Over and over i see people repeating the mantra “not your keys not your coins.” “NEVER store crypto ok an exchange.” Yea storing your coins on exchanges runs contrary to the idea of crypto as decentralized currency and being your own bank. And not your keys = not your coins, sure true. But if you’re in this space to invest there isn’t really a good reason to not store your coins on reputable exchanges.This isn’t 2013, coinbase isn’t mt gox. These are large, some soon to be public corporations. I’d argue that the chances you lose or forget your seed are higher than the chances that Gemini or CB suffer a massive hack and can’t/won’t make customers whole.That said, I’m a big fan of spreading out your crypto to be on the safe side. A couple paper wallets, a couple exchanges, maybe some cold storage for some coins. That way if you forget your seed or an exchange does get hacked (it won’t), you don’t lose everything.
Submitted January 13, 2021 at 12:23AM
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