Not Your Keys, Not Your Funds

I’m at a point in my life where I am starting to see crypto on an exchange or money in my bank account as a risk. I hate that a bank uses my money to invest and doesn’t let me withdraw my own money when I need it. Once I couldn’t even buy dinner because I spent more than my “allowance” that day. WTF! It’s my money bitch.

Exchanges? I am starting to see them as worse than a bank. Not only are they corruptible (they can run away with your money) but they can also shut down your account if the govt asks them to. Even Metamask can block your access to your own funds. Both Coinbase and Metamask just blocked tens of thousands of accounts. Do you really want that to happen to you? Even if it never will, why expose yourself to the risk of that happening. It’s like giving someone control over something. They may never do anything, but why would you want them to hold any control over you?

There is a solution. You can get cold storage and hold the keys to your own crypto with a ledger wallet. I just got one myself. You can get yours here: https://shop.ledger.com/pages/ledger-nano-x?r=c2e4673c3989

“Not your keys, not your funds.”

I’ve been wondering for a long time what the right amount is to switch from an exchange to self custody. Some say it’s an equivalent of a million dollars. Maybe it’s not a specific number. Maybe it’s this: If you can’t afford to lose it, take it off the exchange.
Someone even added this to my statement, “If you don’t want to lose it, take it off the exchange.”
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