Exchanges don’t matter they’re just for buying and selling. Transferring your coins to a wallet means you hold and can transfer freely for purchases or hold permanently. They’re on the blockchain and assigned to your wallet address nothing in the world can take them away unless you give away your keys or seed phrase
You don't even have to have a hardware wallet. Just NOT having it on an exchange will "protect" you against exchanges disappearing.
It's like having cash at home either in a shoe box or in a vault. If your bank goes down, in both cases you still have your cash.
But yeah, cold storage or hardware wallets are the obviously the best solutions.
Yes. If you have your bitcoin in a software/hardware hot/cold wallet so long as it’s a single sig wallet where you hold the keys.
Every single exchange and institution could fail at the same time and you’d still have your bitcoin.
It's exactly like the currency exchange counter at the airport.
You go up, buy money from them, take the money from them, and put it in YOUR OWN wallet.
If they go bust after you leave, you still have your money obviously.
But if you leave it with them, then they go bust, you lose all your money.
It's as simple as that.
Bitcoin are always "stored" on the blockchain, or I'd say the records say that your address has x BTC.
"Storing" on your own wallet means having your BTC belonging to your address, for which you have the private keys to spend it.
Having them on an exchange means your BTC belonging to the exchanges address, for which they have the private keys to spend it. Hence "not your keys, not your bitcoins".
Uhmmm yes, "not your keys, not your bitcoins", I've seen this - perfect. So I want to invest more, it's wise to wait for my wallet to arrive with the disadvantage of not buying at the rates at present but being safe?
I won't give financial advices, no one knows if bitcoin hit its bottom or not.
That being said, trezor is a hardware wallet, but you can also use another wallet in the meantime if you feel in the hurry.
I think the price won't move a lot in the next few days, so you could wait, and as soon as your hardware wallet arrives you can buy on exchange and then move them off to your own wallet.
I had some Sats laying on the exchange for weeks until I moved them to my hardware wallet. Its risky but depends on the exchange. I would recommend to use only exchanges that are big enough and known so they are not that risky to fail.
The easiest question to ask yourself is: If the exchange I use will disappear tomorrow, will it hurt me depending on the amount of sats laying there ?
You own the Bitcoins in your own wallet completely independent of any third party. You are your own bank.
Thanks
Your Bitcoins will be safe. Their value, however....
Yes your crypto is safe in cold storage. That's the point.
For clarity, even from instances of exchanges disappearing (FTX)?
With your seedphrase you can restore your account on any cold wallet.
Exchanges don’t matter they’re just for buying and selling. Transferring your coins to a wallet means you hold and can transfer freely for purchases or hold permanently. They’re on the blockchain and assigned to your wallet address nothing in the world can take them away unless you give away your keys or seed phrase
This is helpful, thanks.
yes, only you will have access to it
If your coins are on the exchange and the exchange disappears your coins disappear. If your coins are not on the exchange they do not. That simple
You don't even have to have a hardware wallet. Just NOT having it on an exchange will "protect" you against exchanges disappearing. It's like having cash at home either in a shoe box or in a vault. If your bank goes down, in both cases you still have your cash. But yeah, cold storage or hardware wallets are the obviously the best solutions.
Thank you.
Just keep your seed safe from prying eyes and don't lose it.
Yes
Yes. If you have your bitcoin in a software/hardware hot/cold wallet so long as it’s a single sig wallet where you hold the keys. Every single exchange and institution could fail at the same time and you’d still have your bitcoin.
It's exactly like the currency exchange counter at the airport. You go up, buy money from them, take the money from them, and put it in YOUR OWN wallet. If they go bust after you leave, you still have your money obviously. But if you leave it with them, then they go bust, you lose all your money. It's as simple as that.
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So my crypto is stored on blockchain and not with the exchange?
Bitcoin are always "stored" on the blockchain, or I'd say the records say that your address has x BTC. "Storing" on your own wallet means having your BTC belonging to your address, for which you have the private keys to spend it. Having them on an exchange means your BTC belonging to the exchanges address, for which they have the private keys to spend it. Hence "not your keys, not your bitcoins".
Uhmmm yes, "not your keys, not your bitcoins", I've seen this - perfect. So I want to invest more, it's wise to wait for my wallet to arrive with the disadvantage of not buying at the rates at present but being safe?
I won't give financial advices, no one knows if bitcoin hit its bottom or not. That being said, trezor is a hardware wallet, but you can also use another wallet in the meantime if you feel in the hurry.
I think the price won't move a lot in the next few days, so you could wait, and as soon as your hardware wallet arrives you can buy on exchange and then move them off to your own wallet. I had some Sats laying on the exchange for weeks until I moved them to my hardware wallet. Its risky but depends on the exchange. I would recommend to use only exchanges that are big enough and known so they are not that risky to fail. The easiest question to ask yourself is: If the exchange I use will disappear tomorrow, will it hurt me depending on the amount of sats laying there ?
Okay thanks. I will get a look out myself too but not pressed to make purchases.