Happy trees (or my crypto mistakes): Noob mistake #2

Noob mistake #2: Leaving coins on an exchange.

This doesn’t require much discussion but is always worth remembering. Don’t be lazy. Use a Ledger or MEW or cold storage or something/anything that protects your coins. Buying coins and leaving them on an exchange is just asking to be ripped off. If you spend your hard earned money on something, do yourself a favor and take the extra time to secure it. Even worse than selling too soon (take a page out of the HODL playbook and be patient) would be losing your coins after they go up in value. I would have kicked myself for selling BTC at $1000 after buying at $200 but at least I would be locking in 5x gains. Imagine losing BTC to hackers only to see the price go to the moon but you’re left on earth without any coins. I think I’ve harped on it enough but don’t make this mistake. Any one have thoughts on this? Favorite ways to store coins (I’m a Ledger nano guy myself)?

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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