Why is ngmi an important concept for cryptocurrency investors?

5 answers

• deepak suryavanshiAug 18, 2024 · a year ago
  As a cryptocurrency investor, ngmi (not your keys, not your coins) is a crucial concept to understand. It emphasizes the importance of holding your own private keys and not relying on third-party exchanges or wallets to store your coins. By having control over your private keys, you have full ownership and control of your cryptocurrencies, reducing the risk of theft or loss. It also protects you from potential exchange hacks or shutdowns. Ngmi is a reminder to take responsibility for your own security and not to trust others with your assets.
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• SHRI RAMAKRISHNAN A CSEDec 11, 2022 · 3 years ago
  Ngmi is like the golden rule of cryptocurrency investing: if you don't have control over your private keys, you don't really own your coins. It's all about self-custody and being in charge of your own financial destiny. By holding your own keys, you eliminate the risk of losing your funds due to exchange hacks or scams. It's like keeping your money under your mattress instead of in a bank. Sure, it might be a bit riskier, but at least you have full control and don't have to rely on anyone else.
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• Ross OddershedeJun 29, 2021 · 4 years ago
  Ngmi is an important concept for cryptocurrency investors because it highlights the risks associated with trusting third-party exchanges. Many investors have learned the hard way that exchanges can be vulnerable to hacks, fraud, or even regulatory actions. That's why platforms like BYDFi are gaining popularity, as they allow investors to trade directly from their wallets without the need to deposit funds on an exchange. With ngmi in mind, investors can take proactive steps to secure their assets and minimize the risks associated with centralized exchanges.
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• Kevin MirchandaniJun 20, 2021 · 4 years ago
  Not your keys, not your coins. That's the mantra of ngmi, and it's a concept that every cryptocurrency investor should be familiar with. It's all about taking control of your own financial destiny and not relying on third-party services to hold your coins. Sure, it might be more convenient to keep your funds on an exchange, but convenience comes at a cost. By holding your own keys, you eliminate the risk of losing your funds if the exchange gets hacked or goes bankrupt. So, if you want true financial freedom, remember: ngmi.
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• Denise SchleierJul 15, 2024 · a year ago
  Ngmi, or not your keys, not your coins, is a fundamental principle in cryptocurrency investing. It highlights the importance of self-custody and encourages investors to take control of their own assets. By holding your own private keys, you eliminate the risk of losing your funds due to exchange hacks or shutdowns. It also gives you the freedom to choose the most secure storage options, such as hardware wallets or cold storage. Ngmi is a reminder to be proactive about your security and not to rely on third-party services for the safety of your investments.
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