Not your keys, not your coins. Only get bitcoin from exchanges you can actually withdraw the bitcoin from.
This!
Applies to every asset you buy. If it's held by a third party that's an additional risk you face.
Another slightly retarded here but what I've discovered is that many if not nearly all online 'brokers' never actually buy real stock with your money.
They just 'track' the markets, and because 99.9% of people lose their shirt eventually because it's mostly random, they just wait until that happen. If needs be they will suddenly freeze your account or stall withdrawles with bureaucracy. Winning trades will have technical glitches etc.
When it comes to crypto I'd even be wary of most exchanges and go straight to buying real currency that you can put in a wallet and actually spend. But does mean having to find an individual to buy from and sell to (e.g. bittylicious).
Not sure about paypal but a good test would be whether you can spend the bitcoin at retailers that accept it e.g. newegg does.
CashApp allows you to send the Bitcoin to your own addresses controlled by your own keys. Robinhood does not. And i don't think paypal does either.
CashApp BTC withdrawl limit is $10,000.00 per day.
Oh lord do not do not buy any crypto on any stock platform. It isn't actual price and fees were inflated.
Ya. I calculated it on the first run up a few years ago. It was about a 3% ratio. Meaning if 3% of btc were dumped at once there wouldnt be enough to cover it all.
But you might want to look up the term “fractional reserve” before getting all mad at btc.
How is btc fractionally reserved? When you buy it you own the digital wallet and digital coins.
The little coin called Tether.
If tether didn’t exist, btc wouldn’t be above $2k.
It’s not btc that’s fractional, it’s the tether. At about 3% ratio.
Meaning there is about 30x more Tether to buy BTC with than actual dollars.
Meaning if people want actual dollars (not T, can’t really spend T on your mortgage) there’s only so many, and they’re all held at Coinbase.
Huh. Somebody made a coin that can buy more coins than it actually bought?
Coinbase ain't only bank
Tether's market cap is far too low to move bitcoin any more. That argument no longer works.
Also, Tether is not just listed on Coinbase.
There's no way to pull your crypto out of robinhood, so no way to make a "run on the bank". Like with Coinbase, you could transfer your crypo to a private wallet (as you should). With robinhood you cannot do that, you only ever owned it on paper, aka you never really ever owned it. There's a saying in bitcoin - not your private keys, not your bitcoin.
took over 3 weeks with my computer on 24 /7 to sync my wallet.
and that was with a large portion i could download to catch up "quicker"
(post is archived)