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RE: Bitcoiners Who Kept Their Coins on Exchanges Faired Better Than Those Holding Their Private Keys
For a newbie in cryptocurrency (which I am), it was quite hard to understand the process of creating paper wallets for all your currencies. If you send them to the wrong address, you're screwed...
I can imagine people store their coins on exchanges, especially when you have made only a small investment. If it is a small amount, you probably want to take the risk. Also, using exchanges it is easier to have an overview of the performance of all your coins.
But personally I feel more secure storing my funds offline. You didn't mention it, but there is also the risk of getting hacked yourself instead of the exchange. I'm not sure what hackers are capable of, but there is always some information to find on your pc...
Hey @theonlywayisup yeah for my first couple years in Bitcoin I kind of took that attitude, basically there's a higher chance of me screwing something up than Coinbase getting hacked so I stored my coins on there for the most part.
Same. The first $1k I put into bitcoin at like $265ish a coin was just play money. I was more supporting a cause than thinking it would really amount to much. I had some Litecoin I bought in 2014 off eBay that I played with on my own wallet. Bitcoin at $265 I was afraid to lose, then it spiked up to crazy amounts. The $50 worth of Litcoin I was sending to friends and giving away, I never thought at like $3 it would go back to $40 range. To be honest I never expected any of the Alt Coins to do much of anything.