Row 12499

Row ID: 12499 | Dataset Entry | Axioma AXP Content Repository

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This page contains data entry 12499 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Having a cold wallet means YOU own the Bitcoin yourself. You and only you.

Storing your Bitcoin with some entity means you are ceding control of it to them.

Having bitcoin in some fashion in an investment account means you are trusting a company to hold your bitcoin. Depending on the person that may or may not be a worry. Because of the history of crypto exchanges being hacked, and the history of banks sometimes messing up people's money or failing, and because Bitcoin is the first time that we are able to actually own and store money digitally ourselves, people who understand Bitcoin prefer to hold their bitcoin themselves rather than trusting institutions.

If you have total trust in your bank/exchange/investment firm as well as your govt (because ultimately the govt can decide if you are allowed or not allowed to access your money held in institutions) and you have zero worry of these being hacked, and you don't mind the possibility of sometimes having to jump through some bureaucracy loops simply to access your money, then you could let your investment firm hold it for you. But if ANY of those things concern you at all, this is one of the reasons Bitcoin was invented - so that you can store your own money digitally.

Ultimately its up to you. But as this comment should make clear, there are very good reasons why you keep seeing people say buy it and add to a cold wallet. Its simply standard best practice for owning Bitcoin. There is rarely a reason to cede the ownership of your Bitcoin to institutions for any large amount of time.

It's like asking why batters wear helmets in Baseball. Like, sure, the pitcher probably won't hit you in the head, but it WILL happen sometimes, and you sure don't want to be the person it happens to, so it simply makes sense to wear a helmet when you go to bat. It simply makes sense to own your bitcoin yourself in a cold wallet.

FieldValue
text Having a cold wallet means YOU own the Bitcoin yourself. You and only you. Storing your Bitcoin with some entity means you are ceding control of it to them. Having bitcoin in some fashion in an investment account means you are trusting a company to hold your bitcoin. Depending on the person that may or may not be a worry. Because of the history of crypto exchanges being hacked, and the history of banks sometimes messing up people's money or failing, and because Bitcoin is the first time that w…
label r/bitcoin
dataType comment
communityName r/Bitcoin
datetime 2024-05-20
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Raw Record

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  "text": "Having a cold wallet means YOU own the Bitcoin yourself. You and only you.\n\nStoring your Bitcoin with some entity means you are ceding control of it to them.\n\nHaving bitcoin in some fashion in an investment account means you are trusting a company to hold your bitcoin. Depending on the person that may or may not be a worry. Because of the history of crypto exchanges being hacked, and the history of banks sometimes messing up people's money or failing, and because Bitcoin is the first time that we are able to actually own and store money digitally ourselves, people who understand Bitcoin prefer to hold their bitcoin themselves rather than trusting institutions.\n\nIf you have total trust in your bank/exchange/investment firm as well as your govt (because ultimately the govt can decide if you are allowed or not allowed to access your money held in institutions) and you have zero worry of these being hacked, and you don't mind the possibility of sometimes having to jump through some bureaucracy loops simply to access your money, then you could let your investment firm hold it for you. But if ANY of those things concern you at all, this is one of the reasons Bitcoin was invented - so that you can store your own money digitally.\n\n  \nUltimately its up to you. But as this comment should make clear, there are very good reasons why you keep seeing people say buy it and add to a cold wallet. Its simply standard best practice for owning Bitcoin. There is rarely a reason to cede the ownership of your Bitcoin to institutions for any large amount of time.\n\nIt's like asking why batters wear helmets in Baseball. Like, sure, the pitcher probably won't hit you in the head, but it WILL happen sometimes, and you sure don't want to be the person it happens to, so it simply makes sense to wear a helmet when you go to bat. It simply makes sense to own your bitcoin yourself in a cold wallet.",
  "label": "r/bitcoin",
  "dataType": "comment",
  "communityName": "r/Bitcoin",
  "datetime": "2024-05-20",
  "username_encoded": "Z0FBQUFBQm5Lakw2WlN5ekVMdm9OeXNSWTdQSk5UQzRZbURvQ3hya1lGMDJsS2lqUWdETkJlZG1qZVVzaUxjcFVpTV9QUnp0aDBRUVRVeldPaVlMQWdWdXVEamY2QkFjLXFPV0JmRWlZd1F4SjREV2s5QjlUd0k9",
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}
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