a FUD out.

Many came for quick profits mate, without even understanding the ideology behind the creation of the coin. Although they're contributing to the adoption process but not doing it the right way by holding in exchanges. Thanks to forums like Bitcointalk where good knowledge about the coin is passed consistently and those who would be privileged to discover this platform would learn a lot and deviate from wrong storage of the coin, nor panic whenever it goes down cause there are several threads here that encourages long term holding and teaches people against panicking when there FUD.

Most of them came because of the profit that came out of that bull run. Then, when the market crashed in price, many of those people left.

From experience, it was transient adoption or adoption driven by speculation. It doesn't last normally like real adoption. That means an increase in the volume of traders does not necessarily mean there is stronger adoption. Stronger Bitcoin adoption came because people began understanding the long-term benefits of Bitcoin.

[Ronsbit]

What some people don't understand is that part of the reasons why Bitcoin cause created is so that people who adopt it can control their money, so storing it in exchanges is like going against the concept of self custody, infact what's the need of adopting Bitcoin when their money is in the custody of an exchange. Well i understand that some folks are ignorant about that and hopefully they'll learn with time but those who understand but still choose to risk using exchanges are really crazy as fvck if you ask me.

Exactly. In my experience the people who ignore this are the same people who never even understood bitcoin. They just saw something that goes up and thought they could make a lot of profit by investing in it. These are the same people who panic sell every time there is a FUD out.

At first self custody is one of the founding reasons for Bitcoin inception. Satoshi wanted everyone to control their assets by themselves which is why he innovated Bitcoin but now the logic changed by exchange being a third party just like the banking system, taking charges and being in control of one's assets with KYC as against the Bitcoin rules of anonymity.
What baffles me alot is that with all these hacks going on with the exchange, people still feel comfortable leaving their Bitcoin with exchange which means they have still not realised that self custody is the ultimate not until their information and data gets hacked from exchange and their Bitcoin holdings exposed that is when they will know the risk involved.

[CryptoHeadlineNews]

Actually we do need the easiest tools but we don’t actually need to hand over our keys to them. For a new user exchange is actually a nice place to buy  Bitcoin fast. But after the buying it actually expected to move it to self custody wallet. That the main lesson from Mt. Gox and other hacks.

I feel like you are ignoring the fact that the issues with CEX goes beyond having full control of your keys/coins.

The risks of KYC still persist and if we often see CEX as an easy access then Newbies might fall for victims, it's better to speak about this risks also and then let them pick their preferences.

Despite how newbies see crypto exchanges as the easiest means and place to buy Bitcoin, what is most important is not lying their Bitcoin on it long term after buying it. Because without the exiestence of crypto changes in some countries, it's invariably impossible to buy Bitcoin. So the role which exchange plays should never be eradicated despite the fact that from the time of Mt.Gov and until now with Binnace, whereby hackers have constantly found means to steal funds from it. Those should be enough proof that crypto exchanges can't be trusted long term with our bitcoin. 

[Somto9Light]

At first self custody is one of the founding reasons for Bitcoin inception. Satoshi wanted everyone to control their assets by themselves which is why he innovated Bitcoin but now the logic changed by exchange being a third party just like the banking system, taking charges and being in control of one's assets with KYC as against the Bitcoin rules of anonymity.
What baffles me alot is that with all these hacks going on with the exchange, people still feel comfortable leaving their Bitcoin with exchange which means they have still not realised that self custody is the ultimate not until their information and data gets hacked from exchange and their Bitcoin holdings exposed that is when they will know the risk involved.

You are right because self custody and decentralization was the major reasons for creating bitcoin because when you have your Bitcoins in your custody, only you will know about it and how you transact with it unlike traditional Banks that holds our money, restrict us from using it at our will and even limiting the numbers of transactions that we can perform but bitcoin came to cancel those restrictions and gave us the liberty to decide how and what we do with our money.

You don't need to worry about those who still find it convenient to store their bitcoins in exchanges instead of having their own keys, they will surely learn in a hard way. Maybe what is giving them the mind to still keep their coins in exchanges is because some of the popular exchanges that were hacked still managed to continue operation without any problems so they still think that even if an exchange is hacked that the owners will sort it out.

[Asiska02]

Abeg, how do you see this custody thing now? Are we rushing too much for convenience and handing our keys to centralized platforms, or do we actually need these easier tools?

Opting for easier tools can simply cause you to also lose your bitcoin easily. The third party exchanges may have evolved and the cause of their invention where also genuine, but it goes beyond just that when we look deeply into the disadvantages of saving your bitcoin in those platforms. History already tells us the effect of keeping bitcoin in those platforms. People saving their bitcoin there already knows but since they don’t want to be held responsible for their actions, they decide to rely on those exchanges. This was not what Satoshi wanted, Bitcoin is decentralized and should always be treated as one at all time of your ownership of it.

[PremiumcryptoHub]

What some people don't understand is that part of the reasons why Bitcoin cause created is so that people who adopt it can control their money, so storing it in exchanges is like going against the concept of self custody, infact what's the need of adopting Bitcoin when their money is in the custody of an exchange. Well i understand that some folks are ignorant about that and hopefully they'll learn with time but those who understand but still choose to risk using exchanges are really crazy as fvck if you ask me.

Exactly. In my experience the people who ignore this are the same people who never even understood bitcoin. They just saw something that goes up and thought they could make a lot of profit by investing in it. These are the same people who panic sell every time there is a FUD out.

Yes holding bitcoin in exchange for a long time partially defeats the main purpose or rape of bitcoin so it seems to me those who are foolish to store bitcoin in exchange should know that the basic philosophy of bitcoin is to keep full control of your money without relying on any third party or in any exchange and we should know that bitcoin was created as a decentralized payment system but exchanges are centralized.

In fact people who have never understood Bitcoin may jump in to make huge profits after seeing its price spike without any investment knowledge and be tempted to panic sell if any FUD spreads. But I think they will not be able to understand that FUD and FOMO should be avoided in order to hold Bitcoin investment for long term and there is potential of profit from Bitcoin investment if held for long term.