What’s the safest option to hold BTC ?

[bitterguy28]

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.

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 transactions

but some people don’t listen putting too much confidence in the exchange and also because of laziness as well

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.

even altcoins are not safe as long as there is money they can take, hackers will always take the chance to do so

[tabas]

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.

[dkbit98]

Hardware wallet is something I would recommend to most people as basic protecction, but only if they are open source.
But it is more important how you are generating and keeping seed words, that applies also for software wallets.
I would never hold coins on any exchange or non-custodial wallets, except maybe for short term trading.

[ZAINmalik75]

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.

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 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.

[taufik123]

-snip-
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.

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.

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.

[PX-Z]

..., 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.

[enwi]

-snip-
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.

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.

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.

[taufik123]

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.

[tequilla_sunset]

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.

Most of the funds should be in your own custody if you want the to be safe. Period.

[dekafee79]

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.

We must be careful in storing our crypto assets in the wallet and we must always guard our wallet.
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

[libert19]

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.

[tequilla_sunset]

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 

[libert19]

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 

Yes, it's about custody and there are wallets that are non-custodial but they may not be fully secure as Atomic wallet hack and ledger recover fiasco have shown us.

[Z-tight]

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.

[bayu7adi]

Hardware wallet is the current solution... Trezor model one costs $49 and it is more convincing to store your assets in the long term... once you buy it, you can use it forever... you have full control over your assets, because the key is held by you... and your job is to secure the key, even though you have control over the hardware, it is not impossible that hacking cannot be done....

Yes, rather than storing large assets on the exchange, it is better to store them in a personal wallet as long as you are sure you can secure them yourself...If your wallet has ever been hacked or you find strange activity on your wallet, you can handle it directly by moving assets to a new wallet, so it's also a good idea to prepare two or more wallets at once... this is to minimize losses if a hack occurs that you never expected before.