Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore.It never did, and will never be. Anything that related in crypto holdings must be held on non-custodial wallet on safe environment especially if its yours anything than that will be considered as risky. You should only put your money on CEX for trading and be considered to deposit what you can afford to lose.
i’ve been curious to know what the safest option to store BTC could be.If safety is your only concern, why not just store it in your cold wallet? I don't think this concept is alien to most users. Heck, I'm surprised to hear you think storing your Bitcoin on exchange was safe. We have so many hacks/bankruptcy cases that anyone who willingly stores all their wealth on exchange must've never read any crypto news.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.It is not difficult to conclude that hardware wallets are the best way to self-custody BTC, however we cannot deny the role of CEXs. Although the amount of BTC on CEXs has decreased sharply to about 2.4M BTC, that is still a huge number to ensure the liquidity of this new asset class.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.It's actually basic sense that where we put our funds is where we sell the most. In this case, the answer is definitely not centralized exchangers and the ones you mentioned in your post.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.Why would you keep your bitcoins on a centralized platform if you have the mindset of folding not trading. No centralized platform is completely trustworthy and even though Binance is the top number 1 CEX, it is not completely trustworthy. So you always hold your bitcoins in a decentralized wallet or a hardware wallet if you have a large fund. Then you will get full security of your assets and your funds will be completely under your own control
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.exchanges are not wallets first of all
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.i doubt the government would be easily hacked i hope that they will not be stupid enough to store their bitcoins in an exchange surely they will be a lot more secure and hopefully will store their seed phrases in a hardware and hold it somewhere highly protected
BTC is not safe to be held in CEXs wallet anymore
I personally do not store crypto assets especially Bitcoin on exchanges for long not unless I am gonna use it for trading purposes. Since I have no access to cold wallets, I prefer non-custodial wallets which will give me full control of my funds the only problem is that they are hot wallets but I am aware of what to do to keep my funds safe. CEX for me is not an option given that I don't trust their security because sooner or later they are primary targets of hackers since they are a high value target.
you can boot a PC or laptop with an OS like Tails, download Electrum, generate your seeds offline, keep offline and you should be fine too, it's a great option
In a custodial wallet the user does not have full control over there coin ,so I think custodial wallet should be used for trading since the funds is not been stored for a long time.while non custodial wallet the user have full control over there private key's and this kind of wallet should be used for holding bitcoin since it is more safe to store bitcoin.Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore.It never did, and will never be. Anything that related in crypto holdings must be held on custodial wallet on safe environment especially if its yours anything than that will be considered as risky. You should only put your money on CEX for trading and be considered to deposit what you can afford to lose.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.As we known, there are usually many focuses on the security of the assets in the digital environment. Various cases in the current events indicate that we must be even more cautious when dealing with the BTC. Currently, I employ two types and that is internal h, which I use from weekly to monthly and the external, which is for the long term. However, every cattleman also has his own approaches on how he is going to protect his assets, though there are some matters that may not be mooted, risks are always imminent, and optimum safeguarding must always be deemed obligatory. This is because there have been a number of occurrences hence imply that the management of BTC should not be done haphazardly.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Do not leave or store your bitcoin in exchange..
Do not trust exchange they are not reliable..
Download a nonecostodial wallet or HD wallet.
With this your investment are safe and secure..
Do not reveal your secret keys.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.Right from inception, storing your crypto (not just bitcoin) on the centralized exchange has never been a good option or choice entirely, I believe if you have stayed long enough in crypto, you must have come across the term "not your keys, not your crypto".
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.This might be that been said or mentioned a thousand times or even tens or hundreds but you should always remember this:
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Honestly, speaking brother CEX was never supposed to be good for the long-term funds holding, these were the platform to trade with funds with ease.CEX should be used for trading because we don't know the security of CEX, because we also sometimes hear news that wallets are hacked.
Those who were considering holding their funds on centralized exchanges or wallets got their lesson time-to-time in history, you've mentioned bybit it's not the first on list, and it will not be last either.
To hold your Bitcoin savings or investment consider hot wallets/paper wallets if the amount is bigger consider a cold storage.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.Exchanges are never been a place to keep your BTC and other crypto, it's just users ignorance lead to use it as wallet.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
It's still a choice and anything could happen at the cost of leaving all your assets in exchange, usually if you are a trader and you have your asset stored in exchange what you should do is to move out your capital and leave your profits to trade with, at this point if there are anything to affect the exchange you wouldn't regret leaving your asset over there.Do not leave or store your bitcoin in exchange..
Do not trust exchange they are not reliable..
Download a nonecostodial wallet or HD wallet.
With this your investment are safe and secure..
Do not reveal your secret keys.
Storing Bitcoin on exchanges should depend on individuals activities, and there are big traders that has huge capital used on trading, they may find it difficult to be moving their capital from one exchange to wallets, though some of these big traders prefer the tie one exchanges where there may be some level of safety of their funds.
Bybit exchange has grown to be a tie one exchange, though they had suffer huge losses, but i think that users funds are still safe as team has declared.
Storing crypto assets on tie one exchanges has some level of safety, though not preferred by many but as a trader, i have some of my assets on big exchange.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.Not anymore but it has never been safe to hold into exchanges and you shouldn't keep your BTC there if you have plans of holding long.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.That's always been the case, think of it that exchanges are vulnerable to hacking as long as the hackers will see some holes of what they can take, they'd take it either with BTC or any other cryptos.
people have always said this but some really do not listen exchanges are where you make transactions on and not hold your coins in people hold coins on exchanges when they are trading or does regular transactionsFollowing the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.Not anymore but it has never been safe to hold into exchanges and you shouldn't keep your BTC there if you have plans of holding long.
even altcoins are not safe as long as there is money they can take, hackers will always take the chance to do soThis would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.That's always been the case, think of it that exchanges are vulnerable to hacking as long as the hackers will see some holes of what they can take, they'd take it either with BTC or any other cryptos.
Did you just find out that you shouldn't store your funds in a centralized exchange or a custodial service, posts like this will open your eyes as to how many people own BTC, but know nothing about how to secure their funds. You should store your funds in your self custodial, open source wallet.Looks a no for me. He didn't found out that storing funds in centralized exchanges are very risky. If there is no news that has came out from the hacking incident from ByBit, I doubt it that he'd tell that it's not safe anymore to keep the funds there. He has to learn this before anything happens to his money stored in the exchanges. It's very known from those that have been on the community that no one should use them just as how the hardware wallets are used. If OP is a newbie, it's understandable and at least he's learned it already that he shouldn't keep his funds in any known centralized exchanges even Binance, Bybit or any other.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.Unlike wazirx, bybit did not said we will deduct some amount from the users fund, instead they bought all the lost ETH from the market and ensured that the users funds are safe and they don't need to panic, no one lose money in this even Binance and some other exchanges also helped Bybit financially to cover their losses.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
-snip-Storing assets in a personal hardware wallet is the best option, but if you want to use an Exchange then choose the best ones like Bybit and Binance in my opinion, and indeed Bybit is fully responsible for the lost funds so this adds to the trust in Bybit.
This shows that we can store our funds on these centralized exchanges if we want they can be safe only we have to chose the good exchange rather then the tier 2 exchnages like wazirx but still we should store our funds on wallets if we plan to store for long term.
..., but if you want to use an Exchange then choose the best ones like Bybit and Binance in my opinion, and indeed Bybit is fully responsible for the lost funds so this adds to the trust in Bybit.Well, some users who don’t fully trust themselves to manage and secure their own funds might prefer letting exchanges handle them — just like how people trust banks to manage their money. However, it’s important to be prepared for the risks, especially if an exchange ends up like FTX 2.0. Remember, FTX was once the second-largest exchange before it went bankrupt. While users eventually received refunds, it took months or even years.
When we decide to store Bitcoin assets in an exchange like the one you mentioned, of course, there is a very high risk of being hacked and the like. To be safer, it is indeed to store it in an external wallet like Ledger or others. But if you don't have a tool like that, we can also store it in Electrum like I do. For now, the two markets above may still provide very high security and asset guarantees because they have market insurance guarantees and others. But in the long term, no one knows how secure the exchange is. If we look at past history, several exchanges that used to be big and had high reputations have also had problems.-snip-Storing assets in a personal hardware wallet is the best option, but if you want to use an Exchange then choose the best ones like Bybit and Binance in my opinion, and indeed Bybit is fully responsible for the lost funds so this adds to the trust in Bybit.
This shows that we can store our funds on these centralized exchanges if we want they can be safe only we have to chose the good exchange rather then the tier 2 exchnages like wazirx but still we should store our funds on wallets if we plan to store for long term.
I own some assets on Binance and Bybit exchanges and of course it is still safe, only for trading and the profits will also be sent to my hardware wallet, so it will be safer.
When we decide to store Bitcoin assets in an exchange like the one you mentioned, of course, there is a very high risk of being hacked and the like. To be safer, it is indeed to store it in an external wallet like Ledger or others. But if you don't have a tool like that, we can also store it in Electrum like I do. For now, the two markets above may still provide very high security and asset guarantees because they have market insurance guarantees and others. But in the long term, no one knows how secure the exchange is. If we look at past history, several exchanges that used to be big and had high reputations have also had problems.Storing in a wallet like Electrum may be safe, but it depends on how well the user secures the device they are using,
Storing in a wallet like Electrum may be safe, but it depends on how well the user secures the device they are using,
how to maximize security and not be careless, it all depends on the user, because it is very vulnerable to hacking.
Some of the big exchanges I mentioned are still good enough for now, not for the long term.
Remember that some of the big exchanges in the past ended up collapsing to the detriment of all their users,
today's big exchanges are even easy to hack by hackers, so be careful.
We must be careful in storing our crypto assets in the wallet and we must always guard our wallet.When we decide to store Bitcoin assets in an exchange like the one you mentioned, of course, there is a very high risk of being hacked and the like. To be safer, it is indeed to store it in an external wallet like Ledger or others. But if you don't have a tool like that, we can also store it in Electrum like I do. For now, the two markets above may still provide very high security and asset guarantees because they have market insurance guarantees and others. But in the long term, no one knows how secure the exchange is. If we look at past history, several exchanges that used to be big and had high reputations have also had problems.Storing in a wallet like Electrum may be safe, but it depends on how well the user secures the device they are using,
how to maximize security and not be careless, it all depends on the user, because it is very vulnerable to hacking.
Some of the big exchanges I mentioned are still good enough for now, not for the long term.
Remember that some of the big exchanges in the past ended up collapsing to the detriment of all their users,
today's big exchanges are even easy to hack by hackers, so be careful.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore.
Cexes were never safe to hold one's coins, this hacks such as bybit's are just timely reminders, thankfully bybit reimbursed it so there is no loss to users.
Regarding safe place to hold, hws are safest choice available, not perfect but safest.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore.
Cexes were never safe to hold one's coins, this hacks such as bybit's are just timely reminders, thankfully bybit reimbursed it so there is no loss to users.
Regarding safe place to hold, hws are safest choice available, not perfect but safest.
It's all about having custody of your keys and preventing third parties from messing with you up.
You should be the one in control to stay safe 8)
Not anymore but it has never been safe to hold into exchanges and you shouldn't keep your BTC there if you have plans of holding long.Yeah, it has never been safe, that is why i am surprised that op is just finding that out. On a second thought, it is possible that a lot of victims of exchange hack did not even know that their funds should be stored only ib their self custodial wallet. Not your keys, not your coins, that is something that people should never forget.
Cexes were never safe to hold one's coins, this hacks such as bybit's are just timely reminders, thankfully bybit reimbursed it so there is no loss to users.I don't think that answer applies to everyone. I agree that CEXs aren't perfectly safe, but many investors would rather trust CEXs with their BTC than manage their own private keys.
Regarding safe place to hold, hws are safest choice available, not perfect but safest.
Cexes were never safe to hold one's coins, this hacks such as bybit's are just timely reminders, thankfully bybit reimbursed it so there is no loss to users....
Regarding safe place to hold, hws are safest choice available, not perfect but safest.
They're just regular investors, they lack basic blockchain skills, they see CEXs as a typical stock exchange, and they think BTC is just a financial tool like tech stocks. They'll choose CEXs and buy BTC there to trade. I know many successful traders who have never self-custodied BTC in a personal wallet.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.
Sure they may be successful traders, but what if one day calamity strikes, exchange is wiped out, and they ain't going to reimburse funds?
We must be careful in storing our crypto assets in the wallet and we must always guard our wallet.Yes, always be vigilant and careful with the wallets you hold, especially those that do not have double security.
because there are many hackers and fraudsters who will take our assets.
I do not store large amounts of crypto assets in the exchange wallet, I only use it for trading. because it is too risky
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.Here are steps you can take to ensure your bitcoins are not lost. Always try to avoid cex and hot wallet. If you are very concerned about the security of storing your bitcoins, I would definitely recommend using a non-custodial or hardwallet at all times. Hardware wallets are the most secure way to hold Bitcoins.
If someone puts a phishing or board in your wallet, no one can remove it from your wallet until you approve the transaction from your hardware wallet. A hardware wallet costs between $50 and $200. I think you can spend that much for your safety.
If someone puts a phishing or board in your wallet, no one can remove it from your wallet until you approve the transaction from your hardware wallet. A hardware wallet costs between $50 and $200. I think you can spend that much for your safety.
Unfortunately, there are people who put their hardware wallet's seed phrases on phishing websites. In such a case, the hardware wallet has nothing to do. Once you lose the seed phrase, anyone can steal your crypto from that wallet. A Bitcointalk veteran forum member lost his entire crypto holdings from a hardware wallet because of phishing. Sometimes people fall for traps and lose their money. So, even a hardware wallet is not safe if you do not have basic knowledge and don't know how to maintain it. Never ever put your seed phrases anywhere.
Cexes were never safe to hold one's coins, this hacks such as bybit's are just timely reminders, thankfully bybit reimbursed it so there is no loss to users.I don't think that answer applies to everyone. I agree that CEXs aren't perfectly safe, but many investors would rather trust CEXs with their BTC than manage their own private keys.
Regarding safe place to hold, hws are safest choice available, not perfect but safest.
They're just regular investors, they lack basic blockchain skills, they see CEXs as a typical stock exchange, and they think BTC is just a financial tool like tech stocks. They'll choose CEXs and buy BTC there to trade. I know many successful traders who have never self-custodied BTC in a personal wallet.
- Even though Dexe's platform is not perfect, it is really up to us to choose which one we will use as well as the Cex platforms. That is why as a user of exchangers we must be critical before we come to the point of entering funds into their platform.
Then as a user or trader we must accept to ourselves that the funds we will enter are ones we are ready to lose because of the risk that we may face in the future, that is really because we are entering the crypto trading business.
If someone puts a phishing or board in your wallet, no one can remove it from your wallet until you approve the transaction from your hardware wallet. A hardware wallet costs between $50 and $200. I think you can spend that much for your safety.Because of these phishing links that are being sent to crypto wallets to manipulate them, it is advised to cross-check your crypto wallet address to see whether it matches before approaching any transaction with yourp hardware wallet.
If someone puts a phishing or board in your wallet, no one can remove it from your wallet until you approve the transaction from your hardware wallet. A hardware wallet costs between $50 and $200. I think you can spend that much for your safety.Because of these phishing links that are being sent to crypto wallets to manipulate them, it is advised to cross-check your crypto wallet address to see whether it matches before approaching any transaction with yourp hardware wallet.
The common mistake people make is not to properly cross-check and reconfirm their wallet address whether it matches before they confirm a transaction sent.
If you learn about what causes Bybit hack, is because they didn't reconfirm the wallet address whether it is manipulated before confirming the transaction sent
No one is secured and if you must know there are also hack from Dex that is why it's always advisable to usually have alternatives wallets where you move the funds you want to trade to other address to enable connect to account you only have the coin/token you want to trade than having your wallet compromised due to trying to use the Dex with the hope that since is Dex they wouldn't scam you.- Even though Dexe's platform is not perfect, it is really up to us to choose which one we will use as well as the Cex platforms. That is why as a user of exchangers we must be critical before we come to the point of entering funds into their platform.
Then as a user or trader we must accept to ourselves that the funds we will enter are ones we are ready to lose because of the risk that we may face in the future, that is really because we are entering the crypto trading business.
DEXes may be convenient in some cases, whereas CEXes - too, and for general new crypto enthusiast, they would use the latter.
It's a question of whether a person wants to be in custody of their funds or not at full 8)
Actually the third party they used (Safe vault multisig) was the one invaded. Somehow they managed to get hold of their (aws?) account and injected javascript on the page, focusing Bybit's wallets specifically. If they had looked at what they were confirming on the device, it would be impossible to lose their funds. But also, blind signing is pretty common when dealing with eth smart contracts because nowadays Ledger doesn't support decoding what you're signing.Because of these phishing links that are being sent to crypto wallets to manipulate them, it is advised to cross-check your crypto wallet address to see whether it matches before approaching any transaction with yourp hardware wallet.
The common mistake people make is not to properly cross-check and reconfirm their wallet address whether it matches before they confirm a transaction sent.
If you learn about what causes Bybit hack, is because they didn't reconfirm the wallet address whether it is manipulated before confirming the transaction sent
Wasn't it also because they got their devices injected with some malicious code beforehand? (which allowed to transfer of funds at all).
Seems legit.
A good option (in my view, of course), would be to have the phrases only on something physical and in different places, presumably on a hard and durable material (if possible, that is), and that way, you would be a bit safer than to allow the chance of getting your phrase from your device / via some interaction with something fishy, as you said.
Yeah, that is one of the safe methods. But there are some other safest methods such as securing it with a steel washer by writing the seed phrases on it and storing it somewhere safe. There is a tutorial on another forum where a veteran forum member explained how you can do it yourself. If you have a large amount of money, you should be careful with your money. Writing it in a piece of paper is a good idea as well, this is most used method I guess.
So, even a hardware wallet is not safe if you do not have basic knowledge and don't know how to maintain it. Never ever put your seed phrases anywhere.It is true, you can't have a hardware wallet and have a bad opsec, chances are high that you will lose your funds. I have met someone in real life, who actually believes that unless his device is stolen, he cannot lose his funds, then i asked him what he thought his seed phrase was for and he couldn't give a correct answer. He is lucky i explained things to him.
It is true, you can't have a hardware wallet and have a bad opsec, chances are high that you will lose your funds. I have met someone in real life, who actually believes that unless his device is stolen, he cannot lose his funds, then i asked him what he thought his seed phrase was for and he couldn't give a correct answer. He is lucky i explained things to him.
People should understand that once you expose your seed phrase, be it online or offline, you lose your funds, it is that simple.
It is true, you can't have a hardware wallet and have a bad opsec, chances are high that you will lose your funds. I have met someone in real life, who actually believes that unless his device is stolen, he cannot lose his funds, then i asked him what he thought his seed phrase was for and he couldn't give a correct answer. He is lucky i explained things to him.
People should understand that once you expose your seed phrase, be it online or offline, you lose your funds, it is that simple.
LOL, yeah. Some people do not understand these things and do not even bother to learn.
If it wasn't possible to access the funds without the hardware wallet, people wouldn't even buy this hardware wallet because they could lose it somewhere or it could be stolen. There is a possibility the hardware wallet won't work anymore, and you can't repair it. Then how would you get your funds? Of course, using the seed phrases. If people are dumb to think that funds cannot be stolen without their devices, these people are likely to get scammed.
Storing assets in a personal hardware wallet is the best option, but if you want to use an Exchange then choose the best ones like Bybit and Binance in my opinion, and indeed Bybit is fully responsible for the lost funds so this adds to the trust in Bybit.You are doing great if you send your profits to your hardware wallet because you plan to preserve them for longer period of time and wants to make more profit because if BTC really make it to $1 million which many big investors like Michael Saylor or BlackRock has predicted, then it will make people very rich.
I own some assets on Binance and Bybit exchanges and of course it is still safe, only for trading and the profits will also be sent to my hardware wallet, so it will be safer.
I still trust Bybit but still my first choice is Binance and Coinbase, Bybit, Okx I found these exchanges reliablebut my rule is also same as yours that to hold for long term we must prefer non custodial wallets.
I thought Coinbase stopped accepting users from Pakistan. Do you still use Coinbase? I guess I used it back in 2022 or 2023, but then they started closing the accounts of Bangladeshi users. Anyway, holding your funds on exchanges is not recommended at all. Being a veteran forum member, I believe you have heard this hundreds of times so far.They have stopped users from Pakistan and that's correct information, but in order to use the exchange we don't have to be in USA, if we have some friend or relative there we can use there accounts, it is not that hard but I am not using it at the moment, I said the reliable one is this, does not mean I am using it too.
I use Electrum to receive my funds and it uses it as a hot wallet. If I want to sell my Bitcoin, I use Binance, Kucoin, and other exchanges as well. But to hold for a long time, I am using a hardware wallet.
I agree with you non-custodial wallets are safer to store our crypto assets if we want to hold them for the long term, I do that too.Storing assets in a personal hardware wallet is the best option, but if you want to use an Exchange then choose the best ones like Bybit and Binance in my opinion, and indeed Bybit is fully responsible for the lost funds so this adds to the trust in Bybit.You are doing great if you send your profits to your hardware wallet because you plan to preserve them for longer period of time and wants to make more profit because if BTC really make it to $1 million which many big investors like Michael Saylor or BlackRock has predicted, then it will make people very rich.
I own some assets on Binance and Bybit exchanges and of course it is still safe, only for trading and the profits will also be sent to my hardware wallet, so it will be safer.
I still trust Bybit but still my first choice is Binance and Coinbase, Bybit, Okx I found these exchanges reliablebut my rule is also same as yours that to hold for long term we must prefer non custodial wallets.
- Even though Dexe's platform is not perfect, it is really up to us to choose which one we will use as well as the Cex platforms. That is why as a user of exchangers we must be critical before we come to the point of entering funds into their platform.I'm not a fan of this whole idea that DEXs are safer and better than CEXs, because we've seen so many DEX protocols get hacked, and users took a bath in 2021-2022, it was a total hack-season. Hundreds of millions of investors are still using CEXs, they're not dummies, they have their reasons for sticking with CEXs for the long haul.
Then as a user or trader we must accept to ourselves that the funds we will enter are ones we are ready to lose because of the risk that we may face in the future, that is really because we are entering the crypto trading business.
I think CEX and DEX have the same risk, in terms of security we should choose the best and most trusted CEX. I rarely play on DEX because I focus more on binance in making transactions and trading.- Even though Dexe's platform is not perfect, it is really up to us to choose which one we will use as well as the Cex platforms. That is why as a user of exchangers we must be critical before we come to the point of entering funds into their platform.I'm not a fan of this whole idea that DEXs are safer and better than CEXs, because we've seen so many DEX protocols get hacked, and users took a bath in 2021-2022, it was a total hack-season. Hundreds of millions of investors are still using CEXs, they're not dummies, they have their reasons for sticking with CEXs for the long haul.
Then as a user or trader we must accept to ourselves that the funds we will enter are ones we are ready to lose because of the risk that we may face in the future, that is really because we are entering the crypto trading business.
Self-custodying crypto sounds safe and all, but look at what PlanB did, he switched all his BTC to a spot ETF, because he felt it was safer than managing his own private keys. Regular investors will always choose convenience, and they'd rather hand over their assets to big institutions than hold their own private keys.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
- We know that on cex platforms our assets are not your key, not our assets as well, they control everything, even if we know our password and email they can freeze our account anytime they want, most people here know that.
So the best way to store bitcoin is still non-custodial wallets, like Electrum, Unstopable, even the phantom wallet also has a btc segwit wallet, at least in these wallet apps we actually hold it and we have full control over our bitcoin, unlike cex.
- We know that on cex platforms our assets are not your key, not our assets as well, they control everything, even if we know our password and email they can freeze our account anytime they want, most people here know that.
So the best way to store bitcoin is still non-custodial wallets, like Electrum, Unstopable, even the phantom wallet also has a btc segwit wallet, at least in these wallet apps we actually hold it and we have full control over our bitcoin, unlike cex.
What about security measures? Who is more secured, a single user who has an antivirus program, and a brain, that (I hope) will send signals and prevent from doing stupid steps. Or an exchange who has more advanced security than user. That does not mean that non-custodial or cex are preferable and are the only place where to hold funds, but each option has its pros and cons.
People like to scare everyone with "not your keys, not your crypto" or with "exchange will take your funds and you wont be able to do anything about it". Lets take a top exchange, Binance for example, how many real stories when Binance took someones money for nothing, scammed or disappeared with funds we know?
What about security measures? Who is more secured, a single user who has an antivirus program, and a brain, that (I hope) will send signals and prevent from doing stupid steps. Or an exchange who has more advanced security than user. That does not mean that non-custodial or cex are preferable and are the only place where to hold funds, but each option has its pros and cons.
People like to scare everyone with "not your keys, not your crypto" or with "exchange will take your funds and you wont be able to do anything about it". Lets take a top exchange, Binance for example, how many real stories when Binance took someones money for nothing, scammed or disappeared with funds we know?
We can also say about the amount of funds in question - would top CEX, KYC or not, be interested in freezing such a minuscule amount of funds? Highly unlikely.
In addition, a good and reputed CEX will always warn before that they plan to close or make account withdraw only. Of course, if user plans to hold there hundreds thousands and millions, he should be prepared to be questioned for funds origins, but I dont think that CEX is least safest place to hold money than on a hardware wallet or on own pc. At least numbers of CEX hacks are far less than number of individual hacks.
However, there is no one and only best place to hold funds. Each option has pros and cons. Diversification is users best friend.
It never did, and will never be. Anything that related in crypto holdings must be held on non-custodial wallet on safe environment especially if its yours anything than that will be considered as risky. You should only put your money on CEX for trading and be considered to deposit what you can afford to lose.
It never did, and will never be. Anything that related in crypto holdings must be held on non-custodial wallet on safe environment especially if its yours anything than that will be considered as risky. You should only put your money on CEX for trading and be considered to deposit what you can afford to lose.
Well said, mate. Actually, we have seen two big incidents of CEX exchanges, Binance, I think, a year ago and the most recent one of the Bybit hack. I still remember that when the Binance FUD was at its peak, people started to fetch their funds out of the Binance exchange, and that really affected the market sentiments at that time.
For the recent one, Bybit Exchange handled the situation very well! and this did not affect the market that much, if I am not wrong here! Well, the best part for long-term holding is that we should always put our funds in non custodial wallets.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
It is an always being said that you invest what you can afford to lose, and when it comes to exchanges, it is what you are using to trade or maybe buy some coins for holding that will be traded sooner or later that is advisable to leave in exchanges, otherwise, there is/are wallets for storing one's crypto holdings for as long as one wish.
Exchanges are for trading, while wallets are for holding, storing BTC, ETH or other coins in exchanges is regarded as risky and anything can happen to the exchange and your holdings in the exchange as well.
ETH that was hijacked from the Bybit exchange is a huge one for sure, I believe there is an insider on such act, and this should be always looked out on to avoid being a victim if the exchange is not able to foot the loses.
It is an always being said that you invest what you can afford to lose, and when it comes to exchanges, it is what you are using to trade or maybe buy some coins for holding that will be traded sooner or later that is advisable to leave in exchanges, otherwise, there is/are wallets for storing one's crypto holdings for as long as one wish.
Exchanges are for trading, while wallets are for holding, storing BTC, ETH or other coins in exchanges is regarded as risky and anything can happen to the exchange and your holdings in the exchange as well.
ETH that was hijacked from the Bybit exchange is a huge one for sure, I believe there is an insider on such act, and this should be always looked out on to avoid being a victim if the exchange is not able to foot the loses.
It is an always being said that you invest what you can afford to lose, and when it comes to exchanges, it is what you are using to trade or maybe buy some coins for holding that will be traded sooner or later that is advisable to leave in exchanges, otherwise, there is/are wallets for storing one's crypto holdings for as long as one wish.
Exchanges are for trading, while wallets are for holding, storing BTC, ETH or other coins in exchanges is regarded as risky and anything can happen to the exchange and your holdings in the exchange as well.
ETH that was hijacked from the Bybit exchange is a huge one for sure, I believe there is an insider on such act, and this should be always looked out on to avoid being a victim if the exchange is not able to foot the loses.
When was the last time you have lost funds that you hold for some moment on exchange wallets? Or had troubles with your account. Imo people are afraid to hold cryptocurrency on exchange, because they are afraid 1) exchange will get robbed - but like with example of ByBit and ETH you have given, users havent lost anything, they still funds on their balances. So is it really such big problem? 2) exchange will get into troubles or disappear - such thing can happen, recent example is FTX, if we look among reputed and large exchanges. But are such scenarios so often to happen?
I am reason from my own experience. I have crypto on exchange, on hardware wallet, MetaMask wallet. I have lost crypto only once, someone stole crypto from my ethereum address.
If we have no intention of trading it, then it is better if we store BTC in a private wallet. Whatever the wallet is as long as we can keep the private key I think it will be safe. But if we want to trade it then we send it to Cex, of course in the official Cex and once again we must protect our account with double security. Although hackers will always find a way, at least we have protected our account as best we can.
for security we must be able to choose a trusted exchange so that our crypto assets are safe. for global I usually use the top exchange.It is an always being said that you invest what you can afford to lose, and when it comes to exchanges, it is what you are using to trade or maybe buy some coins for holding that will be traded sooner or later that is advisable to leave in exchanges, otherwise, there is/are wallets for storing one's crypto holdings for as long as one wish.
Exchanges are for trading, while wallets are for holding, storing BTC, ETH or other coins in exchanges is regarded as risky and anything can happen to the exchange and your holdings in the exchange as well.
ETH that was hijacked from the Bybit exchange is a huge one for sure, I believe there is an insider on such act, and this should be always looked out on to avoid being a victim if the exchange is not able to foot the loses.
When was the last time you have lost funds that you hold for some moment on exchange wallets? Or had troubles with your account. Imo people are afraid to hold cryptocurrency on exchange, because they are afraid 1) exchange will get robbed - but like with example of ByBit and ETH you have given, users havent lost anything, they still funds on their balances. So is it really such big problem? 2) exchange will get into troubles or disappear - such thing can happen, recent example is FTX, if we look among reputed and large exchanges. But are such scenarios so often to happen?
I am reason from my own experience. I have crypto on exchange, on hardware wallet, MetaMask wallet. I have lost crypto only once, someone stole crypto from my ethereum address.
Truly, these bad news doesn't happen often, but being on a safe side is better, as it is said, Prevention is better than cure. I have some funds in exchange, and this fund if for quick entry to trades or purchasing of coins when prompted to do so or cashout to native fiat, when there arise a need through p2p. I use reputable exchanges to safe keep my trust issues, not using non-reputable exchanges that might not be able to maintain their trust with its users could prompt the act of not leaving your assets on their platform for too long.
It is only proper that an people has control over the money in as much as dealing with digital assets is concerned. I think that the experience speaking about its own company, I sometimes found that having more liquidity can in fact provide greater flexibility in case of an emergency or some good investment opportunity. It is advisable to use a recognised exchange to ensure that your money is secure because trust has to be granted to some unknown exchange. It is good that you are not keeping your assets idle for too long in an unidentified platform since the issue of security prevails in the space.It is an always being said that you invest what you can afford to lose, and when it comes to exchanges, it is what you are using to trade or maybe buy some coins for holding that will be traded sooner or later that is advisable to leave in exchanges, otherwise, there is/are wallets for storing one's crypto holdings for as long as one wish.
Exchanges are for trading, while wallets are for holding, storing BTC, ETH or other coins in exchanges is regarded as risky and anything can happen to the exchange and your holdings in the exchange as well.
ETH that was hijacked from the Bybit exchange is a huge one for sure, I believe there is an insider on such act, and this should be always looked out on to avoid being a victim if the exchange is not able to foot the loses.
When was the last time you have lost funds that you hold for some moment on exchange wallets? Or had troubles with your account. Imo people are afraid to hold cryptocurrency on exchange, because they are afraid 1) exchange will get robbed - but like with example of ByBit and ETH you have given, users havent lost anything, they still funds on their balances. So is it really such big problem? 2) exchange will get into troubles or disappear - such thing can happen, recent example is FTX, if we look among reputed and large exchanges. But are such scenarios so often to happen?
I am reason from my own experience. I have crypto on exchange, on hardware wallet, MetaMask wallet. I have lost crypto only once, someone stole crypto from my ethereum address.
Truly, these bad news doesn't happen often, but being on a safe side is better, as it is said, Prevention is better than cure. I have some funds in exchange, and this fund if for quick entry to trades or purchasing of coins when prompted to do so or cashout to native fiat, when there arise a need through p2p. I use reputable exchanges to safe keep my trust issues, not using non-reputable exchanges that might not be able to maintain their trust with its users could prompt the act of not leaving your assets on their platform for too long.
It is only proper that an people has control over the money in as much as dealing with digital assets is concerned. I think that the experience speaking about its own company, I sometimes found that having more liquidity can in fact provide greater flexibility in case of an emergency or some good investment opportunity. It is advisable to use a recognised exchange to ensure that your money is secure because trust has to be granted to some unknown exchange. It is good that you are not keeping your assets idle for too long in an unidentified platform since the issue of security prevails in the space.It is an always being said that you invest what you can afford to lose, and when it comes to exchanges, it is what you are using to trade or maybe buy some coins for holding that will be traded sooner or later that is advisable to leave in exchanges, otherwise, there is/are wallets for storing one's crypto holdings for as long as one wish.
Exchanges are for trading, while wallets are for holding, storing BTC, ETH or other coins in exchanges is regarded as risky and anything can happen to the exchange and your holdings in the exchange as well.
ETH that was hijacked from the Bybit exchange is a huge one for sure, I believe there is an insider on such act, and this should be always looked out on to avoid being a victim if the exchange is not able to foot the loses.
When was the last time you have lost funds that you hold for some moment on exchange wallets? Or had troubles with your account. Imo people are afraid to hold cryptocurrency on exchange, because they are afraid 1) exchange will get robbed - but like with example of ByBit and ETH you have given, users havent lost anything, they still funds on their balances. So is it really such big problem? 2) exchange will get into troubles or disappear - such thing can happen, recent example is FTX, if we look among reputed and large exchanges. But are such scenarios so often to happen?
I am reason from my own experience. I have crypto on exchange, on hardware wallet, MetaMask wallet. I have lost crypto only once, someone stole crypto from my ethereum address.
Truly, these bad news doesn't happen often, but being on a safe side is better, as it is said, Prevention is better than cure. I have some funds in exchange, and this fund if for quick entry to trades or purchasing of coins when prompted to do so or cashout to native fiat, when there arise a need through p2p. I use reputable exchanges to safe keep my trust issues, not using non-reputable exchanges that might not be able to maintain their trust with its users could prompt the act of not leaving your assets on their platform for too long.
I totally feel you on trying to figure out how to keep your crypto safe but still easy to trade, I've been down that road myself. A while back, i used to leave all my coins on exchanges since it was so convenient for buying and selling but then I saw what happened with bybit getting hacked and ftx totally crashing. It freaked me out, honestly, because I realized even the big names can get hit with hacks or just go belly up. So now I only keep a little bit on the exchange for quick trades and I've got the rest tucked away in a hardware wallet, it's one of those where i'm the only one with the keys which makes me feel way better. I also set up multi factor authentication to lock it down and I sleep a lot easier knowing my stuff isn't just sitting out there where it could disappear.
Only in FTX case people lost everything. ByBit hack hasnt affected users balances at all. Lets not forget, that those who have lost money in FTX slowly getting them back. Have you though on following - when CEX got hacked or owners try to scam, there are always resources, lawyers that will try to get your money back. If same thing happens to your own wallet, you are on your own to try to catch hacker.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.The safest place is to hold them in wallets to which you also own the keys, as if you don't own the keys the funds are not in your custody anymore, its like you are giving the ownership to someone else who own the keys (like exchanges) therefore we should hold our funds in exchange only when we want to trade them or sell them, but if we want to hold it for longer period of time then we should prefer non custodial wallets.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
At least for the long term, never store on the exchange because it is not safe....what if the exchange is hacked and users cannot withdraw their own funds? This will be a problem later on.Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.The safest place is to hold them in wallets to which you also own the keys, as if you don't own the keys the funds are not in your custody anymore, its like you are giving the ownership to someone else who own the keys (like exchanges) therefore we should hold our funds in exchange only when we want to trade them or sell them, but if we want to hold it for longer period of time then we should prefer non custodial wallets.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Speaking of exchanges, we can still prefer tier 1 good exchanges for long term holdings but taxation can be a big hurdle there too so non custodial wallets should be our first choice.
At least for the long term, never store on the exchange because it is not safe....what if the exchange is hacked and users cannot withdraw their own funds? This will be a problem later on.You are right, as this can happen as already happened with Kucoin as I remember when the SEC opened some lawsuit against them they delayed the withdrawals, and people were panicking over it, which was natural though but still it can shoot your BP very risky hehe.
A non-custodial wallet is best but you should at least have a hardware wallet to make it even more secure.
But I know some people still believe in keeping large amounts of their assets on exchanges.
You are right, as this can happen as already happened with Kucoin as I remember when the SEC opened some lawsuit against them they delayed the withdrawals, and people were panicking over it, which was natural though but still it can shoot your BP very risky hehe.This is one of our concerns if we hold a lot of assets on an exchange, compared to a personal non-custodial wallet. Indeed, one option is when we start hearing bad news about the exchange, we can immediately move our assets as soon as possible. But unfortunately, sometimes it is too late and it becomes impossible to withdraw due to certain reasons. This is why some problems when FTX and other platforms occur and investors are no longer able to move their assets because the option to withdraw directly is disabled.
Therefore we should save ourselves from the trouble and avoid holding coins on these exchanges and if we see some warnings, then we should move our funds ASAP.
Yeah, that's right even I have kept my finds on CEXs because I have to trade them hehe.
Storing large crypto assets in an exchange wallet is highly discouraged because when it is dangerous, it is better to store it in a custodian wallet, because it is safer. We are often late in saving because we may not hear the latest news, the busyness of the real world is very time consuming. so be careful in storing our crypto assets.You are right, as this can happen as already happened with Kucoin as I remember when the SEC opened some lawsuit against them they delayed the withdrawals, and people were panicking over it, which was natural though but still it can shoot your BP very risky hehe.This is one of our concerns if we hold a lot of assets on an exchange, compared to a personal non-custodial wallet. Indeed, one option is when we start hearing bad news about the exchange, we can immediately move our assets as soon as possible. But unfortunately, sometimes it is too late and it becomes impossible to withdraw due to certain reasons. This is why some problems when FTX and other platforms occur and investors are no longer able to move their assets because the option to withdraw directly is disabled.
Therefore we should save ourselves from the trouble and avoid holding coins on these exchanges and if we see some warnings, then we should move our funds ASAP.
Yeah, that's right even I have kept my finds on CEXs because I have to trade them hehe.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.Actually, I think that you could express a best opinion in your comment. I think that follow in safest option is very important for hold BTC. We also know that Bybit hacked is recent information in this time. So if we use carefully as non-custodial wallet is very safety for reserve our important asset. So when we want to hold our valuable crypto asset, we should trying to consider for saving. So we can use Binance, Cucoin etc also maybe safety for us. Which will be very prefer for all crypto users in cryptocurrency world.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Storing large crypto assets in an exchange wallet is highly discouraged because when it is dangerous, it is better to store it in a custodian wallet, because it is safer. We are often late in saving because we may not hear the latest news, the busyness of the real world is very time consuming. so be careful in storing our crypto assets.
but so far I have also stored assets in binance and Kucoin which are still safe.
The safest place is to hold them in wallets to which you also own the keys, as if you don't own the keys the funds are not in your custody anymore, its like you are giving the ownership to someone else who own the keys (like exchanges) therefore we should hold our funds in exchange only when we want to trade them or sell them, but if we want to hold it for longer period of time then we should prefer non custodial wallets.
Speaking of exchanges, we can still prefer tier 1 good exchanges for long term holdings but taxation can be a big hurdle there too so non custodial wallets should be our first choice.
So, the funds on exchanges are not always safe. Not your keys, not your coins.Yes, they're safe anytime, and we all know that. It's okay to keep some funds at exchange for Dcaying purpose or for trading but it's not okay to keep all your crypto assets at an exchange. Your own personal wallet is the way to go, and that's 1000x safer from any exchange in the world.
I guess another forum member already mentioned what happened to a Bybit user lately. They created a scam accusation thread on Bitcointalk forum about it and I guess some of you noticed that. Basically, the guy used a mixer and then withdrew the funds to his Bybit wallet, and it happened 5 years ago. He did not move the funds in the last five years.
Lately, he has tried to move the funds, and bybit is now asking him to provide the source of funds. In case of a transfer from a wallet, he has to share a video recording with Bybit to prove that he owns the funds, which is impossible.
So, the funds on exchanges are not always safe. Not your keys, not your coins.
I guess you meant to say they are not safe anytime, but all the same, you are right with your comment, I agree with you.So, the funds on exchanges are not always safe. Not your keys, not your coins.Yes, they're safe anytime , and we all know that. It's okay to keep some funds at exchange for Dcaying purpose or for trading but it's not okay to keep all your crypto assets at an exchange. Your own personal wallet is the way to go, and that's 1000x safer from any exchange in the world.
I totally feel you on trying to figure out how to keep your crypto safe but still easy to trade, I've been down that road myself. A while back, i used to leave all my coins on exchanges since it was so convenient for buying and selling but then I saw what happened with bybit getting hacked and ftx totally crashing. It freaked me out, honestly, because I realized even the big names can get hit with hacks or just go belly up. So now I only keep a little bit on the exchange for quick trades and I've got the rest tucked away in a hardware wallet, it's one of those where i'm the only one with the keys which makes me feel way better. I also set up multi factor authentication to lock it down and I sleep a lot easier knowing my stuff isn't just sitting out there where it could disappear.
Only in FTX case people lost everything. ByBit hack hasnt affected users balances at all. Lets not forget, that those who have lost money in FTX slowly getting them back. Have you though on following - when CEX got hacked or owners try to scam, there are always resources, lawyers that will try to get your money back. If same thing happens to your own wallet, you are on your own to try to catch hacker.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
If the amount of Bitcoin is not very large, then if someone holds their Bitcoin in a CEX wallet, then there is no problem. But if the amount of Bitcoin is large and there is a plan to hold it for a long time, then it is better to take maximum security measures. It is not that an investor's money will be stolen by keeping money in CEX wallets, but in the long run, it is recommended to use a non-custodial wallet to avoid any accidents. Although it is relatively easy to deposit Bitcoin in CEX wallets, anyone who has the opportunity to easily deposit and withdraw money should definitely avoid them when considering security issues.I totally feel you on trying to figure out how to keep your crypto safe but still easy to trade, I've been down that road myself. A while back, i used to leave all my coins on exchanges since it was so convenient for buying and selling but then I saw what happened with bybit getting hacked and ftx totally crashing. It freaked me out, honestly, because I realized even the big names can get hit with hacks or just go belly up. So now I only keep a little bit on the exchange for quick trades and I've got the rest tucked away in a hardware wallet, it's one of those where i'm the only one with the keys which makes me feel way better. I also set up multi factor authentication to lock it down and I sleep a lot easier knowing my stuff isn't just sitting out there where it could disappear.
Only in FTX case people lost everything. ByBit hack hasnt affected users balances at all. Lets not forget, that those who have lost money in FTX slowly getting them back. Have you though on following - when CEX got hacked or owners try to scam, there are always resources, lawyers that will try to get your money back. If same thing happens to your own wallet, you are on your own to try to catch hacker.
Yes, that is true when it comes to getting back your assets which were kept in exchanges, there are resources that will get back your assets, it might not be 100% complete, but won't be 100% lost.
I had an experience of such years back, having lost my exchange login authenticator and all my holding were there. With the support of the customer service, I could login again. If it were my wallet authenticator that had such issue, maybe there won't be a way out, except safe keeping everything manually.
Yeah if you're trading it's not a problem because you're definitely doing routine trading activities, so if you're trading assets here and there it's a bit complicated.At least for the long term, never store on the exchange because it is not safe....what if the exchange is hacked and users cannot withdraw their own funds? This will be a problem later on.You are right, as this can happen as already happened with Kucoin as I remember when the SEC opened some lawsuit against them they delayed the withdrawals, and people were panicking over it, which was natural though but still it can shoot your BP very risky hehe.
A non-custodial wallet is best but you should at least have a hardware wallet to make it even more secure.
But I know some people still believe in keeping large amounts of their assets on exchanges.
Therefore we should save ourselves from the trouble and avoid holding coins on these exchanges and if we see some warnings, then we should move our funds ASAP.
Yeah, that's right even I have kept my finds on CEXs because I have to trade them hehe.
If the amount of Bitcoin is not very large, then if someone holds their Bitcoin in a CEX wallet, then there is no problem. But if the amount of Bitcoin is large and there is a plan to hold it for a long time, then it is better to take maximum security measures. It is not that an investor's money will be stolen by keeping money in CEX wallets, but in the long run, it is recommended to use a non-custodial wallet to avoid any accidents. Although it is relatively easy to deposit Bitcoin in CEX wallets, anyone who has the opportunity to easily deposit and withdraw money should definitely avoid them when considering security issues.Everyone invest there money according to there financial ability. so, large or small amount both are very valuable for investors according to there financial status. so i think everyone should use decentralized wallet to holding there bitcoin. a non-custodial wallet always give full control of assets to the wallet owner. so no one othere then owner can control fund by any way without get the private key. so i will not prefer someone to use any CEX or Centralized wallet for holding there crypto
Well said, mate. I was holding my funds in a tier one exchange from a very long time, but now there has been an issue that occurred in my account, so I have to move my funds to another exchange. The funny thing is that I am still holding my long-term funds on the exchange, haha.I am also holding my funds on exchanges but the best practice is to not hold all of our funds on just single centralized exchange because if one goes down then you won't be fully rekt and you will have some funds left with to start again but if you stored all of your funds in one exchange and it goes down then you won't be left with anything to start again.
I have enabled that Exchange 2FA, but there can be some other probabilities, like the exchange scamming the users or putting restrictions on user accounts. So, I also think the thing is here is that we should go for non-custodial wallets for long-term holdings.
You are right, as this can happen as already happened with Kucoin as I remember when the SEC opened some lawsuit against them they delayed the withdrawals, and people were panicking over it, which was natural though but still it can shoot your BP very risky hehe.This is one of our concerns if we hold a lot of assets on an exchange, compared to a personal non-custodial wallet. Indeed, one option is when we start hearing bad news about the exchange, we can immediately move our assets as soon as possible. But unfortunately, sometimes it is too late and it becomes impossible to withdraw due to certain reasons. This is why some problems when FTX and other platforms occur and investors are no longer able to move their assets because the option to withdraw directly is disabled.
Therefore we should save ourselves from the trouble and avoid holding coins on these exchanges and if we see some warnings, then we should move our funds ASAP.
Yeah, that's right even I have kept my finds on CEXs because I have to trade them hehe.
I agree with you non-custodial wallets are safer to store our crypto assets if we want to hold them for the long term, I do that too.We all do that because we at least have the keys to our wallet and we own our funds while placing them on exchanges we don't own the keys and which is very risky too.
and for the short and medium term when I trade I trust binance more, because so far binance wallets are quite safe.
Maybe I haven't tried other exchange wallets because I focus more on trading on binance and local exchanges.
We know centralized exchanger is not safe fulfil. We saw from renowned exchanger many people lost his valuable fund. I am also holding Bitcoin in centralized exchanger. But i think hold my all fund in one Exchanger is risky. So i am holding my Bitcoin in three exchanger and one decentralised wallet. Although i also did 2fa for all excjanger and wallet. But hackers are more talented they always trying to break our security.The safest place is to hold them in wallets to which you also own the keys, as if you don't own the keys the funds are not in your custody anymore, its like you are giving the ownership to someone else who own the keys (like exchanges) therefore we should hold our funds in exchange only when we want to trade them or sell them, but if we want to hold it for longer period of time then we should prefer non custodial wallets.
Speaking of exchanges, we can still prefer tier 1 good exchanges for long term holdings but taxation can be a big hurdle there too so non custodial wallets should be our first choice.
Well said, mate. I was holding my funds in a tier one exchange from a very long time, but now there has been an issue that occurred in my account, so I have to move my funds to another exchange. The funny thing is that I am still holding my long-term funds on the exchange, haha.
I have enabled that Exchange 2FA, but there can be some other probabilities, like the exchange scamming the users or putting restrictions on user accounts. So, I also think the thing is here is that we should go for non-custodial wallets for long-term holdings.
The safest place is to hold them in wallets to which you also own the keys, as if you don't own the keys the funds are not in your custody anymore, its like you are giving the ownership to someone else who own the keys (like exchanges) therefore we should hold our funds in exchange only when we want to trade them or sell them, but if we want to hold it for longer period of time then we should prefer non custodial wallets.
Speaking of exchanges, we can still prefer tier 1 good exchanges for long term holdings but taxation can be a big hurdle there too so non custodial wallets should be our first choice.
Well said, mate. I was holding my funds in a tier one exchange from a very long time, but now there has been an issue that occurred in my account, so I have to move my funds to another exchange. The funny thing is that I am still holding my long-term funds on the exchange, haha.
I have enabled that Exchange 2FA, but there can be some other probabilities, like the exchange scamming the users or putting restrictions on user accounts. So, I also think the thing is here is that we should go for non-custodial wallets for long-term holdings.
The safest place is to hold them in wallets to which you also own the keys, as if you don't own the keys the funds are not in your custody anymore, its like you are giving the ownership to someone else who own the keys (like exchanges) therefore we should hold our funds in exchange only when we want to trade them or sell them, but if we want to hold it for longer period of time then we should prefer non custodial wallets.
Speaking of exchanges, we can still prefer tier 1 good exchanges for long term holdings but taxation can be a big hurdle there too so non custodial wallets should be our first choice.
Well said, mate. I was holding my funds in a tier one exchange from a very long time, but now there has been an issue that occurred in my account, so I have to move my funds to another exchange. The funny thing is that I am still holding my long-term funds on the exchange, haha.
I have enabled that Exchange 2FA, but there can be some other probabilities, like the exchange scamming the users or putting restrictions on user accounts. So, I also think the thing is here is that we should go for non-custodial wallets for long-term holdings.
Well, if there a restrictions on users account on CEX exchanges, there should be some reasons and not because users are holding crypto assets on the exchange. Tie one CEX exchanges cannot restrict any user except there are violations of certain rules, and think there are still some Tie one CEX exchange that had built strong reputation amount it users and the crypto community and will not will temper with users account unnecessary or scam their users. This just my opinion.
If the amount of Bitcoin is not very large, then if someone holds their Bitcoin in a CEX wallet, then there is no problem. But if the amount of Bitcoin is large and there is a plan to hold it for a long time, then it is better to take maximum security measures. It is not that an investor's money will be stolen by keeping money in CEX wallets, but in the long run, it is recommended to use a non-custodial wallet to avoid any accidents. Although it is relatively easy to deposit Bitcoin in CEX wallets, anyone who has the opportunity to easily deposit and withdraw money should definitely avoid them when considering security issues.
It is very important t okeep one’s assets safe particularly if the amount in value is large enough. Though exchanges provide some advantage in trading and other activities, keeping the assets in exchanges for an extended period is not ideal. There are many things beyond the end user’s control they include hacking, policy changes to name but just a few which could lead to the confinement of access to the assets owned. Storing them in a personal wallet is more reliable as all the decisions lie in the hands of the owner of the wallet. As such, the assets are protected as well as preserved fully without outside control and interference in the process. These assets should be properly managed to reduce many risks that may emerge in the future that may pose a threat on these assets.
If the amount of Bitcoin is not very large, then if someone holds their Bitcoin in a CEX wallet, then there is no problem. But if the amount of Bitcoin is large and there is a plan to hold it for a long time, then it is better to take maximum security measures. It is not that an investor's money will be stolen by keeping money in CEX wallets, but in the long run, it is recommended to use a non-custodial wallet to avoid any accidents. Although it is relatively easy to deposit Bitcoin in CEX wallets, anyone who has the opportunity to easily deposit and withdraw money should definitely avoid them when considering security issues.
When the money or asset is on a large scale, like a whole Bitcoin, leaving it in an exchange is not the best action to take, except it is for trading and other stuff carried out on exchanges like staking and participating in some exchange contest/competition, if otherwise, for long run holding, it should be stored in a wallet, where the safe keeping of everything related to that wallet is controlled and managed by the owner.
When the money or asset is on a large scale, like a whole Bitcoin, leaving it in an exchange is not the best action to take, except it is for trading and other stuff carried out on exchanges like staking and participating in some exchange contest/competition, if otherwise, for long run holding, it should be stored in a wallet, where the safe keeping of everything related to that wallet is controlled and managed by the owner.
If you have a big bag of BTC, it's obvious that you will need to protect it, and what better way to do it buy buying a open source hardware wallet. Then back up everything, keep it away from the internet unless it is necessary to plug them for updates and others. A good wallet as well is Electrum. As what we have been doing in this community and or the other, signature payments can be deposit to Electrum wallet and then we will do what's necessary. Maybe we exchange it to fiat or deposit to an exchange to do some trades.When the money or asset is on a large scale, like a whole Bitcoin, leaving it in an exchange is not the best action to take, except it is for trading and other stuff carried out on exchanges like staking and participating in some exchange contest/competition, if otherwise, for long run holding, it should be stored in a wallet, where the safe keeping of everything related to that wallet is controlled and managed by the owner.
If you don't have a big bag of it, I don't think anything bad will happen to your holdings, however, surely, the exchange may be robbed or hacked or anything else, in reality, so the safest option would be to get your hard earned BTC somewhere, where the custody would be in your hands.
If the amount of Bitcoin is not very large, then if someone holds their Bitcoin in a CEX wallet, then there is no problem. But if the amount of Bitcoin is large and there is a plan to hold it for a long time, then it is better to take maximum security measures. It is not that an investor's money will be stolen by keeping money in CEX wallets, but in the long run, it is recommended to use a non-custodial wallet to avoid any accidents. Although it is relatively easy to deposit Bitcoin in CEX wallets, anyone who has the opportunity to easily deposit and withdraw money should definitely avoid them when considering security issues.
When the money or asset is on a large scale, like a whole Bitcoin, leaving it in an exchange is not the best action to take, except it is for trading and other stuff carried out on exchanges like staking and participating in some exchange contest/competition, if otherwise, for long run holding, it should be stored in a wallet, where the safe keeping of everything related to that wallet is controlled and managed by the owner.
If you have a big bag of BTC, it's obvious that you will need to protect it, and what better way to do it buy buying a open source hardware wallet. Then back up everything, keep it away from the internet unless it is necessary to plug them for updates and others. A good wallet as well is Electrum. As what we have been doing in this community and or the other, signature payments can be deposit to Electrum wallet and then we will do what's necessary. Maybe we exchange it to fiat or deposit to an exchange to do some trades.
You are right tier 1 exchanges just don't restrict accounts out of the blue, there must be some illicit activity or bad transaction (means a transaction with bad AML) that has been made to your account, which tier 1 exchanges prohibit, and you (snowpega) should talk to their support and ask for help or at least some guidance on what is ongoing.Well, if there a restrictions on users account on CEX exchanges, there should be some reasons ..Many possibilities for such a thing to happen.
Yeah like your funds came from gambling, mixer or something suspicious that could trigger the regulation that's the reason why some may experience freezing of their accounts and here in my country I hear that a lot before where users are complaining for such thing.
Many possibilities for such a thing to happen.
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.The safest place is to hold them in wallets to which you also own the keys, as if you don't own the keys the funds are not in your custody anymore, its like you are giving the ownership to someone else who own the keys (like exchanges) therefore we should hold our funds in exchange only when we want to trade them or sell them, but if we want to hold it for longer period of time then we should prefer non custodial wallets.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
Speaking of exchanges, we can still prefer tier 1 good exchanges for long term holdings but taxation can be a big hurdle there too so non custodial wallets should be our first choice.
I am also holding my funds on exchanges but the best practice is to not hold all of our funds on just single centralized exchange because if one goes down then you won't be fully rekt and you will have some funds left with to start again but if you stored all of your funds in one exchange and it goes down then you won't be left with anything to start again.
Its been a very long time since some centralized exchange which is famous and scammed people, as nowadays the rules and regulations are too strict that even Binance or some tier 3 exchange (centralized) can not scam people.
When it comes to the safest one to save the assets, CEX or DEX, or online wallets, are definitely not the choice. The best is offline or hardware wallet, non-custodial wallets. The point is, there is a price, there is a form. and not your keys, not your assets. That is the principle that we must apply.For long term holding we should choose The best is offline or hardware wallet, non-custodial wallet. because it is safer. but for short term and trading we can choose CEX or DEX wallet because we often make transactions. We also have to choose a trusted and safe exchange, because this is also a big risk if we choose the wrong exchange. and I prefer the top exchange.
If we choose to go long term, it is better not to exchange or online wallet, it is really risky, from various cyber crimes that sometimes we ourselves are not aware of.
And if we still choose exchange, well, we accept it along with the various risks and pluses and minuses.
For long term holding we should choose The best is offline or hardware wallet, non-custodial wallet. because it is safer. but for short term and trading we can choose CEX or DEX wallet because we often make transactions. We also have to choose a trusted and safe exchange, because this is also a big risk if we choose the wrong exchange. and I prefer the top exchange.
You are right tier 1 exchanges just don't restrict accounts out of the blue, there must be some illicit activity or bad transaction (means a transaction with bad AML) that has been made to your account, which tier 1 exchanges prohibit, and you (snowpega) should talk to their support and ask for help or at least some guidance on what is ongoing.
If you made a transaction or received a bad transaction, then record it to the exchange and tell them the reality otherwise as Omori said there are many possibilities for this.
You are right tier 1 exchanges just don't restrict accounts out of the blue, there must be some illicit activity or bad transaction (means a transaction with bad AML) that has been made to your account, which tier 1 exchanges prohibit, and you (snowpega) should talk to their support and ask for help or at least some guidance on what is ongoing.
If you made a transaction or received a bad transaction, then record it to the exchange and tell them the reality otherwise as Omori said there are many possibilities for this.
Yes, Dear, I contacted the Exchange support that time; they said there will be nothing wrong with your account health, but when I received the recent payment, they opened another RFI request. In the first one, they just asked me from what services I am receiving the payments, but in this one, they are asking for the owner's name of the service provider and the owner's name of the address. Well, while replying to your post, I just noticed one more thing while checking the transaction history: both addresses are different, which is making it more complex for me to understand. Now, mate, what it is, haha, two different addresses from where I received the payment.
Other than that, I have PM'd the manager for this, but I did not mention in the PM that I am receiving the payments from two different addresses because I just came to know about it now while writing the post. Well, till then I am waiting for a response from the manager.
For long term holding we should choose The best is offline or hardware wallet, non-custodial wallet. because it is safer. but for short term and trading we can choose CEX or DEX wallet because we often make transactions. We also have to choose a trusted and safe exchange, because this is also a big risk if we choose the wrong exchange. and I prefer the top exchange.
If the amount of Bitcoin is not very large, then if someone holds their Bitcoin in a CEX wallet, then there is no problem. But if the amount of Bitcoin is large and there is a plan to hold it for a long time, then it is better to take maximum security measures. It is not that an investor's money will be stolen by keeping money in CEX wallets, but in the long run, it is recommended to use a non-custodial wallet to avoid any accidents. Although it is relatively easy to deposit Bitcoin in CEX wallets, anyone who has the opportunity to easily deposit and withdraw money should definitely avoid them when considering security issues.
When the money or asset is on a large scale, like a whole Bitcoin, leaving it in an exchange is not the best action to take, except it is for trading and other stuff carried out on exchanges like staking and participating in some exchange contest/competition, if otherwise, for long run holding, it should be stored in a wallet, where the safe keeping of everything related to that wallet is controlled and managed by the owner.
Saving your coins on exchange is never actually a good way to go about this and believe me even if it's a small amount of Bitcoin it's somehow risky although most person used CEX to actually steadily buy and gather their Bitcoin till it gets to some certain amount and then they send it out of the exchange when the value is quite big which is also a good way to gather up but the big question is actually where are you sending those coins to for safety? Some would say a non custodial wallet of which you have full control over your keys while other might even prefer hardware storage like wallet inclined.
I like the concept of hardware wallets, and do own one myself, they are generally much safer than software wallets, but they are not risk-free. What puts me off the most is the risk of supply chain attacks. Even if you purchase from reliable source, you still have to trust that manufacturer is honest and that it has proper procedures in place (including controlling employees). There's also a risk of the device getting intercepted and tampered with during the transport.
I have been using software wallet for years now had no problems and even hardware wallet people still uses them depending no how they control their wallets. I have been using Electrum wallet for the past 3 years now if I am not mistakenly and there are no incidence recorded for this period of usage.I like the concept of hardware wallets, and do own one myself, they are generally much safer than software wallets, but they are not risk-free. What puts me off the most is the risk of supply chain attacks. Even if you purchase from reliable source, you still have to trust that manufacturer is honest and that it has proper procedures in place (including controlling employees). There's also a risk of the device getting intercepted and tampered with during the transport.
Still less risks than with any other wallet around available 8)
Using up electrum wallet since 2016 and just like you said that i didnt have any problems nor having any issues in regarding about vulnerability or some sort. When it comes to personal security in regarding about on keeping your seed phrase safe then this will be the safest thing to do and this is what im doing. I dont have any hardware wallet and i dont have any other things on storing up my Bitcoin but rather i do only have that 3 flash drives on which it is that been stored up into different place but of course those are encrypted. So far after all the years that had been spending then i didnt have any issues or problems about getting hacked or losing up some coins. So i would be sticking into the way on which i do make myself that safer.I have been using software wallet for years now had no problems and even hardware wallet people still uses them depending no how they control their wallets. I have been using Electrum wallet for the past 3 years now if I am not mistakenly and there are no incidence recorded for this period of usage.I like the concept of hardware wallets, and do own one myself, they are generally much safer than software wallets, but they are not risk-free. What puts me off the most is the risk of supply chain attacks. Even if you purchase from reliable source, you still have to trust that manufacturer is honest and that it has proper procedures in place (including controlling employees). There's also a risk of the device getting intercepted and tampered with during the transport.
Still less risks than with any other wallet around available 8)
Following the recent situation surrounding some exchanges, it seems BTC is not safe to be held in CEXs wallet anymore. Take for instance, the recent Bybit hack which happened unexpectedly, billions of Ethereum was moved even though it was able to recover it through reserves and institutional loans.
This would have been another story entirely if the hack had been done to a Bitcoin reserve but in order to avoid future losses, i’ve been curious to know what the safest option to store BTC could be.
You're absolutely right to be cautious about storing Bitcoin (BTC) on centralized exchanges (CEXs) given the recent hacks and the risks associated with them, like the one you mentioned involving Bybit. The cryptocurrency space, especially with high-value assets like Bitcoin, has seen its fair share of security breaches, and exchanges holding funds are often attractive targets for hackers.
Bitcojn was never intended to be stored on exchanges, the best practice is holding your coin on a noncustodial wallet like electric where you own full possession of your mnemonic seed and access to your coins unlike on exchanges where you are not the holder of the seed phrase. There is a general saying that " not your key not your coin" which means if you're not in full possession of your seed phrase and then you're not the owner of the coin. Just as the name implies exchange, it should be used for that purpose only and not for holding your coins. Some persons even make mistakes of staking their coin in exchanges for a long duration. Without considering the risk you are risking more than you can.
Yes, Dear, I contacted the Exchange support that time; they said there will be nothing wrong with your account health, but when I received the recent payment, they opened another RFI request. In the first one, they just asked me from what services I am receiving the payments, but in this one, they are asking for the owner's name of the service provider and the owner's name of the address. Well, while replying to your post, I just noticed one more thing while checking the transaction history: both addresses are different, which is making it more complex for me to understand. Now, mate, what it is, haha, two different addresses from where I received the payment.So you are receiving signature payments in exchange, from different addresses well I am also receiving payment on exchange but had no problem at all, It seems the payments are coming from the mixer itself which you know many exchanges do not allow or find bad therefore I suggest you to change the wallet address to either another exchange or some non custodial wallet because now crypto is legal in Pak and legal actions can occur if things went that bad therefore it is best to be on the safer side rather than regretting later.
Other than that, I have PM'd the manager for this, but I did not mention in the PM that I am receiving the payments from two different addresses because I just came to know about it now while writing the post. Well, till then I am waiting for a response from the manager.
These things are obvious to those who have been in the crypto industry for a long time. However, newcomers who are just beginning to explore cryptocurrencies may naively believe that long-term storage of assets on exchanges is a good idea. Unfortunately, many centralized exchanges take advantage of newcomers' lack of knowledge and advertise their brands by emphasizing security and offering attractive APYs to draw in inexperienced users.Well, yes, many newcomers are exploited by the stereo platform for their own interests, and do not hesitate to appear like scammers who promise such high promises. The reason is, not all newbies really have good knowledge about crypto before entering this crypto world. Because yes, they are very easy to become victims of such exchanges, and also scammers, or fake platforms. and this happens very often so that it makes these newcomers deterred because they become victims and lose their assets. That's why, newbies are always warned to really have thorough preparation about this crypto knowledge, so that they are not really new and have no knowledge at all.
Storing seed phrase on drive is actually cool but it should be only handled by you and you should be that exposing your drive to different system or PC by using it to transfer file from place to another because it will be easily gets corrupted since you are moving round to different system. Usually when you get seed phrase generated it's important to print it out to hard copy and save them where none could access it or it's good to store it where you have access alone.Using up electrum wallet since 2016 and just like you said that i didnt have any problems nor having any issues in regarding about vulnerability or some sort. When it comes to personal security in regarding about on keeping your seed phrase safe then this will be the safest thing to do and this is what im doing. I dont have any hardware wallet and i dont have any other things on storing up my Bitcoin but rather i do only have that 3 flash drives on which it is that been stored up into different place but of course those are encrypted. So far after all the years that had been spending then i didnt have any issues or problems about getting hacked or losing up some coins. So i would be sticking into the way on which i do make myself that safer.I have been using software wallet for years now had no problems and even hardware wallet people still uses them depending no how they control their wallets. I have been using Electrum wallet for the past 3 years now if I am not mistakenly and there are no incidence recorded for this period of usage.I like the concept of hardware wallets, and do own one myself, they are generally much safer than software wallets, but they are not risk-free. What puts me off the most is the risk of supply chain attacks. Even if you purchase from reliable source, you still have to trust that manufacturer is honest and that it has proper procedures in place (including controlling employees). There's also a risk of the device getting intercepted and tampered with during the transport.
Still less risks than with any other wallet around available 8)
Storing seed phrase on drive is actually cool but it should be only handled by you and you should be that exposing your drive to different system or PC by using it to transfer file from place to another because it will be easily gets corrupted since you are moving round to different system. Usually when you get seed phrase generated it's important to print it out to hard copy and save them where none could access it or it's good to store it where you have access alone.Using up electrum wallet since 2016 and just like you said that i didnt have any problems nor having any issues in regarding about vulnerability or some sort. When it comes to personal security in regarding about on keeping your seed phrase safe then this will be the safest thing to do and this is what im doing. I dont have any hardware wallet and i dont have any other things on storing up my Bitcoin but rather i do only have that 3 flash drives on which it is that been stored up into different place but of course those are encrypted. So far after all the years that had been spending then i didnt have any issues or problems about getting hacked or losing up some coins. So i would be sticking into the way on which i do make myself that safer.I have been using software wallet for years now had no problems and even hardware wallet people still uses them depending no how they control their wallets. I have been using Electrum wallet for the past 3 years now if I am not mistakenly and there are no incidence recorded for this period of usage.I like the concept of hardware wallets, and do own one myself, they are generally much safer than software wallets, but they are not risk-free. What puts me off the most is the risk of supply chain attacks. Even if you purchase from reliable source, you still have to trust that manufacturer is honest and that it has proper procedures in place (including controlling employees). There's also a risk of the device getting intercepted and tampered with during the transport.
Still less risks than with any other wallet around available 8)
Though most people Love saving their seed phrase on their flash drive but to me if they think it's secured then there's no issues for them to store their seed phrase on flash.Storing seed phrase on drive is actually cool but it should be only handled by you and you should be that exposing your drive to different system or PC by using it to transfer file from place to another because it will be easily gets corrupted since you are moving round to different system. Usually when you get seed phrase generated it's important to print it out to hard copy and save them where none could access it or it's good to store it where you have access alone.
- As for me, all I do is use electrum and in addition to this, I also use a flash drive where I save the seed phrase and address I use, as well as the other seeds of the altcoins that I do dca with, the amount is not big but at least I have something in my wallet.
Although I also have a few assets that are in cryptocurrency, the amount is not that big because I do dca through day trade sometimes in spot trading
when I am in the mood to trade.
Though most people Love saving their seed phrase on their flash drive but to me if they think it's secured then there's no issues for them to store their seed phrase on flash.
Most times if that flash could be keep away from external devices then it could be safe to store their seed on flash but most times anti virus can swipe off those seed phrase as it could see it as virus.