This should not even be a topic anymore, I'm sure all the beginner guides to bitcoin mention it in the top 10 things not to do with bitcoin.
People will never learn though, i got a new debit card a couple of weeks ago and it actually still had written in big letters DO NOT GIVE YOUR PIN CODE TO ANYONE, i at least thought people would have learnt that one by now.
Topic: NEver keep all your coins on an exchange - page 31. (Read 25791 times)
This is finally one of the first time someone says that he never need to keep all your coins on an exchange or keep all your coins just safe.
Because coins need to roll before the price of the coin will rise so make sure you spent some.
Because coins need to roll before the price of the coin will rise so make sure you spent some.
When I'm about to do some trading I deposit my coins there, and when I am done trading I send everything back to my PC wallet where my coins are safe. I never leave them there.
That is true i agree not to keep any coins on exchange , it is better to convert it to real currency and liquidate it , or buy btc and keep it on wallet it itself . Exchange should happen only whenever you require it.
It's not good nor safe to trust an exchange with your money. How big the exchange is.
That's why i sent them them to my wallet. This is not just for bitcoin but also for altcoins.
That is true i agree not to keep any coins on exchange , it is better to convert it to real currency and liquidate it , or buy btc and keep it on wallet it itself . Exchange should happen only whenever you require it.
The Mt.Gox debacle affected a lot of users and I think almost everyone who was using Bitcoin at that time had deposited something there. It's not like the most trusted and popular Bitcoin exchanges nowadays are not susceptible to hacking incidents because anything could happen ranging from inside jobs to legitimate security breaches. And also if your current exchange hasn't had any problems till now that doesn't mean it won't have in the future so only hold amounts that you can afford to lose.
I always keep my bitcoins in different wallets to be on the save side. and not losing my BTC if one wallet is compromised.
In my view only very few users have encountered such issues of losing bitcoin while its kept in the bitcoin exchange. I often have most of mine in yobit but never had any issues. At times website goes down but they have never taken bitcoin during the days of increased and decreased price.
Many people who pot their money to exchanges really know the risk but there is still newcomers that don't know that it's very risky to keep it there. Atleast we're always here to remind new in exchanger and trading.
Yeah there's no sense to always giving them a warning because even they already know what will be the risk they would still prefering to do what they have done before again and it would be repeatedly happened . They already experienced the problem but they still dont learn the lesson
Better yet, never keep any coins on any exchange ever. That way you don't have to trust someone else and when (not if) they get "hacked" you're not completely screwed. Just use an exchange that doesn't hold onto your coins in some imaginary off(or on)-chain 'balance'.
I agree with this, never ever keep your coins in an exchange. Once you store your coins in an exchange they have the right to change the rules like how much you can withdraw, how often you can withdraw and how you can withdraw. It sucks that this happened to me when I still have my coins in a local exchange hoping that I can withdraw anytime in an instant, but they changed the rule and asks for more requirements like government issued ID and a selfie pic
It's true you shouldn't keep much on an exchange. Unfortunately,in order to do trading you have to use an exchange. I recommend only trading with half or less of your bitcoin to protect the other half.
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Totally agree with you,also i suggest to everyone not to keep all his bitcoins at online wallets,i still use them for some payments and their are much more safer than an exchanger but i would never trust them all my btc.Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Totally agree with you,also i suggest to everyone not to keep all his bitcoins at online wallets,i still use them for some payments and their are much more safer than an exchanger but i would never trust them all my btc. Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
I have to agree with you , keeping all your money on an exchange would be a bad idea. there are a number of good exchanges out there, but there is always a chance that they will get hacked or they could fold in general. Just like investing all your money into a stock, you never know what will happen.
Its true, never keep too many coins on your exchanger website, a lot of people being scam by exchanger lately, so this is a really good suggestion to follow, if possible just store your coin in trusted wallet provider
I think it will be the same between onlien wallet and exchange? both are equally a third party. both have the possibility to be a scam? I think you should find a trusted local exchange. I'm sure they would not be a scam
Having multiple accounts is necessary to add extra protection on your hard earned bitcoins. Put your bitcoins on your multiple wallets and invest on multiple exchange and not just one. If one will shut down you will have many more extras to replace your losses. But if you only have one and it collapses then it is the end of your exchange and trading activities and you will have to start again from the very beginning which is troublesome.
Sure the rule shouldnt be let all your coin at just one exchange if it close we will loose all the coins inside, but there arent several trusted exchanges nowadays and even those trusted can close doors from no where. I use more then one wallet but the main wallet is the one that has always the funds , the others is to make business.
yeah, because they can see your balance and once you put big amounts to it they will block your account and steal your btc. same for btc wallets don't put all of them in one wallet
Having multiple accounts is necessary to add extra protection on your hard earned bitcoins. Put your bitcoins on your multiple wallets and invest on multiple exchange and not just one. If one will shut down you will have many more extras to replace your losses. But if you only have one and it collapses then it is the end of your exchange and trading activities and you will have to start again from the very beginning which is troublesome.
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