10 sats \ 0 replies \ @allark 1 Aug 2022
This is the way :)
Bitcoin on exchanges and "Custodians" is basically an IOU note saying "We pink swear you will get you bitcoin when you ask for it......until we steal it and delcare bankruptcy lol noob"
So, Not Your Keys, Not Your Coin.
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0 sats \ 2 replies \ @patrick 1 Aug 2022
Can you elaborate?
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0 sats \ 1 reply \ @ken OP 1 Aug 2022 freebie
When you buy Bitcoin on an exchange, you can't be sure that the Bitcoin is actually bought until you withdraw to an address you hold the private key for.
The exchange could be selling Bitcoin that they don't actually have. Luckily, Bitcoin gives you the ability to be the custodian of your own wealth!
I recommend a Trezor.