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< p > < a href = "../" > sf.cu< / a > > < a style = "color:#bd93f9" href = "../blog/" > Blog< / a > > < a style = "color:#bd93f9" href = "." > < svg class = "posts" xmlns = "http://www.w3.org/2000/svg" width = "16" height = "16" viewBox = "0 0 24 24" > < path fill = "currentColor" d = "M14.24 10.56c-.31 1.24-2.24.61-2.84.44l.55-2.18c.62.18 2.61.44 2.29 1.74m-3.11 1.56l-.6 2.41c.74.19 3.03.92 3.37-.44c.36-1.42-2.03-1.79-2.77-1.97m10.57 2.3c-1.34 5.36-6.76 8.62-12.12 7.28C4.22 20.36.963 14.94 2.3 9.58A9.996 9.996 0 0 1 14.42 2.3c5.35 1.34 8.61 6.76 7.28 12.12m-7.49-6.37l.45-1.8l-1.1-.25l-.44 1.73c-.29-.07-.58-.14-.88-.2l.44-1.77l-1.09-.26l-.45 1.79c-.24-.06-.48-.11-.7-.17l-1.51-.38l-.3 1.17s.82.19.8.2c.45.11.53.39.51.64l-1.23 4.93c-.05.14-.21.32-.5.27c.01.01-.8-.2-.8-.2L6.87 15l1.42.36c.27.07.53.14.79.2l-.46 1.82l1.1.28l.45-1.81c.3.08.59.15.87.23l-.45 1.79l1.1.28l.46-1.82c1.85.35 3.27.21 3.85-1.48c.5-1.35 0-2.15-1-2.66c.72-.19 1.26-.64 1.41-1.62c.2-1.33-.82-2.04-2.2-2.52Z" / > < / svg > Keep Crypto Off Exchanges< / a > < / p >
< h1 > < svg class = "titles" xmlns = "http://www.w3.org/2000/svg" width = "40" height = "40" viewBox = "0 0 24 24" > < path fill = "currentColor" d = "M14.24 10.56c-.31 1.24-2.24.61-2.84.44l.55-2.18c.62.18 2.61.44 2.29 1.74m-3.11 1.56l-.6 2.41c.74.19 3.03.92 3.37-.44c.36-1.42-2.03-1.79-2.77-1.97m10.57 2.3c-1.34 5.36-6.76 8.62-12.12 7.28C4.22 20.36.963 14.94 2.3 9.58A9.996 9.996 0 0 1 14.42 2.3c5.35 1.34 8.61 6.76 7.28 12.12m-7.49-6.37l.45-1.8l-1.1-.25l-.44 1.73c-.29-.07-.58-.14-.88-.2l.44-1.77l-1.09-.26l-.45 1.79c-.24-.06-.48-.11-.7-.17l-1.51-.38l-.3 1.17s.82.19.8.2c.45.11.53.39.51.64l-1.23 4.93c-.05.14-.21.32-.5.27c.01.01-.8-.2-.8-.2L6.87 15l1.42.36c.27.07.53.14.79.2l-.46 1.82l1.1.28l.45-1.81c.3.08.59.15.87.23l-.45 1.79l1.1.28l.46-1.82c1.85.35 3.27.21 3.85-1.48c.5-1.35 0-2.15-1-2.66c.72-.19 1.26-.64 1.41-1.62c.2-1.33-.82-2.04-2.2-2.52Z" / > < / svg > Keep Crypto Off Exchanges< / h1 >
< p style = "font-size:110%" > < strong > < svg class = "postinfo" xmlns = "http://www.w3.org/2000/svg" width = "24" height = "24" viewBox = "0 0 24 24" > < path fill = "currentColor" d = "M19 19H5V8h14m-3-7v2H8V1H6v2H5c-1.11 0-2 .89-2 2v14a2 2 0 0 0 2 2h14a2 2 0 0 0 2-2V5a2 2 0 0 0-2-2h-1V1m-1 11h-5v5h5v-5Z" / > < / svg > 14 March 2023< / strong > < / p >
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< p > < p style = "font-size:110%" > < svg class = "postinfo" xmlns = "http://www.w3.org/2000/svg" width = "24" height = "24" viewBox = "0 0 24 24" > < g fill = "none" stroke-linecap = "round" stroke-linejoin = "round" stroke-width = "2" > < path d = "M0 0h24v24H0z" / > < path fill = "currentColor" d = "M10 3H4a1 1 0 0 0-1 1v6a1 1 0 0 0 1 1h6a1 1 0 0 0 1-1V4a1 1 0 0 0-1-1zm10 0h-6a1 1 0 0 0-1 1v6a1 1 0 0 0 1 1h6a1 1 0 0 0 1-1V4a1 1 0 0 0-1-1zM10 13H4a1 1 0 0 0-1 1v6a1 1 0 0 0 1 1h6a1 1 0 0 0 1-1v-6a1 1 0 0 0-1-1zm7 0a4 4 0 1 1-3.995 4.2L13 17l.005-.2A4 4 0 0 1 17 13z" / > < / g > < / svg > < / strong > < a style = "color:#ff79c6" href = "../blog/software/" > < svg class = "posts" xmlns = "http://www.w3.org/2000/svg" width = "16" height = "16" viewBox = "0 0 24 24" > < path fill = "currentColor" d = "M14 18.32A7.06 7.06 0 0 1 11.28 16H3V4h18v2.26a7.08 7.08 0 0 1 2 2.15V4a2 2 0 0 0-2-2H3a2 2 0 0 0-2 2v12a2 2 0 0 0 2 2h7v2H8v2h8v-2h-2Z" / > < path fill = "currentColor" d = "M17 6a6 6 0 1 0 6 6a6 6 0 0 0-6-6Zm0 7.5a1.5 1.5 0 1 1 1.5-1.5a1.5 1.5 0 0 1-1.5 1.5Z" / > < / svg > Software< / a > & & < a style = "color:#ff79c6" href = "../blog/technology/" > < svg class = "posts" xmlns = "http://www.w3.org/2000/svg" width = "16" height = "16" viewBox = "0 0 24 24" > < path fill = "currentColor" d = "m23 12l-7.071 7.07l-1.414-1.413L20.172 12l-5.657-5.657l1.414-1.414L23 11.999ZM3.828 12l5.657 5.657l-1.414 1.414L1 12l7.071-7.071l1.414 1.414L3.828 12Z" / > < / svg > Technology< / a > < /p/>
< p > 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.< / p >
< h2 > < svg class = "heading2" xmlns = "http://www.w3.org/2000/svg" width = "32" height = "32" viewBox = "0 0 16 16" > < path fill = "currentColor" d = "M0 4a2 2 0 0 1 2-2h12a2 2 0 0 1 2 2v1H0V4zm0 3v5a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7H0zm3 2h1a1 1 0 0 1 1 1v1a1 1 0 0 1-1 1H3a1 1 0 0 1-1-1v-1a1 1 0 0 1 1-1z" / > < / svg > Lack of Ownership< / h2 >
< p > 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, < a href = "https://www.investopedia.com/terms/m/mt-gox.asp" > if they shut down, you will lose your crypto.< / a > 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.< / p >
< h2 > < svg class = "heading2" xmlns = "http://www.w3.org/2000/svg" viewBox = "0 0 512 512" > < path fill = "currentColor" d = "m504.971 199.362l-22.627-22.627c-9.373-9.373-24.569-9.373-33.941 0l-5.657 5.657L329.608 69.255l5.657-5.657c9.373-9.373 9.373-24.569 0-33.941L312.638 7.029c-9.373-9.373-24.569-9.373-33.941 0L154.246 131.48c-9.373 9.373-9.373 24.569 0 33.941l22.627 22.627c9.373 9.373 24.569 9.373 33.941 0l5.657-5.657l39.598 39.598l-81.04 81.04l-5.657-5.657c-12.497-12.497-32.758-12.497-45.255 0L9.373 412.118c-12.497 12.497-12.497 32.758 0 45.255l45.255 45.255c12.497 12.497 32.758 12.497 45.255 0l114.745-114.745c12.497-12.497 12.497-32.758 0-45.255l-5.657-5.657l81.04-81.04l39.598 39.598l-5.657 5.657c-9.373 9.373-9.373 24.569 0 33.941l22.627 22.627c9.373 9.373 24.569 9.373 33.941 0l124.451-124.451c9.372-9.372 9.372-24.568 0-33.941z" / > < / svg > No Regulation< / h2 >
< p > Currently, the whole crypto exchange industry has a severe lack of regulation. The fact that exchanges have your private keys means that < strong > they can freeze your account which would cut off your access to your own crypto.< / strong > Governments can request such freezes. This may seem improbable but < a href = "https://www.ccn.com/south-koreas-biggest-cryptocurrency-exchange-investigated-by-local-police-market-drops/" > it happened in South Korea.< / a > < / p >
< h2 > < svg class = "heading2" xmlns = "http://www.w3.org/2000/svg" viewBox = "0 0 24 24" > < path fill = "currentColor" d = "M12 1L3 5v6c0 5.55 3.84 10.74 9 12c5.16-1.26 9-6.45 9-12V5l-9-4zm0 10.99h7c-.53 4.12-3.28 7.79-7 8.94V12H5V6.3l7-3.11v8.8z" / > < / svg > Hacking< / h2 >
< p > 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'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.< / p >
< h2 > < svg class = "heading2" xmlns = "http://www.w3.org/2000/svg" viewBox = "0 0 256 256" > < path fill = "currentColor" d = "M216 32v160a8 8 0 0 1-8 8H72a16 16 0 0 0-16 16h136a8 8 0 0 1 0 16H48a8 8 0 0 1-8-8V56a32 32 0 0 1 32-32h136a8 8 0 0 1 8 8Z" / > < / svg > Conclusion< / h2 >
< p > 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.< / p >
< p > < a href = "mailto:sufyaan@counterhawks.com?subject=Keep%20Crypto%20Off%20Exchanges" > >>> Reply To Me< / a > < / p >
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