Exchange Safety is a Priority in Bitcoin's Downturn

[akeemqaz]

Bitcoin is currently dropping, which reminds me of the previous insolvency of many organizations and exchanges during the last strong bear market.

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

I won't suggest any specific exchange here, but I would love to see opinions, suggestions with proof and advice, if necessary, in the comment section.

[_act_]

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

You are saying the wrong thing. Exchanges are for trading/exchanging of your coins. If you have traded your coins on any of the exchanges, then move your coins back to a noncustodial wallet. Also on noncustodial wallet, you will have complete control over your coins.

[akeemqaz]

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

You are saying the wrong thing. Exchanges are for trading/exchanging of your coins. If you have traded your coins on any of the exchanges, then move your coins back to a noncustodial wallet. Also on noncustodial wallet, you will have complete control over your coins.

You

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

You are saying the wrong thing. Exchanges are for trading/exchanging of your coins. If you have traded your coins on any of the exchanges, then move your coins back to a noncustodial wallet. Also on noncustodial wallet, you will have complete control over your coins.

It seems you may not be familiar with the full range of services modern exchanges offer. Exchanges now provide various earning opportunities such as launch pools, staking, and other financial services like lending and borrowing. If users engage in these activities on exchanges, they may prefer to keep their funds there.

[Rikafip]

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

Anyone who likes to keep their crypto on exchanges for a longer period of time should stop with that practice asap!

Contrary to popular belief among some, exchanges are not banks and offer bascially no protection, and people should stup usimg them as such.

[Crwth]

I don’t think there will be a connection between the price going down and exchange protection. I don’t understand your point here. Suppose we discuss Bitcoin’s downturn or the security of an exchange. Can you clearly point out what you are trying to discuss here or why you open this discussion?

[_act_]

Bitcoin is currently dropping, which reminds me of the previous insolvency of many organizations and exchanges during the last strong bear market.

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

I won't suggest any specific exchange here, but I would love to see opinions, suggestions with proof and advice, if necessary, in the comment section.

Should we wait until we begin to see the red flag from exchanges before we desist from having our asset on them, moreover, not all of them will notify us on any sudden changes that may be effected on them, as fro their users, if you are having huge amount of money still on exchanges, then know that they do not belong to you, because once its not your keys its not your money, take a control measure starting from now, don't wait till then.

[MrSpasybo]

Bitcoin is currently dropping, which reminds me of the previous insolvency of many organizations and exchanges during the last strong bear market.

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

I won't suggest any specific exchange here, but I would love to see opinions, suggestions with proof and advice, if necessary, in the comment section.

The crypto market crisis, with the collapse of CEX FTX, BlockFi, Celsius, Alameda, 3AC... stems from the failure of UST-LUNA and the misappropriation of user funds on FTX. This is not due to the decline in BTC price. In fact, these crises are believed to be the reasons why the crypto market entered a crypto winter and BTC price was pushed down to $15K.

I think these two events merely occurred simultaneously without a cause-and-effect relationship, as they both originate from the crypto market cycle: after a bullrun, there is a bearsleep. Currently, we are in a bullrun and we don't need to worry too much about the market crisis. Of course, investors should not keep too much money on CEX to avoid unnecessary risks, such as the WazirX hack.

[Z-tight]

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

I would recommend that anyone who likes to store their funds in an exchange should move it into their self custodial wallet. Take note that there is no exchange that is safe for you to store your funds, there is nothing like 'improved protection funds measures', not your keys, not your coins, don't believe your funds are safu because an exchange says so, be your own bank.

[Aanuoluwatofunmi]

Bitcoin is currently dropping, which reminds me of the previous insolvency of many organizations and exchanges during the last strong bear market.

Although I don't see that coming, but I'd advise anyone who likes to keep their funds on exchanges to use an exchange with improved protection funds measures.

I won't suggest any specific exchange here, but I would love to see opinions, suggestions with proof and advice, if necessary, in the comment section.

Not that the bitcoin market -volatility is going to be the major driving force to push in many of these exchange to bankrupt, but there is more to uncover under the risk associated to the use of centralized exchanges for some of us that were used to using them, it is more safer for us to use a decentralized exchange, while we make every necessary effort in getting a reputable one of them all.

[Z-tight]

Not that the bitcoin market -volatility is going to be the major driving force to push in many of these exchange to bankrupt, but there is more to uncover under the risk associated to the use of centralized exchanges for some of us that were used to using them, it is more safer for us to use a decentralized exchange, while we make every necessary effort in getting a reputable one of them all.

Take note that you should never store your funds in any exchange at all. However, as regards trading, if you don't want to submit kyc, because you do not want third party services to get a hold of your personal data, then you should go for no-kyc or p2p services, i.e. bisq. It goes without saying that in p2p exchanges, you do not get as much liquidity as you do in centralized exchanges.