Quote from: sunsilk on February 12, 2024, 07:39:51 PM

Sadly, there are still people that keeping their funds on exchanges so that they're ready to sell them asap. But most of them are just keeping it there for storage purposes and they can't determine whether they'll sell or not when the bull arrives.

While some may think that they're wise enough to keep it there because of the current high fees again, it doesn't makes sense if you have no intention of selling.

Many individuals who store their funds on cryptocurrency exchanges without any immediate plans to use them are often newbies to the industry who haven't grasped the essential concepts before diving into Bitcoin investment. Among these crucial concepts, privacy stands out as a fundamental principle to understand prior to investing in Bitcoin. Without a solid understanding of privacy measures, it's difficult to ensure the security of one's funds.

Moreover, keeping funds into an exchange resembles a gamble with one's funds. Entrusting your funds to a palace where not only you have access means your funds aren't entirely secure. The accessibility of your funds to others opens the possibility of unauthorized use or even loss. Thus, relying on exchanges as a storage solution isn't advisable due to the inherent risks involved. There's always the looming threat that the exchange may abscond with your funds or encounter unforeseen issues, leaving users in a precarious position.

To mitigate these potential risks and avoid potential future complications, it's prudent to acquire a personal wallet like hardware wallets where you have complete control over your funds. By having sole access to your wallet, you significantly reduce the likelihood of unauthorized access or misuse of your funds, providing greater peace of mind and security for your cryptocurrency holdings.