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The Most Important Thing to Remember in Crypto.. by johnwege

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hive-167922 · @johnwege ·
$5.40
The Most Important Thing to Remember in Crypto..
![Screen Shot 20201016 at 2.36.17 PM.png](https://i.imgur.com/QL0PV6h.png)

If there is one thing that you need to remember when entering the crypto markets, it is definitely this one fact. Not your keys, not your coins. This applies for bitcoin, ethereum and all other cryptocurrencies out there. The recent freezing of withdrawals on the exchange OKEx. amplified this belief even further.  

![Screen Shot 20201016 at 2.14.47 PM.png](https://i.imgur.com/kORbsUc.png)

While this may be a temporary freeze on funds, this furthers the lowered confidence in exchanges as of recently.  Just a month ago South Korea's largest exchange, Bithumb, was under investigation by the police.  Then just a week ago Bitmex had a similar situation.  And now we are having the same problems with OKEx.  

If you start to think critically about similarities with these situations, they have all done major business in future derivatives, and perhaps the government is clamping down on them because of this fact.  But this is pure speculation on my part.  Then you can look even more into the history of cryptocurrency exchanges and look at the situations that happened at Mt. Gox, Coincheck and others.

When entering the crypto markets it is very important to understand that you are entering a market that is volatile and naturally high-risk.  When you keep your funds on a centralized exchanged you are just compounding this risk even more.   The approach that I take with my crypto funds is to only keep funds on an exchange for when I have a purpose for it to be there.  Maybe I am staking a coin with a certain exchange, or I'm wanting to convert it to a different coin, or perhaps I'm preparing to sell out of a position. 

This warning not only applies to funds on centralized exchanges, but also funds being lent out to DeFi or lending services like BlockFi or Celsius.  There is a reason you are receiving high interest rates.  You are being rewarding by taking on risk by lending out your coins.

Now how can you protect yourself?

![key2.jpg](https://i.imgur.com/hqZiLnz.jpg)

It's really easy to do.  
My preferred option is to store my cryptocurrency amongst a few different Ledgers.  I've had nothing but good experience with it, so I highly recommend it.  Just be sure to store your key words in a very safe, and secure place.

For me, staking my coins on an exchange, or lending out to services like Celsius or BlockFi can be too good to resist.  And so this is my personal philosophy when using these services.  Never lend out more than you are willing to lose.  I have somewhat accepted the fact that all the coins I place on these services could vanish one day.  But for me, the current return on value is worth it.  But never put everything you have onto these places.

Be safe out there!

So what is your approach with storing your coins!? Do you keep funds on exchanges? Do you lend out to services like BlockFi or Celsius? And how has your experience with using a Ledger gone?

As always, thank you for reading!

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@acesontop · 
I agree with you that one should only hold crypto on exchanges solely for the purpose of exchanging it and than withdraw it... That's how I do it in most of the cases. Most of my portfolio is on a software wallet, and I only hold some crypto that my wallet doesn't support on Binance. Otherwise I'm totally against holding crypto on exchanges. It was expected though for institutions to stick their noses in the crypto industry after all. You can't avoid  that and in the years to come I believe that more and more will be in the situation of OKEX. Governments won't let us get away with non taxable money. That's clear for me.   

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@anggreklestari · 
I just keep my HIVE and ETH on Bittrex then I agree with you. Higher risk on exchange than hardware wallet. 

Thanks for sharing
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@bagofincome · 
This is always relevant and important to remind as new people are joining crypto much faster than ever. Not your keys, not your crypto! I have my HIVE keys and I feel wonderful!



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@behiver · 
This is another lesson that is given to us and somehow we keep not learning it. Also myself I am holding some crypto assets on exchanges thinking that I will trade them, but it passed half an year from that moment. Probably I need to move them on my personal wallet back to have those safer and just trade them when I decide to.

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@curatorcat.leo · 
I just don't keep any of my coins on exchanges, *unless* it's for a very short window to trade them. There are just too many stories of people losing everything because some exchange (&%$@><*! went down.

=^..^=

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@hivebuzz · 
Congratulations @johnwege! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://images.hive.blog/60x70/http://hivebuzz.me/@johnwege/posts.png?202010160558"></td><td>You published more than 40 posts. Your next target is to reach 50 posts.</td></tr>
</table>

<sub>_You can view your badges on [your board](https://hivebuzz.me/@johnwege) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>
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@onealfa.leo · (edited)
As a spectator of most crypto-dramas on exchanges (starting with famous Mt.Gox), I can not overestimate the importance of your post, your recommendations. And can not express well enough how I like this post. At least what I can do is upvote it with my full stake. 
Well done, sir !
Hopefully few more people will **move away from CEX's today**.

<center>
P.S.
Just noticed another post saying, that 10.6% of all Bitcoins are laying today on exchanges.

### HOW INSANE THIS IS !!!</center>
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@acesontop · 
>10.6% of all Bitcoins are laying today on exchanges.

It makes sense considering how tradeable BTC is, but I wouldn't hold mine, if I had any, on exchanges. I hold some crypto(AVA) on Binance that my wallet doesn't support it, but other than that... no. Especially BTC, I wouldn't hold on exchanges. 

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@article.colector · 
thanks for visiting at my post
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@vincentnijman · 
> P.S.
Just noticed another post saying, that 10.6% of all Bitcoins are laying today on exchanges.

That makes it worth being a hacker I guess ;<)

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@vincentnijman · 
> The approach that I take with my crypto funds is to only keep funds on an exchange for when I have a purpose for it to be there.

Same here. 

I am also all about diversification, not betting on one horse. 

These days I'mn working on getting a bunch of sources of passive income, aside from crypto.

Another thing I keep telling myself is that I could lose it all. Not likely, as my crypto is so spread out, but just to not go crazy / break down when shit hits the fan. 

This is an approach I take with many things, like my house and even life itself. 

Have a nice day!

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