Topic: Bitcoin balance on exchanges reached a 2-year low (Read 217 times)

Still Binance to me. I think they have invested on security after their last hacked.

It could be the next killer app, but I'm not sure if this is a viable solution to get more people to use Lightning though?

I think they are "sort of" related but also not 100% related, just a bit. There are some nations that banned crypto, namely Nigeria which is one of the world's leading crypto using nation, and that meant that they had to move to P2P in order to keep working, that is basically the system for all of us, if our nations ever ban crypto, we have paypal which means that we can sell our crypto one way or another and make it possible, there are also citizens with banks in other nations who can help that nation as well.

Long story short yes there are some crypto that was taken out of exchanges and turned into P2P that's true, but all of this withdrawal wasn't about that, we also have huge companies buying crypto and moving that out of exchanges and into secure wallets as well, that way they basically hold a ton of crypto and keep it safe somewhere else making exchanges have record breakingly low balance.

definitely necessary action I guess considering that most of BTC has rise sky high and it could attract unnecessary attention if were kept in exchange for a long time.
I'd even always keep my coins at cold storage or hardware wallet instead of exchange just in case and it's better safe than sorry. But it seems it's because most of people who have bought btc also waiting for another massive bullrun aswell.

If all the exchanges developed a “staking mechanism” to support the Lightning Network, and for HODLers to earn interest for “staking”, which exchange would be the safest and most trustworthy for you?

I believe Lightning “staking pools” for Lightning will be the next “killer app/service” for Bitcoin.

And it just shows that average joe who also has accumulated even at the March 20 crash is now holding their stash on their wallet which they have total control of. Although there are still who still have some massive btc in an exchange, but I would say that you have to think of it as not safe, unless you regularly trade, you should move it on your wallet.

Institutions are obviously not keeping their tons of btc in an exchange, and they know it the moment they have invested. And it's probably on a multi sig wallet for security and safety reasons.

If you doing all thing to make your account safe, it will safe, no one can hack your account even if they know the email and password. But what about if the hacker hacks the exchanges?? Everything that you doing is useless, If as holder better withdraw it from exchanges like the institutional do

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The institutional withdraw it from exchanges.. Moon, but be careful if they sell it

If people don't trade they prefer to withdraw their Bitcoin off an exchange because there are some of them did not believe or not trusting the exchange because it's vulnerable to a hack.  Even though how many security levels you had on exchange still your Bitcoin isn't safe, not your keys, not your Bitcoin was still the best reminders on us.

Lol, Coinbase? Is that offer SAFU?
There's no safe exchange platform, all of them are at risk and vulnerable to any bad thing that will happen.  I prefer to cash out than let my Bitcoin sleep on an exchnage.

The scale is slightly misleading, but it does illustrate a very important point.

No longer is the BTC market dominated solely by speculators. There are individuals and institutions who look at BTC's long term usage case as a store of value, a more convenient alternative compared to precious metals.

Especially with the advent of a lot of custodial services for BTC, people are more comfortable with keeping their long term stash off exchanges.

Definitely a positive development - and expect this trend to continue into the long term future.

I don't know how safe exchanges could be, but even Binance got hacked.
Coinbase has just a few coins compared to Binance but it seems to be more "secure", on the other hand they ruined their reputation some time ago making some bad moves and people ran a campaign to delete their account from Coinbase. I deleted mine too last year.

I believe one of the biggest reasons for this is the fact that there are tons of companies that bought bitcoin, in tens of billions of dollars levels combined, and those people do not keep their money in exchanges, they put it on somewhere safe and that is why I think there is less money on exchanges.

Certainly it is still us regular folks who trade and decide on the price, if those bitcoins are out of the market we could drop the price very quickly, or increase it very quickly, just with the small amount we have left, but the reality is that if we drop it too much they will just buy more and increase the price all over again hence it wouldn't make sense for us.

This is why I think it is quite important that we just keep buying more and more in order to profit because the more we sell, the more they will end up buying and getting out of the market leaving us with very little amount to buy.

Not sure if related but my recent sells on p2p have also been snapped up quicker than usual. For more or less the same dollar amounts, at rates a tiny bit better than on exchanges (better for me).

Had taken it to be sentiment that prices below ATH is still a good buy but maybe supply really is dwindling ey? Then again, such small sample for me on p2p. And it's not like buying is any harder.

Or if you are, enable 2FA for logins, 2FA for withdrawals, and a second password for withdrawals if it’s available. Plus make sure your coins are always there by logging in every 4 hours. Hahahaha.

What are the safest exchanges for day-traders? Coinbase?

Keeping 14K on exchanges when 1 BTC was 7K is not that big of a deal, but keeping 100K+ is something else to consider, now I would not risk it at all. If you still want to keep 10K usd it will be like 0.2BTC big difference. Imagine people having more than 2 btc. If you are not a day trader you better keep them off the Internet at all. This is just a logical change after this insane btc price move.

This may be due to the fact that institutional investors are accumulating Bitcoin. Small scale traders are increasingly getting pushed out of the market, and large-scale investors and institutions are replacing them. And the latter type is unlikely to store their coins in exchange wallets. And it is the safest thing to do as well. We never know when some of these exchanges will get hacked and their coins stolen.

Just don't make yourself to get over confident on that conditions since we still doesn't know on what whales thinking over that situations since anytime they could dump their hodl coin if they get enough or get bored for the action made by bitcoins. That's the reason why we need to watch the flows to do some actions if there's opportunity to gain from our positions or take some action if theirs  bad slides to minimize our lose if market is not doing good at the moment.

Smart money is hedging for what Satoshi created Bitcoin for, in my opinion. BRRRR money printing, highest M2 Money Supply in history, lowest Velocity of Money in history, most of economy closed/partially closed, more money printing for U.S. $1.9 Trillion COVID-19 release package, THEN open the economy on 2022? Are you a Bitcoin HODLER? GOOD! Bear market will be postponed indefinitely.

I am a evangelist bitcoiner not just because of the insane prices hikes but just because I am aware of the technology behind the currency which rules this world! As I have said above, I don't trust Saylor's words not only because of his 8 year old tweet but because of his dot come bubble crash where Microstrategy was filing fake profits while the company was almost failing. There was no reason to deny the fact that companies like MSTR was one among the companies who were responsible for dot com crash back in early 2000s. We are driven by fake manipulation and speculation which investors who doesn't know a shit about bitcoin and still investing must understand. There has been a huge surge in DOGE prices because of Elon's manipulative tweets but was the demand for DOGE the same? Atleast 75% of the investors of bitcoin never know what is bitcoin but are driven to price actions because of manipulative actions from bulls like Saylor.

On the other hand, whales like Winklevoss twins could be trusted because they not only run a business on top of crypto but they have been a early bitcoin supporter since 2013 onwards and similarly Jack Dorsey who is working on solving bitcoin's scalability by organizing funds and bringing in new developers! I consider Saylor is similar to Mcafee who drives price to rake profits but jack and Winklevoss aren't the same.

How often can we trust a stablecoin like USDT to have all the tokens backed to USD? A bitcoin economy could one day become mainstream but until then the speculation and price shifts would continue. I am eagerly waiting for Lightning to become mainstream so that most of the merchants could start accepting bitcoin as a means of payment which could drive prices due to the liquidity which are being created in the process. There is a difference between calling bitcoin a deflationary currency and as an asset.

Finally.  Its not so much as peoe are moving to cold storage as it is that people are finally realizing exchanges aren't wallets.  I've waited for the day when exchange balances finally go down.  Too many people will get burned as exchange "hacks" won't stop and we will lose too many people along the way.

This is a very good sign, not only whales are moving their coins to their own wallets I am sure that people with holdings that are more modest are doing the same despite the high fees, whether because people are finally taking into account the fact that they should be the only ones that should know their private keys to their addressees or because they are afraid of exchanges getting hacked this is a great development which indicates that the price for the long term is probably to keep going up as it seems the majority of the market is not interested in selling anytime soon.

You don't trust Saylor, who is probably the biggest bitcoin bull there is now, and the biggest evangelist bitcoiner in the world right now, because of a tweet from 8 years ago?? That's a strange opinion.

Satoshi may have envisioned Bitcoin as a means of everyday payment on-chain, but between the extreme limitation in blocksize and its monetary policy, what he actually built in bitcoin is the hardest form of money the world has ever known. That's not a sad thing. Thats an incredible thing. You want something to have everybody buying and sell goods with, get a stablecoin. You want to preserve and grow your wealth by owning hard money, get bitcoin - it's doing exactly what its design suggested it would do.