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By Zach — 5 years ago
It seems as though the euphoric state of everyone rushing in to get some bitcoin has come to a screeching halt. The price recently dropped from 20k all the way down to 11k on some exchanges. As a result, there were multiple high volume exchanges that were shut down or unable to perform basic functions like buy and sell due to the high volume of traffic of people trying to panic sell.
This type of event is the EXACT reason why being your own bank is so important. When you leave money on an exchange, they write the rules on when/how you can access it. If everyone is rushing to sell due to a massive dump in price, what is the likelihood that they wont just pull the plug on the site to ensure all that money isn’t running out the door? I’d say pretty high.
Using a Ledger Nano S, Trezor, or Keepkey, to keep your crypto safe isn’t just smart for that reason alone, it allows you to go to any exchange you want, at any time you want to sell (or buy) because you hold the private keys, literally. You can then choose the best option for you and the right time to make some exchanges or trades without being at the whim of a large corporation.
Most people in the United States don’t realize that there are multiple “trusted” exchanges, backed with regulatory assets and other VC money that you can cash out at anytime. 24/7. Knowing your options and the pros and cons of each is half the battle. The other half is keeping possession of your coins on a physical, secure hardware wallet to gain access at a moments notice.
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