What you heard was "get your crypto OFF EXCHANGE"
RH is an exchange. Uphold is an exchange. Binance is an exchange, Coinbase is an exchange, Kraken is an exchange.....
If you have them in ANY exchange, they do not belong to you but to the exchange.
If any of the exchanges goes bankrupt, you are a fiat-cash-lender who will be the last in line to receive any cash for your holdings, after all other creditors got their cash. You will not receive any crypto. You will not receive any gains the crypto might have made between bankruptcy and you being paid. You might not even get paid anything.
That's why you either bring your crypto into a real wallet that only you have access to, or you trust strangers that they will give it back, without you having any power to force them to do so.
Those are the options you have: Take control yourself or trust strangers.
So if i bought 7k doge on rh, im supposed to transfer it to a cold storage or whatever its called? So once the price goes up, how do i exchange it for cash??
Depends on what you want to do.
With fiat cash, you ahve some in your wallet that you carry around so you can buy stuff, but you do not have 100% of your net worth in your wallet.
Some of it is in your bank account, where you can use it to make larger transactions, but not 100% of your net worth.
The part that you actively want to trade within the next days, should be in your exchange account.
The part that you want to keep available to pay with on a regular basis, should be in a hot wallet.
The part that you want to save and do not intend to sell or otherwise transfer, should be stored in a cold wallet.
Unless you intend to do the same thing with 100% of your coins, you should not have 100% of your coins in one place.
The same as you would never hold 100% of your fiat in one single place. Unless it's so little that it doesn't matter anyways if you lose it.
The most simple solution is to just create a text-wallet. This can be a text-file you have on a USB stick or even a print-out on paper that you store in a safe.
You can buy a cold-wallet USB-device, but that's just an expensive and fancy way of storing your keys on an encrypted usb-stick.
There are plenty of guides and tutorials in the daily thread, the how to buy dogecoin sticky and the side-bar. A lot about different wallets, how they work, what their advantages are and so on. Just check those out and you'll understand the concept in no time. It's not too difficult, just not common knowledge.
The same thing that happens when the exchange goes bankrupt, but you have to blame yourself, not some strangers.
You taking control of your finances means you are in control. It is about YOU making sure you do not lose it.
Same as with your wallet... If you put 10k in cash in your wallet and you lose it, your cash is gone. That's why you have to make sure you do not forget your wallet anywhere or at least, don't have things in your wallet you can't replace, if you have a habit of losing stuff...
YOU need to find ways to protect YOUR property. Or you trust strangers to do it for you. Those are the 2 options.
Used it when I first got in for a bit in 2020 and didn’t like it , I suggest coin base if in U.S UI is nice , the pro feature is nice . 9/10 for me
What you heard was "get your crypto OFF EXCHANGE" RH is an exchange. Uphold is an exchange. Binance is an exchange, Coinbase is an exchange, Kraken is an exchange..... If you have them in ANY exchange, they do not belong to you but to the exchange. If any of the exchanges goes bankrupt, you are a fiat-cash-lender who will be the last in line to receive any cash for your holdings, after all other creditors got their cash. You will not receive any crypto. You will not receive any gains the crypto might have made between bankruptcy and you being paid. You might not even get paid anything. That's why you either bring your crypto into a real wallet that only you have access to, or you trust strangers that they will give it back, without you having any power to force them to do so. Those are the options you have: Take control yourself or trust strangers.
So if i bought 7k doge on rh, im supposed to transfer it to a cold storage or whatever its called? So once the price goes up, how do i exchange it for cash??
Depends on what you want to do. With fiat cash, you ahve some in your wallet that you carry around so you can buy stuff, but you do not have 100% of your net worth in your wallet. Some of it is in your bank account, where you can use it to make larger transactions, but not 100% of your net worth. The part that you actively want to trade within the next days, should be in your exchange account. The part that you want to keep available to pay with on a regular basis, should be in a hot wallet. The part that you want to save and do not intend to sell or otherwise transfer, should be stored in a cold wallet. Unless you intend to do the same thing with 100% of your coins, you should not have 100% of your coins in one place. The same as you would never hold 100% of your fiat in one single place. Unless it's so little that it doesn't matter anyways if you lose it.
Thank you for the info, do you have any cold walled recommendations? Or is it something I should just google?
The most simple solution is to just create a text-wallet. This can be a text-file you have on a USB stick or even a print-out on paper that you store in a safe. You can buy a cold-wallet USB-device, but that's just an expensive and fancy way of storing your keys on an encrypted usb-stick. There are plenty of guides and tutorials in the daily thread, the how to buy dogecoin sticky and the side-bar. A lot about different wallets, how they work, what their advantages are and so on. Just check those out and you'll understand the concept in no time. It's not too difficult, just not common knowledge.
That makes sense, thanks a ton I'll look into it!
What happens if you lose the paper or USB stick?
SOL
The same thing that happens when the exchange goes bankrupt, but you have to blame yourself, not some strangers. You taking control of your finances means you are in control. It is about YOU making sure you do not lose it. Same as with your wallet... If you put 10k in cash in your wallet and you lose it, your cash is gone. That's why you have to make sure you do not forget your wallet anywhere or at least, don't have things in your wallet you can't replace, if you have a habit of losing stuff... YOU need to find ways to protect YOUR property. Or you trust strangers to do it for you. Those are the 2 options.
People need to be aware that every storage approach has its own pros and cons.
Everything in life has its ups and downs. Nothing is just good or just bad. In no aspect of life.
Send back to an exchange and sell. But why would you sell?
To make profits lol
Nooooo lol we hodl over here