4 Bad Excuses to Keep Your Crypto on Exchanges
Before even starting to write this post I would like to say that there is no good excuse to keep your crypto on exchanges rather than in your personal wallet... But, let's try to give a chance to some of the most often said excuses...
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1) I'm afraid I will lose my private keys, so I find it more convenient to keep crypto on the exchange...
Interesting... So, you say that you are afraid of losing your private key, and you are not scared of losing your password for the exchange? Oh, you are using 2FA also to log in to your exchange? You are not afraid of losing your phone and the password to retrieve your 2FA account?
2) I don't know where to safely keep my private keys...
Do you think that they know better? Websites (not just crypto) are hacked on daily bases and your login details are almost always saved directly on the machine where the exchange is hosted... Even if you keep your key saved in the .txt file on your USB stick, you are doing much better than exchanges...
3) I'm using the funds to trade...
I have to admit that this one is a good excuse... I also have some trading funds on the exchange, but I have ONLY the amount that I actually use for trading... That's less than 5% of my portfolio and that's the sum that I CAN AFFORD TO LOSE! Any sum over that is irresponsible trading and unprofessional... And if you are doing that, you should immediately stop doing it, take your funds to your wallet, and re-evaluate your trading strategies and your TRADING portfolio... Don't mix this stuff... Your TRADING portfolio and your HODLING portfolio... There is a big difference between these two!
4) I trust to exchange as they are regulated, backed by other entities, and bla-bla-bla...
I have no idea what response can I give to this excuse... I suppose that's enough to look back at the past and you will get the idea... How many companies have scammed other people? How many lives they have ruined? Even before crypto, you can find many examples... You don't have to go further than 2008 and the real-estate bubble and scam by huge banks and financial institutions...
I will finish this here... And just a reminder, the crypto didn't fail now with this FTX scandal... It didn't fail with LUNA collapse... It didn't fail with the Mt.Gox hack... It didn't fail with Cryptopia... The only thing that has failed every time is humans' greed, and centralized entities... Every one of these events has just made the crypto strengthen... It has filtered out bad actors, send them to oblivion, and made the space fairer... That doesn't happen in traditional finances... There, bad actors are bailed out, and good actors pay the price... Crypto is different... Crypto is resilient...
Thank you for your time,
ph
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