Topic: NEver keep all your coins on an exchange (Read 25791 times)
yeah i never keep my all coin on an exchange because i like too save my bitcoins in different exchange and i think if you keep your all bitcoin in an exchange then you should face too many problem like as hacking problem or other etc .
You should listen to the title of this thread, it is correct 100 percent. The best thing to do is to find a trustworthy exchange and make quick transactions in my opinion unless, you are aware when bitcoin will drop or rise. The thing is, bitcoin is so unpredictable so you can lose/gain money depending on what time of day you exchange.
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Surely there could not be that many people storing most of their wealth on an exchange after all that has happened in the last few years. although the height of human stupidity still amazes me.
Bitcoin and cryptocurrency is just eight years with us and every process as we know, takes some getting used to. So far, most bitcoiners are well aware that an exchange, is never to be confused for a bank. Moreover, there are now history, one can fall back on, to decipher a thing or two about an exchange about to sink and make good one's escape.
Like when an exchange starts to quote rates that are totally out of range from those of other exchanges, that is when to gather all one got and take to one's heels.
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Surely there could not be that many people storing most of their wealth on an exchange after all that has happened in the last few years. although the height of human stupidity still amazes me.
It is sad to see the same mistakes are been repeated. But there are some whales who deposit some funds to trade and if they deposited it at the wrong exchange and at the wrong time, then what can we say? FATE!
People often remember MtGox, Cryptsy and the recent Bitfinex fiasco as exchange failures wher people lose coins, but they always forget to mention the Mintpal disaster. I lost coins in Mintpal and so did a lot of other people. Luckly I only lost a few random altcoins, I think it was FLT or something, some feathercoins, some worldcoins... not much in BTC, but there was a guy that lost thousands of dollars in Quark. It was a big blow for altcoin holders.
Such things happen for sure, because it is internet, though bitcoin itself is not hackable but if you are keeping them somewhere which is not completely safe as much as your wallet is then you are doing a big mistake, because you are under risk in that situation.
People often remember MtGox, Cryptsy and the recent Bitfinex fiasco as exchange failures wher people lose coins, but they always forget to mention the Mintpal disaster. I lost coins in Mintpal and so did a lot of other people. Luckly I only lost a few random altcoins, I think it was FLT or something, some feathercoins, some worldcoins... not much in BTC, but there was a guy that lost thousands of dollars in Quark. It was a big blow for altcoin holders.
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Surely there could not be that many people storing most of their wealth on an exchange after all that has happened in the last few years. although the height of human stupidity still amazes me.
Yess its the nice thing you told us but people understanding and doing wrong things again and again.
even they got the bad experience about it then also wrong decisions have been taken, in future never keep all your coins on exchange.
Yes, that's right. We can talk for a long time how it's dangerouse to keep all your coins on an exchanger and to use public Wi-Fi working with your online wallets, exchangers and e-banking. But every time will be some group of people who will be hacked and who's money will be stolen. even they got the bad experience about it then also wrong decisions have been taken, in future never keep all your coins on exchange.
Exchange wallets are only temporary wallets and most of them have only basic capabilities. On the other side if a trader has only a small amount of coins there is no reason transfer to wallet and vice versa because all of his profit will go to miners. But if he invests a respectable amount then he must keep safe his investment.
Exactly. Exchangers wallet are not ment to be permanent wallets for keeping coins like in storage. Usualy you fund them with the amount you want to exchange and trade but you don't store your Bitcoins there. They are very often target of hackers so you can easily lose your Bitcoins. Be aware.
Exchange wallets are only temporary wallets and most of them have only basic capabilities. On the other side if a trader has only a small amount of coins there is no reason transfer to wallet and vice versa because all of his profit will go to miners. But if he invests a respectable amount then he must keep safe his investment.
I think they are talking about for safety of their funds in exchange site and it is risky to stay our coin long in one exchange site better to spreading it because every year we are hearing about a news that there is exchange site was hack or down that affect almost all investors and even the price of bitcoin.. For me traders will stay kep there funds in exchange site in the wise way they are spreading it.. because they know what will happen if exchange site will hack.. it is not safe and risky but they are still keep their coins there because if there is a trend coin they can not buy instantly.. this is only for minute or daily traders. unlike for long term investment. .
Yess its the nice thing you told us but people understanding and doing wrong things again and again.
even they got the bad experience about it then also wrong decisions have been taken, in future never keep all your coins on exchange.
even they got the bad experience about it then also wrong decisions have been taken, in future never keep all your coins on exchange.
Exchange wallets are only temporary wallets and most of them have only basic capabilities. On the other side if a trader has only a small amount of coins there is no reason transfer to wallet and vice versa because all of his profit will go to miners. But if he invests a respectable amount then he must keep safe his investment.
Exactly. Exchangers wallet are not ment to be permanent wallets for keeping coins like in storage. Usualy you fund them with the amount you want to exchange and trade but you don't store your Bitcoins there. They are very often target of hackers so you can easily lose your Bitcoins. Be aware.
Exchange wallets are only temporary wallets and most of them have only basic capabilities. On the other side if a trader has only a small amount of coins there is no reason transfer to wallet and vice versa because all of his profit will go to miners. But if he invests a respectable amount then he must keep safe his investment.
Who keeps all their coins in an exchange anyways?
It is just a temporary wallet to conduct business with and should be considered only for that purpose and not a holding area for long term.
I hold all my current savings on exchanger. Because of my campaign transfers my payment there. And I don't want to pay taxes to the site to transfer my bitcoins on my wallet and then again pay tax to move my coins to exchanger back to withdraw it.It is just a temporary wallet to conduct business with and should be considered only for that purpose and not a holding area for long term.
Just wait until it reaches a large enough amount then transfer it out to your web wallet.
Who keeps all their coins in an exchange anyways?
It is just a temporary wallet to conduct business with and should be considered only for that purpose and not a holding area for long term.
I hold all my current savings on exchanger. Because of my campaign transfers my payment there. And I don't want to pay taxes to the site to transfer my bitcoins on my wallet and then again pay tax to move my coins to exchanger back to withdraw it.It is just a temporary wallet to conduct business with and should be considered only for that purpose and not a holding area for long term.
Just wait until it reaches a large enough amount then transfer it out to your web wallet.
As there is a saying that never invest all your money under one scheme in the same way never keeps all your coins under one exchange or wallet. Depends if you do not hold much btc then you can keep it, else have the couple of wallets and store them in that, else go for offline wallet to be the safest.
I think it depends on the exchanger site. Because I'm always leaving my altcoins in c-cex but it never lost. It would be better if you will leave your bitcoins or altcoins in some legit exchangers like c-cex and yobit to be sure that your bitcoin or altcoin would never be lost or get stolen maybe.
Is c-cex or yobit more legit than poloniex?
You have got to be joking right? Them two exchanges are scam exchanges and poloniex is the most trusted alt exchange.
I definitely agree that Poloniex is the most solid and respected altcoin exchange in the market, but that doesn't mean other exchanges are scams. Yobit has a horrible support service, which might even take much longer to reply or solve open tickets compared to other exchanges, but that doesn't make it a scam. I can't really comment on C-Cex as I simply don't have much information about this exchange, but from the looks, just as is the case with Yobit, there are a whole bunch of shit coins listed for the sole purpose of earning money. Every fake dev and its shill supporters are looking to buy themselves a position on various exchanges to dump their worthless coins on rookies.
Well i agree with your statements in the general, i just trust into poloniex at the moment its my only exchange, yobit is being used for several devs that wanna to scam, soo they play the pump and dump, the support is something they are taking care nowadays, they hired and moderator atleast, the funny thing is you have or can tip those person for he makes his work.
Bitfinex were an example about what not to do, trust all your coins into one single exchange, but since i do own a small number of bitcoins, loosing them at poloniex at the moment i doubt can happen, but if happens i know the risks i were taking.
Yes already I had learnt lesson from exchange site. Exchange site are always on their way to loot money especially those site which are less trusted and sometimes more truthful site also runs away with money. They don't have mercy.
That is why we must be choosy to the exchange sites that we are going to invest to. There are poor exchange sites and almost no user and only shitcoins are existing. We must choose exchanger that have already established its name on the market they are less likely to scam you. We must read reviews, trust ratings and the years of existence of an exchanger before placing your coins.
yeah. we need to analize the exchange before saving coins in it. just try to look for some testimonies from those who use an exchange. when you find it good or recommended, then go ahead, but if it is not, just stop.
the point is just be careful in everything you do. think several times before doing something.
Actually is really not advised to keep your coins in an exchange. There are several fact that even legit exchange are being hacked. The worst will be if you let your account 2fa unactivated. I known someone who have no 2fa in his account and woke up one day that all his coins were hacked. I think it happens in bittrex, though it is not fault of the exchange but the user himself. If only he withdraw those coin to his wallet , that case should have been avoided.
I'ce had such a situation twice already, and it always took me a few days to get it resolved.
Of course my money was not gone, but the opportunity where I wanted to inves was.
Who keeps all their coins in an exchange anyways?
It is just a temporary wallet to conduct business with and should be considered only for that purpose and not a holding area for long term.
It is just a temporary wallet to conduct business with and should be considered only for that purpose and not a holding area for long term.
Sadly there are some users who keep their bitcoins at exchanges with the expections of earning interest (which is usually around 0.0033% daily) but they do not understand the fact that the risk they are taking is actually 100% since we have already experienced the hacking incidents but still there are few users, they ignore precautions.
Yes already I had learnt lesson from exchange site. Exchange site are always on their way to loot money especially those site which are less trusted and sometimes more truthful site also runs away with money. They don't have mercy.
That is why we must be choosy to the exchange sites that we are going to invest to. There are poor exchange sites and almost no user and only shitcoins are existing. We must choose exchanger that have already established its name on the market they are less likely to scam you. We must read reviews, trust ratings and the years of existence of an exchanger before placing your coins.
yeah. we need to analize the exchange before saving coins in it. just try to look for some testimonies from those who use an exchange. when you find it good or recommended, then go ahead, but if it is not, just stop.
the point is just be careful in everything you do. think several times before doing something.
Actually is really not advised to keep your coins in an exchange. There are several fact that even legit exchange are being hacked. The worst will be if you let your account 2fa unactivated. I known someone who have no 2fa in his account and woke up one day that all his coins were hacked. I think it happens in bittrex, though it is not fault of the exchange but the user himself. If only he withdraw those coin to his wallet , that case should have been avoided.
I think 2fa is not the only reason why your friend's account in an exchange got hacked. His email is also unsecured too. Befofre you can withdraw on those exchanges you need to confirm it via email. If you will change the email in that account you would still confirm it to your current email.
Jump to: