Exchange or Wallet? - page 113. | Bitcointalksearch.org

eekkaa

full member

Activity: 364

Merit: 100

Quote from: Janinjo11 on February 12, 2018, 01:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

to be more secure I used to keep it in the wallet PC or wallet is more secure and I can control myself, because if you keep it in the place of exchange usually it terallu risky because it could have the market is closed and your balance will be stuck there.

Magister Magus

member

Activity: 328

Merit: 39

Well, it's the same question if is it better to put your money in a bank or to keep them hidden somewhere at home.
At home they can be stolen by thieves, you can lose them, the home can burn, and so on, but it's under your control.
In an bank they are apparently more protected, but even the bank can bankrupt!

So, this is with crypto: if you have confidence that no one can hack your computer, or that you won't lose your keys and so on, it's a good idea to use wallets, but be careful because you don't have any protection.

In an exchange, usually you're safe, but if the site is hacked or it simply disappears, you won't have any control about the situation.

Alf Brur

jr. member

Activity: 51

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Keep tokens on the exchange only in case of speculation. In case of long-term holding keep it on wallets. Try to have desk-top wallets and Ledger because online wallets are also not reliable.

cool_hikaru

newbie

Activity: 88

Merit: 0

A local Wallet is a safer option.
That being said you need to have a backup on a physical media as data loss can account to loss of Bitcoins.
An exchange can be hacked and bitcoins drained.Although its fairly rare.Once or twice in a couple of years maybe.

billyj111

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Activity: 322

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Deal Coin - P2P Lending Eco-system

Quote from: Janinjo11 on February 12, 2018, 01:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

If you actively trade, then on the exchange, because it will be necessary to sell quickly or quickly buy coins, and if you are a holder then of course it is better wallets, because it is safer

blx18

newbie

Activity: 48

Merit: 0

Wallet and and cold storage...never keep on exchanges.

Nboramir

sr. member

Activity: 538

Merit: 250

exchange sites are better to make transactions quicker and take advantage of instant fluctuations. But from a security standpoint it seems much more accurate to keep it in your own wallet.

haracutama

newbie

Activity: 107

Merit: 0

In wallet, I suppose
An exchange is essentially a bank, with the added feature of real time exchange.
But there’s a difference: if the bank gets hacked, your personal data get stolen, but your funds are protected by insurances and transactions can be reversed.
If an exchange gets hacked you not only give away your personal data, but you lose also all your Bitcoins, and Bitcoin transactions can’t be reversed.

cherry_no1

newbie

Activity: 100

Merit: 0

For security reasons, you should keep your bitcoin on a flash drive with your wallet encrypted with a strong password. This prevents theft. Modern bitcoin theft involves inside jobs like an employee just transferring the bitcoin wallet on the exchange to a laundering service. Another form of theft is the exchange being subject to a hacking attempt which succeeds. The attacker then sends the exchange’s wallet to a laundering wallet. In the end, you would have to lawyer up and likely lose most of your bitcoin in the end. Having it encrypted on your own flash drive avoids trusting the world with your bitcoin.

Obi2024

full member

Activity: 364

Merit: 102

Quote from: Janinjo11 on February 12, 2018, 01:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

Why do you want to leave your fund on the exchange when you are not trading with it, it is always better to keep your coin in a wallet which you have control of the private key for the safety of your crypto coin.

ArtiSHOCK

newbie

Activity: 45

Merit: 0

I prefer the wallet. This is a reliable storage of your funds for the long term. Exchanges tend to be closed..

adrianto1995

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Activity: 714

Merit: 160

Quote from: Janinjo11 on February 12, 2018, 01:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

For Bitcoin and Ethereum i'm prefer to keep on My trusted exchanger and for all my Tokens i'm prefer to keep on MEW and then for all my coins i'm prefer to keep on QT wallet...
You asset will be fine and safe if you can still control it...

AlexOnix

member

Activity: 196

Merit: 10

Quote from: gustavroy on March 03, 2018, 01:36:43 PM

everybody wants to keep their own tokens at the wallet but I don't want to pay exchanges withdrawal comission.But I use safe exchanges like bitter

Well this is not a fact that they are safe. how many times hacked exchanges and exchangers. And how many times did the money for them hang.

brianna isa

newbie

Activity: 87

Merit: 0

Leaving your Bitcoin on an exchange is not considered a safe way to store your Bitcoins because exchanges are a huge target for hackers and are consistently under attack.
One of the best options for bitcoin storage and security is a bitcoin hardware wallet

gustavroy

full member

Activity: 450

Merit: 122

everybody wants to keep their own tokens at the wallet but I don't want to pay exchanges withdrawal comission.But I use safe exchanges like bitter

almtu

newbie

Activity: 140

Merit: 0

To let your coin stay in your wallet exchange if your wallet is off line. Maybe the best is keep your coin in both to avoid instant lose if there will happen to one wallet.

Wicked17

full member

Activity: 476

Merit: 107

Quote from: Janinjo11 on February 12, 2018, 01:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

Do not store coins in an exchange if you are not going to trade it. There is a big chance for your coins to loss once the exchange is been hacked or having a big problem. Only put coins in exchange if you are going to trade it and withdraw it immediately in an external wallet that you hold the private keys once you are done trading.

Imfinnabeon

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Activity: 238

Merit: 101

Decentralize The $15-Trillion Global Trade Industr

Open wallet for every coin and its not even close man. The only way I wouldn't open a wallet if it was a web wallet and that was the only option. Because in the past I have had massive troubles with web wallets, and I veer away from them now.

zafmine

newbie

Activity: 121

Merit: 0

Without a doubt, keep it in a wallet you control. Only keep bitcoin on an exchange while you’re trading. Only keep bitcoin on an exchange that you’re willing to gamble and lose. Only keep bitcoin on an exchange that you’re willing to see disappear if the exchange were to get hacked or vanish. The only safe place to store your bitcoin is in a wallet you control.

realcrypto

member

Activity: 476

Merit: 12

Exchangers is the worst place to keep your coin. your coin can easily be stolen. please keep your coin in wallet where you have the private key.

Topic: Exchange or Wallet? - page 113. (Read 8740 times)