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Well this is one of the first rule I learn when I started to know about cryptocurrency and there is this saying that not your seed phrase not your wallet. You aren’t in full ownership if you leave your coin on any exchange.
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Well this is one of the first rule I learn when I started to know about cryptocurrency and there is this saying that not your seed phrase not your wallet. You aren’t in full ownership if you leave your coin on any exchange.
I am glad you knew about it very early, so many people were unlucky, and they only found out about it when they had already lost their funds to a collapsed or hacked exchange. People wrongly think that a crypto exchange works like a bank, but it does not, exchange is for trading and non custodial wallet should be your bank.
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Detroit;5859 wrote:What are the ways people can learn how to be thier own bank?.
It is very easy to learn how to be your own bank, that is if the person truly understands the responsibilities in it, because even when you are your own bank you can still lose your money if you do not know how to protect it well. Being your own bank means you must use a non custodial wallet to hold your funds, and whenever you trade on an exchange, you move it asap to your non custodial wallet. One is their own bank if they have keys to their funds.
Yes, a non-custodial wallet which is a wallet that allows you to own and control the private keys to your cryptocurrency is the only way to be your own bank and what you need to secure your wallet is to avoid the human error that will expose the wallet to danger like using public internet/computer, using cheap/free app, etc.
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Well this is one of the first rule I learn when I started to know about cryptocurrency and there is this saying that not your seed phrase not your wallet. You aren’t in full ownership if you leave your coin on any exchange.
Good to know you learned this important part of cryptocurrency on time. It is really an advantage for you. Not so many get that opportunity to understand this simple principle.
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<p>Well this is one of the first rule I learn when I started to know about cryptocurrency and there is this saying that not your seed phrase not your wallet. You aren’t in full ownership if you leave your coin on any exchange.</p>
where should you store them then?
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what you need to secure your wallet is to avoid the human error that will expose the wallet to danger like using public internet/computer, using cheap/free app, etc.
Exactly, i would also add to that, exposing your seed phrase even if you use a non custodial wallet would steal mean your funds would be stolen, telling everyone you have crypto is also dangerous because you can be attacked and asked to transfer all your bitcoins to the assailant, it is good to keep a very low profile.
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oba;6075 wrote:what you need to secure your wallet is to avoid the human error that will expose the wallet to danger like using public internet/computer, using cheap/free app, etc.
Exactly, i would also add to that, exposing your seed phrase even if you use a non custodial wallet would steal mean your funds would be stolen, telling everyone you have crypto is also dangerous because you can be attacked and asked to transfer all your bitcoins to the assailant, it is good to keep a very low profile.
That's where the problem comes in. A very high percentage if cryptocurrency users are very loud.d They keep broadcasting and bragging about how much they own in cryptocurrency or in their wallet which is very dangerous
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where should you store them then?
In a non custodian wallet, that way you have full ownership of your wallet without the interference of a third party.
Exchanges come with many risk such as loss, hacks and risk of your private information getting stolen and used for malicious activities.
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That's where the problem comes in. A very high percentage if cryptocurrency users are very loud.d They keep broadcasting and bragging about how much they own in cryptocurrency or in their wallet which is very dangerous
If someone is proud and brags about the crypto they have, then sooner or later they are going to lose it, because an attacker can specifically attack you online and an assailant can also physically attack you, if you have crypto, then keep your mouth shut and move about like you have nothing, you can even claim to be the poorest person in your street, you won’t be respected, but you will be safe and rich.
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Detroit;6237 wrote:That's where the problem comes in. A very high percentage if cryptocurrency users are very loud.d They keep broadcasting and bragging about how much they own in cryptocurrency or in their wallet which is very dangerous
If someone is proud and brags about the crypto they have, then sooner or later they are going to lose it, because an attacker can specifically attack you online and an assailant can also physically attack you, if you have crypto, then keep your mouth shut and move about like you have nothing, you can even claim to be the poorest person in your street, you won’t be respected, but you will be safe and rich.
I agree with you there. But you don't have to act broke to keep yourself safe and your money. I guess just simply living your life without discussing how much you own in your cryptocurrency wallet will keep you safe.
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I agree with you there. But you don't have to act broke to keep yourself safe and your money. I guess just simply living your life without discussing how much you own in your cryptocurrency wallet will keep you safe.
True, you do not need to act broke to not attract attention to yourself, you just need to go about your business without any comments on your worth. Regardless of how you act people would not be able to estimate your net worth, but once you start making comments on owning bitcoins and having investments people start to attach you with wealth and you become a target.
A $5 wrench attack can undo any security you have protecting your wallet.
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Camavinga;6326 wrote:Detroit;6237 wrote:That's where the problem comes in. A very high percentage if cryptocurrency users are very loud.d They keep broadcasting and bragging about how much they own in cryptocurrency or in their wallet which is very dangerous
If someone is proud and brags about the crypto they have, then sooner or later they are going to lose it, because an attacker can specifically attack you online and an assailant can also physically attack you, if you have crypto, then keep your mouth shut and move about like you have nothing, you can even claim to be the poorest person in your street, you won’t be respected, but you will be safe and rich.
I agree with you there. But you don't have to act broke to keep yourself safe and your money. I guess just simply living your life without discussing how much you own in your cryptocurrency wallet will keep you safe.
Well you are right but not completely right, yes you don't have to act broke also you shouldn't act super rich and flaunt your wealth especially on social media, you automatically become a center of attraction for even scammers.
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I agree with you there. But you don't have to act broke to keep yourself safe and your money. I guess just simply living your life without discussing how much you own in your cryptocurrency wallet will keep you safe.
I know about that, and my point was never for a person to act broke to themselves and their families, no, you have to take care of your loved ones, friends, family and be kind to strangers. But there is nothing wrong in acting broke in the eyes of the general public, and the way to do so is to keep mute always about how much you own, even if you are on a table and people are discussing their wealth, do not be tempted to blow your trumpet.
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...even if you are on a table and people are discussing their wealth, do not be tempted to blow your trumpet.
I think the reason for the confusion is that other readers are associating acting broke to not living in a nice house or not putting on nice clothes so you give up the perception that you do not have any money at all.
In actuality, it is just an advice to keep your financial activities private. No one that does not need to know needs to be aware of how much you earn or what assets you are invested into.
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Detroit;6359 wrote:I agree with you there. But you don't have to act broke to keep yourself safe and your money. I guess just simply living your life without discussing how much you own in your cryptocurrency wallet will keep you safe.
I know about that, and my point was never for a person to act broke to themselves and their families, no, you have to take care of your loved ones, friends, family and be kind to strangers. But there is nothing wrong in acting broke in the eyes of the general public, and the way to do so is to keep mute always about how much you own, even if you are on a table and people are discussing their wealth, do not be tempted to blow your trumpet.
Well, I still maintain living a moderate life and talking less about how much you own in your wallet will definitely keep you and your money safe.
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Well, I still maintain living a moderate life and talking less about how much you own in your wallet will definitely keep you and your money safe.
Exactly my point, nobody actually needs to know how much one earns, it is stupid for someone to go everywhere blowing their trumpet, you could get killed and your money stolen, especially if you live in a country that is very insecure. Family is the most important, just take care of yourself and family and hold your crypto in silence.
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Detroit;6521 wrote:Well, I still maintain living a moderate life and talking less about how much you own in your wallet will definitely keep you and your money safe.
Exactly my point, nobody actually needs to know how much one earns, it is stupid for someone to go everywhere blowing their trumpet, you could get killed and your money stolen, especially if you live in a country that is very insecure. Family is the most important, just take care of yourself and family and hold your crypto in silence.
You did a great job explaining these stuff bit by bit. Not evryone can do this. Thank you. You honestly said they it is. They can get them selves killed if they continue to brag about their wealth.
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Detroit;6521 wrote:Well, I still maintain living a moderate life and talking less about how much you own in your wallet will definitely keep you and your money safe.
Exactly my point, nobody actually needs to know how much one earns, it is stupid for someone to go everywhere blowing their trumpet, you could get killed and your money stolen, especially if you live in a country that is very insecure. Family is the most important, just take care of yourself and family and hold your crypto in silence.
If we exclude the idea of advertising cryptocurrency to people who are yet to understand the benefit of cryptocurrency. There's no point in letting anyone know we're a crypto investors because this have get alot of crypto enthusiast killed. For example, the CashApp CEO that was murder
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Camavinga;6601 wrote:Detroit;6521 wrote:Well, I still maintain living a moderate life and talking less about how much you own in your wallet will definitely keep you and your money safe.
Exactly my point, nobody actually needs to know how much one earns, it is stupid for someone to go everywhere blowing their trumpet, you could get killed and your money stolen, especially if you live in a country that is very insecure. Family is the most important, just take care of yourself and family and hold your crypto in silence.
If we exclude the idea of advertising cryptocurrency to people who are yet to understand the benefit of cryptocurrency. There's no point in letting anyone know we're a crypto investors because this have get alot of crypto enthusiast killed. For example, the CashApp CEO that was murder
Well, you can say that. Many need to be able to keep their mouth shut and speak when necessary. You do not go around telling everyone how much you make in cryptocurrency or have and expect to go on the street safe.
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full;8133 wrote:Camavinga;6601 wrote:Exactly my point, nobody actually needs to know how much one earns, it is stupid for someone to go everywhere blowing their trumpet, you could get killed and your money stolen, especially if you live in a country that is very insecure. Family is the most important, just take care of yourself and family and hold your crypto in silence.
If we exclude the idea of advertising cryptocurrency to people who are yet to understand the benefit of cryptocurrency. There's no point in letting anyone know we're a crypto investors because this have get alot of crypto enthusiast killed. For example, the CashApp CEO that was murder
Well, you can say that. Many need to be able to keep their mouth shut and speak when necessary. You do not go around telling everyone how much you make in cryptocurrency or have and expect to go on the street safe.
Generally, the world is no longer safe because of a lack of opportunities and jobs. People need to survive and the only way is to indulge into mischievous things like theft, kidnapping, etc. That's way you have to be on guard all the time.
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Detroit;8302 wrote:full;8133 wrote:If we exclude the idea of advertising cryptocurrency to people who are yet to understand the benefit of cryptocurrency. There's no point in letting anyone know we're a crypto investors because this have get alot of crypto enthusiast killed. For example, the CashApp CEO that was murder
Well, you can say that. Many need to be able to keep their mouth shut and speak when necessary. You do not go around telling everyone how much you make in cryptocurrency or have and expect to go on the street safe.
Generally, the world is no longer safe because of a lack of opportunities and jobs. People need to survive and the only way is to indulge into mischievous things like theft, kidnapping, etc. That's way you have to be on guard all the time.
The world is safe buddy and the lack of jobs and opportunities is not what makes people indulge in mischievous things. It was a lack of understanding and wisdom because there's always an open opportunity if we search deep rather than indulge in mischievous things.
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Camavinga;8303 wrote:Detroit;8302 wrote:Well, you can say that. Many need to be able to keep their mouth shut and speak when necessary. You do not go around telling everyone how much you make in cryptocurrency or have and expect to go on the street safe.
Generally, the world is no longer safe because of a lack of opportunities and jobs. People need to survive and the only way is to indulge into mischievous things like theft, kidnapping, etc. That's way you have to be on guard all the time.
The world is safe buddy and the lack of jobs and opportunities is not what makes people indulge in mischievous things. It was a lack of understanding and wisdom because there's always an open opportunity if we search deep rather than indulge in mischievous things.
I understand what you are trying to say but I think I agree with the previous writer. There is little to no way to make good money legally. Even those at the top have things they do that give them money other than what they display that's giving them money.
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oba;8474 wrote:Camavinga;8303 wrote:Generally, the world is no longer safe because of a lack of opportunities and jobs. People need to survive and the only way is to indulge into mischievous things like theft, kidnapping, etc. That's way you have to be on guard all the time.
The world is safe buddy and the lack of jobs and opportunities is not what makes people indulge in mischievous things. It was a lack of understanding and wisdom because there's always an open opportunity if we search deep rather than indulge in mischievous things.
I understand what you are trying to say but I think I agree with the previous writer. There is little to no way to make good money legally. Even those at the top have things they do that give them money other than what they display that's giving them money.
You have a valid point there mate but notwithstanding the fact that doing things illegally should not be the way to go. They are few things that can give you money and also that's where contentment comes in.
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Anyone at this time and age in cryptocurrency that's still making this error needs a lot to learn. Not your Private key not your funds you just sharing ownership.
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Anyone at this time and age in cryptocurrency that's still making this error needs a lot to learn. Not your Private key not your funds you just sharing ownership.
You can say that. Many young people are that gullible towards themselves. Private keys should never be shared with anyone not even your loved ones until much later in the future. Maybe through a will or something like that.
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