Original archived Re: 🏆 If You're New to Crypto Here's Some Stuff I Wish Someone Told Me Early On
Scraped on 26/08/2025, 13:37:41 UTC
- Don’t leave coins sitting on exchanges
Not Your Keys, Not Your Coins If your crypto is sitting on an exchange and you don’t control the private keys you don’t really own it !!!!!!
Dont get fooled from Earn Daily Rewards or Airdrops that are worth cents
Seriously if the exchange goes down gets hacked, or decides to “freeze withdrawals” your coins are toast
THIS HAS HAPPEN MANY TIMES ON THE PAST IT CAN HAPPEN TOMORROW TOO
Centralized exchanges are similar to centralized online platforms which are not good to store your bitcoin. You must store your bitcoin in non custodial (self custodial) wallets as with them, you will have private keys that means you have control of your bitcoins. In addition, if possible, choose open source wallets to use as it is safer than close source wallets because you and community including technical guys can not reproduce that wallet and test it from source code.
More warnings on centralized exchanges.
Reminder: do not keep your money in online accounts.Events made you scare about custodial wallets, centralized exchanges.Exchange graveyard (Rest in Peace). They can rest in peace but you as centralized exchange user can not rest in peace after losing big fund on their exchange.
A good guide on backing up a wallet.
How to backup a seed phrase?