How to be ready when it comes to selling?
How to be ready when it comes to selling?
I currently have 75% of my crypto on cold storage and 25% on exchange and yesterday I was thinking about when it comes to selling.
I am not thinking of selling anything just yet but maybe will start in a few months once the halving is here and the market starts to really move.
Is it a good idea to still have most of my crypto on cold storage in a few months when the market is pumping and I am wanting to sell or is it best to start moving everything to exchanges which will then make it easier to sell?
It is not a safe practice to keep your coins in an exchange, because the moment your coins is in an exchange, it is no longer yours until when you withdraw it. Exchanges are vulnerable to attack. I will advice you to move your coins to your cold storage and have 100% of your investment safe.
I say it’s better to stay safe and I don’t believe the process is that complicated or time-consuming either. All you need to do is pay some generous fees, and you’re good to go.
The exchanges falling would also be something we’re going to experience, but I don’t imagine that would make you miss any great opportunities.
I never keep funds on an exchange… If you’ve been around for a while, you’ll probably remember many instances of exchanges that were trusted in the community, but still went bankrupt/scammed/got hacked losing millions and millions of dollars in crypto.
Moving funds from cold storage to an exchange is a matter of minutes (if you don’t mind paying a decent fee). Waiting for a couple confirmations might take an other hour… But in ~2 hours you can have your funds from your aigapped device on an exchange, ready to sell… It’s definitely not worth the risk to keep it there IMHO.