- Markus feels that people should be their own bank
- Markus recommends people use wallets that come with responsible and backup keys
Cryptocurrency holders who want to be their own bankers should beware, according to co-creator Billy Markus. Markus was reacting to a tweet on the risks of using bitcoin exchanges and holding money on their sites.
He wondered if more people lost their crypto, leaving it on defunct exchanges or losing their keys / encrypting it and forgetting their password, Markus speculated. He is curious if more people lost their crypto via storing it on defunct exchanges or by misplacing their keys/encrypting it and forgetting their password.
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He knows a few folks that have a large amount of dogecoin but are unable to access it due to their own errors. Quite a few people who had a lot of Dogecoin but can’t access it owing to their own mistakes, the DOGE co-creator added.
Using a colloquial term for multiplayer gaming, Markus wrote, Good Luck, Have Fun, ‘Be Your Own Bank. Markus noted, though, that he was not encouraging anyone to leave their coins on an exchange.
There are a variety of ways for people to lose their cryptocurrency. As well as being responsible and backing up your keys etc., recommending people use wallets comes with responsible and backup keys.
Earlier this year, Tesla Inc. and Dogecoin enthusiast Elon Musk, the CEO of Tesla, spoke out against holding cryptocurrencies in wallets where the private key is not owned.
In February, Musk tweeted, Any crypto wallet that won’t give you your private keys should be avoided at all costs.
Some investors, on the other hand, have been burned while attempting to establish their own bank. This entire idea of being your own bank — let me put it this way: Do you create your own shoes? asked Stefan Thomas, a computer programmer who had thousands of Bitcoin on a hard disc and forgot its password earlier this year.
Thomas explained there are banks because we don’t want to deal with all the things that banks do, Thomas explained.
The price of Dogecoin is $0.217661 with a 24-trading volume of $1,432,192,655. Dogecoin is down 9.12% in the last 24 hours. The current CoinMarketCap ranking is #10, with a live market capitalization of $28,593,075,459.
Dogecoin is currently trading at Binance Mandala Exchange, Huobi Global, OKEx and FTX.