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Dogecoin Creator Warns: “Being your own bank” carries risks!

Billy Markus, Co-founder of Dogecoin (CRYPTO: DOGE), warns cryptocurrency holders who want to be their own bankers.

What happened

Markus responded to a tweet highlighting the dangers associated with cryptocurrency exchanges and storing funds on their platforms.

Markus wrote: “I wonder if more people have lost their cryptocurrency by leaving it on exchanges that no longer exist, or by losing / encrypting their keys and forgetting their password.”

The DOGE co-founder said he knew “quite a few people, a lot [Dogecoin] but cannot access it due to their own errors. “

With an abbreviated multiplayer gaming reference “Good Luck, Have Fun”, Markus wrote: “Be your own bank”.

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However, Markus made it clear that he is also not advocating that people leave their coins on a purse.

“People lose their cryptocurrency in many ways. The recommendation to use wallets comes with the warning ‘and be responsible and safe / secure your keys / etc.’. “

Why it matters

Earlier this year, Dogecoin supporters and Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and spoke out against the storage of cryptocurrencies in wallets without private keys.

“Any crypto wallet that does not give you your private keys should be avoided at all costs,” Musk said in February. However, some investors have been burned trying to be their own bank.

Stefan Thomas, a computer programmer who worked thousands of Bitcoin (CRYPTO: BTC) on a hard drive and forgot his password, said earlier this year, “This whole idea of ​​being your own bank – let me put it this way: do you make your own shoes?”

“The reason we have banks is because we don’t want to be bothered with all of the things banks do,” said Thomas.

Course development

DOGE was trading 4.16% lower at $ 0.23 in the 24 hours at press time. BTC traded 1.34% lower at $ 47,277.40 over the same period.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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