Exchangers Are safer then Banks and wallets - page 2.

Silberman

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Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

Go talk with the people that had their coins on the FTX exchange and see if they agree with you that keeping your coins at an exchange is better than having your own wallet, now you may say that the FTX exchange and Binance are not the same and that is true, but Binance like any other centralized exchange could at some point collapse, and when that happens you are going to lose whatever money you had at the time with them.

Wakate

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All I know is that exchanges is a good source where we can exchange our cryptocurrency to our desired currency without any stress with low fee payment. There are many exchanges in the market just like Binance which is the bigger exchanges in the world. Bank holds money but crypto exchanges hold thousands of crypto coins and tokens. Since the fiat currency is fading out gradually then even the banks and big companies are finding a shelter in cryptocurrency market because this is where people attention is going and everyone wants to invest in cryptocurrency.

Yamifoud

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Quote from: Fullbear2222 on November 10, 2022, 07:26:53 AM

At least i get refund and i sleep well

Oh, really? Well, I don't understand what you mean by losses. Like in trading or when your account gets hacked?

Anyways, it was several times people are answering the disadvantage of keeping your funds in the exchanger as it was not advisable. Let us say that you get the refund now but what if the Binance wallet got hacked? Do you think they will refund you?

You can only sleep well if you have the keys to your wallet but since you don't have them and you are just relying on the security of Binance exchange, that is different. For me, I couldn't unless you are just leaving a small amount there.

rby

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Quote from: Inwestour on November 11, 2022, 06:22:06 AM

Quote from: rby on November 10, 2022, 03:02:32 PM

You are wrong but not totally wrong and you are correct but not totally correct. Some people are afraid to hold their funds by themselves. They have short memory to keep their keys well and they cannot protect their wallets from hackers. But to people who can take care of their private wallet, exchange is not the best place for them.
Some reputable exchanges refund and they have good security architecture. Binance is safe to certain level.
Generally speaking you cannot say that your money in another man's hand is safer than your money in your hand. It is not a nice thing to think about.

It seems to me that if you yourself can be responsible for your funds, then they will always be more securely protected. I don’t know, maybe some exchanges will return the stolen funds, but in any case, it will not be so easy and quickly. In addition, there will always be a possibility that the exchange will not return the stolen funds. So why create additional risks for your money?

It is additional risk mate. Holding your coin is a risk but giving it to another person who promise to refund you is riskier. If it is because of security you leave your coin in exchange you have failed. If you know know to make money, you should devote your time a bit and learn how to secure it against theft. Apart from losing your money, government can issue order to a particular exchange to close at any time. They will obey and your money will go within a twinkle of an eye.

jostorres

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Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

I am not informed about this refund thing but I think not all are covered with that and there must be strict conditions that should be followed before you qualified there. Also not all exchangers have that kind of feature but majority of them won't care if you lose your fund. They are giving disclaimers right before you use them that a user must only be responsible with their funds.

Exchanges like binance are centralized and they are not different with the common banks that we see outside but binance is better because they are dealing with cryptos. There's also wallet who are custodial but the one crypto users should use are the wallet which allows them to hold their keys.

sulendra12

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Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.

They are trying their best to do anything when something malicious attack this exchange. But still, it doesn't guarantee that you will get your money back when the attack occurs. The worst possible case is maybe they can't recover your funds and you will just cope with those losses in the future. Yes if they manage to do that. But what if the exchanges scam you, or just steal your money? Can you get a refund for that?

But wallet, especially if you have hardware wallet for instance. You can always check everything because the wallet is in your hand, so if something bad happens it's all yours to put a blame on.
Every wallet or place to put your money in are at risks to be stolen but the way people/exchanges manage to secure the money is what makes they all have differences.

Fullbear2222

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Quote from: AicecreaME on November 11, 2022, 08:01:05 AM

Not your keys, not your wallet, and most of all, that's the scariest part because you don't have any control of your funds no matter how reputable a certain exchange is. Hardware wallets and cold wallets are much safer in my opinion, because you hold your own keys and funds, I guarantee that's much better and will let you sleep at night more peaceful.

You give right to stealing ?
All the crypto business is going on exchangers not in wallets.
Futures options Are on exchangers spot trading don't Feed us but futures and options margins Are what making income.

AicecreaME

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Not your keys, not your wallet, and most of all, that's the scariest part because you don't have any control of your funds no matter how reputable a certain exchange is. Hardware wallets and cold wallets are much safer in my opinion, because you hold your own keys and funds, I guarantee that's much better and will let you sleep at night more peaceful.

Fullbear2222

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Quote from: ?? on ??

Now a days, I believe that few exchange like binance, kucoin, hitbtc are better than banks and wallets. Some secure systems are given in the exchange which is good for us. Most important thing, you should secure your private key and your wallet password or pin code.

Congrats smart comment finallly here yes you say right thing binance are better then Banks many people transfer their wealth on binance becouse it's safer then Banks becouse binance Are the crypto Center

Inwestour

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Quote from: rby on November 10, 2022, 03:02:32 PM

You are wrong but not totally wrong and you are correct but not totally correct. Some people are afraid to hold their funds by themselves. They have short memory to keep their keys well and they cannot protect their wallets from hackers. But to people who can take care of their private wallet, exchange is not the best place for them.
Some reputable exchanges refund and they have good security architecture. Binance is safe to certain level.
Generally speaking you cannot say that your money in another man's hand is safer than your money in your hand. It is not a nice thing to think about.

It seems to me that if you yourself can be responsible for your funds, then they will always be more securely protected. I don’t know, maybe some exchanges will return the stolen funds, but in any case, it will not be so easy and quickly. In addition, there will always be a possibility that the exchange will not return the stolen funds. So why create additional risks for your money?

iv4n

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Exchangers are safe nowadays, especially Binance, we saw how they handled some hacks in the past. And banks are safe as well... after all, we trust them enough to hold funds there, to "lock" our funds for the interest we can receive by saving/staking/farming features.

But it's not like we should keep everything in the exchange or the bank, "don't put all your eggs in one basket" is an old saying. Something can happen and we can't stay without access to our funds, for all sorts of reasons. It's like that when a "third party" has control in their hands, and not you!

Alisha-k

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There is no argument here i believe everyone operate based on their experience has far crypto wallet usage is concerned. If OP feels custodial wallet gives a better security and usefulness to coin then it is fine but hope there will be no future thread by same user condemning CEX in the future because it never always end the way it started something horrible will always come in to the picture

gunhell16

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Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

As far as I know, cryptocurrency is the best way to exchange money as long as you are sure of the crypto coin you are going to exchange for your capital or savings. But not to the point that the exchange platform is safer compared to the bank, Yes, Binance is one of what we can say is a stable exchange here in this field industry and is known in this business, But let's admit to ourselves that even though it is stable and among the Binance is the top exchange in the market, it has been hacked several times, although the Binance exchange system blocked it immediately so they resolved it immediately, Binance was still robbed.

In short, all exchanges in cryptocurrency still have a real risk, it's really up to us how much value we leave here, so some of us here say only leave the amount you are ready to lose, not almost all of it of your savings, put it in a crypto exchange, or if you put cryptocurrency and save it, it's better that you hold your private key or seed phrase, no one else.

noorman0

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Quote from: Fullbear2222 on November 10, 2022, 12:44:21 PM

People do business in exchangers we stake we trade we use leverage it's like NASA or hospital you cant just close it.
That's why big guys are close to exchangers binance is backed up wall Street.
If something happens then who gona belive in crypto anymore ??
If they close it they get coins and USDT but those are worthless without people who's using it.
It's a whole big crypto economy USDT USDC busd and btc and other crypto you cant just close it it went too far.

The intrinsic value of cryptocurrencies is independent of the exchanges (except for coins issued by exchanges), there are some cryptocurrencies that have an inherent utility that will not be lost by the influence of the exchange, and they still have value transacted on a p2p basis. But it is undeniable that most of today's crypto holders are traders, if the exchange problems affect prices then the market reaction is not a question of confidence, but another concern of avoiding the risk of loss due to massive selling.

rby

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Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

You are wrong but not totally wrong and you are correct but not totally correct. Some people are afraid to hold their funds by themselves. They have short memory to keep their keys well and they cannot protect their wallets from hackers. But to people who can take care of their private wallet, exchange is not the best place for them.
Some reputable exchanges refund and they have good security architecture. Binance is safe to certain level.
Generally speaking you cannot say that your money in another man's hand is safer than your money in your hand. It is not a nice thing to think about.

Issa56

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Quote from: Fullbear2222 on November 10, 2022, 02:24:51 PM

I don't want to hear this crap anymore

If you think keeping your coin on exchange is the best, then you can go ahead nobody is stopping, since you already made up your mind then you are free, it's your money, if anything happens to it then you will be the one to lose not me, so you can leave all your funds on exchange, but whenever anything happens to your money you shouldn't come here and complain.
Also am sure some newbies will be reading this post, I don't want you to mislead them.

stomachgrowls

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Quote from: ScamViruS on November 10, 2022, 12:12:13 PM

Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Exchangers like binance Are safer then banks and walllets.
Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.
Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

This is completely wrong. Binance is currently refunding their customers after any incident, as long as they have the amount of funds they were able to refund. But if they face a massive any incident that puts them in such situation then they will have no words except to say "Sorry" to their customers. Then the trader will be stuck there. So be careful and don't trust any exchange blindly, the mighty today can also be the loser tomorrow.

This is true, it would really vary on such situation because it will really be basing up on the severity of such situation whether they could able to compensate up or not.If the damage was done on bigger manner

then it would really be that hard on at least making that compensation or patching up on whats been lost.This is why its never been a good thing or ideal on trusting up 100% of these platforms.

Im aint saying that Banks and wallets are much safer but we should not make ourselves not too get blinded or being too confident on things that do happens around currently.
Everything could really happen in a snap and this is why we should really be that careful.

Myleschetty

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Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Exchangers like binance Are safer then banks and walllets.

No, genuine and experienced crypto investors will agree with you on this one because everything you said is totally false and I believe you'll ignore everything you said here in the future when you experience a worse situation with exchange like Binance.

Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Becouse If something happens they always refund losses.
Binance have done this many times and i know there someone to watch over my wealth.

This idea was created by Binance to gain the crypto community's trust but have you wondered where the fund they used to refund the losses come from? Its actually come from you because Binance charge ridiculous withdrawal fee especially for BTC.

Quote from: Fullbear2222 on November 10, 2022, 07:16:39 AM

Private wallets they can be hacked but nobody dont refund.

We live of generation of refund, in crypto main thing Are refund what i did learn about.

If rivate crypto wallet is hacked is totally though the human error of the wallet owner.

Fullbear2222

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Quote from: Issa56 on November 10, 2022, 02:01:54 PM

Quote from: Fullbear2222 on November 10, 2022, 07:26:53 AM

At least i get refund and i sleep well

I think what's happening currently to FTX exchange should have teach lot's of people not to leave their coin on exchange, the only thing I always advice people to do is to immediately transfer their coin from exchange after buying it to your non custodial wallet address, we have seen lot's of exchanges being hacked in history of crypto and lot's of people have lost their money, I think you are talking like this because you haven't experienced exchange hack before, but its really a bad advice leaving your coin on exchange.
Incase their is no hack, exchange can decide to freeze your account any moment and they will definitely give you reason that you go against their rules. Always avoid leaving your coin on exchange, anything can happen to any exchange any moment.

Refund Will be FTX have full responsebility actially the owner have liabilities.
Don't take other people money then If you cant have responsebility If your mistake you pay , it's Simple as that
People need to start Taking responsebility you cant just take money and say i just took it.

I don't want to hear this crap anymore

Issa56

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Quote from: Fullbear2222 on November 10, 2022, 07:26:53 AM

At least i get refund and i sleep well

I think what's happening currently to FTX exchange should have teach lot's of people not to leave their coin on exchange, the only thing I always advice people to do is to immediately transfer their coin from exchange after buying it to your non custodial wallet address, we have seen lot's of exchanges being hacked in history of crypto and lot's of people have lost their money, I think you are talking like this because you haven't experienced exchange hack before, but its really a bad advice leaving your coin on exchange.
Incase their is no hack, exchange can decide to freeze your account any moment and they will definitely give you reason that you go against their rules. Always avoid leaving your coin on exchange, anything can happen to any exchange any moment.

Topic: Exchangers Are safer then Banks and wallets - page 2. (Read 589 times)