Exchange Bitcoin Key | Bitcointalksearch.org

aylabadia05

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

Because the private key and/or seed phrase is the most important part for security and asset management, the private key or seed phrase will not be obtained on the exchange because the exchange is not a non-custodial wallet so expecting it to be obtained on the exchange is the same as hoping for something that will never come true.

Your question is good but invites a little humor.
It's not wrong if some people here give an example of exchanging with a fiat bank.
The key to the bank vault will not be given to us.

salad daging

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Quote from: PX-Z on January 26, 2024, 10:24:09 AM

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine.

Tell me if what banks give their keys of the vault to their users where your money is deposited. That's how exchange works, and it's business to them.

Hahaha No bank or centralized exchange gives keys to its customers they manage all customer assets internally so they provide liquidity to facilitate this, so this question is a bit strange.

Quote from: PX-Z on January 26, 2024, 10:24:09 AM

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

Hackers get the keys in different way, no need to question that. If you want to have private keys of any wallet you want to use, just use a non-custodial wallet, nothing else.

It's a bit complicated to tell because the exploits that hackers do are different, Yes if you want to be safe then use a non-custodial wallet like others said, then their funds will be safe not in that centralized exchange control, it's like keeping money at home not in a bank.

m2017

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange.

And it would look funny (no) if exchanges issued private keys to their users. Why didn't any of them think of using this as a marketing ploy?

"Each of our user has a private key! - The safety of your cryto is in your hands."

In fact, technically (issuing a private key to each user) this would create an additional burden for the exchange. Including money, because you would have to spend transaction fees (and time) when transferring from one address (user) to another (user) within the exchange. And so, now everything is done within the shell of one exchange.

Issuing a private key to users by the exchange would not add reliability and security to the safety of crypto assets, but, on the contrary, would reduce it. So it's a pointless idea.

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

After all the bitcoins are mine.

But No. Bitcoin can't belong to anyone. You can only obtain the right to temporary ownership if you have access to bitcoin (if you have a private key).

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why are there no exchanges giving users private keys?

Because no one needs something like this (neither exchange users, nor the exchange itself).

Knight Hider

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What OP wants is like putting your money in a bank while holding on to your money. What key do you want to hold on to after trading some of your money?

alankasman

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

Because the exchange is not yours. Why do banks require a lot of administration when we withdraw money in amounts that are not available in ATM machines? why don't they apply an easy strategy to us because the money we want to withdraw is known to be ours.
Why is there no strategy to retrieve the private key from the exchange, because the exchange does not belong to you and me.

If you want freedom from your Bitcoin, don't store it on an exchange.
They hold their personal key. Everything regarding Bitcoins stored on the exchange, they are the owners, not you and me or those who store assets on the exchange.

PX-Z

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine.

Tell me if what banks give their keys of the vault to their users where your money is deposited. That's how exchange works, and it's business to them.

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

Hackers get the keys in different way, no need to question that. If you want to have private keys of any wallet you want to use, just use a non-custodial wallet, nothing else.

Ndabagi01

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

To be safe and have complete control over your coins, avoid using a centralised exchange to store them. You can never control the money there, and you will never be able to access it if the exchange is hacked or crashes. There's a reason it's called a centralised exchange, so you should be aware that you're dealing with one if your money is there. You cannot have access to the private key, now, later, or ever. And no centralised exchange in the future will make such an offer to any user who wishes to store their funds with them.

Zigabel

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If the private keys are made available to you then it's no longer a centralized exchange, the essence of it been called an exchange is almost defeated it's now looking like a custodian wallet, it's supposed to be an exchange were you have the liberty to buy and sell your assets at any time with the exchange protecting you but hen if you must store your coins always make sure to do so in a custodian wallet because even if you are given the keys to your exchange wallet if the exchange get hacked you will still not have your assets safe so it's better you trade on the exchange and for the purpose of storage use a cold or non custodian wallet as exchange wallet keys can never be given to you.

Your assets are better safe in your wallet but then there are exchange which can be trusted for awhile and you can temporarily store coins there but not a huge amount of your coins and also not for the long term

moneystery

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that's what differentiates centralized exchanges and custodial wallets. when you hold bitcoin on an exchange, it means your bitcoin is in the exchange wallet and you can only trade it within the platform, when you need to trade it outside the platform you have to ask the exchange for approval to withdraw your bitcoin to the wallet you want to go to. it also carries the risk that the exchange could go bankrupt or take away assets owned by users.

whereas when you store your assets in a custodial wallet, you have total control over your assets and you can transact them wherever you want. that's why for a bitcoin holder it is better for them to store their assets in their custodial wallet, because whenever they want they can transact their assets without the hassle of asking for approval from other parties.

Solosanz

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Quote from: bettercrypto on January 25, 2024, 09:17:09 PM

The only advantage with CEX is that p2p transactions are fast, and DEX rarely has p2p features. When there are hacking issues on the CEX platform, your funds can be recovered just like in Binance. I don't know about other exchange platforms besides Binance. And with Dex, when there is a problem with hacking issues, the risk is quite high, and the recovery of our funds is unclear, as far as I know.

I'm just waiting Binance will end up like FTX and let's see if they will refund all the money back to every customers or not.

You can't recover your funds in centralized exchange, but it depends on the exchange whether they want to recover it or not, you don't have any power to force them. If DEX got hacked, you're safe, it's because your coins have been moved to cold storage. It's stupid to hold your coins in DEX when you have a safer way.

0t3p0t

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Quote from: fuguebtc on January 26, 2024, 04:30:06 AM

DEX or CEX each have their own risks and when hacked, don't expect that they will compensate you. It's all relative, don't trust too much in any of them.

This is one of the reasons why I don't store assets on exchanges unless I have something to trade. I keep all my crypto in non-costudial wallets for a much better control than the CEX. It is better to be safe than sorry.

fuguebtc

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Quote from: bettercrypto on January 25, 2024, 09:17:09 PM

The only advantage with CEX is that p2p transactions are fast, and DEX rarely has p2p features. When there are hacking issues on the CEX platform, your funds can be recovered just like in Binance. I don't know about other exchange platforms besides Binance. And with Dex, when there is a problem with hacking issues, the risk is quite high, and the recovery of our funds is unclear, as far as I know.

DEX also has P2P feature but it is not as popular as CEX because of some limitations. Additionally, not every CEX will compensate you if it gets hacked or goes bankrupt and MT.Gox is an example. More than 10 years have passed without a single victim of Mt.Gox receiving compensation, and OP is probably one of them .

DEX or CEX each have their own risks and when hacked, don't expect that they will compensate you. It's all relative, don't trust too much in any of them .

Husires

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This would be very bad. The private key should be private so that no one knows it except you. If the exchange tells you the private key, the ownership of the funds still does not belong to you, as they can set up a super-fast bot to withdraw your coins whenever they want, and therefore you are forced to use very high fees, A fast bot and be lucky to ensure that you can spend it whenever you want.

vitya1982

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Not your keyes - not your coins. When you keep your coins on an exchange you agree to let them keep your BTC. You can just create a wallet and transfer all your coins there. There is no other way.

Jawhead999

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How it make any senses?

You're use centralized exchange in order to take advantage over it's liquidity and low fee in terms of exchanging coins for multiple times, that's why the exchange didn't give you private key since all the activity happen on their internal operation.

If you say liquidity and low fees aren't your problem, then use P2P or DEX.

Die_empty

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

When you put your money in banks, you can access your account through a password. The bank can decide to deny you access to your funds because you don't have control over your funds. This is because they gave you a password but not the keys to the bank vaults. This also relates to exchanges, because they don't give you keys to your funds rather you just have a password that might not even grant you access to your funds on some occasions. The only option for you to control your funds is to put your coins in a decentralised wallet and devise good means of keeping your keys safe.

Quote from: Orpichukwu on January 25, 2024, 04:27:14 PM

Quote from: Knight Hider on January 25, 2024, 04:12:34 PM

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange.

Click Withdraw.

Clicking withdraw in an exchange is not the same thing as having the key to the wallet; clicking on withdraw is like telling the exchange you need your money and they need to access your request, and they grant the request access. If they decline, you are not getting any withdrawal processed.

With your key, you don't need anyone's permission to make a withdrawal as you have full control over the wallet, which is exactly what the OP is asking about the private key or phrase, which exchanges don't give to their users.

I think Knight Hider was saying that OddJobsForBitcoin should withdraw his funds from the exchange. It seems people put large funds in exchanges because of ignorance. Most people don't know much about non-custodian wallets. I wonder how people will decide to give unknown individuals custody of their funds, meanwhile, they have diverse viable means of keeping the keys safe and have peace of mind.

adaseb

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The cex cannot give you the private key because if you have address to it and you also have it on the exchange, what is preventing you from buying some alt coin, withdrawing it and at the same time spending your coins with the private key the exchange gave you? This is why exchanges can’t give you the private key.

The mt got hacker, moved the coins to his own address and they are no longer under his control. If the exchange still had access to those coins then they wouldn’t of had to claim bankruptcy. And so far the thief hasn’t moved those coins.

bettercrypto

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

Because most of these exchanges are regulated, they are controlled by the government. You won't find any CEX that will give private keys to their users. Unless with DEX, we ourselves have control over the private key, and no KYC will be needed.

The only advantage with CEX is that p2p transactions are fast, and DEX rarely has p2p features. When there are hacking issues on the CEX platform, your funds can be recovered just like in Binance. I don't know about other exchange platforms besides Binance. And with Dex, when there is a problem with hacking issues, the risk is quite high, and the recovery of our funds is unclear, as far as I know.

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange.

It is brute force to get private key and if anyone can do this successfully, all private keys will be compromised and Bitcoin at that time will have no value because it will no longer "It's your keys, it's your bitcoins".

Quote

After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

Centralized exchanges don't give users private keys. They own private keys and only credit public receiving addresses to their users. Your coins send to a centralized exchange will be stored in either hot or cold wallets of that exchange and you will have to rely on their security to keep your coins safely.

Reminder: do not keep your money in online accounts
Bitcoin Q&A: Not your keys, not your coins

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this?

I don't think there is any way to do that. Custodial wallet is different from non custodial. In non custodial you have a total control of your assets but in custodial.

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

You are really funny about this. Exchange can never give you the private key. That is why it is called a centralised exchange (CEX) because everything is handle by them. Your question is just like telling the bank to give you information to there data base which is not safe. One of the reason why CEX can't allow you to have total access to your fund is because they serve as a third party to every transaction you make. For example if you want to sell USDT on binance and money is paid to you why you haven't released the assets for sometime maybe you where drunk and forgot you where on a process of transaction, and the buyer of your USDT report you to binance, your assets will be transferred to your client without your notice. So that is the more reason dey have to control the CEX, incase similar issues like this will occore again.

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

If you want to have full control over your coins, then you should only store them in a self-custodial wallet; that's only how you can be in full control. Centralized exchanges don't generate private keys because that's how they are designed. If you have some coins on an exchange, what you can be more concerned about is your log-in details, which you must keep safe.

In the past years, a few exchanges have been hacked, and investors who had their coins in those exchanges lost their funds. If exchange allows each user to have a private key, then it may be difficult for them to run smoothly.

It's not a feature that can not be initiated on CEX; if it were possible, then it would have been done since, so don't even think of storing your coins on any centralized platform because it's not safe enough, as long as that coin is not in your custodial wallet.

Smartvirus

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

The keys to the holdings or wallet of an exchange is not made available to just anyone, not any hacker. Hacks are always a deliberate and in most cases aided attempt by insiders to infiltrate a network or an exchange and still people’s asset.
It’s not like your coins are stored on a particular wallet but, it’s cumulatively stored on the exchanges wallet while giving you access to just about the amount of coins you thus deposit. That’s the case and it’s been serving just fine.

If you’re concerned about private keys or seed phrase and having sole custody of your coins, wallets are always there for you. Save or store your coins in non custodial wallet and you wouldn’t have to worry over hacks or having the closure of an exchange to be the end of your coins.

batang_bitcoin

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:12:46 PM

Yeah, though I'm thinking along the line in case the hacker didn't steal from all the wallets like Mt Gox.

Unlikely and that's because if the hackers have accessed the cold storage then it's going to be swept by them, are they going to remain some of the funds that they've seen? Nope, they've hacked and that's what the main goal and that's to steal all of the Bitcoins that can seen on that wallet.

Quote from: OddJobsForBitcoin on January 25, 2024, 03:12:46 PM

Mine could be one of the unaccessed wallets and I wouldn't have to wait 10 years to get my coins.

Let us say that there were some unaccessed but an exchange can always reason out that their entire wallet has been hacked and everything is lost.

nakamura12

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You won't be able to get the private key or the recovery phrase of the wallet if you use an exchange that doesn't let you get the wallet address. There's a solution for you to really own the bitcoin in that exchange which is to send or transfer the bitcoin to a wallet you own where you have full access. There are free wallets you can use like electrum wallet. I think you know how to keep a wallet secured when you put funds in it or even if you didn't put any funds in it.

sokani

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this?

You can get private keys only if you've a personal wallet. The wallet address on exchange does not come with private keys and the exchange has full custody over your funds. They can do has whatever they want with it, for example they can freeze or halt the withdrawal of your asset.

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin?

The funds in the user's address is controlled by the exchange, so if an hacker exploit any vulnerability in the system, he automatically controls the exchange as well as your funds.

Orpichukwu

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Quote from: Knight Hider on January 25, 2024, 04:12:34 PM

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange.

Click Withdraw.

Clicking withdraw in an exchange is not the same thing as having the key to the wallet; clicking on withdraw is like telling the exchange you need your money and they need to access your request, and they grant the request access. If they decline, you are not getting any withdrawal processed.

With your key, you don't need anyone's permission to make a withdrawal as you have full control over the wallet, which is exactly what the OP is asking about the private key or phrase, which exchanges don't give to their users.

Knight Hider

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange.

Click Withdraw.

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine.

No the bitcoins are not yours, they belong to the exchange that holds the private keys and that exchange allows you use it till they don't.

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Are there ways to do this? As in, in case something happens to the exchange like Mt Gox.

Yes there are ways, do not keep your bitcoins on an exchange, use a non custodian wallet that gives you access to the private keys.

Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

There are decentralized exchanges that never have access to your bitcoins during an exchange.

btc78

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Centralized exchanges are complicated and are used by a lot of clients so even if your purpose is to check whether your coins are safe from the hackers of a centralized exchange then it is still not possible for the centralized exchange to accurately give you your private key relating to your wallet

Nwada001

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:03:28 PM

Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

I think exchanges make use of some kind of wallet that generates multiple bitcoin wallet addresses, which could be enough to allocate funds to their customers. Each address is attached to a particular account, and when deposited, they can see it in their account. The exchange has access to this wallet, but the customers don't. This is the only way they can control the funds from their end.

If hackers want to hack an exchange, they target the wallet or how to penetrate their data base and initiate withdrawals from their wallet, so it's not an individual account that's being hacked but that of the exchange wallet that is being penetrated.

Maybe they have 10 or more cold wallets where they authorise their withdrawals; if one is being emptied, the others will still be safe, but you can tell which user fund is being touched and which is not touched because they send almost all user funds to their safe.

tyz

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Quote from: OddJobsForBitcoin on January 25, 2024, 03:12:46 PM

Yeah, though I'm thinking along the line in case the hacker didn't steal from all the wallets like Mt Gox. Mine could be one of the unaccessed wallets and I wouldn't have to wait 10 years to get my coins.

I think the assumption that everyone on central exchanges has their own wallets in form of a public-private key pair is wrong. Instead, there are several larger wallets from which the public keys for many users are simply derived and only assigned to an account in a database. This can also be easily observed in block explorers. Deposits are always forwarded to central wallets from which the payout is usually made.

OddJobsForBitcoin

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Quote from: Charles-Tim on January 25, 2024, 03:06:07 PM

No private key given on centralized exchanges and that is just it. To have full control, move all your coins to a noncustodial wallet. Cold wallets are the safest.

Even if you have the private key in one way or the other, I mean on the centralized exchange that you are using, you will still not be able to recover your coins if the exchange is hacked and coins stolen

This question is kind of funny.

Yeah, though I'm thinking along the line in case the hacker didn't steal from all the wallets like Mt Gox. Mine could be one of the unaccessed wallets and I wouldn't have to wait 10 years to get my coins.

Charles-Tim

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No private key given on centralized exchanges and that is just it. To have full control, move all your coins to a noncustodial wallet. Cold wallets are the safest.

Even if you have the private key in one way or the other, I mean on the centralized exchange that you are using, you will still not be able to recover your coins if the exchange is hacked and coins stolen

This question is kind of funny.

OddJobsForBitcoin

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Why isn't there a strategy to grab the private key from the exchange. After all the bitcoins are mine. Are there ways to do this? As in, in case something happens to the exchange like Mt Gox. Why is the key accessible to a hacker but not to the owner of the coin? Why are there no exchanges giving users private keys?

Topic: Exchange Bitcoin Key (Read 307 times)