01-01-2021, 05:29 PM
Debate: "Not your keys, not your coins"
<!-- SC_OFF --><div class="md"><p>As one of the most common phrases in crypto, my personal opinion is that there is nuance required for this statement. Generally applicable, I believe there are exceptions to this rule.</p> <p>Below are my own guidelines to friends, curious to hear what others are recommending their friends.</p> <ul> <li>With limited funds (250/500 dollar) the purchase of a hardware wallet is not cost effective. Spend it to buy more crypto</li> <li>Storing on large, reputable exchanges such as Coinbase & Binance is safer than a wallet on your desktop</li> <li>Your desktop is safer than small exchanges</li> <li><p>For more tech savvy friends with limited funds consider storing your wallet on a disconnected USB drive yourself. </p></li> <li><p>With larger funds (500+ dollar) always buy a hardware wallet</p></li> <li><p>Consider keeping small altcoins on exchanges anyway even if they are ERC20 (I missed out on swaps for small moonshots because sometimes you miss something)</p></li> </ul> <p>Although I agree with the principle, the security measure put in place by exchanges (2FA, Blocking deposits to scam addresses, etc.) can sometimes be safer than having non-tech friends storings their life savings on a laptop later used to download pirated movies.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/DDelphinus"> /u/DDelphinus </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/knuopr/debate_not_your_keys_not_your_coins/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/knuopr/debate_not_your_keys_not_your_coins/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>As one of the most common phrases in crypto, my personal opinion is that there is nuance required for this statement. Generally applicable, I believe there are exceptions to this rule.</p> <p>Below are my own guidelines to friends, curious to hear what others are recommending their friends.</p> <ul> <li>With limited funds (250/500 dollar) the purchase of a hardware wallet is not cost effective. Spend it to buy more crypto</li> <li>Storing on large, reputable exchanges such as Coinbase & Binance is safer than a wallet on your desktop</li> <li>Your desktop is safer than small exchanges</li> <li><p>For more tech savvy friends with limited funds consider storing your wallet on a disconnected USB drive yourself. </p></li> <li><p>With larger funds (500+ dollar) always buy a hardware wallet</p></li> <li><p>Consider keeping small altcoins on exchanges anyway even if they are ERC20 (I missed out on swaps for small moonshots because sometimes you miss something)</p></li> </ul> <p>Although I agree with the principle, the security measure put in place by exchanges (2FA, Blocking deposits to scam addresses, etc.) can sometimes be safer than having non-tech friends storings their life savings on a laptop later used to download pirated movies.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/DDelphinus"> /u/DDelphinus </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/knuopr/debate_not_your_keys_not_your_coins/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/knuopr/debate_not_your_keys_not_your_coins/">[comments]</a></span>Kind Regards R