3 ms·
> and for most people it's safer to store large amounts of crypto on an exchange instead of a wallet for personal security reasons. This is the opposite of wha
by itintheory 5y ago
> and for most people it's safer to store large amounts of crypto on an exchange instead of a wallet for personal security reasons.
This is the opposite of what is usually recommended.
- dheera 5y agoYep, I realize that, but having your own wallet means: - Everyone can track your transactions and personal wealth on EtherScan or similar tools, whereas in an exchange it is significantly obfuscated by the exchange's own collection of wallets and databases. - You could be robbed at gunpoint for your hardware wallet. - You could lose your wallet in a fire or other natural disaster. - While you can back up your wallet keys online, most people cannot remember the long passphrases, and end up writing them down on paper which isn't secure if someone were to break into your residence or office. For most users the combination of these risks far exceed the risks of keeping money in an exchange. But yeah, if you're a billionaire with a 24/7 personal security team and personal firefighter team, then yeah, by all means, keep your own wallets.