👀 NEW: KEVIN O'LEARY RECOMMENDS STORING CRYPTO ON CENTRALIZED EXCHANGES LIKE COINBASE INSTEAD OF DECENTRALIZED WALLETS 👀
⚠️This is WRONG in every way, unfortunately many newbie crypto investors will make this mistake and adhere to his recommendation. ALWAYS get your coins OFF THE EXCHANGES! ALWAYS!⚠️
"Not your keys, not your crypto" is a fundamental principle in the cryptocurrency space that emphasizes the importance of self-custody. It means that if you don’t control the private keys to your crypto assets, you don’t truly own them—someone else does.
How It Works:
🔹Private keys are cryptographic codes that grant full control over your crypto holdings.
🔹When you store crypto on an exchange (like Binance, Coinbase, or Kraken), the exchange holds your private keys, not you.
🔹This means the exchange has ultimate control over your assets—you’re trusting them to keep your funds safe and allow withdrawals when you request them.
Why It Matters:
🔹Exchange hacks – If an exchange gets hacked, your funds can be stolen.
🔹Account freezes – Exchanges can freeze your account due to regulations, fraud suspicions, or even bankruptcy (e.g., FTX collapse).
🔹Custodial risk – You’re relying on a third party, which contradicts the decentralized nature of crypto.
How to Protect Your Crypto:
🔹Use a non-custodial Cold Storage wallet (e.g., Ledger, or Trezor).
Store your private keys or seed phrase securely—never share them.
🔹Withdraw funds from exchanges after trading to maintain control.
🔹Owning your private keys means true ownership of your crypto.
🔑Otherwise, you’re just trusting someone else to manage your assets for you, and It may not end well. This is also why I use decentralized exchanges whenever possible! 🚀
👉 Use my referral link for my #1 go to decentralized exchange when exchanging/bridging assets: https://rebrand.ly/wk2aq8r