I have a Bitcoin investment that’s in cold storage on a hardware wallet, but I don’t really know anything about exchanges. A friend asked me for assistance, she wants to buy a small amount, to hold long-term for her kids’ futures ($100 each, for two kids) just on the hope that it may appreciate into a nice nest-egg after a couple decades.
It’s such a small amount that it’s not worth purchasing a hardware wallet, so where does she hold it? Is there a trustworthy exchange to use?
Also, the kids are minors, so is it possible to make each of them accounts, or should it be in her name until such time that she decides to transfer it to them one day?
Putting your crypto on an exchange gives your crypto to that exchange, and as we learned with FTX, the exchange can do whatever it wants with your crypto.
Cold storage only.
Agree. Never leave on an exchange. Safest bet is cold storage. If that isn't an option then maybe something like a hot wallet like metamask but definitely do not leave anything parked on an exchange.
Self custody. 100%. Free paper wallet.
What do you think of this BitKey device by @Jack?