Quote from: $crypto$ on Today at 12:13:32 AM

Quote from: JayJuanGee on July 11, 2024, 11:51:26 PM

Quote from: SOKO-DEKE on July 11, 2024, 09:24:11 PM

I believe by now a lot of Bitcoin investor should know the risks associated with exchanges. We have witnessed a lot of exchanges that collapse, and investors don't have access to their funds again. And one thing again is that when someone leaves their Bitcoin in an exchange, it means that is not only person has access to the Bitcoin, and once someone is not the only one having access to it Bitcoin, it Bitcoin it already at risks. meaning any issue can come up later with your Bitcoin investment. The best way our Bitcoin can be properly secured is by using our personal wallet, which is called non-custodial wallets.so it is good advise to always store our Bitcoin in non-custodial wallets that will have full control to especially hold term Bitcoin holders.

Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later.

The exchange as a third party is certainly a risk for those who know not to store there.
But for beginners it is different they will definitely start storing on the exchange to buy bitcoin, but I suggest they learn how about storage in a non-custody wallet by buying hardware it is much more, but they will not think there early the most important thing is that their goal of investing in bitcoin is much better even though storing on the exchange is only temporary.

Have a friend... where he is a beginner who started investing in bitcoin, the first thing he did was register on the exchange and buy it there, even though I explained the risks.

I told him to learn about non-custodial wallets and once he understands it, he should buy it immediately, because there are so many hardware wallets that he has to choose according to his wishes.

This is the process of a beginner's independence on how to store assets properly and safely, at least the beginner will know after a lot of time he learns.

Self custody should never be replaced with exchange wallet storage, it is not equally an option anytime for a hodler because it's tantamount to gambling with your Hodling, I do conclude that an individual is not at the moment ready towards secured financial freedom if they still have their funds stored on exchange. If you can't afford a hardware wallet in the start there are software wallets a newbie can start with like Electrum and Trezor wallets which are simple to learn-how-to-use for a novice after downloading. After you are able to afford a hardware you can then do a transfer from the software to hardware wallet for maximum safety.