Unpopular Opinion: Self-Custody Is Overrated and Too Risky for Most Crypto Users

I believe keeping cryptocurrency on centralized exchanges is actually a solid choice. The barrier to entry for cold storage and hardware wallets is extremely high, and a single moment of carelessness can leave you vulnerable to hackers or costly mistakes. Just look at the recent on-chain transaction where a user lost a fortune due to a massive fat-finger error on gas fees.
I know the counterargument: people always bring up Mount Gox and early exchange hacks. But much like traditional banks in their early days, exchanges had growing pains. Today’s major platforms are vastly more mature in their asset custody and security infrastructure than they were years ago.
Even if you take a more hardcore approach and use open-source software to build or manage your wallet, the risk of theft remains. Open-source does not automatically make software immune to exploits—after all, how many people on this planet actually have the technical expertise to audit that code and catch subtle vulnerabilities? For the vast majority of users, letting a modern, well-capitalized exchange secure your assets is simply the more practical choice.