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Crypto: According to Co-Creator of DOGE, ‘Being Your Own Bank’ of Cryptocurrencies Has Risks

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Dogecoin (DOGE)  co-creator  Billy Markus has a warning for crypto holders who intend to be their own bankers.

What happened

Markus was responding to a tweet that pointed out the dangers associated with  cryptocurrency exchanges  and storing funds on their platforms.

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He questioned: “I wonder if there have been more people who lost their cryptocurrencies by leaving them in  exchanges  that disappeared or those who did so because they lost the keys or encrypted them and forgot the password.”

The DOGE co-founder noted that he knew “quite a few people who had a lot of [Dogecoin] but couldn’t access it because of their mistakes.”

Using a shortened multiplayer gaming reference (“Good luck, have fun”), Markus wrote, “’Be your own bank’ glhf”.

However, Markus clarified that he was also not defending the fact that people leave their coins on an  exchange .

“People lose their cryptocurrencies in many ways. Advising people to use wallets also comes with a warning of “and be responsible and secure / backup your passwords / etc.”

Because it is important

Earlier this year, Dogecoin advocate and  Tesla Inc (NASDAQ: TSLA) CEO  Elon Musk advocated not storing cryptocurrencies in wallets without ownership of a private key.

“Any cryptocurrency wallet that does not give you its private keys should be avoided at all costs,” Musk said last February.

 

Stefan Thomas , a computer programmer who had thousands of  Bitcoin (BTC) on a hard drive and forgot his password, had this to say earlier this year: “Let me explain this whole idea of ​​being your own bank in another way: do you make your own shoes? “

“The reason we have banks is that we don’t want to deal with all those things that banks do,” Thomas said.

Price action

DOGE was trading 4.16% lower at $ 0.23 at the time of publishing this article after a 24-hour tracking period. BTC was trading 1.34% lower at $ 47,277.40 in a similar period.

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