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.
What your friend done is never good decision decision to take since he is actually not securing his self with that option he take. Knowing third party platforms like exchange is prone on huge risk to get hack or the owners of that exchange would scam people.
So you should tell your friend that its better for him to hide his funds on hardware or any secure wallet which he handle his own private key. So that all of his efforts for accumulating Bitcoin for long time will never turn into waste. Many people regret late and to avoid experiencing those situation they better come up with best decision before they encounter those worst situation that we can't imagine.