A wallet as a container of money or exchange?

[joniboini]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

[Litzki1990]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

We should always give utmost importance when choosing a wallet. Some members have a misconception that they think exchange wallet is too risky and should not keep money in exchange wallet at all but we who are involved in investment or trading but must keep money in exchange account. There are many exchanges in the market out of which a user must select the best and safest exchange where he can keep his money as well as carry out all the activities. If your information can be kept hidden then I think exchange wallet keeps your money very safe.

[jeraldskie11]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

When we say centralized exchange it was authorized by a government to run smoothly in a Country. We all know that government hates privacy, they really want to determine who is that person who have that big funds. They want to make sure that there are no fraudulent activities made by this person before they can withdraw. But that's not only the disadvantages of using centralized exchanges, you can't also own the private key meaning you can't fully own your account and they can do anything to your if they want to. So this is not a best place for holding an assets.

[Gurujebs]

That's true, privacy is an issue in any centralized service. I don't remember whether it has been discussed on this topic or not, but I'm pretty sure some members seem to think that privacy is not a crucial issue for them. Maybe that's why some people happily suggest or claim that an exchange or closed-source wallet is a good option to store your crypto for the long term. I remember discussing it with other members but they don't seem convinced that privacy is a key factor in selecting which apps/services they use in the future.

A lot of people sell their privacy over cool features exchange give them and they always feel relax by those things, but the day even the exchange will report you or flag your account, you wouldn't expect it.

I saw a complaint on X platform, the guy was making complaints that his account was restricted and he couldn't move his funds and the reply he got was that he should visit a nearby police station, that was one of the strangest reply I have seen from an exchange. This are one of the issues of using a centralized exchanges.

[joniboini]

I saw a complaint on X platform, the guy was making complaints that his account was restricted and he couldn't move his funds and the reply he got was that he should visit a nearby police station, that was one of the strangest reply I have seen from an exchange. This are one of the issues of using a centralized exchanges.

That's really odd. Are you sure the suggestion comes from the exchange representative? Maybe you can share the post so we can see the full context. I can see why they should report something to the police if he falls victim to phishing, scams, etc, but being blocked by an exchange is not one of them. I guess you can say he's using a terrible exchange if that's the reply he got from customer service.

[Agbe]

From the content there is no clear cut question but the question was seen from the topic the question is clear. So all depends on the place you using. Wallet is not for exchange but it is a place to keep your coins and save them for future use. And that should be either self custodial wallets or custodial wallets. And exchange is where you trade your coins. You swap, you convert, you buy or sell coins in exchange and it either centralized or decentralized exchange. Now with this all depends on the action you want to take at the moment. Do you want to save it for future use? Or you want to trade? Select the one that is suitable for you. And I advise you to use self custodial wallet then when you want to sell it then you can transfer it to the exchange and sell at once. It is not advisable to keep coins in exchange.

[CoinMin3r]

Exchange wallet is good option if you trade frequently but don't store too much there as "not your keys not your money" and anything can happen to exchange loosing your funds forever. So always store your coins in your own wallet to be on safe side.

[Learn Bitcoin]

Exchange wallet is good option if you trade frequently but don't store too much there as "not your keys not your money" and anything can happen to exchange loosing your funds forever. So always store your coins in your own wallet to be on safe side.

+1
Unfortunately, because of the lucrative promotions, we still use exchanges to store huge amounts of money. Exchanges like Bybit spend millions of dollars apologizing to their users, which is insane. They have been launching new campaigns everyday for the last couple of weeks which is one of the reason people join centralized exchanges.

I am one of the participants in the Notcoin airdrop, and I have withdrawn my Notcoin from Bybit. They had some issues with the Ton blockchain, which caused a delay in deposit. In compensation, Bybit distributed 26 Million dollars to customers' spot accounts. I used to be a centralized exchange hater, but I am using a couple of them.

[Power420]

I come to the question when I have to make such an important decision, should I choose the first or the second option, which is better and safer for you people? How long do you leave it on that option?

If you are looking for options ideas then definitely I would say you stick with long term holdings.  The more you engage in long-term holdings, the more you benefit, and keep your assets in noncustodial wallets.  Wallets that are very strong and less likely to be hacked, if you keep the keys in a safe place, then no other person can transfer your assets to another wallet.

[Dr.Bitcoin_Strange]

I come to the question when I have to make such an important decision, should I choose the first or the second option, which is better and safer for you people? How long do you leave it on that option?

If you are looking for options ideas then definitely I would say you stick with long term holdings.  The more you engage in long-term holdings, the more you benefit, and keep your assets in noncustodial wallets.  Wallets that are very strong and less likely to be hacked, if you keep the keys in a safe place, then no other person can transfer your assets to another wallet.

HODLing for the long-term has indeed proven to be the best approach to making amazing profits, but this is only applicable to bitcoin as it is the safest asset to HODL, I don't know about other altcoins, because I consider them to be nothing more other than a ticking time bomb waiting for the right time to explode and you can never know or predict exactly when that is to occur...
And yeah choosing a non custodial wallet is indeed the safest way to HODL you bitcoin as it also secures and keeps your privacy safe, which is also very important when it comes to crypto.

[taufik123]

-snip-
I am one of the participants in the Notcoin airdrop, and I have withdrawn my Notcoin from Bybit. They had some issues with the Ton blockchain, which caused a delay in deposit. In compensation, Bybit distributed 26 Million dollars to customers' spot accounts. I used to be a centralized exchange hater, but I am using a couple of them.

I also follow the news about Notcoin and indeed Bybit is quite problematic so there is a delay in deposits, But compensation worth $ 26 million is a big compensation and it's proof that Bybit cares about the problems that happen to its users.

But with regard to storing money on centralized exchanges it will have some risks, such as what happens to bybit or on other exchanges and Even I have experienced problems with some exchanges when I want to withdraw coins that I have, it was suspended and in the end had to contact CS then within 48 hours Coins can be withdrawn to my personal wallet.

Such risks make centralized Exchange a non-recommended place for long-term storage, because we do not have full control.

[philipma1957]

I come to the question when I have to make such an important decision, should I choose the first or the second option, which is better and safer for you people? How long do you leave it on that option?

Both a wallet and an exchange.

80% in the wallet 20% in the exchange if you are not looking to sell.

60% in the wallet 40% in the exchange if you are looking to sell

if you do sell pull most of the cash out.

always fear exchanges many crash an burn or get hacked.

[bayu7adi]

Both a wallet and an exchange.

80% in the wallet 20% in the exchange if you are not looking to sell.

60% in the wallet 40% in the exchange if you are looking to sell

if you do sell pull most of the cash out.

always fear exchanges many crash an burn or get hacked.

I still think the portion you explained is at a reasonable level, I might want to help emphasize that this percentage is more likely to be appropriate for a budget that is allocated to cryptocurrency only, because I'm afraid there are still people who misunderstand this percentage. Never assume that 20% is from all your assets in savings, investments or in the form of assets, because it will be too unbalanced.

What we need to remember is, no exchange has perfect security, so all sorts of bad things could happen at any time, including hacking or other things that can cause loss of assets.

[Learn Bitcoin]

But with regard to storing money on centralized exchanges it will have some risks, such as what happens to bybit or on other exchanges and Even I have experienced problems with some exchanges when I want to withdraw coins that I have, it was suspended and in the end had to contact CS then within 48 hours Coins can be withdrawn to my personal wallet.

Such risks make centralized Exchange a non-recommended place for long-term storage, because we do not have full control.

Yes. Unfortunately, exchanges disable withdrawals very often, especially when there is too much movement and during network congestion. Moreover, if you change your password or update anything security-related, they block withdrawals of an account for more than 48 hours. I also do not recommend exchanging coins for storage. If someone wants to hold their money for a long time, they should always use either a hardware wallet or a self-custodial wallet like Electrum and Unstoppable. But that wasn't my point. I was pointing why people still using centralized exchanges and how these exchanges attract people with their promotional offers.

[philipma1957]

Both a wallet and an exchange.

80% in the wallet 20% in the exchange if you are not looking to sell.

60% in the wallet 40% in the exchange if you are looking to sell

if you do sell pull most of the cash out.

always fear exchanges many crash an burn or get hacked.

I still think the portion you explained is at a reasonable level, I might want to help emphasize that this percentage is more likely to be appropriate for a budget that is allocated to cryptocurrency only, because I'm afraid there are still people who misunderstand this percentage. Never assume that 20% is from all your assets in savings, investments or in the form of assets, because it will be too unbalanced.

What we need to remember is, no exchange has perfect security, so all sorts of bad things could happen at any time, including hacking or other things that can cause loss of assets.

you are correct. my post is about crypto holdings.