after your trade finish, don't trust it anymore
so you must withdraw your balance to your personal and private wallet
Topic: Can I trust BTC exchanges? - page 15. (Read 21754 times)
you can trust it for a while, when you trade there
after your trade finish, don't trust it anymore
so you must withdraw your balance to your personal and private wallet
after your trade finish, don't trust it anymore
so you must withdraw your balance to your personal and private wallet
Bitcoin is built up on trust. You need to trust everything in the Bitcoin world what is not decentralized! So actually you can only trust the network, because it will (actually) never fail.
If you don't care about privacy too much I'd recommend Bitstamp. I've used them since 2013 and have never had any problems with them. The support is also very helpful.
It already got hacked once and has paid back everyone. Just remember don't keep too much money on it. Any money, that is on an address to which you do not own the private keys, is not your money.
It already got hacked once and has paid back everyone. Just remember don't keep too much money on it. Any money, that is on an address to which you do not own the private keys, is not your money.
Depends on which exchange want to use, always look where it has more volume of Bitcoin and quantity of altcoins . Also look not robbed the cold wallet as one well-known past him recently.
Greetings.
Greetings.
Yeah we all get that felling at a point in time, these days you cant be too sure, but trust me good background check before initiating any deal or exchange helps alot.
You can't - ever. Only use them for the minimum time required, then transfer the Bitcoins back to your wallet.
Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...
Dies any one else feel this way or do I just not understand this stuff well enough yet?
Thanks!
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...
Dies any one else feel this way or do I just not understand this stuff well enough yet?
Thanks!
Since you're not own private key...then you're put the risk to the bitcoin if you place it on exchanger.
I think you already knew some exchange that had closed or runaway , example : mintpal ( once it was the most safe exchange & well known ) , Bter ( biggest chinese exchanger (CMIIW) , sharex , etc.
To be honest , I'm still save my altcoin on Poloniex and Bittrex ( those exchanger still exist) but I'm aware they might get away or being shut down.
Just don't save more than you can afford to lose.
I do trust some of them to a certain extent, like Bitstamp and BTC-E, but not enough to leave coins there. However I do have a fiat balance there.
After all the hacking drama it gives me a piece of mind that my coins are under my control.
After all the hacking drama it gives me a piece of mind that my coins are under my control.
there is no other way if you want to exchange your bitcoin you must trust exchange you choose except you only hold your BTC that is no need to exchange but don't be worry almost every exchange have good reputation and 100% can be trust but,if you still in doubt you can choose big exchange
which has a market volume higher that 500 BTC for 24 hours trading
which has a market volume higher that 500 BTC for 24 hours trading
Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...
Dies any one else feel this way or do I just not understand this stuff well enough yet?
Thanks!
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...
Dies any one else feel this way or do I just not understand this stuff well enough yet?
Thanks!
Well that's exactly what it is and what you are doing. You have to put your trust in these companies when you use them but that doesn't mean you should. If you don't own your private keys then you are relying on that third party to keep them safe from you and this is how a lot of people lose their money. If you're not comfortable using them you should take your money from them but if you want to use certain services sometimes you have to have a little faith but that choice is yours.
Yes you can trust. But don't store your asset there. Use only for exchange. Most all exchanger is have a problem with their security.
I'm using OKCoin to trade small amount of Bitcoin from time to time. Most of the reputed exchangers is good. However, like what jbrnt said, trade small amount and than send your fiat to bank or Bitcoin to wallet as soon as possible.
all exchanges are not scam....there are a lot of exchanges which you can trust..but don't trust blindly because we never know what will happen next
I use shapeshift, some say it's trusted. Is it?.. I mean has it ever been hacked?
big exchange are usually trustable(but sometimes they are hacked lkike bitstamp, they are not immune to that), better to stay away from unknown one
you can try coinimal, they don't hold your money, so you don't need to trust nothing
you can try coinimal, they don't hold your money, so you don't need to trust nothing
Thanks for the replies guys. I kind of figured it was one of those uncomfortable necessities you have to accept as part if the process. And yeah, I always hurried to get my money out of there.
I don't suppose there are any real-world banks/institutions that allow you to do a direct transfer from bank account/cash to wallet and vice versa? Or like an ATM?
I don't suppose there are any real-world banks/institutions that allow you to do a direct transfer from bank account/cash to wallet and vice versa? Or like an ATM?
But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...
It is the same for early users of online shopping with credit card and users of paypal. You will get used to the feeling of sending money to the abyss after you have done it a few times.
If they have a good reputation then yes you can trust them to trade. But you have to remember they hold a lot of btc so they are targets.
I personally would use cold storage not a exchange for long term holding. Many good exchanges have lost money from security flaws.
I personally would use cold storage not a exchange for long term holding. Many good exchanges have lost money from security flaws.
They are targets but it is not usually from hackers it is usually from the guys who are working on the exchange, i would wager it is very rare for someone to be able to hack an exchange but it is not so rare some exchange owner 'pretending' to have been hacked..
Nice and easy it wasn't me we was hacked! (lol)
Then pay my money for 'your' security breach but they don't do they with an exception of stamp recently and bter when the NXT coin was hacked but not often like bter this time with the btc.
Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...
Dies any one else feel this way or do I just not understand this stuff well enough yet?
Thanks!
your feeling is quite right, i feel the same way too. but unfortunately there is no better way, and we have to take this risk if we want to do trading in exchangers.I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...
Dies any one else feel this way or do I just not understand this stuff well enough yet?
Thanks!
just try to pick a well known exchanger, this way the risks will be reduced not eliminated.
the most recent hack of an exchanger that i was a user of was bter.com you can search to see the victims
Wise thing is don't put your bitcoin on exchange for long time period. Exchange just for trading, if you done trading there, withdraw it immediately to your personal wallet. If you have fiat money there, cash it too.
Many hack attempt happen to bitcoin exchange, and sometimes it is successful. Like mt.gox and bitstamp case, big exchange mean many hacker will try to attack it.
Many hack attempt happen to bitcoin exchange, and sometimes it is successful. Like mt.gox and bitstamp case, big exchange mean many hacker will try to attack it.
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