Quote from: CryptopreneurBrainboss on August 20, 2025, 08:10:13 PM

Quote from: Issa56 on August 18, 2025, 09:07:47 PM

When investing, we should just take exchange as a market, where you will be able to buy your bitcoin, but never store your bitcoin on exchange, make sure you get a non custodial wallet, and store your bitcoin there, make sure you are in full control of your money, make sure your funds is not controlled by anyone. Also make sure you properly secure your seed phrase, anyone that has access to your seed phrase can send out all the coin in your wallet without informing you.

Alot of newbies make this mistake of considering exchanges to be their wallet that they trust them to store their crypto coins for them but that's a big mistake that alot of them end up making. Exchanges aren't wallet but a place to only buy and sell and that's what we should be using it for. Anyone using it as a wallet or for any other purposes that they weren't created for are taking a big risk. The exchanging on the platform alone is a risk because if your money is their and the exchange goes down, your money vanishes with it. This should also alert you not to put money that can't be forgotten if lost on the exchange. If you want to exchange a large sum of money, you do the transaction in batches as a precaution.

In fact, so many newbies and others who have been involved in bitcoin investment don't even know the risks of using an exchange as a wallet; they feel it is just a normal wallet that every investor can use. They don't even have an understanding of non-custodial and custodial wallets, and they can't tell the difference between these types of wallets.

What I observed is that the average investor doesn't have the time to research the best wallet to store bitcoin. Their main concern is to buy bitcoin from an exchange and leave it there as their wallet. This is the benefit of a bitcoin forum because, as a member, one will surely learn about wallets. I have seen many average investors who think the exchange is a comfortable place to hold their bitcoin.