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Dogecoin (CRYPTO: DOGE) co-creator Billy Markus has a word of warning to cryptocurrency holders who plan to be their own bankers.
What happened: Markus was responding to a tweet that highlighted the dangers associated with cryptocurrency exchanges and the storage of funds on their platforms.
See also: How to buy Dogecoin (DOGE)
Markus asked: “I wonder if more people have lost their crypto by leaving it on exchanges that have disappeared or by losing their keys / encrypting them and forgetting their passwords.”
Wonder if more people have lost their crypto by leaving it on exchanges that are gone or by losing their keys / encrypting it and forgetting their password.
I know quite a few people who had a lot of dogecoin but can’t access it due to their own mistakes.
“Be your own bank” glhf
– Shibetoshi Nakamoto (@ BillyM2k) September 18, 2021
The DOGE co-creator said he knew “a lot of people who had a lot of [Dogecoin] but can not access it due to their own errors.
Using an abbreviated multiplayer game reference “Good luck, have fun,” Markus wrote: “’Be your own bank’ glhf”
However, Markus made it clear that he is also not advocating for people to leave their coins on the market.
“People are losing their crypto in a number of ways. Also comes with a “and be responsible and safe / save your keys / etc.” warnings.”
Yes, I’m definitely not advocating leaving your coins on an exchange, just saying that people lose their crypto in a number of ways. Also comes with a “and be responsible and safe / save your keys / etc.” warnings.
– Shibetoshi Nakamoto (@ BillyM2k) September 18, 2021
Why is this important: Earlier this year, Dogecoin supporter and Tesla Inc (NASDAQ: TSLA) CEO Elon musk and argued against storing cryptocurrencies in wallets without private key ownership.
See also: Bitcoin investor lost $ 100,000 in botched wallet migration: how to avoid a similar fate
“Any crypto wallet that won’t give you your private keys should be avoided at all costs,” Musk said in February.
However, some investors have been burned in their efforts to become their own bank.
Stephane thomas, a computer programmer, who owned thousands of Bitcoin (CRYPTO: BTC) on a hard drive and forgot his password said earlier this year: “This whole idea of being your own bank – let me put it this way: do you make your own shoes?
“The reason we have banks is that we don’t want to deal with everything the banks do,” Thomas said.
Price action: DOGE traded down 4.16% to $ 0.23 on a 24-hour basis at time of release. BTC traded 1.34% lower to $ 47,277.40 during a similar time frame.
Read more : Apple ‘betrayed’ my trust, says iPhone user who lost $ 1 million to scam Bitcoin app
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