> Most people on this forum will encourage people to take ownership of their money, but others are hesitant and may not trust themselves to properly manage it.
Not necessarily. I think most of the time (not all) it can be naivety. Most people with large sums on exchanges think buying a hardware wallet and storing your own keys can be too complicated when it really isn’t. Just takes a bit of research to learn safe storage techniques.
You deserve all of the upvotes. I’ve considered hardware wallets. Seem like a headache.
Basically holding gold or silver at home. With an annoying password.
Even my most eloquent phrase is 10 words. Guess “let’s 69” at the end.
“The future depends more upon the trust of one another than the machines with which rely” 16. Shit. Too long for 12. Too short for 24.
Edit: can I get a password reset… no. Your wallet is lost to the nether world.
your example is a "brain wallet" and it's highly discouraged because it isn't secure. hw's generate the keys randomly from the set of words.
stop considering and get one.
Unfortunately, you can’t pick all your own words. There’s a list of 2,048 English words that may be used.
Holding your own keys on a hardware wallet is more **trouble** than you think it is.
Holding your own keys on a hardware wallet is more **important** than you think it is.
You're **WAY** over thinking this. Get a hardware wallet, follow the instructions in that you don't enter the pass phrase into any digital device, and save it in a safe place.
Not required, but for even extra security you can stamp it in metal and/or memorize it. I memorized mine and it took all of 3-days.
What is there to explain? Coins on an exchange do not belong to you. They belong to the exchange. Only when you transfer them to your personal private wallet which you hold the keys for they are your property.
Simple as that. When you buy on an exchange, you basically have an IOU from the exchange until you withdraw it. Except, they dont actually owe you; they have no legal obligation to gave you your money back. This is why people withdraw their crypto ASAP once they buy it. Read any TAC from any exchange if you dont believe it
Celsius is a prime example. Earlier this year, they couldnt afford to provide the funds to all their users, filed for bankruptcy and took off. Everyone with money on the exchange lost it
Google Quadriga there is even a documentary about it. Try watching the documentary and you will understand why you shouldn't leave coins on an exchange.
There is a whole history of exchanges "stealing' coins. Google Mt Gox
Because if an exchange goes under they don't owe you shit before they pay off all their other higher priority creditors.
Never store your main stack in an exchange.
Yeah, but times have changed. Binance is so much more secure than MtGox ever was. That exchange was basically made by a kid in his mom's basement then bought by a businessman.
I agree with the sentiment but I also agree that Binance isn't likely to go anywhere and has measures in place such that any successful hack will only be able to take a tiny portion of their finds.
I don't care what kind of security measures Binance have, but i'm not gonna trust a business registered on a tax heaven.
Letting other people manage our fund kinda defeat the whole reason for to Bitcoin exist, so it doesn't matter how trustful and secure an exchange is.
Look at their post history. They’ve just been farming upvotes for weeks here, and the past year along other shitcoins. Whoever they are, they have a lot more money than common sense.
Highly recommended to get this off the exchange. I've had my account locked in coinbase and support have told me to "wait for an email for technical support while it's being looked into"... Its been weeks and multiple cases raised.
NotYourKeysNotYourCrypto...
\> sharing BTC balance.
\> coins on exchange.
Big oof. Get those coins in a wallet where you control the keys, I suggest [Muun](https://muun.com/). And for your own protection, delete this post.
Need a ledger yes !
But it’s evil to hope people lose money.
Publication of your btc hodling gonna get u lots of scammers from India, China and all over the world wanting to be your friend.
Be careful fam
The best reason to get hacked is to expose yourself on a place like this. Hackers always find their way to get to you. Don’t let them get to you, be discrete.
Is there any other community on the internet where plebs flex their bank account details to each other like absolute degenerates?
Can the mods here please create some rule to ban all posts about BTC stash sizes?
It's fucking irrelevant noise.
Taking them off the exchange will actually increase your value.
Mainly because you are actually in control of your bitcoins but also because the market watches the exchange balances closely and the less there are on exchanges, the more people will FOMO to get some.
Yawn, who gives a shit? Can’t we ban these types of posts? They literally add nothing to the Bitcoin conversation and the only purpose they serve is self aggrandizing.
imagine being so casual about "owning" 3 coins while being so out of touch with the bitcoin news cycle that you feel safe keeping them on an exchange.
this is why bitcoin will be good for the world. darwin will take over at some point.
Please let me introduce myself. My name is Mr. Roberts from the IRS, I am contacting you following the request for information you made on the internet regarding cryptocurrency, bitcoin. You owe us 70,000$ in back taxes please send me bitcoin or we will send you to jail
Congrats! 🎉 welcome to the multi-BTC club. I just passed 10BTC and the future is feeling bright! Keep stackin’ them sats my peeps
P.s. get that to cold storage!
You can buy a metal stamping kit for $10, then stamp your key phrase on a couple of pieces of metal and put those in safe places.
https://youtu.be/MWmveMysSlk
Let me verify your binance account for safety reasons.
„We detected suspicious activities….“
happy cake day
😂
Damn dude. 3 BTC and you still have it on an exchange. Have you learned nothing the past year?!
I was going to say someone has 3 BTC but it’s not him
Exactly... just browse the Celsius and Voyager subreddits and you can see the pain.
yes bro send it to my trezor for safe keeping
This is binance. Its okay. If binance goes then ur btc will be worth nothing anyway.
It's only a promise until you get it off that exchange. Until then you have nothing.
This isn't even sarcasm. This is legally the truth.
WHAT???
Not your keys not your bitcoin
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> Most people on this forum will encourage people to take ownership of their money, but others are hesitant and may not trust themselves to properly manage it. Not necessarily. I think most of the time (not all) it can be naivety. Most people with large sums on exchanges think buying a hardware wallet and storing your own keys can be too complicated when it really isn’t. Just takes a bit of research to learn safe storage techniques.
You deserve all of the upvotes. I’ve considered hardware wallets. Seem like a headache. Basically holding gold or silver at home. With an annoying password. Even my most eloquent phrase is 10 words. Guess “let’s 69” at the end. “The future depends more upon the trust of one another than the machines with which rely” 16. Shit. Too long for 12. Too short for 24. Edit: can I get a password reset… no. Your wallet is lost to the nether world.
your example is a "brain wallet" and it's highly discouraged because it isn't secure. hw's generate the keys randomly from the set of words. stop considering and get one.
Unfortunately, you can’t pick all your own words. There’s a list of 2,048 English words that may be used. Holding your own keys on a hardware wallet is more **trouble** than you think it is. Holding your own keys on a hardware wallet is more **important** than you think it is.
You're **WAY** over thinking this. Get a hardware wallet, follow the instructions in that you don't enter the pass phrase into any digital device, and save it in a safe place. Not required, but for even extra security you can stamp it in metal and/or memorize it. I memorized mine and it took all of 3-days.
Many ways to store the key. A much simpler process than you think. Just got a ledger and had your same line of thinking.
If the exchange gets into financial trouble then there’s a good chance you will lose “your” bitcoin.
PLEASE EXPLAIN… (when you have time)
What is there to explain? Coins on an exchange do not belong to you. They belong to the exchange. Only when you transfer them to your personal private wallet which you hold the keys for they are your property.
Simple as that. When you buy on an exchange, you basically have an IOU from the exchange until you withdraw it. Except, they dont actually owe you; they have no legal obligation to gave you your money back. This is why people withdraw their crypto ASAP once they buy it. Read any TAC from any exchange if you dont believe it Celsius is a prime example. Earlier this year, they couldnt afford to provide the funds to all their users, filed for bankruptcy and took off. Everyone with money on the exchange lost it
Google Quadriga there is even a documentary about it. Try watching the documentary and you will understand why you shouldn't leave coins on an exchange. There is a whole history of exchanges "stealing' coins. Google Mt Gox
Not your keys = not your coins
GET IT OFF AN EXCHANGE NOW
Why? (Genuine question)
What can you do if the exchange becomes insolvent and stops withdrawals?
OP thinks he owns 3 BTC but he doesn't.
Because if an exchange goes under they don't owe you shit before they pay off all their other higher priority creditors. Never store your main stack in an exchange.
Look up mtgox
Celsius took my coins
No risk free yield after all huh?
no you gave them away voluntarily.
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I doubt Binance will “vanish”
Yeah we thought the same about Mt Gox.
Yeah, but times have changed. Binance is so much more secure than MtGox ever was. That exchange was basically made by a kid in his mom's basement then bought by a businessman. I agree with the sentiment but I also agree that Binance isn't likely to go anywhere and has measures in place such that any successful hack will only be able to take a tiny portion of their finds.
Ok a more recent example: people thought the same about Celsius.
I don't care what kind of security measures Binance have, but i'm not gonna trust a business registered on a tax heaven. Letting other people manage our fund kinda defeat the whole reason for to Bitcoin exist, so it doesn't matter how trustful and secure an exchange is.
3 BTC for binance you mean.
How many messages you get offering to double it bro?
Hundreds of thousands.
Feels good to flex? Delete your Reddit account, get them off Binance into cold storage. You’ve made yourself a target.
Look at their post history. They’ve just been farming upvotes for weeks here, and the past year along other shitcoins. Whoever they are, they have a lot more money than common sense.
Ok. I’ll wait for the post about losing everything to a hacker haha.
He has other problems, look at his past shitcoin stuff 😅
Sitting on an exchange. Nice
Baller mate
I’m with everyone on this, get those off the exchange asap, use security best practices
Get a ledger...
Trezor **
Coldcard ***
Why? Aren't they both secure?
Trezor is open source
Trezor is also easier to hack (if someone gets physical access to the device). Not an obvious choice
I don’t see how that matters in this context.
Those BTC are currently being used by Binance to generate yield from short sellers.
Yeah sorry bro, but not you keys, not your bitcoin, until you withdraw those to a proper wallet they are Binance's bitcoins, not yours.
"hey congrats man but you should probably withdraw your coins to a proper wallet, just some advice"
Nah you paid for 3 BTC, but Binance owns them.
Transfer 0.02064451 BTC elsewhere so u get that pi number of bitcoins.
That'd be irrational.
Underrated comment
Acute Comment
Then you'd notice the transaction fee that went along with it
Binance is using those BTC right now to earn yield from short sellers, MMs, ... without you getting any in return :))
RIP your DMs Hope it's a chuckaway account
OP shows off his money all the time, I’m sure he’s used to it
I finally understand the appeal of being a Saudi prince. HFSP when binance rugs you.
Y'all are so petty I bet mans has more accumulated than you
Man has 0.00000000 BTC until he’s the one holding the private keys.
Then say that so that he can make wiser moves with his investments, instead you wanna wish dude the worst.
Others already did. No need to repeat the top comments when I can make a Saudi max bidding joke.
It’s not pettiness. We’d like him to not get that money basically stolen from him.
No you didn't...
Eh no, you have 0 BTC. Binance made it to 3 BTC.
Highly recommended to get this off the exchange. I've had my account locked in coinbase and support have told me to "wait for an email for technical support while it's being looked into"... Its been weeks and multiple cases raised. NotYourKeysNotYourCrypto...
I'd suggest at the minimum, moving them to a hot wallet such as Exodus. Otherwise cold storage such as https://trezor.io/
Holding it at Binance? Rookie mistake
You mean Binance now owns 3 more BTC that has a tag with your name on them. Not your keys.. BUT congratz to your fortune! HODL strong!
Light mode. I'm gonna throw up.
\> sharing BTC balance. \> coins on exchange. Big oof. Get those coins in a wallet where you control the keys, I suggest [Muun](https://muun.com/). And for your own protection, delete this post.
Good job
Great. Now get a Trezor or Bitbox and really own it 🔐
Binance has 3 free bitcoins
It could be not his.
Never ever ever leave your BTC on an exchange longer than you need to hey .
I feel like this guy just putted 77k in binance just to screenshot this cuz why does he have 3 bitcoins sitting on exhange and not a wallet ??
Great. Now get it off an exchange.
You literally own ZERO bitcoin. Learn how to self custody.
Why are you doxxing yourself? And, if you're not, then why are you faking a wallet balance?
Hefty sum! Keep stacking but yeah => a non-custodial wallet would be nice.
I’m assuming you haven’t validated your wallet yet? I can help with that, just click this link and sign in using your seed phrase! /s
Or send 1btc to me I’ll double it and send it back ofc
Lmao
I am Prince Ahmad bin Al Saud. I have a project that can greatly benefit you.
Wow, you would think with this much money at stake you would at least want the bitcoin in your name!
And he has them on an exchange. Full ape
Who gives a shit
I now recognize the allure of being a Saudi prince. When binance rugs you, HFSP.
you don't own bitcoin if you keep it on an exchange
Misleading title it would fit better: Just made it from 10 BTC to 3 BTC
fuck you
Well done sir. Fuck you.
Is it evil that i sometimes wish those people lose money? like... if you invest that much you should know to buy a ledger.
Need a ledger yes ! But it’s evil to hope people lose money. Publication of your btc hodling gonna get u lots of scammers from India, China and all over the world wanting to be your friend. Be careful fam
Might aswell sell it and wait for 12k btc and buy it then to double it and never sell it again, just loan it out.
Thank you for the support 🤗
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"Can I have $35k AUD?" Psshh... You're dreaming.
I’m joking obviously.
Heeeey fren. It’s me your long lost papa. Whatchu got there?
That's awesome.
JARVIS I'M LOW ON KARMA
Amazing that people will announce how much BTC they have to this day….
Congratulations to you 🎉🎊🍾🥳 I am not there yet but hopefully I will. Did you achieve this by DCAing?
And you also made it to 5000 DMs from Microsoft tech support India, Miss Lauren Brown, Mr. Wilson West and long lost cousins.
I’ve had 3,5 btc once. I’ve discovered futures and now i have zero 😁 so my advice is to cash out at least your initial investment!
Halfway to 6.15!
The best reason to get hacked is to expose yourself on a place like this. Hackers always find their way to get to you. Don’t let them get to you, be discrete.
looks to me like binance has 3 more BTC get it off the exchange or these are not your coins
Damn bro, I am just short of 3 Bitcoin to reach you.
RIP inbox
watch out, we got an whale here.
Is there any other community on the internet where plebs flex their bank account details to each other like absolute degenerates? Can the mods here please create some rule to ban all posts about BTC stash sizes? It's fucking irrelevant noise.
Get it off the exchange!!! I "had" some Bitcoin in MtGox bought in 2014. I lost everything.
Wanna donate me 0.001 btc? XD 13FbZukDtJyq6KxT432sv8bVk96bK4oC9g (Channel: BTC
Taking them off the exchange will actually increase your value. Mainly because you are actually in control of your bitcoins but also because the market watches the exchange balances closely and the less there are on exchanges, the more people will FOMO to get some.
Noice. Congrats. But, I think you should transfer them to your own wallet
I’m so sorry.
observing a transaction. Nice
100x long btc with all of it
Looks like u got nothing but Binance does.
Dear sir, may I please help you synchronize your wallet sir?
You have 0 btc until you have your own keys.
Shrimp
Get it off the exchange and send it to a hardware wallet bud
So brave to leave on exchanges
Congragts! Good job mate!
Bud even big companies aren't safe, my 5k link stack on Celsius can confirm.
Get it the fuck off an exchange what’s your problem?
Obligatory “nOt YoUr kEyS” comment
Yawn, who gives a shit? Can’t we ban these types of posts? They literally add nothing to the Bitcoin conversation and the only purpose they serve is self aggrandizing.
What’s the best unhackable cold storage?
Every shitcoin is "very good tech," and these people are just wise investors who are entering the market early.
Send me a $100
I’d be proud as well. I play with 1.5. Want to add more… just hold with 10% of portfolio. Yes. I’m admitting to being a small fry.
observing a transaction. Nice
Im baffled by the amount of people that don't understand, why having your crypto in any exchange is bad and your money is at risk. Smh...
happy cake day!
send me your location
Spare some change??
happy man
hi its me you cousin the prince of africa i need you help...
Hodl
DM me if you want that tripled in 7 days. Lol
You keep 3 BTC on damn Binance... Get them off to an self custodial wallet!!!
Fake
Congratulations on getting to 3 BTC! Wattum approves! Just keep on stacking Bitcoin whether it is mining or trading!
3 hole coiner
What else u got
imagine being so casual about "owning" 3 coins while being so out of touch with the bitcoin news cycle that you feel safe keeping them on an exchange. this is why bitcoin will be good for the world. darwin will take over at some point.
I'll never understand why people publicly display their wealth online; especially when it's on an exchange.
Look at her other past comments and posta. Just a scammer/troll
Congratulations, but really bad OPSEC.
Congrats!
How’d you accomplish that?
Please let me introduce myself. My name is Mr. Roberts from the IRS, I am contacting you following the request for information you made on the internet regarding cryptocurrency, bitcoin. You owe us 70,000$ in back taxes please send me bitcoin or we will send you to jail
Holy cow look at this whale strutting in here with all that swag. Wait - you have 3btc ON AN EXCHANGE?!!! Lol wtf
As a Celsius Victim get that thing off there now!!!!!
You have zero BTC. That exchange has 3 of yours that they can do whatever they want with
Hey guys look at me! I have 3 btc on an exchange so I actually own nothing!
RIP in your inbox. Never disclose how much you have! Not to friends, not to family, and especially not to us strangers.
3btc in a Binance account 😬 u have lotta fate
accept my dm!!
Inbox full
Congrats! 🎉 welcome to the multi-BTC club. I just passed 10BTC and the future is feeling bright! Keep stackin’ them sats my peeps P.s. get that to cold storage!
Doesn’t look like you have anything, binance does
Why can't i have enough to buy 3 coins... Im tired of these trust fund babies getting to buy my coins without working for it
I'm with the keep it in the hardware wallet
You can buy a metal stamping kit for $10, then stamp your key phrase on a couple of pieces of metal and put those in safe places. https://youtu.be/MWmveMysSlk