Re: Storing your Crypto in Exchanges is better than using Cold Wallets!
When you seriously come to think about it - storing your Crypto in exchanges is better than using cold wallets.
Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.
Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.
To immediately refrain from any representation of any hardware wallets, but to say that it is safer to keep cryptocurrencies on a crypto exchange than on one such device is one big nonsense - but when someone writes an article this way without even knowing how such devices work then we get this kind of nonsense.
To compare Ledger or Trezor with Netscape is also more than an obvious example of ignorance of how such devices work - each user generates a seed as a backup, and that same seed can be used in most other crypto wallets - so even if Ledger as a company disappears at any moment nothing is lost.
But as mentioned above we've tried to point out here in this thread in short version the very few reasons why using an exchange is better than using a cold wallet in the long term. For instance 8% APY on your USDT is something that is seriously worth more than just additional "security" which is not really a true security because you are relying on a centralized private company such as Ledger.com and people seem to forget that .
We don't want to keep this thread too long but feel free to refer to our article to read more and let us know whether you agree or not with this stipulation.
We don't want to keep this thread too long but feel free to refer to our article to read more and let us know whether you agree or not with this stipulation.
Have you perhaps heard of the Mt.Gox hack or maybe about Quadriga exchange? Tell these users to still keep their funds on the crypto exchange and you will see what kind of response you will get. The profit that anyone could make if they only hold BTC in the past 5 years is at least x50, and you're talking about a miserable 8% here, with the aim of promoting your site and getting a few free clicks
If you think it's better to entrust someone else with the custody of your cryptocurrency, then be sure to do so - but giving advice like this in public is not only stupid, it can have very dangerous consequences.