sufyaan-website/crypto/crypto.tex

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\title{Sufyaan's Website}
\author{Sufyaan's Website}
\date{}

\begin{document}
\maketitle


\section[Keep Crypto Off Exchanges]{Keep Crypto Off Exchanges}\label{why-i-use-terminal-apps}

\textbf{14 March 2023}


\textbf{Category: }Software \& Technology


In this article, we will discover why it is horrible to keep
cryptocurrency on exchanges. If you do not have time to read this
article, please stop keeping your cryptocurrencies on exchanges. If you
do, your crypto may get stolen or lost. If you are interested in the
details, please keep reading.

\hypertarget{lack-of-ownership}{%
\subsection[Lack of Ownership]{Lack of
Ownership}\label{lack-of-ownership}}

When you keep cryptocurrencies on exchanges like Coinbase, they have
your private keys. Anyone who has your private keys can manage your
wallet as if it is their own. They can send, receive and do whatever
they want with your wallet. Even if the exchange you are trading on is
trusted, \href{https://www.investopedia.com/terms/m/mt-gox.asp}{if they
shut down, you will lose your crypto.} This happened a few times before
and thousands of people lost all of their crypto. This is why exchanges
should be used for what they are good at; purchasing crypto. Keep
exchanges only for one purpose.

\hypertarget{no-regulation}{%
\subsection[No Regulation]{No Regulation}\label{no-regulation}}

Currently, the whole crypto exchange industry has a severe lack of
regulation. The fact that exchanges have your private keys means that
\textbf{they can freeze your account which would cut off your access to
your own crypto.} Governments can request such freezes. This may seem
improbable but
\href{https://www.ccn.com/south-koreas-biggest-cryptocurrency-exchange-investigated-by-local-police-market-drops/}{it
happened in South Korea.}

\hypertarget{hacking}{%
\subsection[Hacking]{Hacking}\label{hacking}}

Even if the exchange you are trading on is secure, they may store your
private keys in plaintext. This happens much more than people think. If
this happens, hackers can easily take control of
people\textquotesingle s wallets and send all the crypto to themselves.
If a hack like this happens through Bitcoin, it can at least be tracked.
However, many hackers convert their crypto to Monero which cannot be
tracked. If this happens, you will never get your money back unless the
hacker decides to return the money.

\hypertarget{conclusion}{%
\subsection[Conclusion]{Conclusion}\label{conclusion}}

To sum it up, you should never store your crypto on exchanges because
you do not own your own crypto. There is little regulation and your
account or the exchange can also be hacked. All of these pose serious
risks to your crypto. Just get a wallet like Electrum or Monero and
start using it.
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