How to take your Bitcoin off exchanges (STEP BY STEP)

If you want control of your bitcoin then you're going to need a wallet.

Your wallet stores the private keys of your bitcoin addresses. These private keys are used to sign transactions so that only you can spend your money.

Most people recommend hardware wallets. These wallets store your private keys in the hardware itself so that they don't get exposed to the internet. The transactions are signed inside your hardware wallet and then sent to your computer or phone. The private keys never leave your device.

A hot wallet stores your keys on an internet connected device, such as your phone or your computer. Mobile apps are much more secure than desktop apps. Operating systems like Windows are very vulnerable to attacks and malware.

If you don't have a lot of bitcoin, for example less than 0.10 BTC or so, a mobile wallet is more than enough.

There are many wallets. I personally recommend Green from Blockstream because it is fully open source, has reproducible builds and is made by a reputable company.

Feel free to use other wallet if you want. The steps are very similar.

Here are the steps:

1) Install Green: Bitcoin Wallet on your phone.

2) Choose "Add Wallet", then Bitcoin and then Singlesig.

3) Write down your recovery phrase on a piece of paper. Do NOT take a picture of it. Do NOT write this phrase on your computer. Protect this seed. Hide it well. This seed is used to recover your private keys in case you lose your phone.

4) Once your wallet is created, click con Receive. This will generate a QR Code and a bitcoin address. You can use either to receive money.

5) Go to your exchange and withdraw your money to this bitcoin address.

That's it.


You now have full control over your money and are protected from exchanges going bankrupt like FTX.

submitted by /u/HumbleBitcoinPleb
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