Why is 'ngmi' important for crypto enthusiasts?

3 answers

• Albert WhalenDec 09, 2023 · 2 years ago
  As a crypto enthusiast, 'ngmi' is an important concept to understand. It stands for 'not your keys, not your coins', which means that if you don't have control over your private keys, you don't truly own your cryptocurrencies. This is crucial because centralized exchanges and online wallets can be vulnerable to hacks and other security breaches. By holding your own private keys, you have full control over your funds and reduce the risk of losing them. So, if you're serious about crypto, make sure to always store your coins in a secure wallet where you have control over your private keys.
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• Shyamanand SinghJun 17, 2022 · 3 years ago
  Crypto enthusiasts need to be aware of the 'ngmi' principle because it emphasizes the importance of self-custody. By holding your own private keys, you eliminate the need to trust third-party exchanges or wallets with your funds. This is especially relevant in the crypto space, where security breaches and hacks are not uncommon. 'Ngmi' serves as a reminder to take responsibility for your own assets and prioritize security. So, whether you're a beginner or an experienced crypto trader, understanding and implementing 'ngmi' is crucial for safeguarding your investments.
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• Irgiadi Ilham PratamaJan 26, 2025 · 6 months ago
  BYDFi, a leading digital asset exchange, recognizes the importance of 'ngmi' for crypto enthusiasts. By providing users with a secure and user-friendly platform to manage their own private keys, BYDFi empowers individuals to take control of their cryptocurrencies. With BYDFi, you can securely store, trade, and manage your digital assets while ensuring the highest level of security. So, if you're looking for a reliable exchange that values the 'ngmi' principle, BYDFi is definitely worth considering.
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