Binance CEO saying don't keep coins on exchanges

coinnumber

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Quote from: Samyalson on January 16, 2019, 03:23:23 PM

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility. But some say this is nonsense.

The security of our digital assets or coins should be taken serious to avoid always losing our funds. Saving your funds on an exchange wallet never guarantee any safety as you are not fully in control of that wallet that's why it's always advisable not to store our funds on exchange.
Thanks for this, it's useful to all new crypto enthusiast.

Cryptrx

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Depending on the exchange I will be more rest assured with the security of my coins than on a convectional wallet, let say Binance or Bittrex. But you're better of with your coins in a wallet than in most of the exchanges out there, we should all take the security of our coins very seriously.

Marbelli

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it was a long time ago, because people lost a lot of money because they were denied security

Agapelove

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I can't imaganine up to now, how could these exchanges haven't been hacking-proof exchanges. Are these hackers really better than those who are developing exchanges? If this is the case, it is not really safe to put all your digital assets in an exchanges unless they are being used for trading.

HandsomePeople

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Well, exchanges make money from you when you withdraw as well, so it makes sense advising to not keep your coins on their platform as long as you are you going to deposit the next day then withdraw it again. Just like banks, they want you account to be active allowing them to make profit.

Dreamchaser21

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Quote from: Gary Levanevskii on January 23, 2019, 02:28:04 PM

Perhaps he wants as few people as possible to trade on the exchanges right now. If people don’t keep their Bitcoins on the exchanges, they won’t be able to buy or sell Bitcoins at the best price.

Well, it is still depend whether you keep buying bitcoin offline or you are ready for the risk to used exchanges. It is right not to put big money in exchanges even if its a big one since everyone is vulnerable to be scammed and hacked. This is just for your own safety, so decide for the best.

qtronix

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He was right. It is not safe to hold funds on exchanges. I think you should not neglect it, because anything can happen to the exchange and you will lose your money forever.

Gary Levanevskii

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Perhaps he wants as few people as possible to trade on the exchanges right now. If people don’t keep their Bitcoins on the exchanges, they won’t be able to buy or sell Bitcoins at the best price.

South Park

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Quote from: hardcore_cryp_trader on January 21, 2019, 04:08:35 AM

The question is what exchange you use. Most modern large exchanges have several degrees of protection. It is as safe to keep money on them as in a residential or bank account. There will always be a risk that someone can steal your money. But, as practice shows, this doesn't happen often.

It does not matter if hacks do not happen often the problem is the devastating blow that can mean to your finances, if you are investing in cryptocurrencies then it is likely the capital you are using to invest is significant for you and you only need to make one mistake for hackers to get your money and as we know exchanges are always a big target to hackers and I do not know about you but I do not want to lose my money just because I was too lazy to have my own wallet.

ExtractbotExtension

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If you are a full time trader, best place to store your coins is a well trusted exchange like Bonnie (most trusted exchange) , if you are an hodler, an exchange is a bad option, we have hardware wallets, for BTC, ETH, BCH and XLM, Blockchain is the best place to hodl your coins.
What CZ said is only applicable to traders.

ExtractbotExtension

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If you are a full time trader, best place to store your coins is a well trusted exchange like Bonnie (most trusted exchange) , if you are an hodler, an exchange is a bad option, we have hardware wallets, for BTC, ETH, BCH and XLM, BLOCKCHAIN is the best place to hodl your coins.
What CZ said is only applicable to traders.

ToyotaFortuner

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actually this binary CEO gives a warning to many traders who give trust to binary exchange places that have the highest trading volume movements every day, binance CEOs are afraid of hacker attacks that will make the assets of users where binance exchanges disappear, so the binance CEO gives such warnings so that traders can always be careful.

ancafe

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Quote from: bitbunnny on January 22, 2019, 07:26:24 AM

So, he didn't say anything that we haven't already known. Keeping coins on exchange like in wallet brings many risks, like potential hacking attack where you can lose your coins and who knows if you will ever get them back. Keep on exchange just the amount you want currently trade and divide your funds on multiple exchanges. There is no absolute security but still you have to do all that you can to protect yourself.

you're right, there have been so many cases like that, and many people are stressed out because of that. we never know when an exchanger will concede by a hacker, but storing it in a wallet might be much safer. well, but some people still store their assets on some exchangers, because it's more practical.

jabrix

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Quote from: cahbagus555 on January 22, 2019, 03:48:33 AM

The safest way to store our coin or token is on our wallet that we control the private key. Cryptocurrency getting more popular and hackers always want to steal and hacking exchanger wallet. Its not safe store our coin in exchanger, i think its more safe if we store our coin in cold wallet

To save bitcoin to be safe by using a hardware wallet (such as Ledger or Trezor). Because the hardware wallet uses hardware to be able to access the stored bitcoin, making it safer.
In addition, there must be a physical agreement to be able to make transactions. This feature is safer because hackers cannot physically push buttons on the hardware we have.

Kahoy01

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Quote from: Samyalson on January 16, 2019, 03:23:23 PM

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility. But some say this is nonsense.

It is a reliable information that we should always remember. I do not keep my coins in an exchange because it is now proven that it is risky decision. There are now exchanges that goes down because of hackers. Your coins are not safe in exchanges so we should not keep it in exchanges.

bitbunnny

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So, he didn't say anything that we haven't already known. Keeping coins on exchange like in wallet brings many risks, like potential hacking attack where you can lose your coins and who knows if you will ever get them back. Keep on exchange just the amount you want currently trade and divide your funds on multiple exchanges. There is no absolute security but still you have to do all that you can to protect yourself.

incomefromcoins

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nt to keep coins in exchange is good suggestion we should store coins in hardware wallets and offline wallets so that we can keep our coins safe

cahbagus555

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The safest way to store our coin or token is on our wallet that we control the private key. Cryptocurrency getting more popular and hackers always want to steal and hacking exchanger wallet. Its not safe store our coin in exchanger, i think its more safe if we store our coin in cold wallet

shesheboy

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Quote from: freedomgo on January 22, 2019, 12:35:24 AM

Quote from: Daniel91 on January 21, 2019, 11:00:07 AM

It's good advice but personally, since alts drop so much, I don't care really.
I just keep it on exchanges, hoping to see price rise again.
If nothing happen, I will simple forget it.
Of course, Bitcoin is safe at the wallet

What if those alts will pump and the exchange where you put your alts get hacked? I'm sure you'll regret your decision.
I really think I should valued everything I hold, I know altcoins have significantly drop but there is a chance that it will rise because I believe
on their potential to the market, it's just the time is not good for now, but over time it will recover and we will enjoy its real value.

yeah you were right dude . all alts ( even the shittest one ) do always have the potential to skyrocket . thats why we must value them just like on how you value your bitcoins . @daniel91 if you still didnt care about your alts , maybe i can have it ? ill keep them better Wink

the ceo of binance is also correct . we must not store our coins on an online exchange because hackers will firstly target them due to the numerous amounts of cash that they can potentially get . not only on online exchange but also on all online wallets as well , better if we store our cryptos in an offline storage or leave only limited amounts that you can spend online ( if ever hardware wallets isnt available )

mike_the_notorious

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Why not? Recent events, when the exchange was hacked - this is an isolated case. Yes, it happens. Airplanes also fall from time to time, but we continue to fly them. I read that modern exchanges offer fairly high-quality services. Personally, I kept my cryptocurrency on my exchange, and will continue to do so.

Topic: Binance CEO saying don't keep coins on exchanges (Read 1023 times)