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I plan to buy some bitcoins and it seems the easiest way for a non-tech person like me to do that is to buy them from an online exchange and simply store them at the exchange. Is this a good idea or should I find a way to store my Bitcoins myself?
Hi there,
Depositing your Bitcoins in an online Bitcoin repository may be convenient, but it is the least secure way to store your Bitcoins.
Deposits in online repositories are not guaranteed like fiat money held in banks is. Because Bitcoin repositories hold large amounts of Bitcoin, they are a prime target for hackers. If Bitcoins held in a repository are stolen or lost, they may well be gone for good.
Holding your bitcoins yourself in a secure Bitcoin wallet is a far safer option. If you own a lot of Bitcoins, consider investing in a hardware wallet which stores your Bitcoins completely offline. Keeping your private keys away from devices which can be accessed through the Internet is also important.
Best regards from Moneyguru
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