With the hack that happened on the Bybit exchange yesterday, it will serve as a lesson to those investors who don't want to take the phrase "not your key, not your coins" seriously now because they would put themselves in the shoes of those investors who lost their assets on the Bybit exchange. For the newbies in this thread to get it clear and also do the right thing by keeping their bitcoin safe from centralized exchanges, there's nothing like an exchange wallet, but centralized exchanges, so newbies should help themselves and stop keeping their bitcoin on a centralized exchange like Binance, Kucoin, Gate, Bitget, and so on for a very long time so that they will avoid this type of bad news in the future.
Thank you so much boss for this crucial information, that is how one of my guy lost is entire assets some time ago on one of the exchange you mentioned.
Please help me recommend some save and reliable exchange best for save gaurding of your assets or coin.
Thank you
There is no reliable exchange.
That is part of the point. You need to figure out ways to keep most, if not all of you value in self-custody, rather than relying upon third parties to hold your coins.
If you are leaving your coins on exchanges, or you are buying other products that require that you keep your coins with third parties, you are taking chances.
Now I see why you have the phrase
"Self-Custody is a right" in your bio info. Anyone who follows you will never miss road. Thank God I realized early that how to store my Bitcoin is as important as buying the Bitcoin, because safely storing my Bitcoin is under the basic knowledge I need before getting started.
Even though self-custodial is important, you do not need to learn self-custody before getting started investing in bitcoin. In investing in bitcoin, amongst the most important of things is to get started, as long as you have a discretionary income.. start right away, and if you don't know things, then just start out smaller and learn as you go... so for example, if you know that you have $100 per week that you could put into bitcoin, you might start with $10 per week and work your way up to $100 per week as you learn various basic aspects of bitcoin. Each person will be different in terms of how much time he has to learn and at what kind of time line does he need to figure out some kind of a self-custody solution, whether electrum or some hardware wallet or some combination, and of course, there can be needs for timing, but there are likely greater needs to get started buying some bitcoin first.
So, I started with Electrum wallet and still working on getting hardware wallet as I have not figured out all the intricacies but I believe soon I will get all the information I need to safely use that and by then my Bitcoin portfolio would have also gotten bigger.
Of course open source is good, and
this website (Athena) has ratings of various hardware wallets.
This other website (The Bitcoin Hole) has a list of hardware and software wallets and some of the features.
Of course there are some other sites too.
In the very beginning of your bitcoin journey, you may well keep coins on exchanges while you are figuring out ways to keep your coins privately, and if you are buying coins on exchanges, you may well choose to ONLY periodically transfer your coins to self-custody, such as once they reach more than $500, especially if you might be makng relatively small purchases of less than $100 on a regular basis.
Due to withdrawal fees in the exchange I use to buy my Bitcoin, I usually keep all my Bitcoin in the exchange after purchase and then withdraw once per month. This may appear a little risky but it is a risk I can bear because if anything happens, it will only affect my one month purchase.
That sounds reasonable to me, yet there might be guys who are ONLY buying $10 per week, so they might not need to withdraw for 6-12 months.. since that would ONLY be $260 to $520, and yeah, sure it is a lot of their BTC, and they have to find some balance regarding how frequency they want to withdraw in terms of trade offs in regards to managing their UTXO sizes and various possible present fees or even future potential fees.