Well, you are absolutely right about the ease of trading when a user leaves his coins on the exchange, but isn't trading funds supposed to be different from one's investment? Investments are for long term long, which means, there should be no need to sell a coin that is already kept or stored as an investment, leaving such coins on exchanges poses not just the risk of losing the coin if the exchange collapsed for whatever reason, but it also poses the risk of panic selling when one never planned to do such, and this could be one way to lose money is the investor doesn't exactly understand the market well, or guessed the market wrongly.
The reason I found why they store on the exchange, because it is more practical to trade at any time, can withdraw any coin just convert or stake on the exchange.
As far as we know, but they will never learn from mistakes if they have not experienced where the exchange collapsed as long as they are fine storing on the exchange then they will not think about the risk of third parties.
3. In a software walletI only have a little Bitcoin and it was also obtained from the UniJoin signature campaign and I have kept it until now in Trustwallet.
I ask you the same question, where do you store your bitcoin?
So, I kind of find it amazing that, with the whole campaign of NOT YOUR KEYS, NOT YOUR CRYPTO, bitcoin investors still trust centralized exchanges enough to hold their bitcoins in there, forgetting all the previous incidents where an exchange gets hacked, and investors lose all their funds.
~snip~
And amazingly, out of this five options, and out of the over 700 people that voted, the majority, at 32 percent said they store their bitcoin on exchanges...
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So, I kind of find it amazing that, with the whole campaign of NOT YOUR KEYS, NOT YOUR CRYPTO, bitcoin investors still trust centralized exchanges enough to hold their bitcoins in there, forgetting all the previous incidents where an exchange gets hacked, and investors lose all their funds..
I ask you the same question, where do you store your bitcoin?
I ask you the same question, where do you store your bitcoin?I got your point here, but it is not necessary that those who said they store their Funds on CEXs are using CEXs for holding purposes, they might be using CEXs wallets for trading purposes, but considering the question, I can say they are using CEXs and the only reason come to my mind is most of the newbies trust CEXs because they think CEXs give them some kind of insurance that their funds are safe.
If they understand financial management then they will separate trading and investment funds, but they don't think like that, they just want to accumulate all assets in one exchange which are stored there, so it's just because of convenience and not having bad experiences, that's what they haven't realized it yet.Well, you are absolutely right about the ease of trading when a user leaves his coins on the exchange, but isn't trading funds supposed to be different from one's investment? Investments are for long term long, which means, there should be no need to sell a coin that is already kept or stored as an investment, leaving such coins on exchanges poses not just the risk of losing the coin if the exchange collapsed for whatever reason, but it also poses the risk of panic selling when one never planned to do such, and this could be one way to lose money is the investor doesn't exactly understand the market well, or guessed the market wrongly.
The reason I found why they store on the exchange, because it is more practical to trade at any time, can withdraw any coin just convert or stake on the exchange.
As far as we know, but they will never learn from mistakes if they have not experienced where the exchange collapsed as long as they are fine storing on the exchange then they will not think about the risk of third parties.
People should learn to keep their investments away from their trading funds, it's OK to leave trading funds on the exchange, but never OK to store one's investment on a centralized exchange.
its not that these people are not aware of FTX or other exchange that turned scam but it think because having the coins in the exchange is easier for them to trade. they are not storing for the most part. but some of them are ready to sell when the price target is achieved.
but if i have to store in a wallet. it will just be in my electrum where i have the keys. but like them. i have half of my portfolio on the exchanges not because i'm trading all the time, its just right in the exchange because whenever i needed quick cash i can convert the usdt fast.
The reason I found why they store on the exchange, because it is more practical to trade at any time, can withdraw any coin just convert or stake on the exchange.Yes, people store their funds or coins in CEX because they will be easier to trade them. If they store on the private wallets, it needs transfer fees every time we need to trade them. But when it is already on the CEX wallets, it can be traded instantly every time we want to trade them.
As far as we know, but they will never learn from mistakes if they have not experienced where the exchange collapsed as long as they are fine storing on the exchange then they will not think about the risk of third parties.
Yes, people store their funds or coins in CEX because they will be easier to trade them. If they store on the private wallets, it needs transfer fees every time we need to trade them. But when it is already on the CEX wallets, it can be traded instantly every time we want to trade them.
Sure, we also can stake the coins on the CEX. Then, we can get some profits from the staking.
We know that there is failed centralized exchange. That's why we must choose reputable exchanges.
where do you store your bitcoin?I personally store my Bitcoin in a noncostudial wallet as of the moment as I don't have a hardware wallet yet.
~Well, investors always want to earn anything in the easiest way possible, and what's the way to do it? Keeping their Bitcoins on a Centralized exchange because of the "Earn" feature that gives them more coins when they store them there. That's I think the reason why 32% of those who voted prefer storing it on a Centralized Exchange. They can't earn anything aside from capital appreciation if they store it on a hardware wallet.
And amazingly, out of this five options, and out of the over 700 people that voted, the majority, at 32 percent said they store their bitcoin on exchanges, while 28 percent said they store bitcoin in a hardware wallet, 9 percent store their bitcoin in a software wallet, 15 percent said they use a combination of methods to store their bitcoin, and 16 percent said they don't own any bitcoin yet - this data is at the time of writing this post.
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So, I kind of find it amazing that, with the whole campaign of NOT YOUR KEYS, NOT YOUR CRYPTO, bitcoin investors still trust centralized exchanges enough to hold their bitcoins in there, forgetting all the previous incidents where an exchange gets hacked, and investors lose all their funds..
I ask you the same question, where do you store your bitcoin?
I can feel those majority as I am one of them back in the years until a friend of mine got hacked together with so many in their exchange and lose their funds , since then I never use exchange as medium to store my funds instead I only uses them for transacting and funds transferring .Sometimes when a wallet is hit by a hacker, all its contents will be drained and usually this happens because the wallet is connected too often to several dangerous sites, so this must be an important experience. If you want to participate in an airdrop or bounty campaign, you must distinguish the main wallet so that it will not be affected. by hackers and the main address you use as main will remain safe.
It is sad but what you said is true that there must be a hard way before people completely realized what they are missing here.
actually it is that Exchange was being hacked and not the bounty or airdrop wallet. but correct that we must be aware to what will be the position of each wallet that the funds must be rendered .I can feel those majority as I am one of them back in the years until a friend of mine got hacked together with so many in their exchange and lose their funds , since then I never use exchange as medium to store my funds instead I only uses them for transacting and funds transferring .Sometimes when a wallet is hit by a hacker, all its contents will be drained and usually this happens because the wallet is connected too often to several dangerous sites, so this must be an important experience. If you want to participate in an airdrop or bounty campaign, you must distinguish the main wallet so that it will not be affected. by hackers and the main address you use as main will remain safe.
It is sad but what you said is true that there must be a hard way before people completely realized what they are missing here.
I can feel those majority as I am one of them back in the years until a friend of mine got hacked together with so many in their exchange and lose their funds , since then I never use exchange as medium to store my funds instead I only uses them for transacting and funds transferring .
It is sad but what you said is true that there must be a hard way before people completely realized what they are missing here.
Sad story, I hope your friend gets a replacement fortune. Learning by being forced is very painful, because we will definitely lose. Whether investing may trading, We will learn from our mistakes. If our funds are hacked, we have to be more careful. Scammers are everywhere.Sometimes we are careful not to connect our wallet to several other sites, but it is still frequently affected. The important thing is to provide double security. Make sure that if you trade on a dApps site, you use a different wallet from the main wallet so that you don't get phished by hackers and don't drain the assets you own.
Sometimes we are careful not to connect our wallet to several other sites, but it is still frequently affected. The important thing is to provide double security. Make sure that if you trade on a dApps site, you use a different wallet from the main wallet so that you don't get phished by hackers and don't drain the assets you own.Many Dapps are created by hackers that function to drain connected wallets and sign in.
Many Dapps are created by hackers that function to drain connected wallets and sign in.I agree with what you say, many hackers take advantage of FOMO, such as the Airdrop which is being widely used by the public at the moment, many require connecting the wallet used to participate in the airdrop, even though the wallet owner doesn't know that hackers can provide secret scripts. which can be used to drain wallets connected to dApps sites. So you have to be careful when connecting your wallet to a dApps site and use a new wallet as much as possible so that the main wallet you have will remain safe.
It seems very easy to drain someone's wallet, we need to be vigilant and note that Dapps websites are made as similar as possible to the original ones but have slightly different domains.
There have been many instances of wallet draining, and it cannot be recovered because it has embedded bots that will retrieve all valuable sets quickly.
I ask you the same question, where do you store your bitcoin?Software wallet happens to be cost free, so I use it.
-snip-Yes, separating the wallet for airdrop from the main wallet is an important early precaution to take.
So you have to be careful when connecting your wallet to a dApps site and use a new wallet as much as possible so that the main wallet you have will remain safe.