I don't believe you - page 3. | Bitcointalksearch.org

Finestream

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Quote from: Not your key not your BTC on June 17, 2023, 08:51:10 PM

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

You don’t need to deposit your bitcoin in an exchange all the time. Crypto exchange is only useful if you want to do some trading, but if you are just hodling your bitcoin for long term, then stay away from trusting exchanges as they can steal your bitcoin when you least expect it. The reason why we have to trust our own bank by creating non custodial wallet, that way no matter how long we intend to keep our bitcoin, as long as we never disclose our seed phrase, our funds will forever be safe.

southerngentuk

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Everything is always risky; you cannot be sure whether holding your assets on current major exchanges like Binance or Coinbase is safe or not. But because they are current exchanges and have had a fairly long history compared to the history of cryptocurrency, they are preferred by everyone. In addition, the rewards or bonus programs are also what attract many users to it. It is true that many things are attractive, but looking at the past, when a certain exchange encountered FUD, the problem of massive users withdrawing money from the exchange was quite painful. In addition, there may be delays in payments, user accounts may be banned, and assets may be lost. I have come across such cases with Binance assets. So while it may be good, don't put all your money on the exchange.

mamesso

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Quote from: Not your key not your BTC on June 17, 2023, 08:51:10 PM

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

No one can guarantee that our funds will arrive safely at centralized exchanges. Although no crypto exchange is completely safe, we can rest easy on the oldest crypto exchange that has been running the longest, and has the most users, the security policy on the website is a reference for us to trade there.
It is very important to choose centralized exchanges under the supervision of a crypto asset trading regulator as it can help address many concerns about asset safety. Choosing centralized exchanges that are supported by regulators will create a very healthy, efficient, effective and transparent crypto ecosystem climate for crypto investors.
Keep in mind, we are only limited to exchanging there, not to store assets.

Swordsoffreedom

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Quote from: salad daging on June 25, 2023, 12:58:40 PM

Quote from: Not your key not your BTC on June 23, 2023, 02:24:42 AM

I don't keep the fiat. All my fiat just converted to btc.
I am save.

Then what about your daily life and other needs, of course it requires fiat?
So all savings funds are converted to BTC?

I really don't believe what OP says unless OP is from El Salvador, where bitcoin is recognized as legal tender. In addition, no country has yet to use bitcoin as an official currency or method of payment, most countries have accepted bitcoin as an asset and commodity. There have also been a few people claiming they don't use fiat money, don't use banks and their entire assets are bitcoin, but no one has provided any proof.

Quote from: salad daging on June 25, 2023, 12:58:40 PM

Quote from: bayu7adi on June 25, 2023, 06:51:05 AM

The reflection of our immense trust in entrusting our funds to an exchange lies within our reputation. Let us consider Binance, a prime example of a cryptocurrency exchange with a substantial transaction volume. Its proprietor, CZ, remains highly engaged on Twitter. Binance itself has triumphantly emerged as the most popular exchange, earning the trust of millions across the globe. Countless monetary resources have been entrusted to this exchange, and thus far, it has proven to be a secure haven.

The Binance exchange has had quite a lot of trust from these millions of users because their reputation is constantly increasing given the large volume and whales also use Binance as a repository for their assets, but the sense of security for them on this exchange does exist but not in my opinion, because how even bitcoin assets must be kept private and may not be put on the exchange we will never know a worse event will happen to avoid that then don't ever store assets on the exchange for a long time.

Admittedly, Binance is a reputable and secure exchange so far. But it is not correct to consider it a safe haven for bitcoin, there is always a risk when handing our bitcoins over to a 3rd party to manage. I do not agree to trust and hand over all bitcoins to binance.

lunnatic

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Quote from: minairia3 on June 23, 2023, 11:34:25 AM

Quote from: 19Nov16 on June 23, 2023, 08:58:31 AM

There have been many examples and cases about losing money if we save in Exchanges, I have also lost money in several exchanges, this is because I am also not active for almost 3 years because I saw the red market from 2018 until 2021, if in the total value now maybe I Loss of about $ 1000, some exchanges closed service such as Livecoin, Coinxchange, etc.

So is this your fault or the exchange's fault? I am also a market participant before 2018, but I don't even know about the 2 exchanges you are referring to. How can you put your money on exchanges that don't have any reputation when we have so many other big exchanges at that time, like Coinbase, Huobi, OKEx, and Binance? All of them exist to this day.

It's ironic that there are so many exchanges that have a good reputation and can be trusted but still choose exchanges whose reputation is even questionable,
never take a risk without a basis and it's important to remember,
as much as possible to minimize risk.

lepbagong

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actually I also think like you, but because all of this is based on trust and this is with the aim of mutual benefit, it is likely that the recipient will not be disappointed for those who deposit. because they know that they too can walk and benefit from the best possible trust, between the recipient and the depositor.
but for banks it might be different, because banks usually get permission from the state to operate so that it can be ascertained that if there is abuse, then the state will be responsible. [in my country it is like that].

dothebeats

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Bottomline is, only keep what you are trading in exchanges and the rest, keep it yourself on your own wallets. Not your keys, not your coins, and it's obvious what this message wants to deliver since it has been uttered in this forum. No matter how trusted or how reputable the exchange is, no one knows when they will screw up and mess with others and keep their funds. One notable example is QuadrigaCX, with its CEO just suddenly dying in some faraway country with most of the money missing. That could happen at any time without us knowing, especially if we keep our funds in exchanges for a long time.

STT

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Theres a balance between the profits available from honest exchange and fees derived from that and not keeping all the funds available. What usually happens is fractional reserve which in crypto is a type of failure because it means the exchange cannot as easily honor all the rightful demands on its allocated funds. This outcome is far more likely that outright theft I think as its a condition which can and has been seen before exist for years, gaining ongoing fees while not actually doing the full job promised is apparently repeatedly tempting.

salad daging

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Quote from: Not your key not your BTC on June 23, 2023, 02:24:42 AM

I don't keep the fiat. All my fiat just converted to btc.
I am save.

Then what about your daily life and other needs, of course it requires fiat?
So all savings funds are converted to BTC?

Quote from: bayu7adi on June 25, 2023, 06:51:05 AM

The reflection of our immense trust in entrusting our funds to an exchange lies within our reputation. Let us consider Binance, a prime example of a cryptocurrency exchange with a substantial transaction volume. Its proprietor, CZ, remains highly engaged on Twitter. Binance itself has triumphantly emerged as the most popular exchange, earning the trust of millions across the globe. Countless monetary resources have been entrusted to this exchange, and thus far, it has proven to be a secure haven.

The Binance exchange has had quite a lot of trust from these millions of users because their reputation is constantly increasing given the large volume and whales also use Binance as a repository for their assets, but the sense of security for them on this exchange does exist but not in my opinion, because how even bitcoin assets must be kept private and may not be put on the exchange we will never know a worse event will happen to avoid that then don't ever store assets on the exchange for a long time.

Oneandpure

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Looks the OP not really trusted with exchange market for saving his assets, but don't blame about important function from exchange market how to make your assets it worth and has valueable, I don't have ideas for selling Bitcoin or altcoin without get cryptocurrency exchange service. Exchange market like placed for us interaction each other between seller and buyer for selling our cryptocurrency assets, but when we blame with exchange function and claime there is not safing place for holding assets how to make our crypto become cash assets or withdrawing to the Bank.

Its true not all exchange are safe, but be selective when holding cryptocurrency assets in which one most trust and safe exchange market.

bayu7adi

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dont be greedy

The reflection of our immense trust in entrusting our funds to an exchange lies within our reputation. Let us consider Binance, a prime example of a cryptocurrency exchange with a substantial transaction volume. Its proprietor, CZ, remains highly engaged on Twitter. Binance itself has triumphantly emerged as the most popular exchange, earning the trust of millions across the globe. Countless monetary resources have been entrusted to this exchange, and thus far, it has proven to be a secure haven.

If one remains distrustful of others and insists on hoarding their own wealth, they shall remain oblivious to the risks. However, it is crucial to acknowledge that risk is a fundamental prerequisite for personal growth.

Texac

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Quote from: Not your key not your BTC on June 25, 2023, 02:47:48 AM

Quote from: Gulttam2a2 on June 24, 2023, 08:47:36 AM

Bankruptcy is not easy. A bank can get permission from the government and then open a bank. It's not like you go and open the bank. Bitcoin is different. Bitcoin is an online platform. We know what or who created Bitcoin. Bitcoin has been around for many years and many people have invested in it and own a lot of wealth. If you have doubts in your mind you can withdraw it and put it in the bank after investing. But what if the bank goes bankrupt. In my opinion you must have faith in your mind there will be no doubt.

Yes but i often to hear bank hold your money, cant witdraw and do transactions

Does that mean you've only heard from others and have never been in that situation? to be honest, I have been using the bank for more than 30 years and have not had any problems with the bank, such as stopping withdrawals or being unable to transact...Maybe it will happen to some banks but not all, and have you ever wondered? if banks hold people's money and can't withdraw or steal our money, why do many people still use banks? we should have fair comparisons and analysis between bitcoin and banks instead of focusing on smearing one to enhance the other.

Not your key not your BTC

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Quote from: Gulttam2a2 on June 24, 2023, 08:47:36 AM

Bankruptcy is not easy. A bank can get permission from the government and then open a bank. It's not like you go and open the bank. Bitcoin is different. Bitcoin is an online platform. We know what or who created Bitcoin. Bitcoin has been around for many years and many people have invested in it and own a lot of wealth. If you have doubts in your mind you can withdraw it and put it in the bank after investing. But what if the bank goes bankrupt. In my opinion you must have faith in your mind there will be no doubt.

Yes but i often to hear bank hold your money, cant witdraw and do transactions

Gulttam2a2

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Bankruptcy is not easy. A bank can get permission from the government and then open a bank. It's not like you go and open the bank. Bitcoin is different. Bitcoin is an online platform. We know what or who created Bitcoin. Bitcoin has been around for many years and many people have invested in it and own a lot of wealth. If you have doubts in your mind you can withdraw it and put it in the bank after investing. But what if the bank goes bankrupt. In my opinion you must have faith in your mind there will be no doubt.

Cling18

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Quote from: Halime Anatolia on June 23, 2023, 08:58:15 AM

Quote from: Not your key not your BTC on June 17, 2023, 08:51:10 PM

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

When you use Bitcoin, it is quite safe and difficult for the owner to snatch it. Blockchain technology makes everything transparent and secure. Every transaction is logged, so you can see if your Bitcoins reach you. The fancy crypto stuff ensures the transaction is legit. Well, what you need to do is make sure you use a secure wallet and keep your private keys safe that way, you are in control of your Bitcoins, and no one can mess with it.

In the blockchain technology, you're the one who is in control of accessing your funds as long as you alone have the access on it and if you're storing them in a safer wallet. You can actually track your transaction if you're having doubts. If you seek assurance, when it comes to storing, you better keep your funds in a safer wallet and not on exchanges because you still don't know the possible things that might happen. You can use your personal blockchain wallet or a hard wallet to assure that your assets are safe. Even huge and reputable exchanges are still prone to hacking so you must be wise to rule your funds.
Putting funds in exchanges will only be safe for a short term period or for transaction purposes only especially if you're doing trading. Exchanges these days have strong security systems but we shouldn't be too confident because scammers and hackers are also getting smarter each day.

erep

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Quote from: minairia3 on June 23, 2023, 11:34:25 AM

So is this your fault or the exchange's fault? I am also a market participant before 2018, but I don't even know about the 2 exchanges you are referring to.

The first mistake was that the market participant had placed assets with a third party for long-term asset holding and the second mistake was that he did not regularly review the reputation of the exchange to withdraw funds when the exchange had identified suspicious acts and irregularities in asset management.

Quote

How can you put your money on exchanges that don't have any reputation when we have so many other big exchanges at that time, like Coinbase, Huobi, OKEx, and Binance? All of them exist to this day.

The review of exchange reputation factors is not to convince us to keep long term assets in any exchange because you can never be the owner can control the private keys of your assets and you have to seek approval from the exchange for the withdrawal of your personal assets, the risk of asset security is not guaranteed due to the exchange can be hacked then the user's assets can be lost permanently unless the exchange team replaces from the reserve fund to cover the users losses. So you have to be wise in managing assets in your personal wallet and whenever you can use these assets without being related to exchanges and anyone.

minairia3

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Quote from: 19Nov16 on June 23, 2023, 08:58:31 AM

There have been many examples and cases about losing money if we save in Exchanges, I have also lost money in several exchanges, this is because I am also not active for almost 3 years because I saw the red market from 2018 until 2021, if in the total value now maybe I Loss of about $ 1000, some exchanges closed service such as Livecoin, Coinxchange, etc.

So is this your fault or the exchange's fault? I am also a market participant before 2018, but I don't even know about the 2 exchanges you are referring to. How can you put your money on exchanges that don't have any reputation when we have so many other big exchanges at that time, like Coinbase, Huobi, OKEx, and Binance? All of them exist to this day.

19Nov16

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There have been many examples and cases about losing money if we save in Exchanges, I have also lost money in several exchanges, this is because I am also not active for almost 3 years because I saw the red market from 2018 until 2021, if in the total value now maybe I Loss of about $ 1000, some exchanges closed service such as Livecoin, Coinxchange, etc.

Halime Anatolia

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Quote from: Not your key not your BTC on June 17, 2023, 08:51:10 PM

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

When you use Bitcoin, it is quite safe and difficult for the owner to snatch it. Blockchain technology makes everything transparent and secure. Every transaction is logged, so you can see if your Bitcoins reach you. The fancy crypto stuff ensures the transaction is legit. Well, what you need to do is make sure you use a secure wallet and keep your private keys safe that way, you are in control of your Bitcoins, and no one can mess with it.

uswa56

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Quote from: Paul Pogba on June 23, 2023, 05:41:37 AM

Quote from: Not your key not your BTC on June 17, 2023, 08:51:10 PM

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

I've had real experience that the assets I saved in Kucoin were lost, in 2018 I was active on the Kucoin exchange, then early 2019 until the end of 2021 or more than 2 years I was inactive but still left some altcoins like the MCO Monaco Card which is now changing to CRO, ETH, BTC and so on, when I want to log in again access is denied, then when I contact the service they can complete it and can log in, but when I log in all assets are lost and the deposit address has changed, beware if we store in exchanges.

It was something unexpected and not many people experienced it so that until now the exchange is still trusted, the same goes for other things, be it banks or trust exchanges, many people are very influential for other people to follow.
In fact, I once lost money when depositing at the bank, but because it was a small amount, I was reluctant to extend this problem and the bank remained indifferent and did not care about it, but even so, it did not make me lose confidence because many other people still believe and what happened to I am a mistake that can be made by humans.

Topic: I don't believe you - page 3. (Read 1281 times)