I realize a lot of hardened crypto veterans will probably roll their eyes as if to say "duh." But I didn't realize this stuff when I got into the uncharted technological territory that is a cryptocurrency, and it has important implications for your financial health.

Exposure to meddlesome governments

Any crypto exchange is susceptible to getting bullied by rapacious governments envious of the peasants enjoying untraceable, untaxable commodities.

So far, by and large, Western governments have been relatively hands-off in terms of interfering in the crypto market, but the Biden administration has quietly been moving against crypto exchanges for the past year and a half.

Crypto assets held on exchanges are not subject to FDIC insurance

Crypto assets held on exchanges are not subject to FDIC insurance. That means that, in the event the exchange goes belly-up, you (the customer) have no guarantee of getting your assets out. You'll be left holding the bag, SOL. If a crypto exchange tells you it's FDIC insured, it's lying.