I Friend of my was telling me today the amount of bitcoin that he has store in bybit so far, that's why I intended to share this talk with everyone on this thread, As we talk about accumulating bitcoin and hold for a long period of time, let also talk about securing our bitcoin investment, because we can't only centralize our focus on accumulating bitcoin continuously, without also talking about how to protect our bitcoin investment for the long period of time.
Securing your bitcoin is crucial to protecting your investment, I came to understand that many investors expecially newbie still have their bitcoin investment store in a centralized exchange like bybit and binance and other exchanges, while there are storage options that one can use to secure and take control of their bitcoin investment, options like (hardware wallets , paper wallets and software wallets) why not get one of this wallet and secure your bitcoin investment rather than leave them in a centralized exchange were you don't have full control over your bitcoin investment.
This is a very dangerous risk that your friend is taking because if anything happens to that exchange in question, his asset is gone, most investors take the phrase' not your key, Not your coin as a joke, not until they falls victim, that's when they are going to learn the hard way, something that would have been totally avoided.
In my understanding, one of the best way to secure your Bitcoin is by using a self custodian wallet like electrum to store your asset, and write down the secret phrase on a piece of paper or a diary and keep it where only you have access to.
So I would suggest that you watch out for your friend and show him the reason why it's very dangerous to keep his or her asset in a centralized exchange where it can be exposed to hack or internal theft by the exchange itself, just as the recent past case of FTX, so I think that this Ftx case is enough reason for someone reasonable to take precautions and protect his or her asset, by saving them in a more secure self custodian wallet like electrum.