Thanks Laraz and others.
This is good information to have.
I also think bitcoin is going to 100k (and much higher) and it would be extra bonus to actually earn interest on it while it rises.
However, I will also share a true experience that recently happened to some of my crypto holdings.
I was holding some smaller alt coins on, what I thought was a reputable exchange, LIVECOIN.NET. I held coins there for years. It had good press and what seemed a good platform. On December 24th or 25th of 2020, their network was hacked. Since then they have frozen out every single account and every holding. They say that they have lost it all by the hackers and there is NO WAY of recovering any of it. It turns out this was a russian owned exchanged based out of Belize (I think). They are now claiming that anyone who had an account can provide them with TONS of personal information for authentication to MAYBE get something back. Yeah, I can let russians know all my personal information with picture id, SSN, birth certificates, address, you name it, to prove who I am? Yet, the exchange didn't even have this information in the first place so what is it exactly proving (can you say identity theft?)?
I lost many thousands of dollars in crypto on this exchange. Lesson learned! I am now even more cautious of where my holding are and who is behind it and what are they doing with it.
I am not saying that Nexo is like this as I do not know them well (yet). I am continuing to research the exchange, the reputation, where it is actually located, who is the insurance company behind their backing (and are they reputable), etc.
I caution all to be diligent on where their holdings are and what is happening with them while you hold.
