Trying to work this out properly. I have a small amount sitting on an exchange right now. Not a lot. The kind of amount where buying a hardware wallet feels like it eats a significant chunk of the value.
So at what point does selfcustody make financial sense? Is there a rough number people use, or is it purely about risk tolerance and nothing to do with the actual amount?
The fee side confuses me too. If I move Bitcoin to a hardware wallet now and network fees are high, I pay once to move it there. Then if I ever want to move it again I pay again. So for a small holding those fees start to matter a lot relative to what I actually own.
I keep reading "not your keys not your coins." Fine. But nobody seems to talk about the math of whether it is worth it at small amounts. Is the risk of an exchange failing actually that high for a regulated platform in the EU? I am in Germany so wondering if there are local considerations too.
Looking for actual reasoning here, not just the default hardware wallet recommendation. What does the decision actually depend on?
How do you figure out the actual minimum worth bothering with for selfcustody in Bitcoin?
byu/forestkitchen inBitcoinBeginners
Posted by forestkitchen
2 Comments
You’re overthinking it. Just get a Hardwallet.
If that’s too painful then DCA for a year and get one in twelve months.
Honestly at this point it’s safer to keep it on binance or coinbase rather than a wallet lol