Topic: I don't believe you - page 5. (Read 1182 times)

Exchange existed to render their services to crypto users around the world and you need to deposit your bitcoin into the exchange wallet for easier trading or swapping into other crypto assets or Fiat currency.

I have never heard that you can lose your bitcoin when you send it to a particular bitcoin address as far as you are sending it to the right address your bitcoin will not go missing so therefore, it is expected that the Bitcoin will arrive safely to the address that you sent the bitcoin to.

As for trusting the owner of the crypto exchange or not that is why we have decentralized exchange where you don't need to deposit your bitcoin into any third-party address, if that's what you are looking for then there are many decentralized exchnages this day that will serve you right.

Are you kidding? Nobody trades bitcoins for bitcoins, Nobody trades apples for apples, Nobody trades oranges for oranges.

Everything that has value can be exchanged for other products. You don't like banks, you don't like crypto exchanges, what are you going to use? If there were no crypto exchanges then bitcoin would not be in demand.

Bitcoin is an asset, so people save bitcoin for price increases. Bitcoin is a currency, so people need an exchange to get bitcoins.

If you think I understudy, that's true. Please recommend me what book to read? What economics concepts should I learn?

There must be only 2 main reasons to deposit your Bitcoin to crypto exchanges. First one is to trade. Exchanges are the most convenient way to sell or buy Bitcoin. I don't trust other options. Second reason is to generate extra money through "earn" schemes. I personally disliked using exchanges to deposit money. I preferred hardware wallets. So OP is definitely right with it. Crypto investors should hold their coins at hardware wallets. But I think it can be benefiting to hold coins at earn schemes of exchanges too if you feel safe enough.

Well this is a interesting way to think about it. We do not know the owner and we must trust the exchanges to not run with our funds after we have sent our funds to them.  
There is at least 200 crypto exchanges that will take your funds to trade with. It is up to us to do our research in the ones we can trust. For me it is only the top 4 I will use for my trades, Binance, Coinbase, Kraken, and Kucoin.
These are most popular and most volume then the others. If we send our funds to a exchange like Coinjar and Coinhub, we are taking a big risk.   https://coinmarketcap.com/rankings/exchanges/

As much as I agree with your statement, we still never know what CZ is even thinking in the future, considering that most of us don't know him personally nor his plans nor what he is thinking right now.

I used Binance before and had no problems when I day traded there, but that does not mean that I would entrust my whole savings to an exchange that could either be hacked or be zeroed by an insider. We can't literally just trust anyone here in the internet.

Sure, not all exchanges will scam you, but the question is, do you trust the people behind the exchange to keep safe your money? Aside from the claims of people around the internet that you don't even know who they are in real life, what's our ground that the exchange will not freeze your funds and run away with you left in dust?

I am not talking shit about exchanges, and I would still use their service if I decided to day trade once again but I am just being real on why should we trust too much about something that we don't know who's behind it.

I get it, people only knew the owner through their name and faces but in person everyone of us here do not know who they really are. And yeah nothing guarantees that your bitcoin will safely land into your wallet, that is the main reason why most of us here do not recommend storing your assets in an exchange. However, it is inevitable not to use the exchange when you want to trade your crypto for another crypto, most especially for the regular traders. So, the moment you decide to move some asset to an exchange that's where the risks begins right before you make a trade.
Exchange is not a bank though, so don't store and save your bitcoins there.

I'm always curious, who is talking badly about centralized exchanges every day? Are they quietly using it behind our backs? Because as we all know, fiat is still the world's main currency, and not too many countries accept bitcoin as a payment method. If we don't use the exchange, how to convert fiat and bitcoin? I agree with many people that we should not store our bitcoins on exchanges, it is too risky to hand over our bitcoins to 3rd parties. But using the exchange for day to day exchanges is completely normal, not as bad as they say. Honestly, I have been using centralized exchanges since I entered the market so far, I have not had any problems.

look like you don't believe someone in the world. but why are you still here and creating posts?

I don't think so, not all exchanges will scam you, you have to choose it right, and you have to do your research and study before making a decision. Because not many stores and shops will accept Bitcoin as payment, we still need cash which we can get it by swapping it on an exchange, Yes I know we can use decentralization exchange, but is more complicated if you not tech savy, because dex exchange like Bisq still need a detailed setting which we can not directly run like centralization exchange.

So, if you don't live in El Salvador you have to change your mind now because you still need an exchange to swap it to fiat.

Kids, you are new in this world, you don't know anything, you must learn and study 1st before create a comment. you have to know if bitcoin has a value, 1 bitcoin = 1 bitcoin, I don't know why kid like you always compare bitcoin with fiat, are you sleep?

although a centralized exchange exhibits real transparency and is absolutely clear. but still we cannot entrust our assets to be stored there for a long time. because history has spoken that even the biggest exchanges can go bankrupt. But it's different if only for trading activities. So it's much more comfortable on the Exchange because sometimes the available liquidity is also much bigger than on the dex. but after finishing trading activities, immediately take it back and store it in a private wallet where only you have the private key.

There is always the possibility that when you store money on cryptocurrency exchanges, your account could be blocked or your assets frozen for whatever reason. This risk is always present - regardless of the size of the exchanges. Even if you always keep coins in your wallet and then decide to sell them and send them to an exchange - then you too can become a victim. Don't trust exchanges? Use OTC.

Well, you have the point. This basically means that wherever you put your money, there's always a risk of losing it. It's just a matter of how much risk can you tolerate. Can you and would you prefer to keep your own money? or would you let banks or centralized exchanges handle it for you? or instead, you put it on stocks or indices with the companies that you prefer? It may go bankrupt too.

Answer? Diversify. Let your money sit with whichever it is available to sit and let it grow.

Hi Not your key not your BTC,

I'm confused where to start. So, here it is ;

Do you really not trust crypto exchanges? I trust well known crypto exchanges, like binance, coinbase, etc. If there is no exchange then bitcoins are of no use. There is no single valuable asset that cannot be exchanged for money. So crypto exchanges are an important instrument for building trust in bitcoin. Bitcoin is an asset that has value, you can sell bitcoin whenever you need money.

Do you mean don't store bitcoins on exchanges? If that's what you mean, then it's true. Keep bitcoins in a secure wallet. The exchange is only used for trading activities or exchanging bitcoins for money

Don't you trust the bank? I doubt your statement. I rarely find banks going bankrupt, I've never deposited money in a small bank. So it's safe. I'm still realistic, That saving money in a bank is still safer than saving bitcoin, I don't want to go bankrupt suddenly because the price of bitcoin falls when I need money. I only keep bitcoins as an investment instrument, I still have money in the bank because it's easier to use and more stable

I think what you wrote is utopian, until recently bitcoin was not effective for payments, especially payments for small amounts, the transaction fees were too expensive. In addition, there are not many places that allow payments using bitcoin.

If you are not sure that the assets that you will enter in each exchange are safe, it is better to just put them aside. But if you know something about the research of exchanges, it is better because you will be more enlightened and you will know the owners of each exchangers because this will reduce your fear, many exchangers have high ratings that have been tested for a long time. It is better to put your assets there. But we are still not sure that our assets are safe.

But if you plan to save, it's better to put it in a private wallet to be safe, ofcourse, keep your private keys and passwords.

That's what we all do and we will continue doing that because of our own stupidity. We give our money to exchanges and they have complete control over our money. They can use it for whatever purpose they want and sometimes they can take our money and run away with it. We can't do anything because we trusted them and we lost everything because of our own innocency or stupidity. We are putting our money on exchanges willingly, and it doesn't mean that we aren't aware of the fraudulent activity of the exchanges, but still we trust them because we are naive in that particular aspect.

Instead of keeping our Bitcoin on exchanges we should keep it on safe cold software wallets that have no access to internet. But, still we think that keeping our Bitcoin on exchanges makes it easy for us to convert it back into fiat so that we can withdraw it with p2p trading method. Our minds are totally controlled and we can't do anything to run away from those controlling forces. I think we should rethink about our naive decisions and fix all our faults that we made when we kept our money in exchanges. It's always better to keep the investments on a safe place and in case of Bitcoin a cold wallet is the safest option.

Receiving salary in the form of Bitcoin or any other crypto-currency is another thing and we can surely use exchange wallets for that purpose and then we can convert it to fiat with p2p trading method, and withdraw the money as soon as we possibly can. In that particular area exchanges are good for us, but as a wallet to keep our long term investments with them is the worst form of stupidity. We should avoid exchanges for Hodling our coins because they can freeze it or run away with it when it grows huge in value.

. Even the persons you know, close friends and family still get to use your money as the wish when it's in their disposal..

You just have to find a way to trust someone or something, the worst may occur and the best can still happen, we never know.

My answer to the above question is if the exchange is reputable using strong security measures to protect users' funds using a direct example myself, I have deposited some of my BTC on the Nominex Platform so far it has been safe.


I have no doubts that the technology underlying Bitcoin, the blockchain, offers a transparent and immutable ledger of transactions. Once a transaction is confirmed on the blockchain, it becomes part of a permanent, publicly verifiable record. This transparency reduces the risk of funds being misused or taken by exchange owners without being detected.


While it is true that there are concerns about exchanges going bankrupt or their owners fleeing abroad, the cryptocurrency ecosystem is made up of many exchanges. Users can reduce risk by diversifying their holdings across several leading exchanges, reducing their exposure to a single point of failure. meaning users can choose an exchange with a strong track record for nothing but the risk of an accidental collapse

and one of the other options, namely Decentralization and Self-Custody, where Some individuals have the option of choosing to retain control of their funds by using a self-custody option, such as a hardware wallet or software wallet where they hold their private keys.

like the origin of the human race, do you know? And you are still a human being in this world, there are problems that I find really questionable. It takes time, trust is built on different experiences, there will be no problems. Bitcoin was born and talked about the problems of the world economy being too centralized, those who have been, are and will use it will realize the value it provides. And the point here is that I see it as a tool in life, and the use of it by people as a service for life is convenient for each individual and common purpose.

Some people I know who still put their money on centralized exchanges are traders, and their assets are not only bitcoins but lots of altcoins and shitcoins. Furthermore, for a trader, profits come from trading, and if they don't use CEX, they have no other choice, or the constant deposit and withdrawal is not a perfect solution. Therefore, they are willing to accept the risk of leaving their assets on the exchange. Also for long term holders, I really don't see anyone leaving their money on exchanges.

This is the reason why I keep saving Bitcoin on a potential wallet which is safe and secure for short and long term holding than bank because bank people will be collecting interest from your money you save with them either monthly or yearly but it cannot happen to Bitcoin. Saving your Bitcoin in a potential exchange is very important to investors, because many people has experienced a lot of scam from some exchange that made them to lose their money because they didn't verify before saying their coins in a particular exchange. Where you save your bitcoins will determine if you will be happy or not because if you save your bitcoins in a scam exchange you will not be happy through out your saving.