[rvz]

Nope.

The point is you store your crypto on a non-custodial software wallet (Metamask) or a hardware wallet (Ledger Nano) and not on an exchange, so it cannot be 'held hostage'.

It is not your keys, not your coins if it is on an exchange which uses custodial wallets, but doesn't apply if it is on a non-custodial wallet.

[woodpanel]

Thanks for highlighting the bad UX of crypto currencies, as it provides a nice segue into the financial danger that UX causes, as it creates customer-demand for simplifications that exchanges provide – so every time an exchange does something rugpull-ish we're actually testing how much of crypto's market-cap is based on maybe not-so-sturdy confidence of retail investors...

[dhsysusbsjsi]

This statement bugs me because it is a large source of confusion for new people.

Your funds are spendable by your private key. Your private key is stored on Metamask, Ledger or a piece of paper.

It’s an important distinction to make. Your hardware wallet is just a custodian of your private key.

[benjaminwootton]

That bugs me too.

Almost every document out there talks about storing coins in your wallet. It’s actually a private key in there.

Maybe with the right language, more people might be tempted to hold their own keys and eschew centralised exchanges.

[namaria]

You either have a healthy ecosystem or you don't.

[lvturner]

This is great if I want to store it, or spend it on places that accept Bitcoin (or other coins) but what if I want to exchange it for another currency? Seems to me only two options, an exchange or a face to face trade?

[barnabee]

You can use something like https://bisq.network/