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Author Topic: A wallet as a container of money or exchange?  (Read 4157 times)

Offline philipma1957

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Re: A wallet as a container of money or exchange?
« Reply #75 on: June 19, 2024, 08:55:38 PM »
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.

I am interested in knowing what you do as a miner. Especially after halving. Do you really plan to sell some of your earnings to pay electricity bills? Are you guys mining at a profit at this moment? Do you keep your money on exchanges just as you described here? If these are not too personal questions, I guess the answers will be interesting.

Even though it is not recommended to keep money on exchanges, sometimes we have to move funds due to the network congestion and the fees. Maybe you don't have this problem because you can add your transactions as a miner  ;)

The mine finally ended. I have most of my money in my own wallets.

I still have 10% in exchanges. I am just stacking my signature coins and a tiny bit of home mining at a small loss.
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Re: A wallet as a container of money or exchange?
« Reply #75 on: June 19, 2024, 08:55:38 PM »

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Offline Nwada001

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Re: A wallet as a container of money or exchange?
« Reply #76 on: June 19, 2024, 10:40:19 PM »
As you know, very lately I started doing airdrops and fortunately, I have started making some money doing airdrops. Exchanges also offering web3 wallets these days and I am using those exchanges to farm web3 airdrops as well.
Are you referring to wallets like Binance Web3 wallet? I used them once, don't remember whether I can export my seed or not. Even if I can, I don't feel comfortable with the risk of them storing my seeds on their end. Why not use a wallet like MetaMask if you plan to hunt for airdrops? Is it because of the airdrop requirement? I installed multiple web3 wallets on my browser and I can use them to hunt airdrop just fine.
Decentralized wallets are always better options compared to Centralized wallets or exchanges. When it comes to safety, anonymity and security, decentralized wallets are no.1.

Your wallet seeds are meant to be in your custody alone and not some company that make you believe that the safety of your assets are guaranteed with them.
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Online Dr.Bitcoin_Strange

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Re: A wallet as a container of money or exchange?
« Reply #77 on: June 19, 2024, 11:26:46 PM »
As you know, very lately I started doing airdrops and fortunately, I have started making some money doing airdrops. Exchanges also offering web3 wallets these days and I am using those exchanges to farm web3 airdrops as well.
Are you referring to wallets like Binance Web3 wallet? I used them once, don't remember whether I can export my seed or not. Even if I can, I don't feel comfortable with the risk of them storing my seeds on their end. Why not use a wallet like MetaMask if you plan to hunt for airdrops? Is it because of the airdrop requirement? I installed multiple web3 wallets on my browser and I can use them to hunt airdrop just fine.
Decentralized wallets are always better options compared to Centralized wallets or exchanges. When it comes to safety, anonymity and security, decentralized wallets are no.1.
Indeed,
With decentralized wallets, you have total control over your wallet keys and access to your wallet, which of course means that you're the only person who's in control of your wallet and whatever asset that the wallet holds.
All your assets are being stored on a decentralized network, which makes it nearly impossible for hackers to access your funds or steal them, except of course you grant them access by revealing your keys to them.
At any time and any day, decentralized wallets are far better options than Centralized wallets.

Offline bounceback

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Re: A wallet as a container of money or exchange?
« Reply #78 on: June 20, 2024, 06:11:28 AM »
Indeed,
With decentralized wallets, you have total control over your wallet keys and access to your wallet, which of course means that you're the only person who's in control of your wallet and whatever asset that the wallet holds.
All your assets are being stored on a decentralized network, which makes it nearly impossible for hackers to access your funds or steal them, except of course you grant them access by revealing your keys to them.
At any time and any day, decentralized wallets are far better options than Centralized wallets.
Its important thing when saving our assets in decentralized wallet we have own self controlling with our assets not depend on exchange wallet has third party could controlling our assets keep secure or not.
Decentralized wallet we have own self controlling key or seed phrase of our wallet its difference when centralized wallet or exchange wallet when the exchange got scam our assets loss learned what happen with many investor holding their assets in FTX exchange wallet account.
Always memorize, not your key is not your coins how trusted one exchange reputation has opportunity for us loss our assets and better hold it in decentralized wallet.

Offline Learn Bitcoin

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Re: A wallet as a container of money or exchange?
« Reply #79 on: June 20, 2024, 02:25:27 PM »
Your wallet seeds are meant to be in your custody alone and not some company that make you believe that the safety of your assets are guaranteed with them.

If you are using centralized exchanges, you should know that most of them introduced web3 wallet options where you can create your own web3 wallets, just like Metamask, Rainbow, or Rabby wallet. They don't keep your seed phrases or anything. I don't think any company will ruin their reputation by keeping users ' wallets' seed phrases.

Or you could say you never know if they keep your seed phrases. Well, how do you know that Metamask isn't keeping your seed phrases as well? How do we know that Web3 wallets like Bitget wallet does not keep our seed phrases?
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Offline NotATether

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Re: A wallet as a container of money or exchange?
« Reply #80 on: June 20, 2024, 02:34:53 PM »
How do we know that Web3 wallets like Bitget wallet does not keep our seed phrases?

Disconnect the internet on your router and yse Wireshark to inspect the packets going out from your device to your router while you use the wallet. If you see anything that resembles a seed phrase brig went out, then it saved a copy for sure:
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Offline albon

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Re: A wallet as a container of money or exchange?
« Reply #81 on: July 04, 2024, 08:04:17 PM »
Losing funds from exchange has happened many times so i personally never store much funds in exchange wallet. Moreover exchange wallet is important to me only when i am in a situation like buying or trading currency. If you have a large amount of money then you should definitely use a hardware wallet. But top exchanges can give you some assurance. But i would suggest, if you have a lot of savings then use an offline wallet.

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Re: A wallet as a container of money or exchange?
« Reply #81 on: July 04, 2024, 08:04:17 PM »


Offline JunaidAzizi

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Re: A wallet as a container of money or exchange?
« Reply #82 on: July 04, 2024, 08:38:00 PM »
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?
This is very simple, brother. You can go to the non-custodial wallet. People use wallets normally when they want to store their assets for a long time and want to have control over their own assets and keep them safe. On the other side, exchanges don't provide those facilities. They store your assets for as long as you want, but the reason why people prefer non-custodial wallets is that exchanges are sometimes very vulnerable to hackers. They can easily hack the exchanges, and also, trust and guarantee sometimes come into question as exchanges may run away with your funds. That's why you can go for a non-custodial wallet.

Offline ZAINmalik75

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Re: A wallet as a container of money or exchange?
« Reply #83 on: July 06, 2024, 08:26:00 AM »
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?
The Wallet's nature will tell us if we want to use it for holding money or want to use it for exchanging, by exchanging do you mean giving a wallet to the buyer or sending funds from the wallet to the buyer? I did not understand fully. The question is not right in the first place because it's up to you to decide which is best for you. If you want to hold money for a long time then using a wallet for the container is the option but you have to select a good one.

But if you want to send and receive crypto regularly then the nature of the wallet is also considered. Because you can't use a hardware wallet for exchange and a hot wallet for containing funds. You have to make up your mind first then choose the nature of the wallet and go for it.
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Offline Jewan420

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Re: A wallet as a container of money or exchange?
« Reply #84 on: July 06, 2024, 06:42:19 PM »
Losing funds from exchange has happened many times so i personally never store much funds in exchange wallet. Moreover exchange wallet is important to me only when i am in a situation like buying or trading currency. If you have a large amount of money then you should definitely use a hardware wallet. But top exchanges can give you some assurance. But i would suggest, if you have a lot of savings then use an offline wallet.

Exchange has never been a better choice for savings. There are various exchanges, where your savings are guaranteed to be safe. But it has hardly been seen implemented. All exchanges are centralized, meaning your portfolio information is stored by a single organization. Decentralized wallets or hardware wallets can be better choices when it comes to savings. But hardware wallets are my first choice when it comes to saving a lot of money. An exchange I use only when I need to buy or sell currency.

Online Dr.Bitcoin_Strange

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Re: A wallet as a container of money or exchange?
« Reply #85 on: July 09, 2024, 06:28:03 PM »
Indeed,
With decentralized wallets, you have total control over your wallet keys and access to your wallet, which of course means that you're the only person who's in control of your wallet and whatever asset that the wallet holds.
All your assets are being stored on a decentralized network, which makes it nearly impossible for hackers to access your funds or steal them, except of course you grant them access by revealing your keys to them.
At any time and any day, decentralized wallets are far better options than Centralized wallets.
Its important thing when saving our assets in decentralized wallet we have own self controlling with our assets not depend on exchange wallet has third party could controlling our assets keep secure or not.
Decentralized wallet we have own self controlling key or seed phrase of our wallet its difference when centralized wallet or exchange wallet when the exchange got scam our assets loss learned what happen with many investor holding their assets in FTX exchange wallet account.
Always memorize, not your key is not your coins how trusted one exchange reputation has opportunity for us loss our assets and better hold it in decentralized wallet.
Yeah, you're totally right! In a decentralized wallet, you are in complete control of your assets and the keys – it’s like having a highly encrypted and secure safe. That way, you don’t have to throw your cryptocurrency into some third-party exchange of your choosing where it may be at risk, as we’ve seen with the FTX exchange. In other words, exchanges can be hacked, go bankrupt, or simply disappear taking your money with them.

“not your keys, not your coins” that statement can really not be overemphasized; if you do not possess the private key to the assets then you do not truly own the crypto. Actually, it is similar to having cash in your pocket and money deposited in a bank and you know that you can withdraw the money at any time but it is different from a bank where sometimes they fail to honor the cheque you make.

Offline AVE5

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Re: A wallet as a container of money or exchange?
« Reply #86 on: July 10, 2024, 02:53:04 PM »
For long run keeping then container of money i.e if it means holding in a non custodial wallet  and for easy convertion of holdings then CEX. It all depends on your goals.
If this isn't what you meant you could try and elaborate but a wallet should be as private and have only your access like your normal Pocket wallet.

The first option is always the best. The risk in having your fund stored in the exchange is too vulnerable that you can loose it because you're not 100% charge of your Privacies unlike the wallets which your Privacies are at your privacy. So, it's always better to seek fund securities before tradings.

Offline nakamura12

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Re: A wallet as a container of money or exchange?
« Reply #87 on: July 10, 2024, 10:36:30 PM »
First option is the best out of the two. You can keep it in there as long as you want without having problems compared to keeping it in an exchange where you may lose your money for something you didn't do that the exchange claimed that you did something that violates their rules. Keeping your crypto in an exchange is not bad but you shouldn't keep it in the exchange for too long. Keeping it in an exchange will help you exchange your crypto much faster.
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Online Dr.Bitcoin_Strange

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Re: A wallet as a container of money or exchange?
« Reply #88 on: July 10, 2024, 11:56:13 PM »
For long run keeping then container of money i.e if it means holding in a non custodial wallet  and for easy convertion of holdings then CEX. It all depends on your goals.
If this isn't what you meant you could try and elaborate but a wallet should be as private and have only your access like your normal Pocket wallet.

The first option is always the best. The risk in having your fund stored in the exchange is too vulnerable that you can loose it because you're not 100% charge of your Privacies unlike the wallets which your Privacies are at your privacy. So, it's always better to seek fund securities before tradings.
I fully appreciate your point of view on that! That is quite true; the first option is indeed the best. Storing money within an exchange may also prove to be dangerous since users do not possess complete control over key, and identification data. It means that you are an easy target for hackers, freezing of funds, and even exchange bankruptcies. Whereas, wallets are more secure and private because you manage your private keys and your money all by yourself. It’s always advisable to place emphasis on the safety of the funds and look for secure places to store them before engaging in trading. I appreciate that you urged the need to incorporate security as a feature

Offline Z-tight

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Re: A wallet as a container of money or exchange?
« Reply #89 on: July 11, 2024, 07:22:55 PM »
But top exchanges can give you some assurance.
I don't even think so, i do not trust any centralized exchange or custodial service to store my funds for me, so many reputable exchanges have collpased, gone bankrupt or was hacked. Imagine victims who thought the exchange was a top one and safe, they would have lost their coins before they learnt their lesson.
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