A quick Newbies Reminder; is Ledger(Hardware wallets) the ultimate solution?
Remember that most of the people who became wealthy through cryptocurrency had their assets on custody wallets, which they were able to reclaim after a few years. Buy and forget techniques only work on custody; do not trust any exchange with such techniques; your coins will be gone by the time you return. All of this will not stop, Binance is not safe, Okx is not safe, your favorite exchange is not safe, the fight is on, exchanges are exposing theirselves, it is a dangerous time, have you ever wondered why exchanges don't teach about cold wallet? the entire concert of crypto currency is to be decentralized; I don't feel sorry for anyone who lost money on exchanges. putting your money in the hands of random strangers on a random website with no idea how it works.
The simple concept of a cold hardware wallet (Ledger) is not widely discussed in the crypto communities; however, there have been some concerns raised about what happens if the company (Ledger) goes out of business in the future. I came across some of these questions on Reddit and Telegram and will respond to it for those of you who have no idea.
Well, as long as you have access to your 24 key words, you can regenerate your private keys with those words on another hardware wallet/online wallet and still have access to your coins anytime in the future as long as blockchain still exits.
Using and leaving your assets on exchanges is the same as using a bank; aren't we all in crypto to have complete control over our money? So, what's the point of keeping it on exchanges?
Not your keys, not your assets
The simple concept of a cold hardware wallet (Ledger) is not widely discussed in the crypto communities; however, there have been some concerns raised about what happens if the company (Ledger) goes out of business in the future. I came across some of these questions on Reddit and Telegram and will respond to it for those of you who have no idea.
Well, as long as you have access to your 24 key words, you can regenerate your private keys with those words on another hardware wallet/online wallet and still have access to your coins anytime in the future as long as blockchain still exits.
Using and leaving your assets on exchanges is the same as using a bank; aren't we all in crypto to have complete control over our money? So, what's the point of keeping it on exchanges?
Not your keys, not your assets