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In this video, I discuss two hot wallet solutions (Sparrow desktop/laptop and BlueWallet mobile) that can be used to take your Bitcoin off the exchange, and practice self-custody while you are waiting to take the next step of buying a hardware wallet like the Blockstream Jade or Coldcard.
Holding your Bitcoin private keys in cold storage is the best solution, but an intermediate solution can be BlueWallet or Sparrow, which is still better than leaving your BTC on an exchange.
Ownership/control of Bitcoin is determined by your ability to sign a transaction with your private keys. Bitcoin itself is not "stored" on any wallet. Instead, Bitcoin wallets are used to store your private keys.
Your actual BTC is just a notation on the global ledger known as the Bitcoin blockchain. If you don't have your own private keys, then you will need to ask permission to move your BTC.
If you leave your BTC on Coinbase or any other exchange (i.e. they control the private keys to the Bitcoin), then you will need to ask permission to move your BTC.
You also risk losing your BTC if that exchange gets hacked or the owner runs off with all of the Bitcoin, as has happened numerous times over the past 15 years. You're also in trouble if the exchange is ordered by a government to freeze all user accounts.
Warning: do not visit any Telegram or Signal groups that pretend to offer customer support for Sparrow or BlueWallet-- they are almost all scammers. If you click on one of their links or share your 12 words with them, your Bitcoin will be gone forever.
Not investment advice! Consult a financial advisor.
FTX bankruptcy and your Bitcoin:
https://www.fastcompany.com/91021842/ftx-bankruptcy-what-customers-should-know-about-getting-crypto-deposits-money-back
Sparrow Wallet for desktop and laptop:
https://sparrowwa..
