I am the type who believes that having some stash of bitcoin is good in the long run. Long as in 10 years.
The not your keys, not your coins mantra had been around for some time.
With the pausing of withdrawal at Celsius, I thought it is time to put my bitcoin stash which was on the CEX in a cold wallet.
Just in case my CEX is implicated with anything unsavory in this sharp downturn. You never know!
In fact, there have been talks about Binance suspending BTC withdrawal.
A quick check on the Twitter space suggests another rationale for taking our cryptos off the exchange, besides the fear that the exchange might shut in some form.
This tweet below by tomac_don suggests that, the demand and price of the token rise when we take the tokens off the exchanges. Don't help them become the bank that uses our crypto for making more money! Indeed, even locking them to earn yield may not be a good idea. Just think Celsius.
This view is not new, of course.
Here is another by ManGigabyte.
If you are interested to read other tweets related to this, here is the link to the search results: https://twitter.com/search?q=take%20your%20token%20off%20exchange&src=typed_query&f=live
With the bitcoin price down at the moment, the 0.0005 BTC transaction also seems more palatable.
Stay cool-minded, and just do the sensible stuff, my friends.
P/S: This is not financial advice.
Posted Using LeoFinance Beta
