Why and How To Withdraw Your Bitcoin From Exchanges – Bitcoin Magazine Today

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Why should I withdraw my bitcoin from an exchange?

If you have to ask permission to use what’s yours, it’s not truly yours. Have you ever heard the phrase “Not your keys, not your coins”? It’s true. If you do not withdraw, and hold your bitcoin private keys, you are not in control of your own money. Leaving your bitcoin on your exchange account means that you are placing a significant amount of trust in a third party exchange.

What are bitcoin private keys?

Bitcoin private keys are like the passwords needed to move your bitcoin around on the network. To send or spend bitcoin, you need your private keys. If you don’t hold these keys, that likely means someone else is holding them for you, typically an exchange like Coinbase or some other third party custodian. 

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