Good stuff! That was easy to follow. Hope this reaches newbies thinking about getting a wallet.
There is no such thing as moving coins TO your wallet.
This was the first thing I learned when I bought my Ledger Nano back then. 😊
!PIZZA
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Thanks buddy. I believe that some of the terminology we use is one of the main reasons why people newer to this space are afraid of taking their assets into "self-custody" as it's called. There is much misconception on how blockchains work.
Like mentioned once you understand that everything only exists on the respective blockchain something like key management all of a sudden makes a lot more sense and it is really less scary than many make it sound.
Andreas Antonopoulos created a lot of great content on this topic. I can only recommend to anyone to watch his older videos on YT. I've learned a lot from Andreas in my early days in this space. Managing my own keys was one of those things.
Yeah, it's strange to come across people saying they keep their assets "offline" when actually their assets are never offline. It's all about the keys.
Thanks for the tip, I might check out this guy.
I found this video. I think it's a reupload of the one I watched like 10 years ago. Thanks to Andreas I've survived Mt.Gox, Mintpal, Cryptsy, Paybase, Cryptopia and yeah, now FTX.
Thanks!
You've been in crypto for quite a time? I haven't had problems with CEXs but then again I've never held on those much(just enough to trade). I took quite a hit with Terra Luna crash though. Didn't see that coming, too much hype and too little research. Well, live and learn..
Sorry to hear about Luna. Personally I only keep what I need to trade on one exchange and some play money for their debit card. See, most coins are very cheap to deposit or withdraw as long they're not locked into LP or staking. So I never saw the reason to keep large amounts on any exchange.
Back then the only pairs were pretty much ALT/BTC anyway so I'd deposit to trade and withdraw by the end of the day anything not tied into an overnight trade. There was also no leverage and trading was a very different game back then. Anyway, I still move coins into their wallets today. LTC, MATIC, BNB and others are so cheap to move even today.
Me too even today, every day. Very fast moving space ;)
I hear you. I prefer LTC to transfer between exchanges, supported on most, on Hive second layer as well, and it's pretty cheap to transfer. BCH is another one.
And Luna... yeah, I'm over it now but I would guess a lot of pretty reasonable people lost with that one.
I like you. I also use LTC to move funds around and I also hold and stack LTC. It's my #2 coin after BTC. Always has been and LTC has been always good to me. Just like orange coin :)
Probably one of the biggest misconceptions newcomers have when being first exposed to this space. Also one of the first things I try to explain whenever someone asks me about Bitcoin.
Seeing Bitcoin as a commodity is another one of those misconceptions (imo). It has this touch of "investment fear" to it when viewed from that perspective. When I talk to people about Bitcoin I try to talk about it as an actual currency. A "foreign" currency but yet, just a currency. Thus "it's just money". I tell people when they buy their first sats they are basically engaging in a foreign exchange, one for another, just like you swap when you travel abroad.
How someone sees Bitcoin makes a big difference imo and you can take away a lot of fear and reservations if you talk to people about it in that way.
That is an interesting point of view. I still compare BTC to stocks because of its high volatility. Of course, currencies have that too but it's not "visible" if you know what I mean.
That's a good point! Btw, do you blog about crypto in general? Would like to read more of your thoughts!