2 ms·
A whole bunch of people could learn the hard way the difference between "custodial wallets" and "your own wallet" very, very quickly. I've been telling friends
by mikece 4y ago
A whole bunch of people could learn the hard way the difference between "custodial wallets" and "your own wallet" very, very quickly. I've been telling friends who are into BTC to get their holdings off of Coinbase and into their own wallet (or cash out to fiat and disconnect their bank account from Coinbase -- I have no idea if claw-back is a thing here but why wait to find out?). Personally I moved holdings to Blue, Muun, and Electrum... I'm sure there are other fantastic options as well but I favor those that allow moving BTC on the Lightning network.
- kkielhofner 4y agoI’ve mentioned this several times before but the risk calculation here is balancing between $EXCHANGE preventing withdrawals or forgetting your seed phrase, having your wallet hacked, or some other user error. It would be interesting to somehow compare funds lost in exchange hacks/insolvency/etc and funds lost forever due to users attempting to manage their own wallets. In both cases you’re risking losing everything.
- JCharante 4y agoWell if you do half and half, you're only risking losing half at a time.
- jrnichols 4y ago> I've been telling friends who are into BTC to get their holdings off of Coinbase and into their own wallet I have absolutely no idea how to even do that. :( Is there a safe way to do it?
- SpikeDad 4y agoI just cashed my holdings out and transferred the cash to my bank. I'm done with crypto for the foreseeable future.
- aaaaaaaaata 4y agoSelling at the bottom is...difficult to empathize with.