What are the risks of not having full control over your cryptocurrency coins?

3 answers

• Sreejith ADec 21, 2020 · 5 years ago
  Not having full control over your cryptocurrency coins can expose you to various risks. One major risk is the possibility of losing your coins due to hacking or security breaches. If you don't have control over your coins, you rely on the security measures of the platform or exchange where you store them. If the platform gets hacked or experiences a security breach, your coins could be stolen, and you may have little to no recourse to recover them. It's crucial to have full control over your coins to minimize the risk of such incidents.
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• DominckApr 05, 2023 · 2 years ago
  When you don't have full control over your cryptocurrency coins, you also face the risk of losing access to your funds. If you rely on a third-party platform or exchange to store your coins, there's always a chance that the platform could go offline, shut down, or restrict your access for various reasons. This could leave you unable to access or use your coins when you need them. Having full control over your coins ensures that you have immediate access to your funds whenever you want, without relying on any external party.
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• Dharshini NFeb 11, 2024 · 2 years ago
  At BYDFi, we understand the importance of having full control over your cryptocurrency coins. When you don't have full control, you're essentially entrusting your assets to a third party, which can be risky. We recommend using a secure hardware wallet or a self-hosted wallet to have complete control over your coins. With a hardware wallet, your private keys are stored offline, providing an extra layer of security. By having full control over your coins, you can mitigate the risks associated with relying on external platforms or exchanges.
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