1.6 million bitcoins have been lost in self-custody and 1.2 million to exchanges. As a noob you can rather spend some time to make sure you choose a good exchange to start your DCA journey. I totally agree that taking custody of bitcoin without the proper knowledge is a high risk move. It is like buying a gun without any gun training or knowledge.
All my sats are in cold storage. Max withdraw is $2000 in BTC on the exchange. I wait until I have that much or close to it before withdrawing. It saves on consolidation fees.
@@88SATSradio i just saw 11,000 BTC transferred for 1500 sats. So $1.1B for not even a $2 fee. One could argue that fee wasn’t high enough? Who gets the bitcoin that gets stuck? I’d love any example of this
I bet the hackers can get to your personal wallet easier than to an exchange account. 100%. Unless you use a cold wallet and thats a different story all together.
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How can you lose bitcoin by not setting a high enough transaction fee?
Between 5 and 6 million dead addresses. Lost bitcoin. Well said, sir.
1.6 million bitcoins have been lost in self-custody and 1.2 million to exchanges.
As a noob you can rather spend some time to make sure you choose a good exchange to start your DCA journey.
I totally agree that taking custody of bitcoin without the proper knowledge is a high risk move. It is like buying a gun without any gun training or knowledge.
All my sats are in cold storage. Max withdraw is $2000 in BTC on the exchange. I wait until I have that much or close to it before withdrawing. It saves on consolidation fees.
How do you lose bitcoin by not setting a high enough transaction fee? Doesn’t it just take longer to send?
It can get stuck in the mempool depending on what wallet you use to send it.
@@88SATSradio i just saw 11,000 BTC transferred for 1500 sats. So $1.1B for not even a $2 fee. One could argue that fee wasn’t high enough? Who gets the bitcoin that gets stuck? I’d love any example of this
Good advice
Not setting a high enough transaction fee? That’s not a way you could lose bitcoin, yeah?
That's right!
@ could you explain how?
I think you could just lookup the transaction on mempool and pay to have miners push it through
I bet the hackers can get to your personal wallet easier than to an exchange account. 100%. Unless you use a cold wallet and thats a different story all together.
That and the knowledge required to do it properly. Lots of people end up losing the keys to their hardware wallet.
FTX risk > Hacker risk
17% of Bitcoin has been lost so far….Lost Btc is a gift to All, Said Mr Satoshi ❤