not safety without doubt.
same to any bitcoin wallets online
Topic: Is it safe to keep your coins in Bitstamp? (Read 8066 times)
Nothing is absolutely safe. And anything online , the more impossible.
As the title asks, is it safe to store your coins in Bitstamp's online wallet?
I would say no, i keep about max of $5 change in there but anything more than that would be stupid unless you can afford to loose it.History has shown us that the last place you want to store your bitcoins is on an exchange.
Im not saying Bitstamp will run off wih any customers coins but they may get hacked again and this time not be able to pay back everyone.
Best store them offline till needed.
Simple message to op:
If you don't care about liquidity but a lot about security, go for cold storage
If you care about liquidity, evaluate how much money you need regularly and maintain something like a hot wallet to satisfy needs.
As far as I know all the bitcoins were in the wallets of its users when server went back online. Overall it felt more like constructed panic so people would be very happy that bitstamp managed and they had the time to change the infrastructure with possible increase of reliability after. Its only my feeling tho..
Yes, Bitstamp refunded all the Bitcoins hacked. They were all in a hot wallet but Bitstamp paid to refund everyone out of its own pocket. At the time of the hack everyone was panicking that they had lost all their money on Bitstamp, but it worked out OK. People with coins on other hacked exchanges like Bitcoinicca and Mt Gox were not so lucky.
As the title asks, is it safe to store your coins in Bitstamp's online wallet?
I would say no, i keep about max of $5 change in there but anything more than that would be stupid unless you can afford to loose it.History has shown us that the last place you want to store your bitcoins is on an exchange.
Im not saying Bitstamp will run off wih any customers coins but they may get hacked again and this time not be able to pay back everyone.
Best store them offline till needed.
Simple message to op:
If you don't care about liquidity but a lot about security, go for cold storage
If you care about liquidity, evaluate how much money you need regularly and maintain something like a hot wallet to satisfy needs.
As far as I know all the bitcoins were in the wallets of its users when server went back online. Overall it felt more like constructed panic so people would be very happy that bitstamp managed and they had the time to change the infrastructure with possible increase of reliability after. Its only my feeling tho..
As the title asks, is it safe to store your coins in Bitstamp's online wallet?
I would say no, i keep about max of $5 change in there but anything more than that would be stupid unless you can afford to loose it.History has shown us that the last place you want to store your bitcoins is on an exchange.
Im not saying Bitstamp will run off wih any customers coins but they may get hacked again and this time not be able to pay back everyone.
Best store them offline till needed.
Simple message to op:
If you don't care about liquidity but a lot about security, go for cold storage
If you care about liquidity, evaluate how much money you need regularly and maintain something like a hot wallet to satisfy needs.
On slightly different note. How much do you believe to blockchain wallet? I quite often keep my coins there to have access to them from other devices.
it seems to be the safer one among the online wallets, but in anycase it's always better to store them on a cold storage, or a desktop/laptop that is in a isolated envyroment
Thank you. I have the same feeling. If I have to keep some online I do use Blockchain. Otherwise Armory.
On slightly different note. How much do you believe to blockchain wallet? I quite often keep my coins there to have access to them from other devices.
it seems to be the safer one among the online wallets, but in any case it's always better to store them on a cold storage, or a desktop/laptop that is in a isolated envyroment
I used to keep a lot of BTC on Bitstamp and lend them out for a small interest to other traders. I even wrote a bot that attempted to price my swap offers at what I thought was the optimal price based on the historical trend of the FRR. In the end I collected only a small amount in interest payments. I figured that it wasn't worth the risk and withdrew everything.
That's exactly what I am thinking of doing but ever since that hack I'm VERY skeptical. are you talking about bitstamp? i thought only bitfinex offered this..
On slightly different note. How much do you believe to blockchain wallet? I quite often keep my coins there to have access to them from other devices.
I would suggest using Bitcoin Armory and never keep BTC online.
i don't have much myself currently but i keep them safe in my offline wallet.
which means i have full control of my funds. exchanges have proven to be not secure enough.
which means i have full control of my funds. exchanges have proven to be not secure enough.
It is not safe but i have kept over $100+ to use the chat on a more anonymous exchange for over a year and guess what i still have my coin and dollars so it can be safe but only leave on there what you are willing to right of as a loss don't hold all your coin on there because if the day comes it will be a terrible day indeed. No harm in transferring your coin at the end of the trading day is there really? Better safe than sorry for anything over a few hundred.
The problem is, if you want to capture the sharp flash crash and buy lots of coins at a bargain price, you must have an order there with enough fiat money backing, so I usually leave some of my fiat money there, not too much bitcoins
That's what I'm trying to do.
Tell me, in the event of a hack, is the fiat safe? I would assume BTC isn't. And I don't see Bitstamp as a company that would just run off with the fiat.
I used to keep a lot of BTC on Bitstamp and lend them out for a small interest to other traders. I even wrote a bot that attempted to price my swap offers at what I thought was the optimal price based on the historical trend of the FRR. In the end I collected only a small amount in interest payments. I figured that it wasn't worth the risk and withdrew everything.
That's exactly what I am thinking of doing but ever since that hack I'm VERY skeptical.
keep it in electrum..and backup your seed/private key
The problem is, if you want to capture the sharp flash crash and buy lots of coins at a bargain price, you must have an order there with enough fiat money backing, so I usually leave some of my fiat money there, not too much bitcoins
If you're planning storing them for long time don't leave them in any exchange.
No, it's not safe. Over half of Bitcoin exchanges have failed, usually taking the coins with them.
It doesn't matter how good they seem to be. A lot of exchanges looked safe and reliable right up until you couldn't withdraw.
It doesn't matter how good they seem to be. A lot of exchanges looked safe and reliable right up until you couldn't withdraw.
it is not advisable to save bitcoin in an exchanger, because the site is very prone to hackers compromised. Better save your bitcoin at offline wallet to make it secure
Maybe he plans this due to ability to set buy/sell triggers. Still I do not think this is a smart idea.
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