Is It Safe To Leave USD On A Crypto Exchange?

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In this video, I discuss the intricacies of FDIC insurance and crypto insurance. Actual US dollars are usually covered up to $250,000 per owner by registered US crypto exchanges like Coinbase through FDIC insurance. This coverage does NOT extend to cryptocurrencies, including stablecoins like USDC.

This suggests that the safest way to buy Bitcoin is to first move US dollars into your crypto account, allow it to settle (4 days at Coinbase), purchase BTC with it, and then immediately withdraw that BTC into cold storage.

This takes advantage of the FDIC coverage, while you work a limit order.

When it comes to Bitcoin, "not your keys, not your coins."

If you leave Bitcoin on an exchange like Coinbase, it may be included among the company's general assets in the event of a bankruptcy and you may not recover the full amount.

Not investment advice! Consult a financial advisor.

BlockFi Now Going To Zero?
https://www.youtube.com/watch?v=3xy11ng9_YE&ab_channel=TraderUniversity

FDIC insurance:
https://www.fdic.gov/
https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/

Coinbase insurance:
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured

USDC not covered by FDIC:
https://help.coinbase.com/en/coinbase/getting-started/crypto-education/usd-coin-rewards-faq

Coinbase FAQ:
https://www.coinbase.com/custody/faq

The Best Ways To Store Small and Medium Amounts of Bitcoin:
https://www.youtube.com/watch?v=rTIl7TKEowg&ab_channel=TraderUniversity

Best Way To Store Large Amounts of Bitcoin (Multi-Sig):
https://www.youtube.com/watch?v=e27pC-gUDIc&ab_channel=TraderUniversity

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#crypto
#usdollar
#bitcoin

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