Do not leave your coins on exchanges if you don't need to trade. I don't care how many bitcoins are in their multisig. *Your* setup is multiple times more secure than an industrial-grade setup whose website accounts are targetted by thousands of the smartest hackers on the internet.
And then on top of that the exchange itself is working against you. I repeat, do not throw away your hard-earned money this way!
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Sadly >90 % of users that buy bitcoin still see the whole Bitcoin system as a centralized currency with a centralized entity. To them, CEX's such as Coinbase, Binance et all are the only point of truth and the only ground where their funds are safe, just like traditional banking (the fun fact is that, even people's money stored in banks is lent in a ridiculous amount of times
).
I try my best to divert such topics and help pave the way to sovereign to some users in Reddit, but mostly on subs that are not geared towards CEX's and are more geared towards welcoming new users into this space. I usually get happy if I'm able to steer at least 1 user from the usual path of CEX->KYC->Buy BTC, but that comes with a lot of time invested in the discussion...
And then on top of that the exchange itself is working against you. I repeat, do not throw away your hard-earned money this way!
[/quote
Sadly >90 % of users that buy bitcoin still see the whole Bitcoin system as a centralized currency with a centralized entity. To them, CEX's such as Coinbase, Binance et all are the only point of truth and the only ground where their funds are safe, just like traditional banking (the fun fact is that, even people's money stored in banks is lent in a ridiculous amount of times
).I try my best to divert such topics and help pave the way to sovereign to some users in Reddit, but mostly on subs that are not geared towards CEX's and are more geared towards welcoming new users into this space. I usually get happy if I'm able to steer at least 1 user from the usual path of CEX->KYC->Buy BTC, but that comes with a lot of time invested in the discussion...