Dogecoin (DOGE) Community Leader Mishaboar Issues Warning to Crypto Investors, Stresses the Importance of Self-Custody
- WBOYOriginal
- 2024-07-22 00:42:00697browse
Prominent Dogecoin enthusiast Mishaboar, known for his lead role in the DOGE community, has issued an important warning for crypto investors
Prominent Dogecoin enthusiast Mishaboar has issued an important warning for crypto investors, especially those new to the scene. Reflecting on past bull markets, Mishaboar highlighted the dangers of "earn" programs and keeping large sums of cryptocurrency on exchanges.
According to the contributor, during the last bull market, many ignored warnings about unstable platforms, which led to significant losses. Even well-regarded exchanges like FTX were not immune to failure or prolonged access issues. Hence, the advice is clear: avoid keeping large amounts of Dogecoin (DOGE) or other cryptocurrencies on exchanges.
"Not your keys..."
For those holding or trading Dogecoin in particular, Mishaboar advised against storing large amounts of crypto in hot wallets, such as smartphone wallets or Telegram bots. Instead, he recommended using cold wallets for assets not intended for immediate trading. He mentioned Trezor's Safe 3 model as a reliable and affordable option, while expressing concerns about Ledger's shift toward centralized services.
A key takeaway from Mishaboar's message is the importance of self-custody. While it may require more responsibility, such as backing up seed phrases and keeping them offline, it provides a crucial safeguard against potential losses or prolonged access issues. Self-custody may not be as convenient as keeping crypto on an exchange, but it significantly reduces the risk of losing digital assets.
DOGE enthusiasts were also advised against exchange programs with yield due to their inherent risks and complexities. These programs might promise high returns, but they come with terms that many users do not fully understand, posing unmeasurable risks to their crypto holdings.
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