monjizanganeh on Nostr: ▪️ What's the deal with wallets? Can't I just leave it in the exchange? Why do I ...
▪️ What's the deal with wallets? Can't I just leave it in the exchange? Why do I have to pay a fee every time?
🔹 Keeping Bitcoin on an exchange is not safe at all. Even if you have an account with the most reputable exchange in the world.
In fact, until your Bitcoin is in your wallet, you don't truly own it.
One of Bitcoin's greatest achievements for humanity is that, perhaps for the first time in history, you can fully and completely own an asset without needing anyone's help to store it.
Keeping Bitcoin on an exchange is not like keeping money in a bank (which, by the way, isn't safe either) where you can feel at ease about its security.
Exchanges have been repeatedly targeted by hackers, and there's also a high risk of fraud and bankruptcy.
Transaction fees are part of this story, and you need to accept them as a reality.
An exchange might even offer you interest to encourage you not to transfer your Bitcoin. But don't be tempted. Your goal is long-term Bitcoin storage, and for this purpose, an exchange is not a safe option.
Until your satoshis are transferred to your wallet, you're no different from someone who doesn't own any Bitcoin.
#QA #Bitcoin #btc #nostr
Published at
2025-03-17 19:56:25Event JSON
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