The great withdrawal

At the end of this post, you will know why you should withdraw your cryptocurrency from exchanges.

This morning I read this article about nano($XNO). The article has some good points about why to withdraw nano from exchanges. However, these arguments can be made for any cryptocurrency. But that’s not what I want to talk about today.

The main point I want to focus on today is this:

Withdraw your cryptocurrencies from exchanges!

  1. Increase the value of your cryptocurrency by restricting the supply on exchanges.

  2. Decrease your risk of being hacked(or your exchange being hacked) by moving it onto cold storage.

  3. Improve decentralization by moving the coins onto unique addresses rather than being on a few large addresses(belonging to the exchanges). This also has incentives for stakers.

  4. Make it more difficult for you(and others) to have paper hands.

  5. Truly own your cryptocurrency in the event that China, US, or other government agencies decide to confiscate BTC as a means to protect fiat currencies.

See: Gold Reserve Act of 1934: “An Act to protect the currency system of the United States, to provide for the better use of the monetary gold stock of the United States, and for other purposes.”

2022

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