01-13-2021, 07:21 AM
Unpopular opinion: you can store your coins on an exchange
<!-- SC_OFF --><div class="md"><p>Edit (since I wasn’t expecting many to actually read this): you can store your coins on an exchange when investing / with the intent to sooner or later flip for fiat gain. If you’re buying crypto to get away from centralized control over and custody of your finances, movements, and life you absolutely should not keep it on an exchange - it entirely defeats the purpose of cryptocurrency. Andreas Antonopoulos (<a href="/u/andreasma">u/andreasma</a>) dropped some great knowledge in the comments, I recommend checking out some of his videos (like this one <a href="https://youtu.be/ZTrETLzdDTM">https://youtu.be/ZTrETLzdDTM</a>). Crypto is a revolution in financial autonomy, and we’re seeing the importance of that grow every day in many western countries. But crypto is also used as an investment vehicle, and that aspect of it is more what I was attempting to speak to. I didn’t put much thought into what I thought would be a throw away post, and some people made some very good points (e.g. paper wallets are not nearly as secure as I’d lazily assumed), but to clarify - imo you absolutely should not use exchanges in place of cold storage. I was only trying to point out that, for the purposes of investing, exchanges are (imo, and many disagree) safer in the short/medium term than they were 10 years ago.</p> <p>——</p> <p>Over and over i see people repeating the mantra “not your keys not your coins.” “NEVER store crypto ok an exchange.” Yea storing your coins on exchanges runs contrary to the idea of crypto as decentralized currency and being your own bank. And not your keys = not your coins, sure true. But if you’re in this space to invest there isn’t really a good reason to not store your coins on reputable exchanges.</p> <p>This isn’t 2013, coinbase isn’t mt gox. These are large, some soon to be public corporations. I’d argue that the chances you lose or forget your seed are higher than the chances that Gemini or CB suffer a massive hack and can’t/won’t make customers whole.</p> <p>That said, I’m a big fan of spreading out your crypto to be on the safe side. A couple paper wallets, a couple exchanges, maybe some cold storage for some coins. That way if you forget your seed or an exchange does get hacked (it won’t), you don’t lose everything.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/decentralizedusernam"> /u/decentralizedusernam </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/kvw21p/unpopular_opinion_you_can_store_your_coins_on_an/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/kvw21p/unpopular_opinion_you_can_store_your_coins_on_an/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Edit (since I wasn’t expecting many to actually read this): you can store your coins on an exchange when investing / with the intent to sooner or later flip for fiat gain. If you’re buying crypto to get away from centralized control over and custody of your finances, movements, and life you absolutely should not keep it on an exchange - it entirely defeats the purpose of cryptocurrency. Andreas Antonopoulos (<a href="/u/andreasma">u/andreasma</a>) dropped some great knowledge in the comments, I recommend checking out some of his videos (like this one <a href="https://youtu.be/ZTrETLzdDTM">https://youtu.be/ZTrETLzdDTM</a>). Crypto is a revolution in financial autonomy, and we’re seeing the importance of that grow every day in many western countries. But crypto is also used as an investment vehicle, and that aspect of it is more what I was attempting to speak to. I didn’t put much thought into what I thought would be a throw away post, and some people made some very good points (e.g. paper wallets are not nearly as secure as I’d lazily assumed), but to clarify - imo you absolutely should not use exchanges in place of cold storage. I was only trying to point out that, for the purposes of investing, exchanges are (imo, and many disagree) safer in the short/medium term than they were 10 years ago.</p> <p>——</p> <p>Over and over i see people repeating the mantra “not your keys not your coins.” “NEVER store crypto ok an exchange.” Yea storing your coins on exchanges runs contrary to the idea of crypto as decentralized currency and being your own bank. And not your keys = not your coins, sure true. But if you’re in this space to invest there isn’t really a good reason to not store your coins on reputable exchanges.</p> <p>This isn’t 2013, coinbase isn’t mt gox. These are large, some soon to be public corporations. I’d argue that the chances you lose or forget your seed are higher than the chances that Gemini or CB suffer a massive hack and can’t/won’t make customers whole.</p> <p>That said, I’m a big fan of spreading out your crypto to be on the safe side. A couple paper wallets, a couple exchanges, maybe some cold storage for some coins. That way if you forget your seed or an exchange does get hacked (it won’t), you don’t lose everything.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/decentralizedusernam"> /u/decentralizedusernam </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/kvw21p/unpopular_opinion_you_can_store_your_coins_on_an/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/kvw21p/unpopular_opinion_you_can_store_your_coins_on_an/">[comments]</a></span>Kind Regards R