NEver keep all your coins on an exchange - page 11.

Deep1

newbie

Activity: 44

Merit: 0

Quote from: thejaytiesto on November 03, 2016, 08:12:11 AM

This is still the most common mistake among newbies. People buy their bitcoins on coinbase, circle, or any of those sites, and they almost never do any other research than that, they think they are set and it's safe to leave the coins on there. Those people will learn the hard way.

Referring to what you say "newbies", im not newbie in bitcoin, I used it around 2012-14, just didn't use it the last years, infact I have joined this site before you did Tongue

Anyways, the money I have on coinbase is just for spending purpose and not keeping.

smho_16

sr. member

Activity: 420

Merit: 250

Keeping money in an exchange is the same as using an online web wallet. Not much differences between the 2 in the sense that both can be hacked, both can be ddosed and many other things which hackers know better. It is an advice not from me but from the most experienced users of the forum to keep only the amount you trade in the exchange and once you finish immediately withdraw your coins. When you want to trade again you can deposit at that time.

Deep1

newbie

Activity: 44

Merit: 0

Quote from: Zadicar on November 03, 2016, 08:19:18 AM

If i were you , you should not waste your money on buying those besides you are just back up to bitcoin world you should utilize and diversify the bitcoin that you remain in previous years not on wasting them but still its your decision though to make such action because its your own money.

Keeping money on exchange sites do have really risk of lossing it.

What do you mean by waste your money? buying something from online and steam games ? If you mean so, then actually I didn't want to use debit card/paypal, when BTC option is available in many sites now.. that's why i'm using it for.. it isn't great amount either way, it is better than gambling on it.

About diversify btc, I have a reserved btc for that.

xIIImaL

legendary

Activity: 1372

Merit: 1005

Quote from: requester on November 03, 2016, 08:45:53 AM

now I am in middle of sea I can't go back to my destination and I can't head ahead for another side of the sea. I had bought blry coin because hillary Clinton is going to win electron in November and then price will rise up so I had bought lot of blry coin which worths 0.2 bitcoin and this much small amount is of great importance in my life and I can't afford to loss it.

I do not think anyone understand your point, Where Hilary is came in between bitcoin and bitcoin exchange discussion. However you tried to say something.

mastica

hero member

Activity: 938

Merit: 500

Quote from: MONKEYJUNK on November 01, 2016, 03:32:54 PM

Quote from: mastica on November 01, 2016, 02:35:43 PM

Quote from: nara1892 on November 01, 2016, 01:27:04 PM

Quote from: spazzdla on June 21, 2016, 12:14:10 PM

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

I wonder why people choose to save their coins on an exchange they can't control and they don't have the private keys instead of their own wallet they can control and they have the private keys.

before I read this thread, I have been always saving my coins on my own wallet, and it's safe. unlike exchange, I've heard an exchange was hacked. so dangerous.

Sure some exchanges arent safe for use, you should know which you must trust. People does invest into exchanges because them are the easy way to make more bitcoins taking a risk, trading does mooves a lot of bitcoins daily.

If your money isn't on your hands, so it's unsafe! That's the truth... Don't matter if an exchange(or web wallet) was safe for years and years, someday a guy can found a way to hack or well, some inside job. Trust none.

From your point of view you should have money anywhere, since in the hands you can loose then walking the street, its a dark vision to dont trust into nothing. We do need exchanges to try to get more bitcoins as well sell our altcoins, soo a trust must be build between costumer and exchange, you cant and shouldnt support new exchanges unless they build reputation for that, and ther is always the problem of hackers attacks.

requester

sr. member

Activity: 280

Merit: 250

now I am in middle of sea I can't go back to my destination and I can't head ahead for another side of the sea. I had bought blry coin because hillary Clinton is going to win electron in November and then price will rise up so I had bought lot of blry coin which worths 0.2 bitcoin and this much small amount is of great importance in my life and I can't afford to loss it.

richardsNY

legendary

Activity: 1232

Merit: 1091

Quote from: Deep1 on November 03, 2016, 06:18:06 AM

Quote from: richardsNY on November 02, 2016, 09:13:51 AM

Quote from: Deep1 on November 02, 2016, 09:04:19 AM

So Coinbase is risky to keep btc in then? I have my btc in their wallet.

It doesn't really matter what kind of exchange or wallet service you are using to store your coins in. In all cases you don't own what you actually have as the exchange or wallet service has full control over your coins. Coinbase is well insured against thefts and all that, but even while knowing that, I would never store my coins at any place beside offline where I have full control over every Satoshi that I own.

So what offline wallet do you recommend?

I have only been using Bitcoin Core so far, which is also what I recommend you and all other people to use. I however have to place one important side note - Bitcoin Core requires you to download and store the entire blockchain on your HDD. It may take one to three days to download the entire blockchain, which also depends on your connection with other nodes. If the nodes you are connected with are slow, then the whole download process will severely suffer. In most cases it only takes one day, where some people even manage to do it within 24 hours.

OpenTalkLab

sr. member

Activity: 280

Merit: 250

Some people still doing the same mistake.But i think exchange sites like Bittrex and polonix won't run with people's money.Because they got a huge team and they earning a lot everyday.It will be a bad idea for them if they want to run away with peoples money.

But still i think we should not trust anyone over internet.

Labumi

hero member

Activity: 756

Merit: 500

Quote from: Zadicar on November 03, 2016, 08:19:18 AM

Quote from: Deep1 on November 03, 2016, 07:24:27 AM

Quote from: poplolnman on November 03, 2016, 06:55:14 AM

Quote from: Deep1 on November 03, 2016, 06:18:06 AM

So what offline wallet do you recommend?

never be a good idea to store your bitcoin in third party like an online wallet and exchange , it's okay if you stored low amount only just to spend daily purpose. but if you talking a large amount storing your bitcoin on an exchange in the long term really a blunder it's has proven on how mtgox , cryptsy and bitfinex claimed hacked it should be a good example.

I have just came back to btc after 2 years, but i'm not going to keep all my BTC there, so I just have a little amount there to shop online and buy some steam games.

If i were you , you should not waste your money on buying those besides you are just back up to bitcoin world you should utilize and diversify the bitcoin that you remain in previous years not on wasting them but still its your decision though to make such action because its your own money.

Keeping money on exchange sites do have really risk of lossing it.

Basically holding the coin in exchange is a good thing. But sometimes in our site too bad in doing security so obtained is a lossing and it will become a news or bad news for us. So if we want holding the coin at the exchange then make sure that you bring more coin in a coin's appeal is in the site and using a very tight security because it could be one of the causes of loss of

just_Alice

hero member

Activity: 1274

Merit: 622

Quote from: thejaytiesto on November 03, 2016, 08:12:11 AM

This is still the most common mistake among newbies. People buy their bitcoins on coinbase, circle, or any of those sites, and they almost never do any other research than that, they think they are set and it's safe to leave the coins on there. Those people will learn the hard way.

Yeah, but sometimes it's hard to expect that someone as big and reputable as MtGox was will quit on you.

But of course no one should keep all their coins on an exchange. In fact I think not many people do that, but they still lose large amounts even if that was not all they had.

Zadicar

legendary

Activity: 1386

Merit: 1020

DGbet.fun - Crypto Sportsbook

Quote from: Deep1 on November 03, 2016, 07:24:27 AM

Quote from: poplolnman on November 03, 2016, 06:55:14 AM

Quote from: Deep1 on November 03, 2016, 06:18:06 AM

So what offline wallet do you recommend?

never be a good idea to store your bitcoin in third party like an online wallet and exchange , it's okay if you stored low amount only just to spend daily purpose. but if you talking a large amount storing your bitcoin on an exchange in the long term really a blunder it's has proven on how mtgox , cryptsy and bitfinex claimed hacked it should be a good example.

I have just came back to btc after 2 years, but i'm not going to keep all my BTC there, so I just have a little amount there to shop online and buy some steam games.

If i were you , you should not waste your money on buying those besides you are just back up to bitcoin world you should utilize and diversify the bitcoin that you remain in previous years not on wasting them but still its your decision though to make such action because its your own money.

Keeping money on exchange sites do have really risk of lossing it.

thejaytiesto

legendary

Activity: 1358

Merit: 1014

This is still the most common mistake among newbies. People buy their bitcoins on coinbase, circle, or any of those sites, and they almost never do any other research than that, they think they are set and it's safe to leave the coins on there. Those people will learn the hard way.

Deep1

newbie

Activity: 44

Merit: 0

Quote from: poplolnman on November 03, 2016, 06:55:14 AM

Quote from: Deep1 on November 03, 2016, 06:18:06 AM

So what offline wallet do you recommend?

never be a good idea to store your bitcoin in third party like an online wallet and exchange , it's okay if you stored low amount only just to spend daily purpose. but if you talking a large amount storing your bitcoin on an exchange in the long term really a blunder it's has proven on how mtgox , cryptsy and bitfinex claimed hacked it should be a good example.

I have just came back to btc after 2 years, but i'm not going to keep all my BTC there, so I just have a little amount there to shop online and buy some steam games.

poplolnman

legendary

Activity: 1442

Merit: 1008

Quote from: Deep1 on November 03, 2016, 06:18:06 AM

Quote from: richardsNY on November 02, 2016, 09:13:51 AM

Quote from: Deep1 on November 02, 2016, 09:04:19 AM

So Coinbase is risky to keep btc in then? I have my btc in their wallet.

It doesn't really matter what kind of exchange or wallet service you are using to store your coins in. In all cases you don't own what you actually have as the exchange or wallet service has full control over your coins. Coinbase is well insured against thefts and all that, but even while knowing that, I would never store my coins at any place beside offline where I have full control over every Satoshi that I own.

So what offline wallet do you recommend?

never be a good idea to store your bitcoin in third party like an online wallet and exchange , it's okay if you stored low amount only just to spend daily purpose. but if you talking a large amount storing your bitcoin on an exchange in the long term really a blunder it's has proven on how mtgox , cryptsy and bitfinex claimed hacked it should be a good example.

Deep1

newbie

Activity: 44

Merit: 0

Quote from: richardsNY on November 02, 2016, 09:13:51 AM

Quote from: Deep1 on November 02, 2016, 09:04:19 AM

So Coinbase is risky to keep btc in then? I have my btc in their wallet.

It doesn't really matter what kind of exchange or wallet service you are using to store your coins in. In all cases you don't own what you actually have as the exchange or wallet service has full control over your coins. Coinbase is well insured against thefts and all that, but even while knowing that, I would never store my coins at any place beside offline where I have full control over every Satoshi that I own.

So what offline wallet do you recommend?

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: Doamader on November 03, 2016, 05:05:29 AM

Quote from: Aamir1 on November 03, 2016, 04:48:49 AM

Quote from: Woodie on November 02, 2016, 09:07:11 AM

This is some good advice but the only problem is when you are trying to exchange your bitcoins for another currency... this confirmation waiting peroid takes long #Patience_ISSues

That should not matter if you are just exchanging them to another currency and you confirmation is taking time, but you should not just keep your bitcoins in a exchange like how you keep them in a wallet, that can create problems for you if something happens to that exchange site.

Well we do need exchanges to make our trades and investment, and sure not all exchange can get such trust, soo you need to choose yours exchanges and always try to avoid big ammounts into something new at the market.

If you're trading, then you of course can't avoid having a certain amount of coins in your exchange account for a certain period of time.

The problem is when people don't withdraw their coins after they are done with trading.

No matter how many exchanges have gone bankrupt, some people are still using exchanges as a long term storage solution. These people are really dumb.

Doamader

hero member

Activity: 756

Merit: 501

Quote from: Aamir1 on November 03, 2016, 04:48:49 AM

Quote from: Woodie on November 02, 2016, 09:07:11 AM

This is some good advice but the only problem is when you are trying to exchange your bitcoins for another currency... this confirmation waiting peroid takes long #Patience_ISSues

That should not matter if you are just exchanging them to another currency and you confirmation is taking time, but you should not just keep your bitcoins in a exchange like how you keep them in a wallet, that can create problems for you if something happens to that exchange site.

Well we do need exchanges to make our trades and investment, and sure not all exchange can get such trust, soo you need to choose yours exchanges and always try to avoid big ammounts into something new at the market.

Aamir1

hero member

Activity: 756

Merit: 500

Quote from: Woodie on November 02, 2016, 09:07:11 AM

This is some good advice but the only problem is when you are trying to exchange your bitcoins for another currency... this confirmation waiting peroid takes long #Patience_ISSues

That should not matter if you are just exchanging them to another currency and you confirmation is taking time, but you should not just keep your bitcoins in a exchange like how you keep them in a wallet, that can create problems for you if something happens to that exchange site.

Xenophoto

hero member

Activity: 826

Merit: 502

Quote from: Vinz24 on November 02, 2016, 11:43:49 PM

Quote from: pereira4 on June 21, 2016, 12:15:11 PM

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

So, how we trade if we dont put coins on an exchange site? It is a part of a risk as a trader, you wont gain anything if you dont put a thing. I'll rather risk it in exchange that put my coins of hyip/ponzi site.

It's easy, if you're going to buy a coin, then deposit your bitcoins. Transfer the altcoin into your wallet. If you're going to sell an altcoin, deposit it the exchange site and then withdraw the bitcoin that you'll get afterwards. There might be some transaction fees for doing so but it's better to pay a small amount of money to be safe than to not pay anything at all and be unsafe.

Vinz24

full member

Activity: 182

Merit: 100

★Bitvest.io★ Play Plinko or Invest!

Quote from: pereira4 on June 21, 2016, 12:15:11 PM

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

So, how we trade if we dont put coins on an exchange site? It is a part of a risk as a trader, you wont gain anything if you dont put a thing. I'll rather risk it in exchange that put my coins of hyip/ponzi site.

Topic: NEver keep all your coins on an exchange - page 11. (Read 25791 times)