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208 lines
7.5 KiB
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208 lines
7.5 KiB
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sufyaan.me/crypto
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pdftitle={(POST) Keep Crypto Off Exchanges},
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\title{Sufyaan's Website}
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\author{Sufyaan's Website}
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\date{}
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\begin{document}
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\maketitle
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\section[Keep Crypto Off Exchanges]{Keep Crypto Off Exchanges}\label{why-i-use-terminal-apps}
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\textbf{14 March 2023}
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\textbf{Category: }Software \& Technology
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In this article, we will discover why it is horrible to keep
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cryptocurrency on exchanges. If you do not have time to read this
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article, please stop keeping your cryptocurrencies on exchanges. If you
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do, your crypto may get stolen or lost. If you are interested in the
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details, please keep reading.
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\hypertarget{lack-of-ownership}{%
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\subsection[Lack of Ownership]{Lack of
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Ownership}\label{lack-of-ownership}}
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When you keep cryptocurrencies on exchanges like Coinbase, they have
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your private keys. Anyone who has your private keys can manage your
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wallet as if it is their own. They can send, receive and do whatever
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they want with your wallet. Even if the exchange you are trading on is
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trusted, \href{https://www.investopedia.com/terms/m/mt-gox.asp}{if they
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shut down, you will lose your crypto.} This happened a few times before
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and thousands of people lost all of their crypto. This is why exchanges
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should be used for what they are good at; purchasing crypto. Keep
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exchanges only for one purpose.
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\hypertarget{no-regulation}{%
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\subsection[No Regulation]{No Regulation}\label{no-regulation}}
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Currently, the whole crypto exchange industry has a severe lack of
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regulation. The fact that exchanges have your private keys means that
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\textbf{they can freeze your account which would cut off your access to
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your own crypto.} Governments can request such freezes. This may seem
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improbable but
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\href{https://www.ccn.com/south-koreas-biggest-cryptocurrency-exchange-investigated-by-local-police-market-drops/}{it
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happened in South Korea.}
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\hypertarget{hacking}{%
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\subsection[Hacking]{Hacking}\label{hacking}}
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Even if the exchange you are trading on is secure, they may store your
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private keys in plaintext. This happens much more than people think. If
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this happens, hackers can easily take control of
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people\textquotesingle s wallets and send all the crypto to themselves.
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If a hack like this happens through Bitcoin, it can at least be tracked.
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However, many hackers convert their crypto to Monero which cannot be
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tracked. If this happens, you will never get your money back unless the
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hacker decides to return the money.
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\hypertarget{conclusion}{%
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\subsection[Conclusion]{Conclusion}\label{conclusion}}
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To sum it up, you should never store your crypto on exchanges because
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you do not own your own crypto. There is little regulation and your
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account or the exchange can also be hacked. All of these pose serious
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risks to your crypto. Just get a wallet like Electrum or Monero and
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start using it.
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\end{document}
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