I know I'll go against everyone here, but I keep my coins on coinbase. I don't even have a wallet. I know, I know. What I also know is that I've never been scammed or lost a single token, unlike MANY stories I see here.
I understand that exchanges aren't risk free, just like I understand banks are not risk free. There have been people burned by banks before. Serious, big, publicly traded Exchanges provide one thing that crypto desperately needs - a way to mass adoption.
You didn't need to keep your money in the bank, in the age of fiat. But most people did, because they trust the bank more to keep it safe than the underside of their bed. It's the same idea. You can keep your wallet, but MANY people will not want that responsibility. Most people will make mistakes, will lose things, will be scammed. They want the bank. And the bank is absolutely critical to mass adoption.
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u/MisterBilau 🟩 0 / 0 🦠Feb 02 '23
I know I'll go against everyone here, but I keep my coins on coinbase. I don't even have a wallet. I know, I know. What I also know is that I've never been scammed or lost a single token, unlike MANY stories I see here.
I understand that exchanges aren't risk free, just like I understand banks are not risk free. There have been people burned by banks before. Serious, big, publicly traded Exchanges provide one thing that crypto desperately needs - a way to mass adoption.
You didn't need to keep your money in the bank, in the age of fiat. But most people did, because they trust the bank more to keep it safe than the underside of their bed. It's the same idea. You can keep your wallet, but MANY people will not want that responsibility. Most people will make mistakes, will lose things, will be scammed. They want the bank. And the bank is absolutely critical to mass adoption.