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Crypto Exchanges Are Scamming You, Here’s the Truth
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- Опубліковано 28 лют 2024
- Crypto exchanges are not safe for storing crypto. They are much worse than you think.
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Disclaimer: The information provided is for informational purposes only and should not be considered financial, legal, or tax advice. Viewers are encouraged to consult with qualified professionals for personalized advice. While efforts are made to ensure accuracy, we are not liable for any damages or losses incurred. Content reflects opinions and does not constitute professional advice. The channel may earn commissions through affiliate links, but this does not impact content integrity.
If you’re looking for a beginner friendly cold wallet to store your crypto, definitely check out Tangem.
I have a link and discount code in the description for you 👍
Peace!
- Alex
I’m up so much on my bitcoin investment it’s unbelievable. I have more than half a bitcoin. Hopefully there is still time left. I can virtuallly invest any money I save from my job because I am in a situation that allows me.
I totally agree and I have a wonderful alternative
Still here. Still supporting. Your advice is fantastic here. Want to stay safe in crypto? Get a hardware wallet. We cannot trust and should not trust exchanges.
Appreciate you 👍
@@cyberscrilla 🙏 likewise.
@@cyberscrillais Gemini any better or all the same?
@@alrajul3ziim any CEX is better than Coinbase imo.
great advise!
Thanks Mark!
Nice information thanks ❤
Thanks for watching!
Alex could you clarify this, in order to use your crypto benefits/ profits, it must be on an exchange, which means that you use your profits directly with whomever you are interested in purchasing their product ie:Gold/Platinum tech? Right? You have to do the transaction through the exchange so for those of us concerned about getting our btc, we could just do the transactions directly like with Fidelity who deals in precious metals and will accept Bitcoin for payment for gold and silver and platinum, that way they receive their payment and they send the hard goods to the customer. Isn't this how the blockchain peer-to-peer is supposed to work,? So I guess my point is, maybe this is the way around dealing with coinbase trying to renege on releasing their side of the bargain with the money. If we all just send directly to a precious metals exchange, that puts the hard assets tangible assets in our hands, Right!
I love your chanel. I've learned so much and you are clear and explain things well. Thank you for sharing the quality content! 💫
Thank you so much for watching!
I’m curios to see which exchanges you use to cash out?
Anything but Coinbase. Kraken, Gemini, whatever is available to you
Which provider you can recommend
Anything but Coinbase. Also depends where you live. I’ve had good results with Kraken.
Alex could you do a workshop session on how to move Bitcoin from a Bitcoin wallet to a cold storage. Also, do you have any information about the Jade Blockstream wallet?, AND how to use the lightning Network?
I’ll try to do a review of the jade wallet and transferring bitcoin for you.
@@cyberscrilla AND THANK YOU FOR YOUR TIME.
Thank you for time information.
Thanks for watching!
I have to say my Tangem 2.0 is awesome. I love it.
The onekey touch is also great!
People should look past ledger and Trezor IMO. Ledger I wouldn’t trust with a half eaten burger of mine.
Tangem and Onekey are both good products. Trezor too. Ledger is 🗑️ imo
I'm waiting for my Tangem after use for Yeats ledger , ledger is a crap
This is a good video. what coinbase does is pretty blatant market manipulation. They have done this many times when there is a big run, something that would of been fixed after the first time if it was actually a tech issue not being able to handle the traffic. it’s not. they deliberately crash because they don’t want to buy at the crazy prices, when the customers decide to dump.
to like a casino having a power cut when all the customers start winning. it’s not fair and needs investigation from the SEC.
Yep…
Is a Bitcoin wallet from 2013, a hardware wallet or a hot wallet. What does it mean when your Bitcoin is registered on the blockchain, does that mean it's being held in the blockchain and it's not on an exchange, how does that work.
I can’t tell you that. It depends on if you used a hot wallet or cold wallet. Is it a physical device or a software?
All Bitcoin is on the blockchain, including that held on an exchange, but you don't have full control if you hold it on an exchange as the exchange holds your wallet’s private key.
Not your keys, not your crypto
@@cyberscrilla ok, when I bought my Bitcoin in 2013, the two exchanges at that time were coinbase and MtGox, the only available wallets at the the time was what was called a Bitcoin wallet. And I successfully moved my Bitcoin into this wallet. Now for history purposes, Mount gox went down shortly after I bought my coin and and did my wALlet. When I moved my Bitcoin I was given a seed phrase. When you say that the exchange, Coinbase, hold the private keys, what part of the transaction is that is that the blockchain address?
@@cyberscrilla it would be software, unless using a USB key thing, you know what you use to download stuff and put it on that little weird thing. I'm really green Alex. 🙄
I did download it onto a USB port. That's all we had back then. You see after I bought this coin I totally forgot that I even had it, until about 4 years ago when someone said oh bitcoins at 10,000, and I thought I have Bitcoin how about Bitcoin way long time ago. So that's when my journey began to figure this out.
I appreciate the video. Thank you. Everything you said is spot on, in my opinion. I tweeted about this yesterday thinking the same thing. With little response. I have about 30 followers. LOL. This was talk to text so hopefully it was somewhat understandable
I gotchu! Glad more people are becoming aware
Hey guys, just started in crypto and I already had my Coinbase account frozen but I can't contact them cause their customer support is basically non-existent. Is there any crypto app that has at least okay customer support? Like where I can call them.
just got to 3:34 lol
And which exchange do you use, do you prefer to do your transactions on?
Depends where you live. I pretty much say, use anything BUT Coinbase. But I never recommend storing crypto on an exchange
@@cyberscrilla how do you feel about Swan or Kraken, after what happened with binance I'm not sure I want to go there.
@@cyberscrilla I live in the United states, at the time I bought my BTC the only exchange was Coinbase, this is all in 2013 when Bitcoin was just a toddler barely learning how to walk . So there weren't any options.
What are other off ramp alternatives for us in the U.S.? I can't find anything where I can cash out big amounts without a risk of them stealing it from me.
Just use other exchanges. All exchanges are dirty, but some still operate better than Coinbase. Kraken is one example
@@cyberscrillaK. Thanks.
I had the same question about exchanges ! I am not new to cypto that is traded on the brokerages lilke C.S.but am new to the altcoins and crypto products that you need to trade on Gemini ,etc,etc. I am trying to get up to speed before my Keystone 3 pro arrives.....TY for your recomendation ! So is Kraken the best bet for ease of use and security ?@@cyberscrilla
@@cyberscrilla Kraken shut down my account without any explanation.
At least they returned my wire
I will check out Tangem. Do you recommend setting up using seedless or seed phase option? If seed phase, can you set up offline?
I always recommend knowing your seed phrase. You CAN generate the seed phrase with your phone offline, but it wouldn’t do much IF your phone had malware on it.
Fortunately it’s displayed on your phone briefly so you can record it. It’s never stored on your phone or the app.
@@cyberscrilla I’ll be buying in March when they update to a 24 word seed phrase option. Is the card only sold in white now?
They’re updating to a 24 word phrase? Did they announce this recently?
Temporarily, the cards are only sold in white.
@@cyberscrilla Roadmap just released says 24 word seed phrase is coming in March. I assume this means that when you set the card up you will have an option for 24 words versus the current 12 words. This was discussed in the recent AMA.
@CJ-ul6hm nice I still need to watch the ama. Thanks!
I am going through this as you speak bro..
It's been a month I am fighting with their so called support to release my funds to no avail..
Any advise.?
Thanks
KEEP FIGHTING. Don’t give up. Every opportunity you have, contact them and bug them as often as possible.
Never give up. I remember I had to fight blockchain when I transferred funds from cash app over to blockchain & my receiving address was different (in other words hacked.) & I had to literally wait two months to get my 2k back… THANKFULLY, blockchain support is way better than Coinbase but it is still questionable.
@Frugivorous there is no blockchain support what are you talking about?
@@cyberscrilla It’s a misunderstanding.
Learned my lesson with the Voyager and BlockFi bankruptcy. Finally got back what little money was left. Horrible. Still here, though. Self custody is definitely key.
Happy to hear you learned better and are still here!
This was not a move that I voluntarily made ..
I was pretty much force to withdraw through coinbase since February 1st and my nightmare started un to now
Sorry you’re experiencing this. Coinbase is such a joke… and they’re a $40 billion company! SMH
As always ,I learn on everyone of your videos ! Many thank's !
Glad to hear that! Thanks for watching!
Ah yes, the Robinhood model. Pump too fast and they will not allow you to sell for profits.
Classic!
Conbase
Always conning you.
Didn’t Luna say the same thing?
Not sure tbh. I wouldn’t be surprised if they did
Who to say Tangem won’t freeze or take your crypto 🤔🤔🤔🤔
Tangem doesn’t have the ability to do that. It’s a self custodial wallet.
Get a cold storage wallet asap an take it off any exchange an own your ish.
This 👆
Banks can freeze your accounts too.
Yep
👍🏼👊🏼
So how do you buy crypto?
As I stated in the video “I only use centralized exchanges to on-ramp and off-ramp crypto”
@@cyberscrilla must of missed that part . Thanks
@@mikeEvn 😉
Which provider you can recommend?
Anything but Coinbase I suppose. And it depends where you live
Is Coinbase Wallet safe?
It’s a hot wallet. Fine to use to transact, but I don’t recommend storing crypto on a hot wallet. Get a cold wallet for storage
Thank you for the response!
@@jaykeni you’re welcome 👍
What’s going on with Pork??? Pepe running max and every other meme coin and it’s copy yet PORK HARDLY BLIPPING TOWARDS PREVIOUS ATH????? Shifted my pepe to pork and have instant regret
That’s because you’re impatient. PORK is 32 days old. Pepe is 11 months old.
Have conviction and make your move, otherwise you’re going to get wrecked.
There’s opportunities every where in crypto. It’s up to you to determine where the best opportunity is.
For me, my conviction in PORK is still strong. Pepe will also be successful this bull season.
It’s not one or the other my friend… it can be both