Which is safer to hold your Bitcoin in wallet or Exchanges?

[kent47400]

Personal wallets are preferred, because they are wallets that we personally own, such as Electrum, Trust, Safepal, ImToken etc.
If we lose Bitcoin in our wallet, we can't blame anyone because it's purely our fault because we were careless in not backing up the Bitcoin phrase itself.

If we store it in an exchange wallet like Binance, then we can claim our results or the assets we own if we lose Bitcoin as long as Binance doesn't go bankrupt.
The main keys from Binance to access our assets are Email, Telephone Number, ID Card and from all of this we must maintain as much detail as possible for our Binance account.

[Learn Bitcoin]

The main keys from Binance to access our assets are Email, Telephone Number, ID Card and from all of this we must maintain as much detail as possible for our Binance account.

Do you accept the fact that anyone who has this information can have access to your fund? Imagine you have a guest in your house and somehow find your email and password, what if they secretly get access to your exchange account and move it to some other account? What you can do? Imagine a hacker hacked your phone and your personal details were compromised, If they hacked your exchange account, what you could do? The same thing could happen with your seed phrase when you use a personal account. This is why it's recommended not to store your seed phrase digitally.

[masudginanjar]

This is a very interesting discussion to continue to develop because owning Bitcoin is really very risky, but this is what I think.
For example, if Bitcoin is stored in a personal wallet or hardware wallet, the fear is that the wallet will be hacked or the hardware wallet will be stolen.
If you store Bitcoin on an exchange, you are afraid that the exchange will go bankrupt or have problems with various regulations in that country.
Maybe this is what I think, it's better not to have Bitcoin at all so you don't have to worry about saving it, LoL

[Learn Bitcoin]

Maybe this is what I think, it's better not to have Bitcoin at all so you don't have to worry about saving it, LoL

I cannot stop laughing. LOL. It's like I should not go outside and should not be inside the home. If I stay at home, I could die if an earthquake destroys everything. I should not go outside home because a car or other vehicle could hit me and I could die. LOL. Now, you have to pick the better option from these two options. You have to pick one. Instead, you have chosen not to be born and not to have a life. LOL. This is not April first anyway, so there is no point you fucking troll us. hahah. it's new year and you made my day with such a post bro.

[Carbitcoin]

Maybe this is what I think, it's better not to have Bitcoin at all so you don't have to worry about saving it, LoL

I cannot stop laughing. LOL. It's like I should not go outside and should not be inside the home. If I stay at home, I could die if an earthquake destroys everything. I should not go outside home because a car or other vehicle could hit me and I could die. LOL. Now, you have to pick the better option from these two options. You have to pick one. Instead, you have chosen not to be born and not to have a life. LOL. This is not April first anyway, so there is no point you fucking troll us. hahah. it's new year and you made my day with such a post bro.

There is a proverb guys. If you're afraid of a wolf, does that mean you shouldn't go into the forest?

[bounceback]

Actually wallet exchange is not recommended for safer to hold your bitcoin assets regarding many exchange market have been collapse and some of exchange not give chance to withdraw user fund. FTX and many other exchange have close operation suddenly without give space or chance for user withdrawing their money and get potential loss your investment assets in the future if hold in exchange wallet.

Better if want to hold for long term hold bitcoin or altcoin assets in wallet, you can control by your self with your coin without depend on third party as exchange wallet, always remember not your key is not your coins and hold it in wallet only.

[Learn Bitcoin]

There is a proverb guys. If you're afraid of a wolf, does that mean you shouldn't go into the forest?

Haha. Yeah. That's what I tried to point out as well. So, just because my wallet might get hacked, this isn't a good reason not to buy Bitcoin. As he was saying, it's better not to have Bitcoin. I am having a hard time understanding If he was trolling or not. But, I believe he owns Bitcoin or another crypto since he is a member of a cryptocurrency forum where we all discuss crypto currency.

always remember not your key is not your coins and hold it in wallet only.

I guess we already came to a conclusion already. We all know that having our money in our own wallet is better than having it on exchanges. But, the thread is still open and we repeating the same thing over and over.

[MUGNIA]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

What you guys think?

I agree with you, wherever we store crypto is not safe, but for cold wallets the level of security will be higher if we store our seed phrase correctly and only we know how to control the flow of our funds, as we know exchange wallets are just intermediary wallets and controlled by the exchange, at any time our funds can disappear without us realizing it because they control our account

[sampoerna]

I agree with you, wherever we store crypto is not safe, but for cold wallets the level of security will be higher if we store our seed phrase correctly and only we know how to control the flow of our funds, as we know exchange wallets are just intermediary wallets and controlled by the exchange, at any time our funds can disappear without us realizing it because they control our account

So that's the point and it's true that in fact any storage in the digital world for cryptocurrency definitely has risks. It just depends on how big the risk is and how we can minimize the risk. And indeed we have admitted that cold wallets usually have better security compared to the exchange wallets or online wallets that we usually use. and of course we also have our own private access and so on that we can have ourselves. But once again that doesn't mean it's 100% zero risk. There is still a risk that when we forget the access code, seed phrase, personal key, or something else, we accidentally click on malware or a phishing link, or we lose the wallet and so on. there are still risks.

[Gladitorcomeback]

Personal wallets are preferred, because they are wallets that we personally own, such as Electrum, Trust, Safepal, ImToken etc.

Personal wallets are safe because we have control over our fund and phrase key is in our hand but we should also choose best personal wallet which is open source and only Electrum and Trust wallet are the open source in your mentioned wallets. Safepal is not open source wallet as we think which could not be trusted much.

If we lose Bitcoin in our wallet, we can't blame anyone because it's purely our fault because we were careless in not backing up the Bitcoin phrase itself.

If we store it in an exchange wallet like Binance, then we can claim our results or the assets we own if we lose Bitcoin as long as Binance doesn't go bankrupt.
The main keys from Binance to access our assets are Email, Telephone Number, ID Card and from all of this we must maintain as much detail as possible for our Binance account.

Bankruptcy is not the only issue in exchange. If any country put banned on exchange and ask to freeze all citizens fund then we cannot do anything. We have to reveal our identity by providing Documents in KYC and cannot remains anonymous. Exchange can even freeze your fund without giving any solid reason and will ask for source of your fund(Mexc usually doing this).

[SmartGold01]

I think you are missing thing here, what you should know is that centralized exchange only a place to put funds when you want to trade or some specific function over there not that you will hold coin for long in exchange. While wallet; there are lots of wallet which you can use to hold your coin, it could be offline (hardware) wallet or online wallet which including Electrum wallet and many forms of wallet out there. But currently I am using Electrum wallet which has not given me any issues till date and I am very mindful with the way I managed my seedphrase.

[Asiska02]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

What you guys think?

Personal wallets are the best and that can’t be compromised for any wallets you can think of. With personal wallets, you are your own banker and can take money out at anytime you wish to. You are not under any rules or regulations or any restrictions to how you spend your money.

Exchanges should only be a place where you transact your bitcoin for p2p. If it was not for that effect, exchanges wouldn’t have existed and we would have a safer place for all bitcoin users in the space. Some people that store their funds in exchanges are just being lazy and could easily misplace their seed phrase.

Whatever the case maybe, you shouldn’t rely on something that will cause you to lose your funds even though it is cheap to afford or use. Don’t get carried away by their offers because that is a method to lure you into leaving funds in their exchange. Only use exchange for transactions and not for saving money.

[taufik123]

I think you are missing thing here, what you should know is that centralized exchange only a place to put funds when you want to trade or some specific function over there not that you will hold coin for long in exchange. While wallet; there are lots of wallet which you can use to hold your coin, it could be offline (hardware) wallet or online wallet which including Electrum wallet and many forms of wallet out there. But currently I am using Electrum wallet which has not given me any issues till date and I am very mindful with the way I managed my seedphrase.

Offline hardware wallets are the best for storage and for the app version, I also like Electrum and I have always used it from the very beginning I got to know crypto.
That leaves someone hacked for using wallet apps like Electrum because of their own carelessness in storing private keys and on device security.

But for those who are still thinking of storing their assets on the Exchange, it is a foolish choice.
The exchange is not to store all assets, it is only temporary storage for some trades made.
I even had problems depositing and withdrawing on some exchanges, and it made me a little skeptical of exchanges that don't have high credibility like Binance.

[Cryptsafe]

As a smart crypto enthusiast, you should be familiar with the sayings "not your keys not your coin". This phrase is applicable to crypto exchange as we all know. Holding your coin under your custody is much better and secured because you have access to your private keys which you can be able to recover at any point in time.

 You have sole custody of your assets but third party exchange does not and can never guarantee your asset safety. They are not sure of the safety of their own exchange not to talk of their clients assets or in have you not heard of the hack on big exchange and million of dollars equivalent assets stolen from them a ii the ease. These are the reasons why it is advisable to hold your coin under your custody so you do not go through any stress just to access your assets.

I think you having your assets in your private wallet is more secured than keeping them with exchanges irrespective of whatever the case may be.

[Uruhara]

The reason why I brought this topic up is that most people buy and store their Btc on centralized exchanges, To I don't think  it that safe even when some benefits are attached to it While wallet is not also safe concerning the way you store your security seed phrase. But when come to hacking to me I think wallet is safer though

What you guys think?

Having assets under our own control will be much more reliable in this case. In terms of security, it actually has its own risks. But saving bitcoins in a personal wallet can make us calmer and less worried. This is different from storing assets on the stock exchange which will only make us afraid when there is negative news regarding the stock exchange we use. In fact, the FTX case is enough of a lesson for us so that we all store assets in our personal wallets.