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Helpful2WholesomeSilver4
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Posted by7 hours ago
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Bronze
4 hours ago
WholesomeLOVE!Starstruck

Completely a hypothetical thought experiment here, but...

When BTC was first created, there were no exchanges. They were all in self-custody. Once exchanges popped up, BTC migrated to them until they reached enough BTC that they could serve their purpose: allowing for billions of dollars of trading volume per day. Ever since 2020, the balance of BTC has slowly been leaving exchanges.

https://preview.redd.it/19vy5bke6ir91.png?width=2060&format=png&auto=webp&s=f87817cff8e905629be829d27ec869cbfeb8b4a2

This is a good trend, the less BTC on exchanges, the better, and the more the supply shock will be able to cause the price to go up, and the less the exchanges are able to artificially inflate the supply with fractional reserves.

There is currently 2.4 million BTC left in exchange balances. There are 5.5 million people in this sub. If every one of us in just this subreddit withdrew 0.43 BTC (on avg) from an exchange, they would run out of Bitcoin. If you deposit your BTC onto exchanges, you are literally giving it to them. Instead, hold onto it and make them BUY it from you in the future at a premium. The supply is limited and no one can make more.

Taking the BTC you own off of an exchange and into cold storage/self-custody is one of the best things you can do to strengthen the network and add value to it.

If you haven't done it yet, I strongly urge you. It's much easier than you think, it takes a few minutes, and it can be very rewarding. Self-custody can give a sense of peace knowing that no matter what happens in the world you will be able to have complete control of your BTC.

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