Leave Bitcoin in Exchange? - page 2.

teilwalL05

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Quote from: Lancusters on September 29, 2017, 08:51:31 AM

$ 200 is a small amount. I understand that maybe you are from a poor country and therefore for you is an asset. I think you need to think about where to store your bitcoins. You need to think about where to invest the money to earn income.

0.05 Bitcoin is not a bad investment to start with I think that there are plenty of things to can do with it, and the number 1 thing to do in earning with it is trading I think a small portion in trading can surely make a good earning with it, well the surely thing to do is find an appropriate Altcoins that you can make a trade with and the cheapest one to start in trading.

okissabam

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The safest thing for you to do would be to place your Bitcoin in a hardware wallet or an offline wallet where no one will be able to access it unless you would want to because you have the keys. Storing them in an exchange can be hacked so it is like giving the hackers and idea for them to get more money out of the people but if you don't have any choice though, make sure the exchange site you are storing your bitcoin with has a 2fa.

millgates

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Activity: 714

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Quote from: ilRena on September 14, 2017, 11:43:36 AM

Some people says that the wrost thing to do is leave your bitcoins in some exchange.
I have 200 usd of btcs in Payeer, it is a online wallet but it also has a exchange.

Do you recommend to me to move this bitcoin to a wallet like Electrum?

What is the name of that online wallet, before you decide to use online wallet for store you bitcoin you have to make a research to find the best online wallet with a big brand name, and credibility that thrusted by people. If the wallet that you used is thrusted enough so it is fibe for you to store your bitcoin there. But do not store your bitcoin in exchange site if you are not use it for trading. Just to make your feel not worried all the time.

Lancusters

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Activity: 630

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$ 200 is a small amount. I understand that maybe you are from a poor country and therefore for you is an asset. I think you need to think about where to store your bitcoins. You need to think about where to invest the money to earn income.

Desscount

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ComboLabs

I like to store anywhere, as long as it is safe and associated with crypto storage. all the same to me. Different are opinions and choices.

ice18

hero member

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Yes transfer your btc in your personal wallet immediately when we say personal wallet you can control it the way you like to spend it anytime you want the wallet that you can kept your private keys for security reasons to protect your funds Dont leave your bitcoins in exchange for a long time you can control it.

chesegrinder

full member

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it is better to move your bitcoin on a hard wallet or cold wallet where you can hold your private key like electrum. It is very risky to store your money on exchange as you dont know where they are, who they are and also it is prone to hack. Every single minute there are hackers that attempt to hack those exchange and a single shot of there will cause huge lost on the ex changers admin and also you. Better to move it every time you're done on the site.

Boseda

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Activity: 448

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Quote from: ilRena on September 14, 2017, 11:43:36 AM

Some people says that the wrost thing to do is leave your bitcoins in some exchange.
I have 200 usd of btcs in Payeer, it is a online wallet but it also has a exchange.

Do you recommend to me to move this bitcoin to a wallet like Electrum?

Yes, it is always safer to have control of your money. If you put your money on exchanges, they will control it and thus you have many ways to lose it. For example, they could get hacked. Or they could simply disappear with users' money. Too risky in my opinion.

There are exchanges safer and more reliable than others though... and also 200$ is not so much.

zekeshawn

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Activity: 254

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If you only have few amount of bitcoin stash then its okay to leave that in the exchange or maybe online wallet so that you won't keep paying for the fees if you want to trade and then put it back in your wallet.

cryptobiker

newbie

Activity: 39

Merit: 0

If its a reputable exchange, then probably they are taking care of the security measures like moving your assets to cold wallet etc.. I have been dealing mainly with Polo since feb 2016 and I still have allot storred in BTC there, never had an issue ever with them, smooth withdrawals with zero problem when transferring to Node wallet.

suryati

sr. member

Activity: 658

Merit: 251

I think it should be moved to a wallet that has a key and password that can only be opened by our own, because if we put in the exchanger there is likely to be burned when the exchanger close or hacked, and keep your key and password in a safe place.

Bilbo Baggins

newbie

Activity: 42

Merit: 0

It depends what you're aiming to do with your bitcoins, if you're storing them for future use, I suggest you move them to a safer wallet.

But if you intentions is to use them one way or another, no harm will be done if you keep them there for a little while.

xCryptoManiaX

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I've kept my monet on Bittrex for super long time, have 2FA - for now I've had no problems with them.

pugman

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dogs are cute.

Quote from: ilRena on September 14, 2017, 11:43:36 AM

Some people says that the wrost thing to do is leave your bitcoins in some exchange.
I have 200 usd of btcs in Payeer, it is a online wallet but it also has a exchange.

Do you recommend to me to move this bitcoin to a wallet like Electrum?

If you keep your coins like in exchanges like bittrex or poloniex or hitbtc or bitfinex etc you won't be having a problem. But it's always suggested that you keep your coins in a hard ware wallet for security purposes because exchanges might have be hacked or scam or something else, you cannot predict what will happen and when it will happen. So that's why hardware wallets are the best.

cyberChevan

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Quote from: ilRena on September 14, 2017, 11:43:36 AM

Some people says that the wrost thing to do is leave your bitcoins in some exchange.
I have 200 usd of btcs in Payeer, it is a online wallet but it also has a exchange.

Do you recommend to me to move this bitcoin to a wallet like Electrum?

Yes, leaving your coins in an exchange in the worst thing to do. This is because they are not secured enough. The owner of the exchange can easily ran with your coins. Or some hackers hack into the site's server and take all the funds. The best way to keep your funds is to have them in a wallet where you control your private key. If you can store them in a hardware wallet, that is much better.

Herbert2020

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despite common belief which is being repeated to death, you are sometimes forced to keep bitcoin/money on exchanges. the correct suggestion is not to keep bitcoin there for more than necessary. because an exchange is used by a trader and as a trader you would want to have your funds ready or even in many cases to hold them in open orders like placing a buy order at a low price which you are expecting to be reached but not last. or placing stop loss orders and a lot of things like that.
but if you are not trading then you must move the funds out of exchange.

skorupi17

sr. member

Activity: 490

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Quote from: ilRena on September 14, 2017, 11:43:36 AM

Some people says that the wrost thing to do is leave your bitcoins in some exchange.
I have 200 usd of btcs in Payeer, it is a online wallet but it also has a exchange.

Do you recommend to me to move this bitcoin to a wallet like Electrum?

Leaving Bitcoin or any type of cryptocurrency in an exchange or an online wallet or even in other third party is very risky. Very risky in a way that they can easily get your asset or someone might hack into their servers and get all the asset they manage, including yours. So it is best to keep your funds in a wallet where you control your private key. That way, your wallet will be secured.

nicosey

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I use exchanges like a checking account for day to day spending. I accept the risk, but the amount is low so its fine and practical.

hypersonic1

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Endless Horizons!

Another way to look at whether you should keep your money in an exchange is if it is insured. Some are good for the entire balance of their customer base in USD. In such a case you can rest fairly easy even in the event of a major breach in security. Just understand that in such a case said exchange would go through a process that may take months before you see it again. In general if you are simply holding and not trading, put it in cold storage or put it to work through trusted lending or interest sites.

I like what some of the previousposter said about keeping a certain ammount liquid for those fast trades and unpredictable scenarios.

Kakmakr

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$200 is not really a big amount, so it should not break the bank, if you lost it. < Depending on your financial status > I always keep a small amount on the exchanges to strike the iron, whilst it is hot. In some instances I missed opportunities to sell at very high prices, because I moved coins to cold storage and it took time to get it back on. < due to congested MemPool >

So you want some flesh in the game, when the price goes wild, but not too much to lose a bunch of money or Bitcoins, when these exchanges gets hacked. ^smile^

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