Which is safer to hold your Bitcoin in wallet or Exchanges?

[Thyplaymaker]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

What you guys think?

[bitbit97]

This question has been asked and answered here like thousand times already. Better user search next time. Nevertheless, personal wallet is always preferable than any exchange or online wallet as to "not your key not your bitcoin" rule. Simple.

I dont know why people would even think about holding on an exchange. What kids of advantages would it give? I guess none.

[Thyplaymaker]

This question has been asked and answered here like thousand times already. Better user search next time. Nevertheless, personal wallet is always preferable than any exchange or online wallet as to "not your key not your bitcoin" rule. Simple.

I dont know why people would even think about holding on an exchange. What kids of advantages would it give? I guess none.

.
Lol thanks alot just new here
Really appreciate for your turn up

[Learn Bitcoin]

OP,

There is no debate about it. Because we all know that exchanges do not provide you the private key to your Bitcoin. You are depositing your bitcoin in exchange means the money is their asset. It's not yours until you transfer it to your own wallet. You cannot control your Bitcoin if you keep it in exchanges. You rmembered me a meme

[Themepen]

I understand that you are worried about keep your Bitcoin safe on exchanges. Exchanges have advantages like easy trading and lots of money available but there is a risk of hackers stealing your money and the bankruptcy of a exchange. On the other hand using a wallet is more safer especially if you keep your security phrase safe. But remember no storage method is completely safe and both options have risks.
I will recommend that you should use hardware wallet for this purpose. Which I think more safe.

[Freemind]

Storing your cryptocurrencies on an exchange (any of them) is one of the worst decisions you can make. No matter what exchange it is or how good its reputation is, we have all seen how "well" FTX performed and we also know how it will end, users are unlikely to recover their funds and those who can will have to wait a long time and go through a long process. Our cryptocurrencies should be in our wallets and only we should keep the private keys, not doing it this way is too risky.

[Tribalchief]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

What you guys think?

It is notably said: 'Not your keys, Not your Bitcoin.' Ideally, storing any form of crypto on a centralized exchange is like handing someone your debit card pin whom you don't know. The person might or might not choose to take advantage of you, depending on the situation at hand. Though leaving small amounts on a centralized exchange isn't bad for those who trade and swap often, as it reduces the cost of regular transfers from a wallet to an exchange. However, it is not advisable for large amounts.

In conclusion, do not take any risk by leaving your assets on a centralized exchange.

[retreat]

Custodial wallet is the best place to store your Bitcoin wallet. By using a custodial wallet, investors can manage their assets more easily, freely and securely. In contrast to custodial wallets, when people deposit Bitcoin into their accounts on an exchange, they deposit Bitcoin into a wallet provided by the exchange, users do not know the private key of that wallet and whenever the exchange wants they can move these assets from that wallet. And what's worse, users won't be able to do anything if the exchange goes bankrupt and takes away all the assets they hold in their core wallet.

[0t3p0t]

Your keys your Bitcoin so if you put your Bitcoins on exchanges then they have your keys and therefore they have full control of your coins. It is too risky as well to put your Bitcoin on exchanges as it is prone to hacks and other data breaches.

[Learn Bitcoin]

Storing your cryptocurrencies on an exchange (any of them) is one of the worst decisions you can make. No matter what exchange it is or how good its reputation is, we have all seen how "well" FTX performed and we also know how it will end, users are unlikely to recover their funds and those who can will have to wait a long time and go through a long process. Our cryptocurrencies should be in our wallets and only we should keep the private keys, not doing it this way is too risky.

The problem is people do not care until something happens to their funds. I have seen some articles online where people said Coinbase blocked their Coinbase account, and they asked for additional verification. But when users try to verify, they do not get any response from coinbase. So, how would they verify their account?

Moreover, Coinbase was fought red-handed for selling their customer details on the darknet, and then they accepted the allegation against them. Their excuse was, It wasn't coinbase who sells the user information. It was the 3rd party company who were collecting their user's information.

[tranthidung]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it

Most people do it does not mean you should do it.

• Secure your wallets & be careful with online services
• Cryptocurrency security checklist. It is applicable for all cryptocurrencies including Bitcoin.
• Basic advice about wallet

You will feel more risk from centralized exchanges, online services and need to move your coins of exchanges by knowing that how many centralized exchanges died, shut down, scam exited, seized.

• Exchange graveyard
• Search more about Terra, FTX, Celcius, Three Arrows Capital, and more fiascos that happened in 2022.

While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

Basically, find open source, non custodial wallets to use. Furthermore, checking that wallet has a good history and review from developers, community.

• https://walletscrutiny.com/
• Choose your wallet https://bitcoin.org/en/choose-your-wallet
• Electrum wallet. Verify it before using.
  
  • How to verify your Eletrum download
• If you want to run a full node, use Bitcoin Core wallet

What you guys think?

I am a new member here and I don't know how many times, this question was asked in this forum, but generally speaking, it has been asked many times, repeatedly on Internet.

You can find many available questions about it, then find answers for it too.

[owlest]

I understand that you are worried about keep your Bitcoin safe on exchanges. Exchanges have advantages like easy trading and lots of money available but there is a risk of hackers stealing your money and the bankruptcy of a exchange. On the other hand using a wallet is more safer especially if you keep your security phrase safe. But remember no storage method is completely safe and both options have risks.
I will recommend that you should use hardware wallet for this purpose. Which I think more safe.

Why use a hardware wallet? Electrum can provide similar security through cold or multi-signature options, it is free, unlike a hardware wallet which comes at a cost. When it comes to storage, it is better to keep everything in your own wallet rather than on an exchange. If you want to earn interest, you can stake some of your funds on an exchange or deposit them in a pool, but this cannot be considered storage.

[tranthidung]

Why use a hardware wallet?

Can I ask you:

• Why are you against hardware wallets?
• Just note: Hardware wallets can be close source or open source. Choosing an open source hardware wallets to use is better. Ledger is not open source.

Electrum can provide similar security through cold or multi-signature options, it is free, unlike a hardware wallet which comes at a cost. When it comes to storage, it is better to keep everything in your own wallet rather than on an exchange.

Electrum wallet is an open source, non custodial wallet and is a good wallet to use. It also allows you to create

• Creating a multisig wallet
• Creating a cold storage wallet
• Standard wallet and 2FA wallet.
• See Electrum wallet types

But Electrum is not a hardware wallet.

If you want to earn interest, you can stake some of your funds on an exchange or deposit them in a pool, but this cannot be considered storage.

Don't chase small profit and lose something bigger.

[Gm Jutt]

Storing your cryptocurrencies on an exchange (any of them) is one of the worst decisions you can make. No matter what exchange it is or how good its reputation is, we have all seen how "well" FTX performed and we also know how it will end, users are unlikely to recover their funds and those who can will have to wait a long time and go through a long process. Our cryptocurrencies should be in our wallets and only we should keep the private keys, not doing it this way is too risky.

I understand that you are worried about keeping your cryptocurrencies on exchanges. Sometimes... exchanges have had problems with security and people have lost their money. Thats why its usually better to keep your cryptocurrencies in a safe wallet where you control the private keys.
When you keep your cryptocurrencies in a personal wallet... you have full control over your money... and it is less likely to be stolen. It is important to pick a wallet that is trusted and secure... and take steps to protect your private keys... like using strong passwords and two factor authentication.
Even though exchanges are convenient for trading... its a good idea to move your cryptocurrencies to a personal wallet for longterm storage. It is really important to do your research... and take precautions to keep your money safe in the changing world of cryptocurrencies.

[DaNNy001]

Your keys your Bitcoin so if you put your Bitcoins on exchanges then they have your keys and therefore they have full control of your coins. It is too risky as well to put your Bitcoin on exchanges as it is prone to hacks and other data breaches.

Exactly and I would like to think not only hacks too, as since it's an centralized entity, the owner can just come up with blatant excuses like the system being breach or hacked just like the way sam bankman fried tried to pull off an exist scheme because thats what I called that idea of his. If am to advice anyone about centralized exchange I would probably just say we should just keep a portion of the Bitcoin we actually want to sell because storing your Bitcoin in an centralized exchange is risky because you don't know what the next story might be concerning your coins in there.