Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Thyplaymaker on December 14, 2023, 03:26:32 PM
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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?
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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.
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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.
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Lol thanks alot just new here
Really appreciate for your turn up
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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
(https://talkimg.com/images/2023/12/14/EkbXG.jpeg)
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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.
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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.
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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.
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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.
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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.
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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.
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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 (https://bitcoin.org/en/secure-your-wallet)
- Cryptocurrency security checklist (https://chainsec.io/checklist/). It is applicable for all cryptocurrencies including Bitcoin.
- Basic advice about wallet (https://www.lopp.net/bitcoin-information/recommended-wallets.html)
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 (https://www.cryptowisser.com/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 (https://electrum.org/) wallet. Verify it before using.
- How to verify your Eletrum download (https://bitcoinelectrum.com/how-to-verify-your-electrum-download/)
- If you want to run a full node, use Bitcoin Core (https://bitcoincore.org/en/download/) 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.
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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.
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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 (https://bitcoinelectrum.com/creating-a-multisig-wallet/)
- Creating a cold storage wallet (https://bitcoinelectrum.com/creating-a-cold-storage-wallet-in-electrum/)
- Standard wallet and 2FA wallet.
- See Electrum wallet types (https://bitcoinelectrum.com/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.
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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.
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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.
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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 (https://bitcoinelectrum.com/creating-a-multisig-wallet/)
- Creating a cold storage wallet (https://bitcoinelectrum.com/creating-a-cold-storage-wallet-in-electrum/)
- Standard wallet and 2FA wallet.
- See Electrum wallet types (https://bitcoinelectrum.com/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.
While I do not oppose hardware wallets, I fail to see how they are superior to software wallets. If an individual is proficient in using software wallets, they are unlikely to lose their funds. Conversely, if someone is not familiar with wallet storage, a hardware wallet will not be of much assistance. It is worth noting that Ledger, a popular hardware wallet, recently experienced a vulnerability that affected many users, causing them to lose faith in the product due to its cloud storage of seed phrases.
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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?
If you want to hold bitcoin , I think wallet is safer than you hold in exchange.
There is several consideration, if you want to hold in exchange.
I think If you're trading, you can do it
But if you're a holder .
wallet is the best choice.
We know about several wallets, I personally prefer hold my coins in myetherwallet or sometime in my metamask wallet.
I think It's suitable and safe.
But it depends on your confidence.
You can use another wallet
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While I do not oppose hardware wallets, I fail to see how they are superior to software wallets. If an individual is proficient in using software wallets, they are unlikely to lose their funds.
The best wallet depends on each person, from knowledge, budget, technical practice and even more. There is no same best wallet for you and for me.
Cold wallets are safer than hot wallets and hardware wallets are cold wallets.
With software wallets like Electrum, you can create multi-sign, cold storage or air-gapped wallets and they are safer than single signature wallet (hot wallet).
Conversely, if someone is not familiar with wallet storage, a hardware wallet will not be of much assistance. It is worth noting that Ledger, a popular hardware wallet, recently experienced a vulnerability that affected many users, causing them to lose faith in the product due to its cloud storage of seed phrases.
Ledger is a close source hardware wallet as I noted in my previous post.
I knew what you want to say here, Ledger messed up and even destroyed the idea of hardware wallet by launching their Ledger Recovery service. (https://www.ledger.com/recover)
The fragments are securely distributed using end-to-end encrypted and authenticated channels to the Hardware Security Modules (HSMs) of three independent companies – Ledger, Coincover, and EscrowTech. Each fragment on its own is a useless set of random numbers.
Three entities will have three pieces of your wallet seed phrase, it is not good and safe.
- Bitcoin Q&A: Why is Seed Splitting a Bad Idea? (https://www.youtube.com/watch?v=p5nSibpfHYE&t=61s)
- How to back up a seed phrase? (https://blog.lopp.net/how-to-back-up-a-seed-phrase/)
If I want to have best safety for my bitcoin, I want to own my private key (or wallet seed phrase). Because Not your keys, not your coins (https://www.youtube.com/watch?v=AcrEEnDLm58). Relying on two other entities, Ledger and Coincover for backups and recovery is very bad idea.
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While I do not oppose hardware wallets, I fail to see how they are superior to software wallets. If an individual is proficient in using software wallets, they are unlikely to lose their funds.
The best wallet depends on each person, from knowledge, budget, technical practice and even more. There is no same best wallet for you and for me.
Cold wallets are safer than hot wallets and hardware wallets are cold wallets.
With software wallets like Electrum, you can create multi-sign, cold storage or air-gapped wallets and they are safer than single signature wallet (hot wallet).
Conversely, if someone is not familiar with wallet storage, a hardware wallet will not be of much assistance. It is worth noting that Ledger, a popular hardware wallet, recently experienced a vulnerability that affected many users, causing them to lose faith in the product due to its cloud storage of seed phrases.
Ledger is a close source hardware wallet as I noted in my previous post.
I knew what you want to say here, Ledger messed up and even destroyed the idea of hardware wallet by launching their Ledger Recovery service. (https://www.ledger.com/recover)
The fragments are securely distributed using end-to-end encrypted and authenticated channels to the Hardware Security Modules (HSMs) of three independent companies – Ledger, Coincover, and EscrowTech. Each fragment on its own is a useless set of random numbers.
Three entities will have three pieces of your wallet seed phrase, it is not good and safe.
- Bitcoin Q&A: Why is Seed Splitting a Bad Idea? (https://www.youtube.com/watch?v=p5nSibpfHYE&t=61s)
- How to back up a seed phrase? (https://blog.lopp.net/how-to-back-up-a-seed-phrase/)
If I want to have best safety for my bitcoin, I want to own my private key (or wallet seed phrase). Because Not your keys, not your coins (https://www.youtube.com/watch?v=AcrEEnDLm58). Relying on two other entities, Ledger and Coincover for backups and recovery is very bad idea.
Ordinary users with little experience in cryptocurrency often rush to buy hardware wallets, believing that they are completely safe and that their coins will be secure no matter what. While this is their decision, it may not be the most financially sound one. They may not consider the cost of the wallet, which can sometimes be several times the value of the stored coins. Personally, I have created two wallets for myself: a cold wallet and a multi-signature wallet, both of which I am very satisfied with.
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Owning Bitcoin is one thing, Storing and securing your Bitcoin is another, inasmuch as the safety of your asset completely depends on you, your ability to choose amongst the several means of storing Bitcoin has a vital role to play. Some people choose to store their Bitcoin in centralized exchanges which is a very wrong and risky way to decide to store your Bitcoin, centralized exchanges are not really the safest method, because Bitcoin is mant to be completed decentralized, so storing a decentralized asset in a centralized exchange isn't just right.
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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 not recommended to hold your Bitcoin on a centralized exchange. Exchanges are the primary target of hackers due to the fact that they hold a large number of different cryptocurrencies from users, which can be accessed by hackers if they successfully breach the exchange. No exchange is completely safe from hacking. As a holder or investor, it is advisable to keep your Bitcoin in a hot wallet or invest in a cold wallet for better security.
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Considering the capacity and abilities of holders, I could say it depends. Why? Big whales will not put all their Bitcoin in a single wallet either it is centralized exchange or decentralized. They are keen to care their investment. If somehow is capable to buy hard wallet, they I think he/she will store his Bitcoin into it. What is safer? I think the safer is not compromised wallet.
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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 not recommended to hold your Bitcoin on a centralized exchange. Exchanges are the primary target of hackers due to the fact that they hold a large number of different cryptocurrencies from users, which can be accessed by hackers if they successfully breach the exchange. No exchange is completely safe from hacking. As a holder or investor, it is advisable to keep your Bitcoin in a hot wallet or invest in a cold wallet for better security.
It is important to consider not only the risk of hacking but also the possibility of an exchange being blocked. An exchange can be blocked for various reasons, including the fact that the country is under sanctions or the cryptocurrency has a dubious history. Therefore, it is recommended to keep your cryptocurrency in a wallet. If you earn cryptocurrency, do so in the DeFi sphere. It is not recommended to leave your bitcoins on centralised exchanges.
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"Not your keys Not your money" is a popular saying in the btc and the entire crypto community about safe keeping our asset. There is no secured way of keeping your asset than your personal wallet and most preferably a hardware wallet.
Exchange is not the right place to keep your btc, it is only good for temporary if you are a trader and must access your funds regularly to trade.
We have seen many cases where exchanges got hacked or go bankrupt as a result of misappropriation of funds and funds are stolen, many users becomes victims because they have all their funds stored in the exchange.
Even though those victims will be compensated for their lose, there is always a negative effect on the victim, it is better to be safe than sorry.
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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?
holding bitcoin in an exchange account is really high risk, do you still remember FTX, I have some mbtc in my FTX account, actually I don't hold my bitcoin there, I only use it there for trading but when there are problems related to security there FTX, FTX was subject to seize by the government and in the end all the funds I had there just disappeared, storing bitcoin in a wallet is much safer than storing it on an exchange, especially CEX.
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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 not recommended to hold your Bitcoin on a centralized exchange. Exchanges are the primary target of hackers due to the fact that they hold a large number of different cryptocurrencies from users, which can be accessed by hackers if they successfully breach the exchange. No exchange is completely safe from hacking. As a holder or investor, it is advisable to keep your Bitcoin in a hot wallet or invest in a cold wallet for better security.
It is important to consider not only the risk of hacking but also the possibility of an exchange being blocked. An exchange can be blocked for various reasons, including the fact that the country is under sanctions or the cryptocurrency has a dubious history. Therefore, it is recommended to keep your cryptocurrency in a wallet. If you earn cryptocurrency, do so in the DeFi sphere. It is not recommended to leave your bitcoins on centralised exchanges.
I agree, which is the same as what might be possible to happen to Binance in our country. There's an announcement that the Binance and any other unregistered Centralized Exchange that is accessible in our country is possible to be blocked unless they comply with the regulations of our country. These scenarios can be avoided by using a hot and cold wallet, there's no reason to hold Bitcoin on some exchange if you're planning to do long-term holding.
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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?
holding bitcoin in an exchange account is really high risk, do you still remember FTX, I have some mbtc in my FTX account, actually I don't hold my bitcoin there, I only use it there for trading but when there are problems related to security there FTX, FTX was subject to seize by the government and in the end all the funds I had there just disappeared, storing bitcoin in a wallet is much safer than storing it on an exchange, especially CEX.
I remember this issue, a lot of users are affected by what FTX did. We should really avoid using the exchange to store our holdings not only our Bitcoin but the same with our altcoins. Every crypto we are holding should be taken care of and if possible, we can do the same with other people who spend money to buy hardware wallets for the safety of their investments.
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Ordinary users with little experience in cryptocurrency often rush to buy hardware wallets, believing that they are completely safe and that their coins will be secure no matter what. While this is their decision, it may not be the most financially sound one. They may not consider the cost of the wallet, which can sometimes be several times the value of the stored coins. Personally, I have created two wallets for myself: a cold wallet and a multi-signature wallet, both of which I am very satisfied with.
They must to start from somewhere and if they are careful people, they will do research on how to store bitcoin safely. They will have to consider about free open source wallets like Electrum, that I like too, and other wallets like Hardware wallets.
Nothing is wrong if they choose a good open source hardware wallets to use, with spending for those wallets.
Newbies can make a terrible mistake like
- They trust that hardware wallets are most secured and safest.
- They don't want to spend too much money for purchases, then they look for second-hand hardware wallets. When they do so, they can buy firmwared-hardware wallets and lose their bitcoins.
My advice is: use Electrum (or other free open source non custodial wallets). If they want to spend money for hardware wallets, buy it a complete new wallet, from an official store.
Considering the capacity and abilities of holders, I could say it depends. Why? Big whales will not put all their Bitcoin in a single wallet either it is centralized exchange or decentralized. They are keen to care their investment. If somehow is capable to buy hard wallet, they I think he/she will store his Bitcoin into it. What is safer? I think the safer is not compromised wallet.
Big whales will diversify their bitcoins in different wallets and even more diversification to some different wallet softwares/ brands. If one wallet software, one wallet brand is compromised, they will not lose all their bitcoins.
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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?
If you hold your bitcoins in any exchange, it's like giving your room key to an unknown person. Would you think your belongings are safe or that your mind will be at ease if you did that? That's just the simple example for you.
You can use exchanges for frequent transactions, but it is not advisable to hold your bitcoin in any exchange. Because not all exchanges are reliable, you should conduct thorough research before using any exchange.
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When ever a person who bought a handsome amount of Bitcoin. So always he/s think it should be saved and which way is better to safe investment. When we see to the exchanges so we have seen that these exchanges have too much risks. And when we see to the online wallets so we will say that these are risky but not much. But there is the one option which we can choose that is hardware wallet. These wallets are more safer as compare to others so I will recommend these wallets.
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Cryptocurrency exchanges and wallets each offer unique security features, benefits, and drawbacks. However, crypto wallets are typically thought to be safer than exchanges.
Crypto wallets are software or hardware-based storage systems that allow you to store, receive, and send cryptocurrencies. They are generally considered to be more secure than exchanges, as they give you full control over your private keys, which are required to access your funds. This means that your funds are protected by your own secure password and are not at risk of being stolen by hackers or other malicious actors.
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Well, I would say goes in two ways, and they are..
- It's EASIER to hold you bitcoin on the centralized exchanges, since you just by and leave it there, no struggles of withdrawal and keeping wallet your wallet safe from hacks and scammers.
- But it's SAFER to hold your bitcoin on your own private wallet because doing this gives you full custody of your bitcoin, that is, you are in total control of your bitcoin, as you can at any chosen time, move it to another exchange to sell, or do whatever you want with it.
But here is the thing, if you decide to hold you bitcoin on the centralized exchanges, it simply means that you are sacrificing your coins safety for easier way of holding.
But if you are holding in a non-custodial wallet, you are sacrificing the easier way to hold for your coin's safety.
In all, it is important to know that holding bitcoin on our non-custodial wallets comes with great responsibilities, but it's safer, on-like holding them on centralized exchanges that are prone to hacking at point in time, if they are not hacked, they may shut down and make customers be at their mercy in terms of getting their deposits back.
So, always choose wisely where to hold your bitcoin.
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What you guys think?
It's a question of your priorities. With all the previous things that happened to exchanges like FTX, it's an obvious way to say that you may lose your funds on exchanges overnight. Of course, people trade, so you need to hold such an amount on your exchange account, so as long your not keeping it like an alternative to wallets, it's fine.
About keeping your funds in your wallet, this one is the right thing to say.
it is important to know that holding bitcoin on our non-custodial wallets comes with great responsibilities.
A secured device, good practice of using your wallet, having the knowledge to prevent getting hacked from spam emails or from all kinds of phishing, etc. plus securing your back up in safe place too.
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Especially holding any token in the exchange wallet is dangerous because hacking problems can occur at any time. So you should choose hardware wallet because it is more popular for security. If you expect the best security from an exchange like FTX, then it is foolish because money can be lost overnight from these exchanges. There are many exchanges that have run away with investors' money so make sure your money is safe before you trade anywhere.
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You can store Bitcoins in either an exchange or a wallet. But there is definitely some risk in keeping it in the wallet. You must ensure your own safety when holding Bitcoins. How you manage your own wealth is entirely up to you. And if it gets stolen or hacked for any reason, you are fully responsible for it. Because many lose wealth due to their own mistakes. At the end of the day I'd say it's up to you.
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This is something that bitcoin was created for so that people can be their own bank because bitcoin is decentralized and it shouldn't be stored in a centralized way. Bitcoin should be used for the purpose that it was created for which is to get rid of a third party. Keeping your bitcoin in an exchange is like you have kept you bitcoin in a market place where it will be vulnerable to attack. Just take note that the moment your coins gets into the exchange, it is no longer yours, and the figure that you are seeing means that the exchange is owing you that amount. For instance is you keep 0.5btc in an exchange, the exchange is owing you that amount because your coins have been borrowed out. The risk in storing your coins in an exchange is higher than you being your own bank, when you use a self custody wallet like electrum, blue wallet as they are easy for beginners. The exchange can sell out your information to the government and your account can get frozen. The exchange can get hacked, bankrupt or go on exit scam, but when you are your own bank, if you take proper precautions on the safety of your wallet, you will be safe.
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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
You're right. It is not safe to keep our Bitcoin in CEX wallets although it will be easier whenever we want to trade them. One of the problem is about hacking, there were already many cases of hacking crypto assets in centralized exchanges. However, I saw some CEXs have the intention to compensate the hacking crypto assets in their exchange wallets. So, this means quite safe to keep our Bitcoin assets on the CEXs which guarantees the security and want to compensate the hacking cases.
Honestly, I also keep some of my crypto assets on CEX wallets. But surely not all my crypto assets to put on CEX wallets. For the long term holding like Bitcoin, I prefer to keep it on my private wallets or on hardware wallets. We need to divide our assets, don't put all our money in the long term holding.
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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
You're right. It is not safe to keep our Bitcoin in CEX wallets although it will be easier whenever we want to trade them. One of the problem is about hacking, there were already many cases of hacking crypto assets in centralized exchanges. However, I saw some CEXs have the intention to compensate the hacking crypto assets in their exchange wallets. So, this means quite safe to keep our Bitcoin assets on the CEXs which guarantees the security and want to compensate the hacking cases.
Honestly, I also keep some of my crypto assets on CEX wallets. But surely not all my crypto assets to put on CEX wallets. For the long term holding like Bitcoin, I prefer to keep it on my private wallets or on hardware wallets. We need to divide our assets, don't put all our money in the long term holding.
The time where the kind of wallet to use matters most is when one is considering the option between HODLing long term or just trading or doing both while still deciding on the best investment practice to begin with.
A CEX wallet is way more susceptible to hacking and that's why it's always a good advice to use offline or hardware wallets depending on how safe one intends their asset to be, let's not add this bother to merchant traders or those who accept cryptocurrency as payments for transactions these days, else the idea would have been dead if it ain't innovative and can adapt to the economic needs at a go, that's in regions where it is legally acceptable.
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What you guys think?
Exchange Bitcoin is risky to hold long-term. Storing bitcoins on an exchange means placing bitcoins under someone else's control. So if you want to hold long term then never store bitcoins in an exchanger. You can use Electrum wallet, hardware to hold bitcoins. I am currently using Electrum wallet to hold bitcoins.
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If you're holding bitcoin for the long term, I think it's better to put it in your hardware, or if you don't have HW, you can just keep it in your electrum or sparrow wallet instead of a centralized platform.
But if you often carry out trading activity in CEX, I think it's fine as long as, when you get a profit, you take it out immediately so that at least you can maintain what you are doing, which is producing profit in bitcoin assets.
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They must to start from somewhere and if they are careful people, they will do research on how to store bitcoin safely. They will have to consider about free open source wallets like Electrum, that I like too, and other wallets like Hardware wallets.
Nothing is wrong if they choose a good open source hardware wallets to use, with spending for those wallets.
Newbies can make a terrible mistake like
- They trust that hardware wallets are most secured and safest.
- They don't want to spend too much money for purchases, then they look for second-hand hardware wallets. When they do so, they can buy firmwared-hardware wallets and lose their bitcoins.
My advice is: use Electrum (or other free open source non custodial wallets). If they want to spend money for hardware wallets, buy it a complete new wallet, from an official store.
You are correct. Starting somewhere is essential. I began by holding a small amount of money in custodial wallet. However, after reading the discussions of more experienced colleagues, I realised that this is not the optimal solution. I then considered "staking" on the exchange, but after the collapse of FTX, I decided to switch to wallets. It's better to be late than to suffer the first loss of coins.
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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?
If you keep your bitcoins in an exchange wallet, you can get scammed at any moment. The exchange is completely under someone else, it's never under you. It is always better to use one's own wallet. Own wallet It will always be under your control if you can keep your seed phrase in a safe place.
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Holding in exchanges might be risky
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The best way to hold your bitcoin in your wallet because i invest a good amount of money in the crypto market and hold that in the exchange and when the coin price is goes to high that time the exchange will not give the withdraw of that coin, so the best way to hold the coins in the wallet and when the coin price go high send that exchange and withdraw your coins.
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Holding Bitcoin in a personal wallet is generally considered safer than keeping it on exchanges. Wallets, especially hardware or paper variants, provide greater security as users have sole control over their private keys. Exchanges, while convenient for trading, are susceptible to hacking and regulatory risks. Personal wallets enhance protection against cyber threats and offer users autonomy over their assets, reducing exposure to potential exchange vulnerabilities. Opting for a secure wallet aligns with the principle of "not your keys, not your coins," promoting a more resilient approach to Bitcoin storage.
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Holding in exchanges might be risky
It's not might be risky, IT IS RISKY.
You never know if your exchange freeze your account by saying you received the funds from a bad source. They may say it's stolen money, and they may ask for your money's document. You never know that. Do you know what happened with a Sinbad mixer participant? He was receiving his signature payment to his Binance address and recently, Binance freezer the funds and sked for some documents. The government started to shutting down some mixers saying they are illegal while mixer is not illegal at all. Some users may have used them for bad purposes, but an entire service cannot be illegal because of that.
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If you're holding bitcoin for the long term, I think it's better to put it in your hardware, or if you don't have HW, you can just keep it in your electrum or sparrow wallet instead of a centralized platform.
But if you often carry out trading activity in CEX, I think it's fine as long as, when you get a profit, you take it out immediately so that at least you can maintain what you are doing, which is producing profit in bitcoin assets.
Of course you are right.
Currently, centralized exchanges are out of people's minds, mainly due to hacking and bankruptcy. Moreover, the Securities Exchange Commission's lawsuit against CZ, the owner of the Binance exchange, has made investors increasingly hostile to central exchanges. Investors should therefore refrain from storing cryptocurrencies on central exchanges for the time being.
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Just remember this phrase: "If you didn't own the seed phrase or did not know it, then it would belong to someone else." As long as you haven't gotten a copy of it, Bitcoin could possibly be taken away from the person who owns it, so it is better to hold it in your own physical wallet and not on exchange. You might hear that a couple of exchanges this year were closed and hacked and people were unable to get their money so if you don't want to end up like them then you should store it on your own.
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Just remember this phrase: "If you didn't own the seed phrase or did not know it, then it would belong to someone else." As long as you haven't gotten a copy of it, Bitcoin could possibly be taken away from the person who owns it, so it is better to hold it in your own physical wallet and not on exchange. You might hear that a couple of exchanges this year were closed and hacked and people were unable to get their money so if you don't want to end up like them then you should store it on your own.
There is a big difference between keeping your assets in your own pocket and keeping your assets in someone else pocket.The majority of people who buy Bitcoin know where it can be stored.Hard wallet is also the most secure of personal wallets where hackers have difficulty entering. Of course, keeping your assets in exchanges is not without risk, but we still have to resort to exchanges.
People who buy short-term often hold their assets on exchanges, as wallets sometimes charge high fees when making transactions. However, personal wallets are also at risk, as people often link their wallets to other applications or websites, which often allows hackers to steal the data. So one needs to be very careful with the risk on the exchange as well as with your personal wallet.
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People who buy short-term often hold their assets on exchanges, as wallets sometimes charge high fees when making transactions. However, personal wallets are also at risk, as people often link their wallets to other applications or websites, which often allows hackers to steal the data. So one needs to be very careful with the risk on the exchange as well as with your personal wallet.
Who connects their wallets to a random website? Who uses a Trust wallet or meta mask to hold their coin even though they are non-custodial wallets? I don't think a person who has been in crypto for more than a year uses their Meta mask or Trust wallet to hold their coins, which they also use to connect on random websites. General users won't connect their wallet to a random website unless they are bounty hunters.
Bounty hunters also become smart these days. They know about phishing. They use one wallet to do the bounty and daily things, and then they use another wallet to hold their earnings. No, If someone is stupid enough to do all these things with a single wallet, who can save them from being scammed?
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Connecting your wallet to random websites can be risky. But not everyone knows about the dangers. Some people are new to cryptocurrency... and dont understand the risks. Sometimes you might need to connect your wallet to a website for a good reason... like using certain platforms or features.
But it is always important to be careful and watch out for scams. It is a good idea to use wallets like Trust Wallet or MetaMask because they give you more control over your money. It is also smart to use different wallets for different things... like bounty hunters using separate wallets for their earnings.
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Ensuring the security of your cryptocurrency is of utmost importance. While both exchanges and wallets play crucial roles in the crypto space, it's crucial to recognize the distinctions in their security features.
Crypto wallets, especially hardware wallets like OneKey, offer a higher level of security compared to exchanges. Here's why:
Full Control Over Private Keys:
OneKey provides users with complete control over their private keys. Your private keys remain offline, significantly reducing the risk of exposure to potential online threats.
Enhanced Protection with Hardware Wallet:
OneKey is a hardware wallet, ensuring an extra layer of security. The private keys are stored in a secure physical device, making it resistant to online hacking attempts.
Protection Against Exchange Vulnerabilities:
Exchanges can be susceptible to cyber-attacks, and users' funds are stored in hot wallets, making them potential targets. With OneKey, your assets are stored offline, mitigating the risk of being compromised due to vulnerabilities in exchange platforms.
User-Friendly Security Measures:
OneKey combines robust security with user-friendly features. It provides a secure and seamless experience, making it an ideal choice for both beginners and experienced crypto enthusiasts.
Reduced Risk of Unauthorized Access:
With a hardware wallet like OneKey, the risk of unauthorized access is minimized. Your assets are safeguarded by physical possession of the device and secure authentication methods.
In summary, while exchanges serve as platforms for trading, a hardware wallet like OneKey offers a secure and offline storage solution. The combination of full control over private keys, physical security, and user-friendly features makes OneKey an excellent choice for safeguarding your crypto assets.
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Connecting your wallet to random websites can be risky. But not everyone knows about the dangers. Some people are new to cryptocurrency... and dont understand the risks. Sometimes you might need to connect your wallet to a website for a good reason... like using certain platforms or features.
People who are new in the crypto space are unlikely to have a big amount of money in their wallets. A large percentage of crypto users got hacked or tricked at some point. But that's where you learn from. I do not connect my wallet anywhere that I do not trust. If I want to check any website or it's features, I won't use my regular wallet. This should be a common practice for crypto users. I think we are discussion something else in this topic even though the topic is about exchange.
Ensuring the security of your cryptocurrency is of utmost importance. While both exchanges and wallets play crucial roles in the crypto space, it's crucial to recognize the distinctions in their security features.
Crypto wallets, especially hardware wallets like OneKey, offer a higher level of security compared to exchanges. Here's why:
You are not helping yourself by publishing AI-generated content. I am leaving you neutral feedback for now!
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Wallets are always safer to hold and store your bitcoin, especially the hardware wallets, those are believe to be the safest, but if you must use an exchange, then it should be a Decentralized exchange not a centralized exchange.
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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?
When talking about security, of course private wallets, especially hardware wallets, will be safer than exchanges. In this case I say it's safer, but that doesn't mean it's 100% safe without any risks. because wherever we store it, there will definitely be risks. Whether it's because of lost access, fraud, malware, and so on. So we really must have knowledge and insight regarding the security system of our storage wallet. However, if it is used for trading, then just exchange it, especially if the nominal amount is small.
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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.
Hardware wallets have the advantage of being fully offline and being less susceptible to malware and hacking, even though Electrum and other software wallets can provide robust security protections. Furthermore, the price of a hardware wallet can be justified as an investment in security, and for people who are worried about the protection of their money, the piece of mind it provides might be worth it. As you pointed out, whether you use a hardware or software wallet, it is always safer to keep your money in your wallet than to leave it on an exchange.
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Wallets are always safer to hold and store your bitcoin, especially the hardware wallets, those are believe to be the safest, but if you must use an exchange, then it should be a Decentralized exchange not a centralized exchange.
Which decentralised exchanges interact with real bitcoins? Most platforms work with bitcoins wrapped in other networks, but this increases the risk of signing a transaction with a maximum spend. It is important to ensure that coins are not stolen by fraudsters.
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Exchange is a place to exchange/trade, not to store assets. So, the best and safest way is to store our crypto in a hot wallet or better yet, a cold wallet and become own bank. Currently, exchanges have very good security mechanisms to protect users' assets, but hacks still continuously occur, worse than scams like FTX. I think we should only keep a small portion of assets on exchanges.
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Which decentralised exchanges interact with real bitcoins? Most platforms work with bitcoins wrapped in other networks, but this increases the risk of signing a transaction with a maximum spend. It is important to ensure that coins are not stolen by fraudsters.
You have pointed out a good thing. I don't know any decentralized exchange that provides on-chain real Bitcoin. All we see is wrapped bitcoin on shitcoin chains. BTC on BNB chain or ETH chain is not Bitcoin anymore. It is considered as altcoin. But, there are some centralized exchanges that do not require KYC prior sign up. Users can buy Bitcoin from these exchanges without compromising their Identity. Also, there are exchanges like agoradesk, localmonero and many more. For those, who are interested to know some non kyc exchanges, you can check https://kycnot.me
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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?
I think wallet is safer than exchange, we should use exchange for trading or hold for short term.
But must safe at reputable exchange, because there are many exchange now.
So, always be careful, any fake exchange there.
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You have pointed out a good thing. I don't know any decentralized exchange that provides on-chain real Bitcoin. All we see is wrapped bitcoin on shitcoin chains. BTC on BNB chain or ETH chain is not Bitcoin anymore. It is considered as altcoin. But, there are some centralized exchanges that do not require KYC prior sign up. Users can buy Bitcoin from these exchanges without compromising their Identity. Also, there are exchanges like agoradesk, localmonero and many more. For those, who are interested to know some non kyc exchanges, you can check https://kycnot.me
Bitcoin exchanges still exist. However, their security is questionable. The question arises: how safe are these exchanges? You may come across a site that does not work or unknowingly purchase grey bitcoins that cannot be sold later. There are many nuances that need to be taken into account.
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Bitcoin exchanges still exist. However, their security is questionable. The question arises: how safe are these exchanges? You may come across a site that does not work or unknowingly purchase grey bitcoins that cannot be sold later. There are many nuances that need to be taken into account.
I didn't get your question. what exchanges are you talking about? I was talking about some centralized exchanges that do not ask for KYC information. A user can use these platforms to buy Bitcoin. If someone has other cryptocurrencies like ETH or USDT, they can use Fixedfloat or a similar website to exchange them for Bitcoin. You don't have use to any unnamed exchanges. To avoid security issues, you should use known popular exchanges.
What did you mean by grey bitcoins? You are not heading your Bitcoin to a centralized eexchanges which may block you from selling your Bitcoin. if you buy it from exchanges, you can sell it there too. But if you buy Bitcoin from hackers and the address get reported, then exchanges may freeze your account. otherwise, you should be okay.
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OP asked Which is safer to hold your Bitcoin in wallet or Exchanges?
I think wallet is safer than exchange.
But at several that have good reputation, I think It's also safe.
it's my opinion
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In my opinion, storing assets that are safe is in a wallet, because in a wallet it is difficult for hackers to hack someone's wallet compared to storing assets on an exchange. If we store our assets on the stock exchange, they will easily hack your account.
It's better to just store assets in a personal wallet and add wallet security to make your wallet more secure.
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OP asked Which is safer to hold your Bitcoin in wallet or Exchanges?
I think wallet is safer than exchange.
But at several that have good reputation, I think It's also safe.
it's my opinion
No. The closest example is FTX. I assume you already know what happened with FTX and the funds deposited in the exchange's wallets. FTX had a very good reputation, they moved billions of dollars daily in trading, they opened new offices, everything was wine and roses until… "No one" knows where the funds are and only a small percentage of all that money has been recovered. Cryptocurrencies are safe in users' wallets, not on exchanges. It is the users' responsibility to protect their coins.
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But at several that have good reputation, I think It's also safe.
it's my opinion
Did you mean that exchanges are also safe?
I don't know how they are safe. They do not provide your private key, which means you do not have control over your Bitcoin. You do not have a coin control feature, which you could utilize if you send Bitcoin accidentally to the wrong wallet address. If your email gets hacked, the hacker could access your exchange account as well. So, how do you consider a exchange as a safe option?
Exchanges has many negatives sides. For example, they have some limits when you send your Bitcoin to another address. Usually exchanges charges too much high fees on withdrawals. For example, Binance's minimum withdrawal is 160K satoshi and the withdrawal fee is 70K satoshi. Can you imagine?
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I think wallet is safer, because we have our private key and always keep it.
I don't think exchange is safe, never.
Better to hold in your wallet, exchange just for trading and do transactions
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OP asked Which is safer to hold your Bitcoin in wallet or Exchanges?
I think wallet is safer than exchange.
But at several that have good reputation, I think It's also safe.
it's my opinion
We always need to know that even if an exchange has a good reputation, it doesn't mean that it is safe to hold your Bitcoin or any other asset you have on it. There are still possibilities or circumstances, like the hacking of the exchange or any other possible scenario that will put your funds at risk. It is always advisable to have a wallet that gives you complete control over your funds, rather than relying on a third party to hold them for you.
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I think wallet is safer, because we have our private key and always keep it.
I don't think exchange is safe, never.
Better to hold in your wallet, exchange just for trading and do transactions
Recently, I have become convinced that it is best to have a wallet that does not have a physical body, this is like Ledger Nano, especially if you live in a country where they can come to your home and confiscate your property , and definitely no wallet on the exchange.
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Bitcoin exchanges still exist. However, their security is questionable. The question arises: how safe are these exchanges? You may come across a site that does not work or unknowingly purchase grey bitcoins that cannot be sold later. There are many nuances that need to be taken into account.
I didn't get your question. what exchanges are you talking about? I was talking about some centralized exchanges that do not ask for KYC information. A user can use these platforms to buy Bitcoin. If someone has other cryptocurrencies like ETH or USDT, they can use Fixedfloat or a similar website to exchange them for Bitcoin. You don't have use to any unnamed exchanges. To avoid security issues, you should use known popular exchanges.
What did you mean by grey bitcoins? You are not heading your Bitcoin to a centralized eexchanges which may block you from selling your Bitcoin. if you buy it from exchanges, you can sell it there too. But if you buy Bitcoin from hackers and the address get reported, then exchanges may freeze your account. otherwise, you should be okay.
My attitude to any centralised exchange, no matter how well known, is more negative in terms of storage. There is always the possibility of funds being blocked for some reason. I've seen reports of users who have had their funds blocked, and now with sanctions in some countries, this is becoming an even more real event.
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My attitude to any centralised exchange, no matter how well known, is more negative in terms of storage. There is always the possibility of funds being blocked for some reason. I've seen reports of users who have had their funds blocked, and now with sanctions in some countries, this is becoming an even more real event.
Well, I agree with this part. I have seen users complaining on the internet because Coinbase closed their accounts, froze the money, and wanted some documents. But, I was talking about nonkyc exchanges that never ask for further verifications. Examples could be Localmonero, agoradesk, and Peachitcoin. You can find more websites on kycnot.me (https://kycnot.me).
I never supported centralized exchanges to store your money. I never said that. But the fact is, when you want to buy Real Bitcoin and not some wrapped shit on the alternative chain, you can utilize those exchanges. Right after completing the order, move your coin out of the exchanges.
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storing btc on an exchange is very dangerous where there will be a lot of snoopers on your account, anything can be out of control in an instant, for example there are many hacks on exchanges and many more,
storing bitcoins in a personal wallet is 98% safer than in an exchange, only those of us who can store the seed key properly and don't connect it to any exchange or extension
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storing btc on an exchange is very dangerous where there will be a lot of snoopers on your account, anything can be out of control in an instant, for example there are many hacks on exchanges and many more,
storing bitcoins in a personal wallet is 98% safer than in an exchange, only those of us who can store the seed key properly and don't connect it to any exchange or extension
That's true, hacking can happen in any exchange, and even the largest exchange has experienced being a victim of hacking. No one ever knows that day will come because users are complacent with the security provided by the exchange. We should know that storing in a personal wallet is safer than in any other exchange. Use the exchange only if you plan to withdraw your funds.
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My attitude to any centralised exchange, no matter how well known, is more negative in terms of storage. There is always the possibility of funds being blocked for some reason. I've seen reports of users who have had their funds blocked, and now with sanctions in some countries, this is becoming an even more real event.
Well, I agree with this part. I have seen users complaining on the internet because Coinbase closed their accounts, froze the money, and wanted some documents. But, I was talking about nonkyc exchanges that never ask for further verifications. Examples could be Localmonero, agoradesk, and Peachitcoin. You can find more websites on [urlhttps://kycnot.me]kycnot.me[/url].
I never supported centralized exchanges to store your money. I never said that. But the fact is, when you want to buy Real Bitcoin and not some wrapped shit on the alternative chain, you can utilize those exchanges. Right after completing the order, move your coin out of the exchanges.
Honestly, I haven't had the honour of using such exchanges. I must have fallen behind reality, but there is no need for that now. Perhaps when the price of bitcoin reaches a certain value, there will be a desire to sell some of it. Question: I understand that these are like decentralised exchanges for bitcoin?
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My attitude to any centralised exchange, no matter how well known, is more negative in terms of storage. There is always the possibility of funds being blocked for some reason. I've seen reports of users who have had their funds blocked, and now with sanctions in some countries, this is becoming an even more real event.
Well, I agree with this part. I have seen users complaining on the internet because Coinbase closed their accounts, froze the money, and wanted some documents. But, I was talking about nonkyc exchanges that never ask for further verifications. Examples could be Localmonero, agoradesk, and Peachitcoin. You can find more websites on [urlhttps://kycnot.me]kycnot.me[/url].
I never supported centralized exchanges to store your money. I never said that. But the fact is, when you want to buy Real Bitcoin and not some wrapped shit on the alternative chain, you can utilize those exchanges. Right after completing the order, move your coin out of the exchanges.
Honestly, I haven't had the honour of using such exchanges. I must have fallen behind reality, but there is no need for that now. Perhaps when the price of bitcoin reaches a certain value, there will be a desire to sell some of it. Question: I understand that these are like decentralised exchanges for bitcoin?
I just don’t understand why people use such platforms that are unknown to anyone and with which there are always problems due to withdrawal of funds and the like. Of course there should not be a monopoly on the market, but still there are many famous exchanges
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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.
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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.
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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.
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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
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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.
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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.
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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?
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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.
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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!
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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.
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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.
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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.
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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.
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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
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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.
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Personal wallets are preferred, because they are wallets that we personally own, such as Electrum, Trust, Safepal, ImToken etc.
If we lose Bitcoin in our wallet, we can't blame anyone because it's purely our fault because we were careless in not backing up the Bitcoin phrase itself.
If we store it in an exchange wallet like Binance, then we can claim our results or the assets we own if we lose Bitcoin as long as Binance doesn't go bankrupt.
The main keys from Binance to access our assets are Email, Telephone Number, ID Card and from all of this we must maintain as much detail as possible for our Binance account.
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The main keys from Binance to access our assets are Email, Telephone Number, ID Card and from all of this we must maintain as much detail as possible for our Binance account.
Do you accept the fact that anyone who has this information can have access to your fund? Imagine you have a guest in your house and somehow find your email and password, what if they secretly get access to your exchange account and move it to some other account? What you can do? Imagine a hacker hacked your phone and your personal details were compromised, If they hacked your exchange account, what you could do? The same thing could happen with your seed phrase when you use a personal account. This is why it's recommended not to store your seed phrase digitally.
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This is a very interesting discussion to continue to develop because owning Bitcoin is really very risky, but this is what I think.
For example, if Bitcoin is stored in a personal wallet or hardware wallet, the fear is that the wallet will be hacked or the hardware wallet will be stolen.
If you store Bitcoin on an exchange, you are afraid that the exchange will go bankrupt or have problems with various regulations in that country.
Maybe this is what I think, it's better not to have Bitcoin at all so you don't have to worry about saving it, LoL
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Maybe this is what I think, it's better not to have Bitcoin at all so you don't have to worry about saving it, LoL
I cannot stop laughing. LOL. It's like I should not go outside and should not be inside the home. If I stay at home, I could die if an earthquake destroys everything. I should not go outside home because a car or other vehicle could hit me and I could die. LOL. Now, you have to pick the better option from these two options. You have to pick one. Instead, you have chosen not to be born and not to have a life. LOL. This is not April first anyway, so there is no point you fucking troll us. hahah. it's new year and you made my day with such a post bro.
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Maybe this is what I think, it's better not to have Bitcoin at all so you don't have to worry about saving it, LoL
I cannot stop laughing. LOL. It's like I should not go outside and should not be inside the home. If I stay at home, I could die if an earthquake destroys everything. I should not go outside home because a car or other vehicle could hit me and I could die. LOL. Now, you have to pick the better option from these two options. You have to pick one. Instead, you have chosen not to be born and not to have a life. LOL. This is not April first anyway, so there is no point you fucking troll us. hahah. it's new year and you made my day with such a post bro.
There is a proverb guys. If you're afraid of a wolf, does that mean you shouldn't go into the forest?
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Actually wallet exchange is not recommended for safer to hold your bitcoin assets regarding many exchange market have been collapse and some of exchange not give chance to withdraw user fund. FTX and many other exchange have close operation suddenly without give space or chance for user withdrawing their money and get potential loss your investment assets in the future if hold in exchange wallet.
Better if want to hold for long term hold bitcoin or altcoin assets in wallet, you can control by your self with your coin without depend on third party as exchange wallet, always remember not your key is not your coins and hold it in wallet only.
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There is a proverb guys. If you're afraid of a wolf, does that mean you shouldn't go into the forest?
Haha. Yeah. That's what I tried to point out as well. So, just because my wallet might get hacked, this isn't a good reason not to buy Bitcoin. As he was saying, it's better not to have Bitcoin. I am having a hard time understanding If he was trolling or not. But, I believe he owns Bitcoin or another crypto since he is a member of a cryptocurrency forum where we all discuss crypto currency.
always remember not your key is not your coins and hold it in wallet only.
I guess we already came to a conclusion already. We all know that having our money in our own wallet is better than having it on exchanges. But, the thread is still open and we repeating the same thing over and over.
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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?
I agree with you, wherever we store crypto is not safe, but for cold wallets the level of security will be higher if we store our seed phrase correctly and only we know how to control the flow of our funds, as we know exchange wallets are just intermediary wallets and controlled by the exchange, at any time our funds can disappear without us realizing it because they control our account
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I agree with you, wherever we store crypto is not safe, but for cold wallets the level of security will be higher if we store our seed phrase correctly and only we know how to control the flow of our funds, as we know exchange wallets are just intermediary wallets and controlled by the exchange, at any time our funds can disappear without us realizing it because they control our account
So that's the point and it's true that in fact any storage in the digital world for cryptocurrency definitely has risks. It just depends on how big the risk is and how we can minimize the risk. And indeed we have admitted that cold wallets usually have better security compared to the exchange wallets or online wallets that we usually use. and of course we also have our own private access and so on that we can have ourselves. But once again that doesn't mean it's 100% zero risk. There is still a risk that when we forget the access code, seed phrase, personal key, or something else, we accidentally click on malware or a phishing link, or we lose the wallet and so on. there are still risks.
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Personal wallets are preferred, because they are wallets that we personally own, such as Electrum, Trust, Safepal, ImToken etc.
Personal wallets are safe because we have control over our fund and phrase key is in our hand but we should also choose best personal wallet which is open source and only Electrum and Trust wallet are the open source in your mentioned wallets. Safepal is not open source wallet as we think which could not be trusted much.
If we lose Bitcoin in our wallet, we can't blame anyone because it's purely our fault because we were careless in not backing up the Bitcoin phrase itself.
If we store it in an exchange wallet like Binance, then we can claim our results or the assets we own if we lose Bitcoin as long as Binance doesn't go bankrupt.
The main keys from Binance to access our assets are Email, Telephone Number, ID Card and from all of this we must maintain as much detail as possible for our Binance account.
Bankruptcy is not the only issue in exchange. If any country put banned on exchange and ask to freeze all citizens fund then we cannot do anything. We have to reveal our identity by providing Documents in KYC and cannot remains anonymous. Exchange can even freeze your fund without giving any solid reason and will ask for source of your fund(Mexc usually doing this).
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I think you are missing thing here, what you should know is that centralized exchange only a place to put funds when you want to trade or some specific function over there not that you will hold coin for long in exchange. While wallet; there are lots of wallet which you can use to hold your coin, it could be offline (hardware) wallet or online wallet which including Electrum wallet and many forms of wallet out there. But currently I am using Electrum wallet which has not given me any issues till date and I am very mindful with the way I managed my seedphrase.
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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?
Personal wallets are the best and that can’t be compromised for any wallets you can think of. With personal wallets, you are your own banker and can take money out at anytime you wish to. You are not under any rules or regulations or any restrictions to how you spend your money.
Exchanges should only be a place where you transact your bitcoin for p2p. If it was not for that effect, exchanges wouldn’t have existed and we would have a safer place for all bitcoin users in the space. Some people that store their funds in exchanges are just being lazy and could easily misplace their seed phrase.
Whatever the case maybe, you shouldn’t rely on something that will cause you to lose your funds even though it is cheap to afford or use. Don’t get carried away by their offers because that is a method to lure you into leaving funds in their exchange. Only use exchange for transactions and not for saving money.
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I think you are missing thing here, what you should know is that centralized exchange only a place to put funds when you want to trade or some specific function over there not that you will hold coin for long in exchange. While wallet; there are lots of wallet which you can use to hold your coin, it could be offline (hardware) wallet or online wallet which including Electrum wallet and many forms of wallet out there. But currently I am using Electrum wallet which has not given me any issues till date and I am very mindful with the way I managed my seedphrase.
Offline hardware wallets are the best for storage and for the app version, I also like Electrum and I have always used it from the very beginning I got to know crypto.
That leaves someone hacked for using wallet apps like Electrum because of their own carelessness in storing private keys and on device security.
But for those who are still thinking of storing their assets on the Exchange, it is a foolish choice.
The exchange is not to store all assets, it is only temporary storage for some trades made.
I even had problems depositing and withdrawing on some exchanges, and it made me a little skeptical of exchanges that don't have high credibility like Binance.
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As a smart crypto enthusiast, you should be familiar with the sayings "not your keys not your coin". This phrase is applicable to crypto exchange as we all know. Holding your coin under your custody is much better and secured because you have access to your private keys which you can be able to recover at any point in time.
You have sole custody of your assets but third party exchange does not and can never guarantee your asset safety. They are not sure of the safety of their own exchange not to talk of their clients assets or in have you not heard of the hack on big exchange and million of dollars equivalent assets stolen from them a ii the ease. These are the reasons why it is advisable to hold your coin under your custody so you do not go through any stress just to access your assets.
I think you having your assets in your private wallet is more secured than keeping them with exchanges irrespective of whatever the case may be.
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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?
Having assets under our own control will be much more reliable in this case. In terms of security, it actually has its own risks. But saving bitcoins in a personal wallet can make us calmer and less worried. This is different from storing assets on the stock exchange which will only make us afraid when there is negative news regarding the stock exchange we use. In fact, the FTX case is enough of a lesson for us so that we all store assets in our personal wallets.
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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?
Having assets under our own control will be much more reliable in this case. In terms of security, it actually has its own risks. But saving bitcoins in a personal wallet can make us calmer and less worried. This is different from storing assets on the stock exchange which will only make us afraid when there is negative news regarding the stock exchange we use. In fact, the FTX case is enough of a lesson for us so that we all store assets in our personal wallets.
I very much agree with you, what happened with ftx is for everyone to open their eyes, and do things right, as long as it is about Bicoin and our money, if it is not under our private keys it is not our money, that's why when We are in any event we can say that when we are with our money in an Exchange, because if it happens like in Binance that when they bring the rulers to their knees, and any type of police in the countries, then they don't make sense, because they You see, the first thing they do is block all the Peroans who are from that country and they didn't tell them to take money and that's what they do to all of them, just to investigate 1 or 2, so to me that doesn't make sense, that's their place. that all the time has a lot of attribution to the governments, police, government entities of the countries, and that does not work with me.
So our money? Only when we have the Private keys to our Wallets and the money is well Recorded, the rest is not our Money.
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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?
Having assets under our own control will be much more reliable in this case. In terms of security, it actually has its own risks. But saving bitcoins in a personal wallet can make us calmer and less worried. This is different from storing assets on the stock exchange which will only make us afraid when there is negative news regarding the stock exchange we use. In fact, the FTX case is enough of a lesson for us so that we all store assets in our personal wallets.
Yes, that is a classic example on why we shouldn't hold funds or bitcoin in exchange because once it collapse or do a exit scam, it will be over for us. The thing though is that when we hold our own coins, we should also be wary on how to protect it. So it's important to learn and practice security first like buying hardware wallet to store our bitcoins.
Just remember though, be our own back, and not your keys not your coins. We can't stressed this enough for bitcoin enthusiast. We don't want to be the next victim or hacks and exit scams.
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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?
The safest is off line wallet or cold storages , you can use Nano Ledger or other stuffs similar to that, there is also Safe Pal wallet that has safe wallet providing as long as decentralized exchange or has those option to have you handling your key and not them.
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Security of your money is very important for any type of investment or holding besides bitcoin investment. Because it is most important for every person to preserve his wealth. Be it Bitcoin investment or any other investment. I'd say you better be careful with whatever wallet you use. Do not save wallet key or anything online. If possible, you can leave the passwords in a note saved by yourself. And if you need to be more careful then you can use hardware wallet but it is more expensive.
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Not your keys, not your coins, if your funds is in the custody of any centralized service and you don't control the keys, the funds is not yours, and that service can either get hacked or confiscate your funds for any reason. Store your funds only in self custodial wallets, and even when you do so it does not mean your money is automatically safe, your funds are only as safe as the device you store it in, so ensure you either use an airgapped or hardware wallet.
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I have already read some of these related posts and have shared my views in those earlier posts. The main purpose of investing and holding the investment for a long period of time is to make a profit, if the amount of our profit goes to the transaction fee, then there is no profit in the investment. Before investing first we need to be sure whether we are going to invest consistently or with a huge amount of money. Mobile wallets can be used if investing with very large amounts of money but exchange wallets must be used if there is a plan to invest consistently. An investor does not have to pay additional transaction fees as a result of using an exchange wallet.
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There can certainly be a risk for a person when he puts his bitcoins on Centalise exchange. I think keeping btc in satellite exchanges is very risky and not safe we have seen many exchanges scammed and many lost their money. That's why it is safest and secure to keep the money in a hardware wallet or software wallet rather than in an exchange. So when you invest BTC you must keep those fractions in a secure wallet rather than in an exchange but one that will be safe for your money.
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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?
Hmm from wallet what do you mean dear, do you mean non-custodial wallets, I was just kidding but it was not clear in the title so I thought why not ask, anyway if you are a decent amount holder you should go for the non-custodial wallets bro, if you are holding fewer funds to avoid the networks fees nd other costs dear you should hold on the centralized exchange but be very careful while choosing a reliable platform.
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There can certainly be a risk for a person when he puts his bitcoins on Centalise exchange. I think keeping btc in satellite exchanges is very risky and not safe we have seen many exchanges scammed and many lost their money. That's why it is safest and secure to keep the money in a hardware wallet or software wallet rather than in an exchange. So when you invest BTC you must keep those fractions in a secure wallet rather than in an exchange but one that will be safe for your money.
Of course there is a risk, and that risk would be the possibility of losing our coins/tokens. When we leave our cryptocurrencies in an exchange it is like leaving our wallet in a bank. They can suffer cyberattacks and lose all funds, they can disappear (FTX is a clear example) and they can also be intervened by governments with the consequent problems that this would create for the legitimate owners of these cryptocurrencies. The words "maximum security" or "military-grade security" do not avoid anything I have said.
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Yeah if you store your BTC in the exchange are more vulnerable to hackers as compared to the wallet, because wallets are more secure than exchanges but one thing you should remember while using an online wallet because an online wallet is also easy for hackers to penetrate and steal your BTC. One other thing In the wallet is very necessary and is the safeguard of the seed if you save your seed in a place where there is no threat then your wallet is safer and if you place it and forget then you will lose your Bitcoin by your stupidity. So long story short offline wallet is the best choice.
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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?
Having assets under our own control will be much more reliable in this case. In terms of security, it actually has its own risks. But saving bitcoins in a personal wallet can make us calmer and less worried. This is different from storing assets on the stock exchange which will only make us afraid when there is negative news regarding the stock exchange we use. In fact, the FTX case is enough of a lesson for us so that we all store assets in our personal wallets.
Yes, that is a classic example on why we shouldn't hold funds or bitcoin in exchange because once it collapse or do a exit scam, it will be over for us. The thing though is that when we hold our own coins, we should also be wary on how to protect it. So it's important to learn and practice security first like buying hardware wallet to store our bitcoins.
Just remember though, be our own back, and not your keys not your coins. We can't stressed this enough for bitcoin enthusiast. We don't want to be the next victim or hacks and exit scams.
There have always been alot of reasons not to save your bitcoin or any coin on CEX but I guess 2022 made it crystal clear for everyone aside FTX alot of other exchanges crashes while most of them was because their funds were still with FTX.
You can keep little amount of bitcoin or coins you use daily on but never make that mistake of thinking CEX is a safe place to store your coins. While the best means of storing your bitcoin or any other coin is using hardware wallet, it should be noted that using trusted hardware wallet doesn't make your coins 100% safe and secure, you make them 100% safe and secure by the ways you protect and secure the wallets.
Never forget this phrase not your key not your coins
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There can certainly be a risk for a person when he puts his bitcoins on Centalise exchange. I think keeping btc in satellite exchanges is very risky and not safe we have seen many exchanges scammed and many lost their money. That's why it is safest and secure to keep the money in a hardware wallet or software wallet rather than in an exchange. So when you invest BTC you must keep those fractions in a secure wallet rather than in an exchange but one that will be safe for your money.
We think that keeping money in exchange is risky, but most investors keep their money in exchange. If you are a Bitcoin investor and you have invested in the DCA method then you must use an exchange. Whenever you want to invest using any wallet other than exchange wallet you have to pay extra transaction fees which is never good for a DCA investor. Just because some exchanges have cheated users doesn't mean all exchanges will cheat users. We have to trust some exchange to do our jobs. If the investor's plan is to invest a large sum of money together, he can use any other wallet, but to invest in the DCA method, he must use an exchange wallet.
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Talking about which one safe to hold bitcoin in wallet or exchange keep memorize "not your key is not your coins", when you hold cryptocurrency assets in exchange wallet your coins safety depend on third party as exchange controlling will that exchange have good and trust reputation until for longer time or not? but difference position when you hold assets in wallet and you have own controlling with your key until how many long with hold keep secure with your assets.
Have bad side when saving assets exactly with bitcoin in wallet, due high transaction with bitcoin sending, required longer time for sending bitcoin to other wallet when converting to be fiat or cash.
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Most people say that it is clear that you need to end up with some wallet, but I never really trusted that personally, I do not think that it makes sense in that regard. Obviously you could do it if you want to, but that doesn't mean that you should, it doesn't work that way. I personally believe that we are going to end up with a situation that has to change in the end, and that doesn't mean that we are going to profit from it. I know that its going to be a big deal eventually, but for that to change, we need to just focus on why exchanges are better. I think if you pick a place like coinbase or binance, that is better than a wallet.
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There can certainly be a risk for a person when he puts his bitcoins on Centalise exchange. I think keeping btc in satellite exchanges is very risky and not safe we have seen many exchanges scammed and many lost their money. That's why it is safest and secure to keep the money in a hardware wallet or software wallet rather than in an exchange. So when you invest BTC you must keep those fractions in a secure wallet rather than in an exchange but one that will be safe for your money.
People have bad orientation about bitcoin that is why exchange custodial practice remain the same, it is even increasing as more number of people come in to crypto and it's scary to see that people want to do crypto but don't want to learn the basis of security. Putting coin on a centralized exchanges is like building a house and then you now have your key to a someome you think you can trust so they can help you take care of it but you don't know much about them and if they sell it and run away, you can do much about it.
The best place to keep your Bitcoin remain non custodial wallets, like Electrum, bitcoin core, Blue wallet and any other hardware wallet and should be brought in a reputable place to avoid pre-installation of seed phrase and private keys.
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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
(https://talkimg.com/images/2023/12/14/EkbXG.jpeg)
Really agree with you, Because when we sending our Bitcoin on exchanger wallet then it is their asset, Because they Don't providing private key. But we know when we transferring bitcoin on my wallet then it is very safe.
I think many people understand and think wallet is safe. And huge people using own wallet. And this wallet is too much secure and safe.
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Hmm from wallet what do you mean dear, do you mean non-custodial wallets, I was just kidding but it was not clear in the title so I thought why not ask, anyway if you are a decent amount holder you should go for the non-custodial wallets bro, if you are holding fewer funds to avoid the networks fees nd other costs dear you should hold on the centralized exchange but be very careful while choosing a reliable platform.
Yep. It is actually not really clear, it is custodial or non-custodial. There are also some type of wallets, we have software wallets, hardware wallets, or paper wallets. OP didn't refer to a specific wallet on the thread. However, I think the private wallet is safe as long as we can fully control our assets there. So, I assume it should be non-custodial wallets.
I also did it, few of my coins to save in CEX because sometimes I need to convert to fiats soon. However, it is not a large number of coins to keep in CEX wallets. We must choose non-custodial wallets for keeping big number of coins.
Take a look https://www.tastylive.com/concepts-strategies/types-of-crypto-wallets
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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?
If investing in Bitcoin, you can certainly choose between free software wallets. Centralized exchanges are not safe for storing bitcoins, since bitcoins are held for a long time so you can use personal wallets. Using a private wallet will keep your bitcoins safe and stored there for a long time. You can choose any of these wallets like Electrum Wallet, Mycelium Wallet and Bitcoin Wallet and keep your Bitcoin safe here.
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If investing in Bitcoin, you can certainly choose between free software wallets. Centralized exchanges are not safe for storing bitcoins, since bitcoins are held for a long time so you can use personal wallets. Using a private wallet will keep your bitcoins safe and stored there for a long time. You can choose any of these wallets like Electrum Wallet, Mycelium Wallet and Bitcoin Wallet and keep your Bitcoin safe here.
Yep, private wallet is better and safer to keep our bitcoin, if we want to hold for long term. Don't safe your bitcoin in exchange wallet for long term, except you do trading there.
I have read many opinions above , they suggest to invest in private wallet.
I agree with this.
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If you're a trader you can safe your bitcoin in exchange wallet. But If you are a holder which have plan to hold for long term , don't put your bitcoin in wallet exchange. It's my friend advice and until now I always remember it.
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Security of your money is very important for any type of investment or holding besides bitcoin investment.
True that's why you can't entrust your holding on a CEX exchange. always prefer a Non custodial wallet of which you have full control. keys and phrases.
Some exchanges aer good for holding small amount of funds. I would say anything more than $10k should be store in your own wallet. less than $10k which you also use for trading, can be kept in a trusted exchange.
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I think many people understand and think wallet is safe. And huge people using own wallet. And this wallet is too much secure and safe.
Take note that just because you are using your own self custodial wallet does not mean that it is safe and secure, there are also self custodial closed source wallets that people use, and they are not recommended, i.e. Atomic wallet, Trust wallet, etc.
Even if you are using a wallet that gives you your keys, ensure it is a well reviewed and open source wallet, i.e. Electrum, BlueWallet, Sparrow wallet, Passport, etc.
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Security of your money is very important for any type of investment or holding besides bitcoin investment.
True that's why you can't entrust your holding on a CEX exchange. always prefer a Non custodial wallet of which you have full control. keys and phrases.
Some exchanges aer good for holding small amount of funds. I would say anything more than $10k should be store in your own wallet. less than $10k which you also use for trading, can be kept in a trusted exchange.
We do have that one of the main golden rules in crypto space.
"Not your keys, Not your coins"
This is something that we should really be having in mind and this is one of the primary rules on this crypto space.
If you are really that mindful when it comes to security then this would be the best way on doing such thing. When it comes to Bitcoin wallet then i do only trust Electrum.
I dont have even trust with those Hardware wallets on which we do have those exploit issues. How much more on storing up your coins
on an exchange? it isnt something that would really be that recommended.
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What you guys think?
Many always say that you should not ever, ever store your Bitcoin in Centralized Exchanges because every CEX is prone to hacking, and your assets might be lost once the exchange gets hacked. For this reason, I always store my Bitcoin in a wallet that I have control with like Electrum, and it has been working pretty fine for me. No issues whatsoever.
However, some investors are still storing their Bitcoins in CEXes. I don't know the exact reason, but one thing that I know is that they are storing it there so that if the time comes that they need to sell it, they can just sell it immediately, and not wait for too long before it goes to their exchange accounts. Maybe another reason is that there are CEXes that have this feature where you can earn whenever you store BTC on their exchange, and since there is no other way for us to earn more Bitcoin aside from putting it on exchanges, investors are taking advantage of it.
Overall, it all depends on the preference of the investor. As long as they are aware of the risks of storing their BTC on the exchange then that's fine. Our Bitcoin is safer when we put it on a non-custodial wallet, but some want to maximize their gains thus, storing it on CEXes.
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Security of your money is very important for any type of investment or holding besides bitcoin investment.
True that's why you can't entrust your holding on a CEX exchange. always prefer a Non custodial wallet of which you have full control. keys and phrases.
Some exchanges aer good for holding small amount of funds. I would say anything more than $10k should be store in your own wallet. less than $10k which you also use for trading, can be kept in a trusted exchange.
It is commonplace that when you get a CEX, you don't have a very large amount of Bitcoin. Therefore, it is very risky when storing assets in the form of BTC on a CEX. It is better to store Bitcoin assets in an Electrum wallet or another whose security is maintained by yourself, and of course you can save as much BTC as you have.
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It is commonplace that when you get a CEX, you don't have a very large amount of Bitcoin. Therefore, it is very risky when storing assets in the form of BTC on a CEX. It is better to store Bitcoin assets in an Electrum wallet or another whose security is maintained by yourself, and of course you can save as much BTC as you have.
People every day trade on these exchanges millions of dollars and no one is not worried, I will say this, if you want to multiply then keep on the exchange, in stacking or trade on them, it does not matter, the main thing that they will bring you profit.
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It is commonplace that when you get a CEX, you don't have a very large amount of Bitcoin. Therefore, it is very risky when storing assets in the form of BTC on a CEX. It is better to store Bitcoin assets in an Electrum wallet or another whose security is maintained by yourself, and of course you can save as much BTC as you have.
People every day trade on these exchanges millions of dollars and no one is not worried, I will say this, if you want to multiply then keep on the exchange, in stacking or trade on them, it does not matter, the main thing that they will bring you profit.
No worries about reputable exchange, because millions dollars there every second and we don't hear about wallet case.
Put assets in reputable exchange , I think It's safe. But don't put along time on there. It's just suggestions from several friends, but I still put my assets there and until now, no matter
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No worries about reputable exchange, because millions dollars there every second and we don't hear about wallet case.
Put assets in reputable exchange , I think It's safe. But don't put along time on there. It's just suggestions from several friends, but I still put my assets there and until now, no matter
When you put your wallet on the exchange, at the moment it is not a problem, but when the exchange experiences problems, such as several external exchanges, for example Cryptopia, MTgox, and several other exchanges that are affected by cases, causing all traders' assets to be locked, they cannot be withdrawn, and you no longer have the right to withdraw your assets, it is better to store assets in a wallet like Electrum, or if you have altcoins, a ledger could be another option.
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No worries about reputable exchange, because millions dollars there every second and we don't hear about wallet case.
Put assets in reputable exchange , I think It's safe. But don't put along time on there. It's just suggestions from several friends, but I still put my assets there and until now, no matter
When you put your wallet on the exchange, at the moment it is not a problem, but when the exchange experiences problems, such as several external exchanges, for example Cryptopia, MTgox, and several other exchanges that are affected by cases, causing all traders' assets to be locked, they cannot be withdrawn, and you no longer have the right to withdraw your assets, it is better to store assets in a wallet like Electrum, or if you have altcoins, a ledger could be another option.
Without a little risk here is not how, I understand that it is better not to do so, but when we are talking about earning money, it is necessary to take risks, of course it is ideal to be a trader and trade on decentralized exchanges, but it is not always possible.
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Without a little risk here is not how, I understand that it is better not to do so, but when we are talking about earning money, it is necessary to take risks, of course it is ideal to be a trader and trade on decentralized exchanges, but it is not always possible.
Absolutely yes, If we want to earn money we must take risks.
I used wallet exchange because I do daily trading, But we should choose reputable exchange such as binance and several local exchange in my country.
I didn't put big money there, just for trading.
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Security of your money is very important for any type of investment or holding besides bitcoin investment.
True that's why you can't entrust your holding on a CEX exchange. always prefer a Non custodial wallet of which you have full control. keys and phrases.
Some exchanges aer good for holding small amount of funds. I would say anything more than $10k should be store in your own wallet. less than $10k which you also use for trading, can be kept in a trusted exchange.
Correct. We just need to put enough funds for our trading activities in centralized exchanges and then save other funds to non-custodial wallets for safety. CEX are prone to hacking attacks so it is not recommended to save huge amount of funds right there for long term investments you need to diversify or choose the right and safe wallet for your fund to be in your full control.
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Correct. We just need to put enough funds for our trading activities in centralized exchanges and then save other funds to non-custodial wallets for safety. CEX are prone to hacking attacks so it is not recommended to save huge amount of funds right there for long term investments you need to diversify or choose the right and safe wallet for your fund to be in your full control.
agree , don't save huge amount of funds in centralized exchange, although it's reputable exchangem.Better to hold our funds in private wallet.
In CEX we can put enough funds to do trading or just for transaction.
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I don't expect any experience bitcoiner to be asking this kind of question that using an exchange or a personal wallet, which is more safe, the right answer to this is in this common slogan of not your keys not your coins, exchanges are like banks, they are in control of your asset including the private keys, this means that of anything happens, your money is gone and cannot be retrieved back from them, but when you're using a non custodial wallet, you are in charge.
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...//:::What you guys think?
Well, Bitcoin is premised on decentralization, it is one of its "reasons" of existence, and those same characteristic are intrinsic to your question as an answer.
An exchange is a technology that is used to exchange cryptocurrencies, use it for that.
I read some answers and as incredible as it may seem, there is not a 100% consensus that a wallet (DEX) should be used.
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I don't expect any experience bitcoiner to be asking this kind of question that using an exchange or a personal wallet, which is more safe, the right answer to this is in this common slogan of not your keys not your coins, exchanges are like banks, they are in control of your asset including the private keys, this means that of anything happens, your money is gone and cannot be retrieved back from them, but when you're using a non custodial wallet, you are in charge.
We should choose reputable exchange, I never hear binance has problem about this.
So I think exchange wallet also safer, if we choose reputable exchange. Personal wallet is always good for it. Which is better ? I think personal wallet is better and safer
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I don't expect any experience bitcoiner to be asking this kind of question that using an exchange or a personal wallet, which is more safe, the right answer to this is in this common slogan of not your keys not your coins, exchanges are like banks, they are in control of your asset including the private keys, this means that of anything happens, your money is gone and cannot be retrieved back from them, but when you're using a non custodial wallet, you are in charge.
We should choose reputable exchange, I never hear binance has problem about this.
So I think exchange wallet also safer, if we choose reputable exchange. Personal wallet is always good for it. Which is better ? I think personal wallet is better and safer
Nope, i wont really be that still fully confident even if we do speak about those top exchanges like Binance on which no matter how reputable it would be, as long you dont possess your wallet keys then its never been that considered to be safe. We do know that exchangers could neither have those kind of potential problems like hacking incident or having those regulation issues
on which it would be causing for you funds to be locked up or be stolen or whatever it would be and this is something that we dont like to happen.
If you are dealing up with trading then it would be wise that you should really be only putting up only the amount you are really that willing to risk out.
Its always best that you should be storing your coins in a wallet on which you do posess its keys.
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Nope, i wont really be that still fully confident even if we do speak about those top exchanges like Binance on which no matter how reputable it would be, as long you dont possess your wallet keys then its never been that considered to be safe.
~snip~
Me too, I also didn't believe in exchange, although it's the biggest exchange such as Binance , kucoin.
I confident to save our assets in personal wallet, that I have private key and still keep it.
Don't trust to exchange wallet, if you careless your assets will gone.
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Without a little risk here is not how, I understand that it is better not to do so, but when we are talking about earning money, it is necessary to take risks, of course it is ideal to be a trader and trade on decentralized exchanges, but it is not always possible.
Absolutely yes, If we want to earn money we must take risks.
I used wallet exchange because I do daily trading, But we should choose reputable exchange such as binance and several local exchange in my country.
I didn't put big money there, just for trading.
The main thing is not to trade with high leverage, they drag you down and take you into deception, it's like a casino where you get excitement and a person starts to be sure that everything is available to him and he will win, I hope you do not spend your time like that.)
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We just need to put enough funds for our trading activities in centralized exchanges and then save other funds to non-custodial wallets for safety. CEX are prone to hacking attacks so it is not recommended to save huge amount of funds right there for long term investments you need to diversify or choose the right and safe wallet for your fund to be in your full control.
If you are a trader and you have no option than to leave some money on a centralized exchange for day trading or scalping, it would be better to use more than one exchanges for it. Look for like three reputed exchanges and divide your coins and send it to the three exchanges instead of leaving it on a single exchange. You can even make it more than three exchanges if it is convenient for you. But I may not be totally correct because it is advised that traders should trade with the amount of money that they can afford to lose, so that amount should be little and may not need more than one exchanges because it is an amount of money what the trader can afford to lose.
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No worries about reputable exchange, because millions dollars there every second and we don't hear about wallet case.
Put assets in reputable exchange , I think It's safe. But don't put along time on there. It's just suggestions from several friends, but I still put my assets there and until now, no matter
The fact that it's hasn't happened to you doesn't mean you shouldn't learnt. It's not save to store your asset on CEXs, you could lose it when the exchange gets hacked, go bankrupt or get confiscated by the government. If you're a daily trader, only keep small amount on the exchange for trading purpose, as you keep making profit move part of funds to your personal wallet to avoid stories that touches the heart.
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I think we can create 1001 topic with similar question, make 1 million posts and would still ask the same question. Until a persons looses money due to hack, exchange scam or any other wallet related issue, he will keep doing things recklessly. We have already mentioned million time golden cryptocurrency rule "your key=your crypto", but people will keep holding their funds on someone's wallets. It is impossible to eradicate people without tears and lost money.
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Nope, i wont really be that still fully confident even if we do speak about those top exchanges like Binance on which no matter how reputable it would be, as long you dont possess your wallet keys then its never been that considered to be safe.
~snip~
Me too, I also didn't believe in exchange, although it's the biggest exchange such as Binance , kucoin.
I confident to save our assets in personal wallet, that I have private key and still keep it.
Don't trust to exchange wallet, if you careless your assets will gone.
If you plan to invest and hold for a long time, it is better to use your own wallet. Also if you don't want to hold it for a long time then it would be reasonable for you to use the Binance exchange, Kucoin for trading. Binance exchange Kucoin, security must be taken care of for everyone. If a person is careless everything will be at risk for him. So always take care to act carefully never act carelessly.
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agree , don't save huge amount of funds in centralized exchange, although it's reputable exchangem.Better to hold our funds in private wallet. In CEX we can put enough funds to do trading or just for transaction.
Yep. It is not recommended to keep big funds or many Bitcoin on CEX. People sometimes put some money for trading in CEX but it won't be saved there for a long time. Although I think it is quite safe to put money in reputable CEX, we are better to keep it a long time in private wallet. For Bitcoin, I prefer to keep it in Segwit wallet, I send again to my Segwit wallet after I finished trading in CEX daily or weekly. We have no full control of the funds we save in CEX wallets.
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The main thing is not to trade with high leverage, they drag you down and take you into deception, it's like a casino where you get excitement and a person starts to be sure that everything is available to him and he will win, I hope you do not spend your time like that.)
In my opinion, trading using leverage is trading that is full of risk, even if you use small or high leverage, because this trading method is like gambling, different from traditional trading, which only relies on price movements and makes a profit when the price rises.
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I think we can create 1001 topic with similar question, make 1 million posts and would still ask the same question. Until a persons looses money due to hack, exchange scam or any other wallet related issue, he will keep doing things recklessly. We have already mentioned million time golden cryptocurrency rule "your key=your crypto", but people will keep holding their funds on someone's wallets. It is impossible to eradicate people without tears and lost money.
You're right. We already discuss this topic many times. I'm sure most people in this forum are aware to keep their coins and funds with safer places. Storing in the centralized exchanges will never be the right solution. When we send the coins on CEX wallets, we have no full control. We must always realize that saving it to private wallets is the right solution. Well, it is not a must to lose money first, we can learn from other people's experience.
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It is impossible to eradicate people without tears and lost money.
There are still people who would lose money to one centralized exchange and still keep some of the crypto they have left in a different centralized exchange, some people hear negative news about the exchange they store their funds, maybe a 'bank run' is looming, but instead of them to move their funds into self custody, they move it to another centralized exchange.
My point is that some people never want to hold the keys to their coins, they want to use BTC like they are using the fiat system, but BTC is about user control and not your keys, not your coins.
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There are still people who would lose money to one centralized exchange and still keep some of the crypto they have left in a different centralized exchange, some people hear negative news about the exchange they store their funds, maybe a 'bank run' is looming, but instead of them to move their funds into self custody, they move it to another centralized exchange.
My point is that some people never want to hold the keys to their coins, they want to use BTC like they are using the fiat system, but BTC is about user control and not your keys, not your coins.
Had experienced with FTX as top 2nd largest or exchange market collapse and many people loss their cryptocurrency assets then frustrated for holding bitcoin in centralized exchange. More safety when holding or saving bitcoin in wallet and has own control without worry with collapse such as an centralized exchange account.
Actually for short term holding put it in exchange wallet because easily for trading than have to hold in wallet and take some fees when sending and withdrawing later, but if hold for long term put it in wallet and don't hold in exchange wallet.
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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's just like this dude: when it comes to security since you are here in the crypto industry, where do you want to put money? in the bank or the Bitcoin wallet? Or let's simplify the question: What do you like or prefer? Are you in control of your money, or will someone else handle it?
If you have trust in an exchange and you have researched it and found a good reputation, and you have developed trust in an exchange, I think there is no problem with that. As long as you always think about it, you must be aware of the consequences that you may face. Just don't keep too much money.
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If you have trust in an exchange and you have researched it and found a good reputation, and you have developed trust in an exchange, I think there is no problem with that. As long as you always think about it, you must be aware of the consequences that you may face. Just don't keep too much money.
Yeah, If we confident to save our coins in exchange wallet, I think It doesn't matter. Do research before and I suggest you should choose reputable exchange such as binance.
I read many people here said, there is no problem in binance about their security.
So we can use it.
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The main thing is not to trade with high leverage, they drag you down and take you into deception, it's like a casino where you get excitement and a person starts to be sure that everything is available to him and he will win, I hope you do not spend your time like that.)
In my opinion, trading using leverage is trading that is full of risk, even if you use small or high leverage, because this trading method is like gambling, different from traditional trading, which only relies on price movements and makes a profit when the price rises.
I agree with you, but if you do everything right and have a head on your shoulders that understands what you are doing, you can make money on it, but the most important thing is not to consider yourself the smartest and realize that this market is manipulated and it will not always work for you and even elementary placing stops on orders will save you from big losses and a properly developed strategy can bring constant profit.
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If you have trust in an exchange and you have researched it and found a good reputation, and you have developed trust in an exchange, I think there is no problem with that. As long as you always think about it, you must be aware of the consequences that you may face. Just don't keep too much money.
Yeah, If we confident to save our coins in exchange wallet, I think It doesn't matter. Do research before and I suggest you should choose reputable exchange such as binance.
I read many people here said, there is no problem in binance about their security.
So we can use it.
I will also suggest to check if Binance is ofiicially registered in their respective country so you have this legitimate transactions without having any problems in the long run as we are talking about hodling funds in an exchange. Here in my country the SEC issues 3 months grace period for the said exchange to comply so are now getting ready fo that possible ban. We all know the risk of keeping our funds on exchange so we have to do it at our own risk.
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If you have trust in an exchange and you have researched it and found a good reputation, and you have developed trust in an exchange, I think there is no problem with that. As long as you always think about it, you must be aware of the consequences that you may face. Just don't keep too much money.
Yeah, If we confident to save our coins in exchange wallet, I think It doesn't matter. Do research before and I suggest you should choose reputable exchange such as binance.
I read many people here said, there is no problem in binance about their security.
So we can use it.
Confident to exchange is subjective though. Yeah there are top exchange like Binance you take care of their security, but still there could be exploits that hackers can find and then breach Binance and lost our funds.
I was thinking though that as everyone involved in Bitcoin matured, they might be likely not to put all their funds on their exchanges and would rather have their Bitcoin on a wallet that they have fully controlled.
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Had experienced with FTX as top 2nd largest or exchange market collapse and many people loss their cryptocurrency assets then frustrated for holding bitcoin in centralized exchange. More safety when holding or saving bitcoin in wallet and has own control without worry with collapse such as an centralized exchange account.
Actually for short term holding put it in exchange wallet because easily for trading than have to hold in wallet and take some fees when sending and withdrawing later, but if hold for long term put it in wallet and don't hold in exchange wallet.
I didn't loss money to FTX but the tragi history and story behind it will forever be a stain in crypto, we can't forget how a single man single handedly allow billions of dollars to be wasted under a month, it was a painful experience to see how people cry on Twitter about the money they loss.
I have learn that centralized exchanges aren't just safe, they are terrible to use, look at MT.gox exchange that happened many years ago, the affect victims have not seen their money. Now I wonder when FTX victims are going to receive their own money from the collapse that happen last 2 years, nothing positive yet, this is why not your keys, not your coins should be learn very well so as to not become another victim in the future.
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I will also suggest to check if Binance is ofiicially registered in their respective country so you have this legitimate transactions without having any problems in the long run as we are talking about hodling funds in an exchange. Here in my country the SEC issues 3 months grace period for the said exchange to comply so are now getting ready fo that possible ban. We all know the risk of keeping our funds on exchange so we have to do it at our own risk.
I have been a Binance user for 6 years and during that time my funds on Binance are safe, but I don't store large amounts there, only what I use for trading and short-term investments. For the large funds I save, I keep them in my personal wallet. Binance in my country has no problems.
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It is impossible to eradicate people without tears and lost money.
There are still people who would lose money to one centralized exchange and still keep some of the crypto they have left in a different centralized exchange, some people hear negative news about the exchange they store their funds, maybe a 'bank run' is looming, but instead of them to move their funds into self custody, they move it to another centralized exchange.
My point is that some people never want to hold the keys to their coins, they want to use BTC like they are using the fiat system, but BTC is about user control and not your keys, not your coins.
Actually, if we want to store large amounts of assets, don't use an exchange wallet because it is very risky. Betetr use personal wallet if you confident it will safe. But if you are just making sales or purchases, in this case trading, please choose a reputable exchange that is safe.
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Actually, if we want to store large amounts of assets, don't use an exchange wallet because it is very risky. Betetr use personal wallet if you confident it will safe. But if you are just making sales or purchases, in this case trading, please choose a reputable exchange that is safe.
Well, I agree with what you say because so far there are many exchanges that have high risks, and you also need to know that storing assets in private wallets such as Electrum or others certainly does not provide a guarantee of security because the security access that is stored is only a secret phrase and is not equipped. with 2FA, which may be very necessary to increase the security of personal wallets.
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Storing Bitcoin in your own wallet will be much safer than using an exchange wallet. when we have our personal wallets, then we will be much better off sending them to our personal wallet for greater security. On the exchange it is guaranteed, but for long terms, this is not recommended. because after all, keeping it in your own wallet is better, we have a wallet and we can manage it ourselves. It's different when we save it on the exchange, it's like we're just borrowing the wallet.
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Storing Bitcoin in your own wallet will be much safer than using an exchange wallet. when we have our personal wallets, then we will be much better off sending them to our personal wallet for greater security. On the exchange it is guaranteed, but for long terms, this is not recommended. because after all, keeping it in your own wallet is better, we have a wallet and we can manage it ourselves. It's different when we save it on the exchange, it's like we're just borrowing the wallet.
and even safer is to use a hardware wallet that has double security that will secure assets better than mobile wallet applications that are widely used today.
Personal wallets can indeed be controlled by ourselves as wallet owners rather than having to store on Wallet Exchange.
I used Safepal as my first hardware wallet and was also quite satisfied with its security.
Personal wallets will be safer from hacking or draining wallets because there must be confirmation first from the wallet hardware to make transactions.
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Storing Bitcoin in your own wallet will be much safer than using an exchange wallet. when we have our personal wallets, then we will be much better off sending them to our personal wallet for greater security. On the exchange it is guaranteed, but for long terms, this is not recommended. because after all, keeping it in your own wallet is better, we have a wallet and we can manage it ourselves. It's different when we save it on the exchange, it's like we're just borrowing the wallet.
I agree with you, for the long term it is better for us to store bitcoin in a personal wallet. it's safer. Meanwhile, for the long term, for example for trading or holding for short terms, we can use a wallet exchange.
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I agree with you, for the long term it is better for us to store bitcoin in a personal wallet. it's safer. Meanwhile, for the long term, for example for trading or holding for short terms, we can use a wallet exchange.
Well, with the method you mentioned, I really agree because if you want to grow assets in the form of cryptocurrency, you can directly use an exchange wallet because you can directly buy coins without having to send them from your personal wallet to an exchange, which sometimes has quite expensive transaction fees when the price is low. up transactions on the network becomes very crowded.
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- In my own opinion, I am using an Electrum wallet, and hopefully, in a few weeks, my hardware wallet will be delivered here in my home. Holding bitcoin on the exchange is too risky; unless it is similar to Binance, the risk is not that high if I compare it to other exchanges.
Now, if you store on an exchange, do so at your own risk, and it also depends on the exchange where you store or hide your Bitcoin. Because that depends on your trust in the exchange platform.
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- In my own opinion, I am using an Electrum wallet, and hopefully, in a few weeks, my hardware wallet will be delivered here in my home. Holding bitcoin on the exchange is too risky; unless it is similar to Binance, the risk is not that high if I compare it to other exchanges.
Now, if you store on an exchange, do so at your own risk, and it also depends on the exchange where you store or hide your Bitcoin. Because that depends on your trust in the exchange platform.
If you store assets in hardware then that is a smart choice because as you said, storing assets on an exchange does have a very high risk, even if you realize that electrum wallets on PC can sometimes still be hacked by viruses, so you have to be careful when storing Bitcoin assets because they are very vulnerable to being hacked.
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- In my own opinion, I am using an Electrum wallet, and hopefully, in a few weeks, my hardware wallet will be delivered here in my home. Holding bitcoin on the exchange is too risky; unless it is similar to Binance, the risk is not that high if I compare it to other exchanges.
Now, if you store on an exchange, do so at your own risk, and it also depends on the exchange where you store or hide your Bitcoin. Because that depends on your trust in the exchange platform.
If you store assets in hardware then that is a smart choice because as you said, storing assets on an exchange does have a very high risk, even if you realize that electrum wallets on PC can sometimes still be hacked by viruses, so you have to be careful when storing Bitcoin assets because they are very vulnerable to being hacked.
Actually, a hardware wallet is the safest choice for storing assets. Apart from that, we can use a personal wallet such as a trust wallet or MEW, but we have to be careful about looking after it. Don't use it for random transactions because there are many hackers out there targeting our assets. Exchanges can be used for the short term, if you choose a reputable exchange it is also quite safe for the short term.
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- In my own opinion, I am using an Electrum wallet, and hopefully, in a few weeks, my hardware wallet will be delivered here in my home. Holding bitcoin on the exchange is too risky; unless it is similar to Binance, the risk is not that high if I compare it to other exchanges.
Now, if you store on an exchange, do so at your own risk, and it also depends on the exchange where you store or hide your Bitcoin. Because that depends on your trust in the exchange platform.
If you store assets in hardware then that is a smart choice because as you said, storing assets on an exchange does have a very high risk, even if you realize that electrum wallets on PC can sometimes still be hacked by viruses, so you have to be careful when storing Bitcoin assets because they are very vulnerable to being hacked.
Storing assets in a hardware wallet is always the main thing and has the lowest risk,
especially when compared to exchange wallets or other similar online wallets.
But unfortunately, there are still many who, even though they already know about this, still prefer online wallets or even prefer exchange wallets.
One of the reasons, yes, is because if it is already in an exchange wallet, there is no need for a transaction fee for transfers.
This is true, we can save less fees, because we don't need to transfer here and there. Transfer fees are usually big too, right?
But, the problem is, the risk is still high, right?
So, there will definitely be pros and cons, right?
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Security is sometimes overrated but naturally it is safer to keep bitcoins on a wallet but not everyone does and I'm sure many prefer to profit from holding bitcoin on exchanges in some kind of exchange stacking.
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Security is sometimes overrated but naturally it is safer to keep bitcoins on a wallet but not everyone does and I'm sure many prefer to profit from holding bitcoin on exchanges in some kind of exchange stacking.
Holding bitcoin in an exchange wallet is safe in the short term, but for the long term we should use a personal wallet, as many people here suggest. I agree with this. Sometimes people keep their assets in exchange wallets because they use them for short-term and daily trading.
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Security is sometimes overrated but naturally it is safer to keep bitcoins on a wallet but not everyone does and I'm sure many prefer to profit from holding bitcoin on exchanges in some kind of exchange stacking.
Holding bitcoin in an exchange wallet is safe in the short term, but for the long term we should use a personal wallet, as many people here suggest. I agree with this. Sometimes people keep their assets in exchange wallets because they use them for short-term and daily trading.
I did not mean short-term holding of bitcoin on exchanges, but long-term, I understand that it is not so safe, but if you look at it from the side of traders, they keep them there all the time and nothing happens to them, and here you can get a profit from stacking on some exchanges where it is possible.
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I did not mean short-term holding of bitcoin on exchanges, but long-term, I understand that it is not so safe, but if you look at it from the side of traders, they keep them there all the time and nothing happens to them, and here you can get a profit from stacking on some exchanges where it is possible.
Actually, holding bitcoin for the long term is safe, I've done it for two seasons, it's safe. so there is no doubt there, but if anyone is hesitant about holding long term, they can choose short term by trading.
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Actually, holding bitcoin for the long term is safe, I've done it for two seasons, it's safe. so there is no doubt there, but if anyone is hesitant about holding long term, they can choose short term by trading.
Yes, of course Bitcoin will still be safe if held for the long term because of the influence of Bitcoin's very limited supply and it has a very large blockchain system so that all transactions are recorded properly. However, this depends on when you entered Bitcoin, if you entered when it was bearish. it is the right step but entering when the price is high doesn't seem good because there is the potential to get trapped at the high price.
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Yes, of course Bitcoin will still be safe if held for the long term because of the influence of Bitcoin's very limited supply and it has a very large blockchain system so that all transactions are recorded properly. However, this depends on when you entered Bitcoin, if you entered when it was bearish. it is the right step but entering when the price is high doesn't seem good because there is the potential to get trapped at the high price.
Apart from limited supply, another reason why many investors prefer Bitcoin is that Bitcoin is the most famous and safest to hold. big money owners will have more confidence in King of Crypto currency than other coins.
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Apart from limited supply, another reason why many investors prefer Bitcoin is that Bitcoin is the most famous and safest to hold. big money owners will have more confidence in King of Crypto currency than other coins.
Yes, you are right, Bitcoin is already known to many people and many people already store Bitcoin assets in their personal wallets so that the circulation of supply circulating on exchanges is very limited. So that investors know about this opportunity because investors already understand the basic economic formula that has potential in Bitcoin.
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Security is sometimes overrated but naturally it is safer to keep bitcoins on a wallet but not everyone does and I'm sure many prefer to profit from holding bitcoin on exchanges in some kind of exchange stacking.
Holding bitcoin in an exchange wallet is safe in the short term, but for the long term we should use a personal wallet, as many people here suggest. I agree with this. Sometimes people keep their assets in exchange wallets because they use them for short-term and daily trading.
I did not mean short-term holding of bitcoin on exchanges, but long-term, I understand that it is not so safe, but if you look at it from the side of traders, they keep them there all the time and nothing happens to them, and here you can get a profit from stacking on some exchanges where it is possible.
- Maybe it's also safe in the exchange; that's why the percentage is not 100%, which means it's like a 50/50 chance that's also secured, but it's not as if it's hard to explain. As long as you really want 100% security, it's really a hardware wallet.
Now, if you feel like it while it's held in your wallet and some of your holdings you want to use for day trading, you can do it, just as mentioned before, but do it at your own risk.
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Cold wallet might be the answer?
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Cold wallet might be the answer?
Although the answer is relative. But yeah, this is the answer that I think most people, including me, agree with. And actually Hot wallets can also be quite safe as long as we also know what things we should avoid so that our wallets remain safe. And most beginners even lose crypto in their wallets because they don't even know about token phishing or dusting attacks and such. So the safest thing is that we also have to know the steps in securing the wallet itself.
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Cold wallet might be the answer?
Although the answer is relative. But yeah, this is the answer that I think most people, including me, agree with. And actually Hot wallets can also be quite safe as long as we also know what things we should avoid so that our wallets remain safe. And most beginners even lose crypto in their wallets because they don't even know about token phishing or dusting attacks and such. So the safest thing is that we also have to know the steps in securing the wallet itself.
Hot wallets are quite safe if we choose a reputable exchange and we should always avoid scammers and hackers, who promote phishing. In the short term, hot wallets are quite safe for me. But it is not recommended for the long term.
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The matter what I will not advise someone to use exchange to store cryptocurrency from what I have experienced in Binance in my country. I only to woke up to see that that my p2p in Binance was disabled and I couldn't not do anything with my country currency again although it works with cryptocurrency to cryptocurrency. And if your cryptocurrency cannot be changed to your fiat currency then it is worthless because as for now we are not using cryptocurrency to buy things but with fiat.
Therefore it is better we keep our coins in the non custodial wallets so that in case the centralized exchanges collapsed our coins are still saved. Prevention is better than losting them. Non custodial wallets are much more saver than exchange.
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Although the answer is relative. But yeah, this is the answer that I think most people, including me, agree with. And actually Hot wallets can also be quite safe as long as we also know what things we should avoid so that our wallets remain safe. And most beginners even lose crypto in their wallets because they don't even know about token phishing or dusting attacks and such. So the safest thing is that we also have to know the steps in securing the wallet itself.
Again, it all depends on the amounts + what exactly you mean by the word security. For some people, storing on the exchange is already security, while others buy cold wallets for this purpose. In any case - storing on exchanges is not the best option as far as I'm concerned. It is not worth choosing it, it is better to spend time and get everything (at least) on hot wallets. Again, everything is as individualized as possible. For me, maybe some of the above works for me, but for someone else it doesn't. :o
P.S. If the question is about safety, it is better to approach it with maximum familiarization.
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Hot wallets are quite safe if we choose a reputable exchange and we should always avoid scammers and hackers, who promote phishing. In the short term, hot wallets are quite safe for me. But it is not recommended for the long term.
The initial question was which one is safe for holding? If you don't know what is holding, you should learn more about it. Holding is supposed to be for a long time. You should not really suggest a hot wallet to people who want to hold their Bitcoin. If someone wants to hold their Bitcoin for a long time and if the amount is large, they should use a hardware wallet. If the amount is not too big, they should use a self-custodial wallet like Electrum to hold their bitcoin.
I will never suggest an exchange to hold their Bitcoin. Use exchange only when you want to sell your Bitcoin or altcoin. That's the only point when you should use exchange.
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Hot wallets are quite safe if we choose a reputable exchange and we should always avoid scammers and hackers, who promote phishing. In the short term, hot wallets are quite safe for me. But it is not recommended for the long term.
No exchange is 100% secure, none of them. Of course, Binance is not 100% secure either, but it is the “best” according to many people. Binance also suffered a successful hacker attack in 2019, where attackers stole cryptocurrencies worth $40 million from the exchange. This news caused many users to withdraw their funds quickly to avoid losses.
CZ's "brilliant" idea was the following:
In the wake of a multimillion-dollar hack Tuesday, Changpeng Zhao, the CEO of cryptocurrency exchange startup Binance publicly discussed whether the company might seek to encourage bitcoin miners and node operators to "rollback" the bitcoin blockchain, reversing transactions confirmed by the network to return the funds.
Fortunately CZ gave up on his idea because, logically, no one liked it. This is just a simple example of how unsafe exchanges are, even the most reputable ones.
Here you can read this news: Binance Considered Pushing for Bitcoin 'Rollback' Following $40 Million Hack (https://www.coindesk.com/markets/2019/05/08/binance-considered-pushing-for-bitcoin-rollback-following-40-million-hack/).
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Well, in my personal opinion, it is best to have it in private wallets, the most Recommended is a ledger, but it is expensive, but if it is a large amount, why not make the expense? Such is security, and if it's money, why risk it? It is much better, if the money is left in an Exchange , that money is not ours, it is from the exchange , what is ours and ours will be when we Enjoy our public and private keys and they are under our control, in an Exchange, even if it is the The more Famous and Better Will Always have governmental restrictions and if they, Through an order, decide to confiscate that money, we cannot do anything but Accept such a thing.
I do not Recommend Leaving the Money in an Exchange, Unless you Want to Trade , but it is something that is the trader's Responsibility to Immerse themselves in a world of KYC rules and who knows what else.
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Holding Bitcoin to any exchanges is never been safe even if they are legit since everything on the exchanges is online it can be hacked.
Another thing is we don't have full control of our assets if the exchange is suddenly shutdown we no longer have access to our hot wallet because they are the one who controls our wallet like they said "not your keys, not your coins". That's why it's safest to hold BTC if you use a wallet that supports seed/private key backup with airgap function.