Don't feel comfortable with crypto exchange - page 3.

boyptc

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

I don't use remitano and never had.

But isn't that already a red flag if by just logging in will take you up to 24 hours? That's crazy to think honestly! When I was too naive before and keeping a huge portion of my holdings on an exchange, I was really confident with them before not until I have started to have intermittent access on their website.

Like the cloudflare issue, it made me scared at all and that made me pull out my funds quickly when they're back after the maintenance.

Aanuoluwatofunmi

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.

If you're talking about exchanges here then i think you need to be specific on which exchange particularly, i can recommend a decentralized exchange for someone to use but i wouldn't dare to do that with centralized exchanges, one has to abstain from any means of custody to our private keys.

Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange.

There's a simple solution you could just help yourself through, why not buy a hardware wallet and have all your asset in there, anytime you're about to have some expenses to make use of fiat then you can always send that particular budgeted amount to centralized exchanges for your p2p exchange to fiat and if you're not been satisfied with the services from the exchange you're using, why not try another.

Outhue

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Remitano? They are like the Paxful platform but very worse, why use them when you can just use Binance exchange? You can use Naira to buy bitcoin on Binance exchange and move to your hardware wallet, stay away from Remitano, they also cheat when it comes to fees and Naira to Dollar value, worst P2P service ever.

Please learn the difference between a centralized exchange and a decentralised exchange, it seems that you don't know the difference and it is very important for a newbie to understand this.

Also there is a difference between a closed a source crypto wallet and open source crypto wallet, you need to do your own research on these.

tranthidung

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Quote from: |MINER| on January 06, 2023, 04:26:53 PM

It is true that Remitano exchanger is very old but it is not as user friendly as other top level exchangers so despite being old it could not come to the top level.

Remitano is a peer to peer trading platform and it plays as a third party, a middle man provides Escrow service for safe trades between buyers and sellers.

Remitano is more like a gate from cryptocurrency to fiat currency and it is more like by unbanked people. It is not like traditional exchanges where you can trade Bitcoin to others like ETH, USDT and more coins.

In the past one or two years, they launched the swap feature but it is far behind traditional exchange and swapping is not like trading. You will lose more by swapping.

You don't have any private keys or seeds with your account and wallet on Remitano.

cryptoaddictchie

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Not your keys not your coins. Famous line but totally ignored. Anything you put on exchange is at risk regardless whether they are trusted or not. Trust is something out of hand lately and can go the other way around. I didnt say these exchanges are bad in fact they are super good and convenient for us. But when it comes to security, we should always remember to take care of our own and know the risk of storing to some exchanges.

BitcoinPanther

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You should find another crypto exchange that provides better service. I do agree that we shouldn't be comfortable, thinking that our fund is safu when it is on exchanges. Many of then have vague terms and conditions, and has the clause of "the right to modify any terms" on the agreement. Take the example of Celsius. Just like the case stated in this thread: https://bitcointalksearch.org/topic/--5433252 and how they manipulate the TOS according to their favor as stated by franky1

Quote from: ?? on ??

snip

Can you explain a little more about this case, imagine we don't know anything about it,

shortest version possible:

celsius had multiple versions of terms of service. lets call them 1-9
versions 5-8 were in favour of property belonging to celsius estate, not account holder

versions 1 and 9(9 is the current one on website now) were in favour of users ownership and to be treated as creditors
versions 2-4 are in the middle.
5-8 side with celsius ownership

the bankruptcy and date of closing access to trading earning. milestoned version 5-8 as the active ToS
which said that

Quote

the Terms Versions 5 and later are consistent and clear: Account Holders granted Celsius “all right and title to such Eligible Digital Assets, including ownership rights.

So we better be vigilant whenever we have funds in exchanges, we should only put funds that we intend to trade and withdraw after that.

Ultegra134

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We've seen plenty of large exchanges fail, such as Mt.Gox and FTX; I don't understand why you'd use such a random exchange; even their layout and interface feel cheap and untrustworthy, like a copy-paste template. I've never heard of it before, and it's not even among the known legitimate ones. In our era, there are even people questioning the legitimacy of Binance or Crypto.com, even those involve some kind of risk since you practically have no access to your funds, let alone an unknown exchange. Either use another known exchange or stop using them altogether.

Hyphen(-)

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Such exchanges that have this type of network problem are not worth trading on, let alone storing your coin.

With all of the stories about how some Crypto Exchanges were hacked and how they will face serious security challenges in 2022, we should always avoid exchanges and instead save our coins in our personal wallets because even reputable exchanges like Binance are not to be trusted. Instead, buy your Bitcoin and send it to your personal wallets.

Ndabagi01

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Negligence and ignorance make people to feel much comfortable in storing money there. I believe there enticing offer that are been given to them makes them their loyal users and can’t leave them now. Since several messages have been sent and disseminated to the public about the issue of storing money in an exchange wallet, then the repercussions shouldn’t bother one again.

CryptoHeadlineNews

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

I have used "Remitano" for more than 3years now, and I have never for ones experience what you just said, but what I know is that that exchange have had several upgrade ever since it launched its official coin known as the "RENEC", of which I was lucky to be among the first of people who started mining it far back 2021. But moreover, I will not advice anybody storing his/her Bitcoin on an exchange, so as to avoid the repetition of the likes of FTX crash

Merit.s

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Poor network for easy accessibility of exchange shouldn't be what should discourage you in keeping your funds in exchange, it is very risky to keep your funds with them since they can't keep it save due to vulnerability of attack and inappropriate management of investors funds. Look at the exchange that you are even using old but not known due to their poor service method to customers. One thing I dislike in this exchange is that their transaction fee is very high compare to Binance. Keeping your funds an exchange is gambling without any hope of winning.

Baofeng

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.

"Not your keys, not your coins".

Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Yes, I'm familiar with Remitano although I haven't used it before. So I'm not familiar that it will take at least 24 hours before someone can login? If that is the case then it's poorly design and I would have stay away from that kind of exchanges.

So I don't know what keeps you using their services though if you got that bad experience from them. Maybe it's about time to look for alternatives like Binance to used as your exchange. Of course, crypto exchanges are not design to store your bitcoin, we just used their services to do our trades and then we withdraw our bitcoin and send it to the wallet that we have total control of.

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.

You just need to read the whitepaper on BTC, LTC and see that those are designed to be a peer to peer network.
That means that exchanges come of the trader community which are not really trustworthy. Way too much hype and hype accompanied by fees.

Charles-Tim

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Quote from: Zilon on January 06, 2023, 04:26:08 PM

The worst thing about buying from exchanges like this is the high transaction fee it cost to move your coin around wallets because they still operate using P2PKH.

The type of bitcoin address the exchange support does not matter as exchanges make it not to matter because the exchanges that support even segwit still charge the same withdrawal fee and the fee is far much more than bitcoin transaction fee.

|MINER|

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

It is true that Remitano exchanger is very old but it is not as user friendly as other top level exchangers so despite being old it could not come to the top level.
So I won't tell you to use this exchanger, you can use good user friendly exchangers like Binance, KuCoin and Coinbase. But if you ask me today why I am avoiding Centralize, then I will say Centralize exchangers do not have their own control and it can take full access to my wallet, so I do not deposit my large funds in these online platforms.

Zilon

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

The worst thing about buying from exchanges like this is the high transaction fee it cost to move your coin around wallets because they still operate using P2PKH. This exchanges aside their poor network issues, not just with Remitano alone but most CEXs, still fail to upgrade so that when we buy from them, it will be cheaper and faster to move them to our cold wallets. DEXs remain the most preferred when it comes to buying and selling of coin, but the only limitations with DEX is it only deal directly with USD and a few popular fiats which will require still moving them to CEX for easy transactions

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Quote from: The Cryptovator on January 06, 2023, 03:30:31 PM

What exactly is the bitcoin Remitano exchange? Is this a new exchange? That is something I am not familiar with.

The exchange was created in 2015, but not among the top ranked exchanges.

Quote from: JeromeTash on January 06, 2023, 03:47:16 PM

I have known them since 2017 but the platform is so unpopular for obvious reasons like low liquidity and KYC.

KYC should not be the reason why an exchange is not popular, if KYC is one of the reasons, exchanges like Binance, Coinbase and many other KYC exchanges should not be popular. Everyone wants to own bitcoin and other coins now, but they do not care about privacy which should be what to go for, but prefer convenience.

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Quote from: Y3shot on January 06, 2023, 03:20:58 PM

Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange.

Why do you use them when there are other options both centralized and decentralized that gives better service?

Quote from: Y3shot on January 06, 2023, 03:20:58 PM

This should be enough reason why people shouldn't store bitcoin on exchange wallet.

If not actually owning their assets is not reason enough, they should consider the secondary risk of breaches and hacks.

- Jay -

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Quote from: The Cryptovator on January 06, 2023, 03:30:31 PM

What exactly is the bitcoin Remitano exchange? Is this a new exchange?

They claim to be a p2p exchange but obviously they are not since the service is custodial and needs KYC like Localbitcoins or paxful.

I have known them since 2017 but the platform is so unpopular for obvious reasons like low liquidity and KYC.

The Cryptovator

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What exactly is the bitcoin Remitano exchange? Is this a new exchange? That is something I am not familiar with. In the last year, we've seen a couple of exchanges collapse and be scammed. This means that funds are risky to any centralized exchange. You should transfer your funds to a non-custodial wallet as soon as possible and use a reputable exchange to exchange your coins.

Topic: Don't feel comfortable with crypto exchange - page 3. (Read 708 times)