Some People Never Learn, Until they are forced to learn the hard way

[tjtonmoy]

I think storing could have two different meanings. Maybe some of them are storing their bitcoins in the exchange wallet because they are trading regularly. And the second could be that the trust the exchange so much that they decides to hold their Bitcoin investment in a centralized exchange.
Whatever the case is, it is not advisable to do so. Doesn't matter if it is the world's number one cryptocurrency exchange. As long as it is centralized, anything good happen at any given moment. Hacking is a thing and even if the owner does not do anything there are other people who will be constantly trying to harm the exchange. How do you save yourself from them? Cryptocurrency is a non-reversible thing. Especially Bitcoin. Once they are out of your wallet or taken by someone else, do you think the exchange will give you some kind of insurance?

Of course not. Your privacy and your assets are for you to protect. Those people who are storing there Bitcoin in a exchange will learn only when they face something really bad. Just let them be. It is hard to argue these days. In my opinion it is better to just sit back and watch.

[Freemind]

People don't learn because they don't want to learn, it's that simple. You don't need to be an expert in anything to look for information about the hacks that many exchanges have suffered since the beginning of Bitcoin to think a little and personally guard our coins/tokens. Then comes the crying and cursing to heaven for losing everything. To provide more information I will leave a link with a list of 55 hacking events on exchanges.

Documented Timeline of Exchange Hacks.

I hope that the information available in that list opens the eyes of some of the users and they understand once and for all that funds should never be left on exchanges.

[therozaq]

its not that these people are not aware of FTX or other exchange that turned scam but it think because having the coins in the exchange is easier for them to trade. they are not storing for the most part. but some of them are ready to sell when the price target is achieved.

but if i have to store in a wallet. it will just be in my electrum where i have the keys. but like them. i have half of my portfolio on the exchanges not because i'm trading all the time, its just right in the exchange because whenever i needed quick cash i can convert the usdt fast.

Me too, I store my bitcoins in an electrum bitcoin wallet, I haven't moved to an exchange wallet yet because I feel like the bullish season is still a long way off.
For altcoins, I store them in an exchange wallet.  Because when I'm free, even though I'm busy in the real world, I trade.
I also use trust wallet, to store several coins.

[debra]

The reason I found why they store on the exchange, because it is more practical to trade at any time, can withdraw any coin just convert or stake on the exchange.

As far as we know, but they will never learn from mistakes if they have not experienced where the exchange collapsed as long as they are fine storing on the exchange then they will not think about the risk of third parties.

Yes, people store their funds or coins in CEX because they will be easier to trade them. If they store on the private wallets, it needs transfer fees every time we need to trade them. But when it is already on the CEX wallets, it can be traded instantly every time we want to trade them.

Sure, we also can stake the coins on the CEX. Then, we can get some profits from the staking.

We know that there is failed centralized exchange. That's why we must choose reputable exchanges.

[Learn Bitcoin]

Yes, people store their funds or coins in CEX because they will be easier to trade them. If they store on the private wallets, it needs transfer fees every time we need to trade them. But when it is already on the CEX wallets, it can be traded instantly every time we want to trade them.

Sure, we also can stake the coins on the CEX. Then, we can get some profits from the staking.

We know that there is failed centralized exchange. That's why we must choose reputable exchanges.

It is okay to use an exchange to trade your coins because it's easier to trade there. But, we are talking about holding your Bitcoin or crypto. I also use exchange for trading or selling my crypto. But, I do not hold crypto on exchanges because you never know what could happen with those exchanges. You may not be able to move your funds in emergency time. They often disable withdrawal for some specific chains. They disable withdrawal when a user change password or enable/disable 2FA. There are a lot of security threads that people should care about. But, yet we are using centralized exchange. I won't ask you to stop using exchanges. But, never hold your Bitcoin there.

[0t3p0t]

where do you store your bitcoin?

I personally store my Bitcoin in a noncostudial wallet as of the moment as I don't have a hardware wallet yet.

I wonder if those people that participate in that poll were hodlers maybe because majority of them were traders and that is how much percentage were on the centralized exchange option since they are storing their funds due to their activity in trading but I also doubt they don't know the idea of not your keys, not your coins since they are a crypto enthusiast and most of them were experienced traders.

[LogitechMouse]

~
And amazingly, out of this five options, and out of the over 700 people that voted, the majority, at 32 percent said they store their bitcoin on exchanges, while 28 percent said they store bitcoin in a hardware wallet, 9 percent store their bitcoin in a software wallet, 15 percent said they use a combination of methods to store their bitcoin, and 16 percent said they don't own any bitcoin yet - this data is at the time of writing this post.
~
So, I kind of find it amazing that, with the whole campaign of NOT YOUR KEYS, NOT YOUR CRYPTO, bitcoin investors still trust centralized exchanges enough to hold their bitcoins in there, forgetting all the previous incidents where an exchange gets hacked, and investors lose all their funds..

I ask you the same question, where do you store your bitcoin?

Well, investors always want to earn anything in the easiest way possible, and what's the way to do it? Keeping their Bitcoins on a Centralized exchange because of the "Earn" feature that gives them more coins when they store them there. That's I think the reason why 32% of those who voted prefer storing it on a Centralized Exchange. They can't earn anything aside from capital appreciation if they store it on a hardware wallet.

Well, 700 voters is a small size compared to how many people are involved in crypto, but you can already see that there are still many people who prefer storing their coins on an exchange rather than keeping them safer and storing them on a hardware wallet. I, myself don't own a hardware wallet, but I don't store it on an exchange either. Well, I guess those who are storing their Bitcoins on an exchange like Binance have thinking "The exchange will not get hacked." which is ridiculous, but can't blame them as well.

I always say in the past that people will only learn when they experience it. Let them experience, and there will be a time when they will realize that their decisions are wrong.

[bitterguy28]

I can feel those majority as I am one of them back in the years until a friend of mine got hacked together with so many in their exchange and lose their funds , since then I never use exchange as medium to store my funds instead I only uses them for transacting and funds transferring .
It is sad but what you said is true that there must be a hard way before people completely realized what they are missing here.

[IvugeoEvolutionCoin]

I can feel those majority as I am one of them back in the years until a friend of mine got hacked together with so many in their exchange and lose their funds , since then I never use exchange as medium to store my funds instead I only uses them for transacting and funds transferring .
It is sad but what you said is true that there must be a hard way before people completely realized what they are missing here.

Sometimes when a wallet is hit by a hacker, all its contents will be drained and usually this happens because the wallet is connected too often to several dangerous sites, so this must be an important experience. If you want to participate in an airdrop or bounty campaign, you must distinguish the main wallet so that it will not be affected. by hackers and the main address you use as main will remain safe.

[bitterguy28]

I can feel those majority as I am one of them back in the years until a friend of mine got hacked together with so many in their exchange and lose their funds , since then I never use exchange as medium to store my funds instead I only uses them for transacting and funds transferring .
It is sad but what you said is true that there must be a hard way before people completely realized what they are missing here.

Sometimes when a wallet is hit by a hacker, all its contents will be drained and usually this happens because the wallet is connected too often to several dangerous sites, so this must be an important experience. If you want to participate in an airdrop or bounty campaign, you must distinguish the main wallet so that it will not be affected. by hackers and the main address you use as main will remain safe.

actually it is that Exchange was being hacked and not the bounty or airdrop wallet. but correct that we must be aware to what will be the position of each wallet that the funds must be rendered .
but still one thing that should be in our mind that hacker will always win against our funds.

[de_prof]

I can feel those majority as I am one of them back in the years until a friend of mine got hacked together with so many in their exchange and lose their funds , since then I never use exchange as medium to store my funds instead I only uses them for transacting and funds transferring .
It is sad but what you said is true that there must be a hard way before people completely realized what they are missing here.

Sad story, I hope your friend gets a replacement fortune. Learning by being forced is very painful, because we will definitely lose.  Whether investing may trading, We will learn from our mistakes.  If our funds are hacked, we have to be more careful.  Scammers are everywhere.

[Google+]

Sad story, I hope your friend gets a replacement fortune. Learning by being forced is very painful, because we will definitely lose.  Whether investing may trading, We will learn from our mistakes.  If our funds are hacked, we have to be more careful.  Scammers are everywhere.

Sometimes we are careful not to connect our wallet to several other sites, but it is still frequently affected. The important thing is to provide double security. Make sure that if you trade on a dApps site, you use a different wallet from the main wallet so that you don't get phished by hackers and don't drain the assets you own.

[JoyMarsha]

Why majority of people still keep their crypto assets on exchange up to date after all the warnings given, is mostly because they prefer going by easy steps exchanges provide in buying and selling their crypto assets at any time they feel like without the stress of transferring first ETH or Bnb to their crypto wallet before transferring it back to the exchange they want to trade it on.

To them(those that keep their coins on exchange), having their crypto asset on an exchange is quite preferable for them than on a crypto wallet that they can't trade at when they chose to.

[taufik123]

Sometimes we are careful not to connect our wallet to several other sites, but it is still frequently affected. The important thing is to provide double security. Make sure that if you trade on a dApps site, you use a different wallet from the main wallet so that you don't get phished by hackers and don't drain the assets you own.

Many Dapps are created by hackers that function to drain connected wallets and sign in.
It seems very easy to drain someone's wallet, we need to be vigilant and note that Dapps websites are made as similar as possible to the original ones but have slightly different domains.

There have been many instances of wallet draining, and it cannot be recovered because it has embedded bots that will retrieve all valuable sets quickly.

[TopT3ns]

Many Dapps are created by hackers that function to drain connected wallets and sign in.
It seems very easy to drain someone's wallet, we need to be vigilant and note that Dapps websites are made as similar as possible to the original ones but have slightly different domains.

There have been many instances of wallet draining, and it cannot be recovered because it has embedded bots that will retrieve all valuable sets quickly.

I agree with what you say, many hackers take advantage of FOMO, such as the Airdrop which is being widely used by the public at the moment, many require connecting the wallet used to participate in the airdrop, even though the wallet owner doesn't know that hackers can provide secret scripts. which can be used to drain wallets connected to dApps sites. So you have to be careful when connecting your wallet to a dApps site and use a new wallet as much as possible so that the main wallet you have will remain safe.