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Do you still have any of your coins on exchanges? If so, why?

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by COINS NEWS 139 Views

I have basically either sold off or moved the coins I had on exchanges and have only left 'dust' or 'investments' I'm looking to get out of in the short term (if possible lol).

I understand that some people might have coins locked up in staking but other than that, surely it's only laziness or continued faith in your respective exchange that would lead people to keep the bulk of their crypto investment on an exchange? Up until the most recent 'disasterpiece', my mentality was my main exchange was 'too big to fail' - essentially, i thought if it went down, the crypto market would capitulate entirely. Which is silly really, because huge exchanges have fallen in the past and many of the top coins have prevailed: people aren't just going to abandon BTC or ETH at this stage are they? It seems very unlikely anyway. It's a lot harder to drag down something decentralised that has been around for such a long while is what I mean.

When I first started I was scared to move crypto at all, and I did lose some to the ether by sending to the wrong address or network: maybe that's it? Fear of making a mistake?

I'm typically reluctant to give advice, but I would at least try to ensure that the existence of your coins/ portfolio isn't dependent on the success of the exchange you use.

submitted by /u/phremesthris
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