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

[Learn Bitcoin]

Question: I understand that these are like decentralised exchanges for bitcoin?

I didn't get your question. Did you ask if these exchanges are like decentralized exchanges or not? If so, I guess not. I don't know how I should categorize them. But the main fact is that these platforms do not ask for your KYC as of now. There was a very good platform named Localbitcoins.com, and there was a time when it did not ask for KYC from its users. But later, they were forced to ask for KYC from its users. So, I don't know how to categorize localmonero or Agoradesk because they are similar platforms with the same kind of UI. But yes, you buy Bitcoin from others using their system. It's real P2P.

[Muneeb22]

It depends on you that you hold your Bitcoin in any good and trusted wallet like I hold my coins in Meta Mask which is good and best for me. I have used that for a long time and my coins are safe in this wallet. This time there are so many wallets in the crypto market but just some wallets are best and good.

[goaldot]

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.

Yes, as you said that the question has been asked and answered. Does that mean it will not be answered again? Some are new in this forum while some are newbie. Is it not better to clearrify them? To avoid investing wrongly.

[anshor1]

It depends on you that you hold your Bitcoin in any good and trusted wallet like I hold my coins in Meta Mask which is good and best for me. I have used that for a long time and my coins are safe in this wallet. This time there are so many wallets in the crypto market but just some wallets are best and good.

Agree, Metamask and myetherwallet are good wallet and safe.
Maybe several member also use trust wallet and safepal, it depends on their confidence.
I don't agree to safe assets or coins on exchange wallet, not safe

[NikeFit_7777]

It depends on you that you hold your Bitcoin in any good and trusted wallet like I hold my coins in Meta Mask which is good and best for me. I have used that for a long time and my coins are safe in this wallet. This time there are so many wallets in the crypto market but just some wallets are best and good.

Agree, Metamask and myetherwallet are good wallet and safe.
Maybe several member also use trust wallet and safepal, it depends on their confidence.
I don't agree to safe assets or coins on exchange wallet, not safe

It's clear that cryptocurrency exchanges are not safe. But here's the thing: Have you read the news about Leadger? Or rather, about how hackers gained access to its library. Clearly, that problem has been solved.... but trust in such cold wallets has fallen a bit. I don't know about other people, but I certainly have.

[Altcoin1998$]

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?

Currently those who are aware of the updates of central exchanges will definitely not want to store their bitcoins in central exchanges. Those who want to hold bitcoins for long-term investment must not make these mistakes, they must store their bitcoins in selfcustody wallets of their choice.
Moreover, when cryptocurrency is stored in central exchanges, its control system is not on the user but it is controlled by a third party. For this reason, if hacked at any time, the user's accumulated bitcoins will go into the hands of the hackers, in this case the user will not have anything to do.
Moreover, the control system of wallets, especially hardware and software wallets, is completely in the hands of the user. Therefore, if the wallet is hacked, the user must take the responsibility. However, the wallet authority is not responsible in any way if it gets hacked due to the unawareness of the user. Moreover, hardware wallets are unlikely to be hacked unless the security system of the wallet is hacked.

[owlest]

Question: I understand that these are like decentralised exchanges for bitcoin?

I didn't get your question. Did you ask if these exchanges are like decentralized exchanges or not? If so, I guess not. I don't know how I should categorize them. But the main fact is that these platforms do not ask for your KYC as of now. There was a very good platform named Localbitcoins.com, and there was a time when it did not ask for KYC from its users. But later, they were forced to ask for KYC from its users. So, I don't know how to categorize localmonero or Agoradesk because they are similar platforms with the same kind of UI. But yes, you buy Bitcoin from others using their system. It's real P2P.

I understand. Previously, I have only dealt with centralised or decentralised exchanges. This is a new concept for me that I will need to learn. Thank you for guiding me in the right direction. However, if it is a peer-to-peer exchange, is there a risk of receiving tainted bitcoins?

[Cheema02]

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?

In my opinion both option carries some risk. But they are convenient exchanges can be hacked. Even with proper management wallets are secure but the seed phrase needs to be carefully protected. Because wallets are offline they often offer higher security against hackers. But for wallet security making sure the seed phrase is stored correctly is essential.

[Learn Bitcoin]

It's clear that cryptocurrency exchanges are not safe. But here's the thing: Have you read the news about Leadger? Or rather, about how hackers gained access to its library. Clearly, that problem has been solved.... but trust in such cold wallets has fallen a bit. I don't know about other people, but I certainly have.

I don't know how they were able to hack wallets. However, I started doubting their honesty once they started offering to share your seed phrase with a 3rd party partner and users would be charged an amount for additional security. Then I started to doubt that they could have control over their user's wallet. I don't know what is the truth! But I thought several developers would check their codes because they were open source. More precisely, their app and ledger live are open source. But, the firmware is not. I guess most people trusted them because they were open source and people thought since it's open source, developers from several parts of the world could contribute to find any possible bugs. But, look what happened!

[DabsPoorVersion]

It's clear that cryptocurrency exchanges are not safe. But here's the thing: Have you read the news about Leadger? Or rather, about how hackers gained access to its library. Clearly, that problem has been solved.... but trust in such cold wallets has fallen a bit. I don't know about other people, but I certainly have.

I don't know how they were able to hack wallets. However, I started doubting their honesty once they started offering to share your seed phrase with a 3rd party partner and users would be charged an amount for additional security. Then I started to doubt that they could have control over their user's wallet. I don't know what is the truth! But I thought several developers would check their codes because they were open source. More precisely, their app and ledger live are open source. But, the firmware is not. I guess most people trusted them because they were open source and people thought since it's open source, developers from several parts of the world could contribute to find any possible bugs. But, look what happened!

I've read that there might be a former employee of Ledger who gives the access to hackers. I'm not really sure about the details or if the information is real, but if there is really a former employee who gives access to hackers, the company should have taken the responsibility. They should also have a policy in place that applies even to former employees to ensure the protection of all Ledger users.

[Altcoin1998$]

It's clear that cryptocurrency exchanges are not safe. But here's the thing: Have you read the news about Leadger? Or rather, about how hackers gained access to its library. Clearly, that problem has been solved.... but trust in such cold wallets has fallen a bit. I don't know about other people, but I certainly have.

I don't know how they were able to hack wallets. However, I started doubting their honesty once they started offering to share your seed phrase with a 3rd party partner and users would be charged an amount for additional security. Then I started to doubt that they could have control over their user's wallet. I don't know what is the truth! But I thought several developers would check their codes because they were open source. More precisely, their app and ledger live are open source. But, the firmware is not. I guess most people trusted them because they were open source and people thought since it's open source, developers from several parts of the world could contribute to find any possible bugs. But, look what happened!

I've heard that there may be a former employee of Ledger who provides access to hackers. I'm not completely sure about the details or if this information is accurate, but if there is indeed a former employee involved, the company should take responsibility. They should also have a policy in place that applies even to former employees to ensure the protection of all Ledger users.

If the former company's employee has done such work then the ledger authority must be responsible for this hacking. But surely no company employee wants to spoil the reputation of such an organization. But in some cases it is believable that such acts may be done by excessive greed. But apart from Ledger, there are some more important and more secure hardware wallets which have no history of being hacked so far.

[DabsPoorVersion]

It's clear that cryptocurrency exchanges are not safe. But here's the thing: Have you read the news about Leadger? Or rather, about how hackers gained access to its library. Clearly, that problem has been solved.... but trust in such cold wallets has fallen a bit. I don't know about other people, but I certainly have.

I don't know how they were able to hack wallets. However, I started doubting their honesty once they started offering to share your seed phrase with a 3rd party partner and users would be charged an amount for additional security. Then I started to doubt that they could have control over their user's wallet. I don't know what is the truth! But I thought several developers would check their codes because they were open source. More precisely, their app and ledger live are open source. But, the firmware is not. I guess most people trusted them because they were open source and people thought since it's open source, developers from several parts of the world could contribute to find any possible bugs. But, look what happened!

I've heard that there may be a former employee of Ledger who provides access to hackers. I'm not completely sure about the details or if this information is accurate, but if there is indeed a former employee involved, the company should take responsibility. They should also have a policy in place that applies even to former employees to ensure the protection of all Ledger users.

If the former company's employee has done such work then the ledger authority must be responsible for this hacking. But surely no company employee wants to spoil the reputation of such an organization. But in some cases it is believable that such acts may be done by excessive greed. But apart from Ledger, there are some more important and more secure hardware wallets which have no history of being hacked so far.

It's possible, but the sure thing is the former employee has his reason why he had done such a thing. We never know and there's no statement regarding this issue. The company just identified the reason and took action to remove the malicious file for the reason of hacking. The company is indeed responsible as they did not revoke the former access of the employee.

[Callisto]

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?

Of course, it is better to store your hard-earned money in cold wallets. Exchanges should only have funds for trading, no more. Craftsmen are already somehow getting to their wallets, it’s not clear how, not to mention the exchanges.

[Callisto]

Of course, it is better to keep your hard-earned money in cold wallets. Exchanges should only have funds for trading, nothing more. Craftsmen are already somehow getting to their wallets, it’s unclear how, not to mention exchanges. There are a lot of cases when people lost their funds precisely when they were hacked on exchanges, but what can I say, the exchange itself is hacked and in general the user may be left with nothing

[therozaq]

Of course, it is better to keep your hard-earned money in cold wallets. Exchanges should only have funds for trading, nothing more. Craftsmen are already somehow getting to their wallets, it’s unclear how, not to mention exchanges. There are a lot of cases when people lost their funds precisely when they were hacked on exchanges, but what can I say, the exchange itself is hacked and in general the user may be left with nothing

agree, cold wallet is the best wallet to keep our assets.
Many trader have keep their assets on exchange wallet because they just do daily trading.
Because If  we must to keep in our cold wallet , it's need gas fee too much .
So, that's normal to do.
But I suggest,  don't keep big fund on exchange wallet, it's too risky.