A little-known fact about crypto!
Many people think the Bitcoin shown in an exchange account is the same as their on-chain Bitcoin.
That’s not actually the case.
When you buy 1 BTC on a centralized exchange, you usually just receive a corresponding asset balance in the exchange’s ledger. It doesn’t mean that BTC has been transferred to a wallet you control independently.
Only when you withdraw it to a wallet for which you hold the private keys do you truly have independent control over those on-chain assets.$BTC
Many people think the Bitcoin shown in an exchange account is the same as their on-chain Bitcoin.
That’s not actually the case.
When you buy 1 BTC on a centralized exchange, you usually just receive a corresponding asset balance in the exchange’s ledger. It doesn’t mean that BTC has been transferred to a wallet you control independently.
Only when you withdraw it to a wallet for which you hold the private keys do you truly have independent control over those on-chain assets.$BTC