Don’t be persuaded by exchanges offering interest rates or touting security. There is no such thing as a free lunch, someone somewhere is paying for it. If you’re earning interest on your balance then chances are your balance is completely fake, the majority of your actual coins have been lent out to some third party or sold for interest baring assets.
This normally works fine in a growing/stable environment as exchanges can cover a certain amount of withdrawals with new funds coming in and their cushion of reserved assets. However in a period like this, when withdraws extend above and beyond the amount of bitcoin the exchanges have in reserve, your assets will be frozen, there’s a possibility your exchange can collapse, and you’re essentially out of luck.
Sound familiar? Well that’s because banks have been doing it since their inception! This is why the banking industry is so regulated and why some of the worlds worst financial crises have been created by banks.
The reason Bitcoin exists and why it’s a marvelous invention is because, for the first time in history, it provides individuals with the right of self custody, impenetrable security, and ease of access for their wealth.
Trust in bitcoin, don’t trust in anything else. Buy a hardware wallet (ledger/trezor/etc.) and transfer your coins immediately.
As long as your passphrase is safe and miners are mining you can be confident that your coins are safe. Regardless of any governmental regulations/economic factors/ poor business practices/etc. you’ll always have access to your coins.
Not your keys not your bitcoin.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
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