When you need your money, will it be there?
Have you ever had a ‘heart drop’ moment with your bank account or services such as PayPal?
Perhaps they just randomly flagged or paused your account after spending too much in another country.
Regardless, you quickly realise who’s really in control. Even if it’s all under the guise of ‘safety’, it’s pretty unnerving.
Well, the world of ‘crypto’ is experiencing this same thing en masse…
As the market continues to experience massive volatility, the crypto foundations have been revealed… and they’re very shaky.
It’s an illustration of what happens when things ‘go wrong’.
When everyone needs their funds simultaneously, will they be able to access them?
If not, who’s funds are they?
This is why we constantly remind and educate users on why and how they can safely take ownership of their funds.
“If you hold Bitcoin on an exchange (FastBitcoins included), all you own is an IOU, and if something bad happens to that exchange, then they may not have any Bitcoin to actually give you.”
Those in the space are familiar with the phrase:
“Not your keys, not your coins.”
But your average newcomer to the space has no idea what this means or why it’s so important.
If you’re like us, you probably don’t stop talking about Bitcoin and have probably managed to get a few family members or friends to save some sats. This is just a friendly reminder to sit down with those friends and help them take ownership of their Bitcoin. A little time today could save them a lot of money in the future.
While crypto exchanges don’t often want to encourage users to take their funds off the exchange, we require users to withdraw their Bitcoin at FastBitcoins. We don’t want to hold your coins! This is why we make it easy to withdraw (it’s even free over Lightning).