Since it's related to this topic, this should be seen by those that are still keeping their funds on exchanges. One big reason why you shouldn't leave your coins on exchanges.
This is just one of the many:
--> https://cointelegraph.com/news/poloniex-exchange-hack-60-million-drained-5-percent-bounty
Topic: Newbies don't leave your coins in an exchange - page 3. (Read 561 times)
Exchanges are third parties and are not reliable to keep assets with hence the slogan "not your keys,not your coin" . If you have any assets with an exchange, just know that they are not yours because you have no access to the keys of that wallet holding the assets on the exchange platform so one needs be wise. They can fold up at any time and also they can be hacked at anytime. There have been lots of hacks years past and many people have lost their assets and funds and most times, they get peoples assets frozen for no reasons. This thought should always come to your mind whenever you think of saving your assets with exchanges. If well known exchanges like ftx and Coinbase could suffer hack what are these other smaller exchanges Compared to them. Is it your assets that can not be taken away from you which is not in your custody? You should be able to hold your assets for yourself rather than risking it with third parties.
You just made an awakening on what has been deliberated several times though ... But the truth is, you've created an awareness that alot of newbies have learnt from and you've also made indirect references to mega threads with discussions like this.
It's never been an option to leave your coins on centralized exchanges - I once left some coins deliberately on an exchange and was hoping to have it rise ..lol how's that even possible with no basic skills for analysis ? ...well, that was my worst experience as I lost virtually half of what I deposited by the next two to three days.
Sandra 🧑🦰
It's never been an option to leave your coins on centralized exchanges - I once left some coins deliberately on an exchange and was hoping to have it rise ..lol how's that even possible with no basic skills for analysis ? ...well, that was my worst experience as I lost virtually half of what I deposited by the next two to three days.
Sandra 🧑🦰
Not your keys, not your cryptos, it is no longer news that any coin that you store on a centralized exchange should be seen as if you have already lost the coin because there is no guarantee that you would wake up the next day and you still have access to that coin.
The collapse of FTX should serve as a very big lesson to all of us both old and newbies in the space. They say experience is the best but this experience should not be something that one would wish to have because it will really run you down just as it did to many who lost hundreds of thousands and millions of dollars.
If you can't keep your cryptos safe, then how do you think someone else would do that for you? Think and take full control of your funds.
The collapse of FTX should serve as a very big lesson to all of us both old and newbies in the space. They say experience is the best but this experience should not be something that one would wish to have because it will really run you down just as it did to many who lost hundreds of thousands and millions of dollars.
If you can't keep your cryptos safe, then how do you think someone else would do that for you? Think and take full control of your funds.
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See exchanges in this same way and whatever that makes you to use an exchange, when you are done, you should not leave your funds in there. We have seen big exchanges like FTX crashed and the whole thing is still a drama currently. You should only leave the amount that you can afford to lose in an exchange and don't for once risk your bitcoin. This is because exchanges are in full control of your bitcoin and they will decide what happens to your coins the moment you keep it in their custody.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
See exchanges in this same way and whatever that makes you to use an exchange, when you are done, you should not leave your funds in there. We have seen big exchanges like FTX crashed and the whole thing is still a drama currently. You should only leave the amount that you can afford to lose in an exchange and don't for once risk your bitcoin. This is because exchanges are in full control of your bitcoin and they will decide what happens to your coins the moment you keep it in their custody.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
I support you, how can we not put the assets we have for a long time on an exchange, especially a centralized exchange, even though it requires you to pay a fee for transactions, but putting your assets back into your personal wallet is the best thing. I am one of the victims of the FTX collapse, and up to now I cannot withdraw the 5mbtc I have in my old FTX account, because since FTX was declared bankrupt, all the assets available there have been frozen and the site is under the supervision of the US government. Remain alert and skeptical about all exchanges because anything can happen on the internet, including the collapse of a large exchange.
See exchanges in this same way and whatever that makes you to use an exchange, when you are done, you should not leave your funds in there. We have seen big exchanges like FTX crashed and the whole thing is still a drama currently. You should only leave the amount that you can afford to lose in an exchange and don't for once risk your bitcoin. This is because exchanges are in full control of your bitcoin and they will decide what happens to your coins the moment you keep it in their custody.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
Centralized exchanges should not be our first priority to store funds for long term purposes because we know its a custodial wallet where we don't own the keys so we don't own the funds in it. The exchange can do whatever they want all they need is some accuse to make. Like, some in exchange technical issue, or regulatory issue at country level to freeze your funds.Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
These cases makes them bad choice to store funds so we should go for non-custodial wallets every time.
You brought the talk of trading in the discussion while you are talking about the choice of centralized wallet of exchange or decentralized wallet, well, if you have brought that up then you should also mention that exchanges are our first choice when we have funds that we have to use in trading.
what is the difference between on exchange wallet and bitcoin wallet, what you suggest on creation on it?
Exchanges are like market place, their wallets is the store assign to you where you store your bitcoin or other coins. Just like market place it is not advisable to leave your goods there because it is not in your custody, the people that risk their funds there are traders just like the traditional market where traders have warehouses in the Market. But it is still risky because any day the government exchange collapses or gets hacked since it is online you will lose all your funds.
Bitcoin wallet which is sometimes referred to as wallet only is a store where you keep your bitcoin and you hold the keys to it. Without this keys no one will have access to your bitcoin except you.
Let's discuss.
Thanks.
An exchange is Just as the name implies; it’s meant to be used to exchange your coins for other coins or to trade your coins for cash, but over the time some people have started using it to keep their coin and an event took place that costs so many people that kept their coins on a certain exchange their money. While for wallet, non-custodial wallet to be specific it gives you the ability to manage your coins yourself and if you don’t give out your private keys to others no one will be able to access your wallet.
But for exchanges the dev could for some reasons decide to close your account and confiscate all your holding in you account with the excuse that you went against their terms and conditions but the same cannot be said for non-custodial wallet.
Well, this is not just for newbies but also for everyone including me because I would admit that I sometimes choose to leave some of my funds to exchange wallet. However, I do this for some reason just because I am trading when I have free time and I think that I could save some fees as I don't need to top up my wallet. Maybe it was not thought that the site might possibly be hacked and lose my funds but because I trust the platform that brings me confidence that it was safe and secured.
Hacking can happen regardless of whether the exchange is the most popular or safest, because any system can be hacked. I don't store my main funds on the exchange because I know the risks, I use personal wallet storage to store all my main assets. this is safer and more secure than having to be on an exchange managed by a third person. If it's just for trading then I will transfer only what is needed, not everything to be safer. 
You should see exchange as a market place where you go to buy and sell and when you are done with whatever you went for in the market, you take your goods home because if you leave what you went to buy or sell in the market it will be stolen in the market.
That's the step that should be taken for someone who wants to store assets or trade crypto on an exchange. Unfortunately, many mistakes are made by keeping a lot of their assets in exchange and assuming they are all safe.I also did this when I first started investing and trading. Storing assets on the exchange is more time-efficient. but it turns out that it is not safe for our asset ownership.
now use the exchange only for trading activities. and if you want to store assets, we can use a personal wallet. and that's what I'm doing right now. Many experiences give us important lessons that we must emulate.
This is a warning to newbies and a reminder to old members that they should not leave their coins in an exchange. Some old members would not learn from other peoples mistake but they will want to learn from their own mistake.
Very good advice OP, In crypto or any online payment system we have to be very careful and we should do all necessary step which needed for security. Most of the old members are very careful but yes there are some old people that are still so lazy and didn't learn from other people's mistakes.
Exchanges are used by traders for their daily trading and as a newbie, you shouldn't jump into trading until your have learnt the fundamental analysis and technical analysis to your proper understanding and also have learnt how to read charts, this is because trading is very risky and a newbie with zero knowledge on trading will end up losing all his coins. You should see exchange as a market place where you go to buy and sell and when you are done with whatever you went for in the market, you take your goods home because if you leave what you went to buy or sell in the market it will be stolen in the market.
I think newbie should start investing with low money after learning some basic skill because one can learn in more proper way when he experience practically and most of skill only could be learned when we lost or win like emotions control and many other things. Investing small is best choice for this purpose.
See exchanges in this same way and whatever that makes you to use an exchange, when you are done, you should not leave your funds in there. We have seen big exchanges like FTX crashed and the whole thing is still a drama currently. You should only leave the amount that you can afford to lose in an exchange and don't for once risk your bitcoin. This is because exchanges are in full control of your bitcoin and they will decide what happens to your coins the moment you keep it in their custody.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
I will prefer CEX only when we need to do daily trading or use fast fiat to crypto exchange or vice versa otherwise holding a token in Exchange is so risky. The best place to store wallets is an open source wallet where we have full control over our own funds
In my early days in this forum, this is what have been repeatedly talked about in the forum especially in this board, Beginners and Help. After all this warnings, people still fall victims of this problem. I just assume that those that see the information and neglect it are okay with losing such money and some could be that the exchanges keeps giving them assurance that their funds are save with them and they don’t need to worry that anything will happen to them amidst the controversies and cases that has occurred to other big exchanges in the past. There’s only one thing to reiterate ‘Not Your Keys, Not Your Coins’.
OP, thanks for the reminder and telling those newbies who are new into the cryptospace that don't know how to store their bitcoin. I wouldn't even blame newbies for this kind of practice becaise even we the old ones still ignore this message and still keep out funds in an exchange and such people will learn an hard lesson before this advise will stick to their head.
I could remember a newbie saying that most people were telling him that Binance is a good wallet, can you imagine that. This is how so many of them still think that the moment you have bought your bitcoin in an exchange that is where it should be kept. This should be a continuous reminder to newbies because everyday by day newbies are always falling for this. Bitcoin is decentralized and should not the kept in a centralized platform.
I could remember a newbie saying that most people were telling him that Binance is a good wallet, can you imagine that. This is how so many of them still think that the moment you have bought your bitcoin in an exchange that is where it should be kept. This should be a continuous reminder to newbies because everyday by day newbies are always falling for this. Bitcoin is decentralized and should not the kept in a centralized platform.
This kind of topic is as always continuous and repetitive even though we keep saying that they must need to store their asset to their wallets and not their exchange using still keep doing this and one of the reasons is they can easily manage to sell or buy and opportunity of an asset. There's nothing wrong with it if you keep storing those but again the risk is there you can't tell anything that can happen with your asset if you keep holding it into an exchange. Just like a preventive measure to store in your wallet. Well if you are confident its just a charge to experience if you lose your asset.
Well, this is not just for newbies but also for everyone including me because I would admit that I sometimes choose to leave some of my funds to exchange wallet. However, I do this for some reason just because I am trading when I have free time and I think that I could save some fees as I don't need to top up my wallet. Maybe it was not thought that the site might possibly be hacked and lose my funds but because I trust the platform that brings me confidence that it was safe and secured.
You should only leave the amount that you can afford to lose in an exchange and don't for once risk your bitcoin. This is because exchanges are in full control of your bitcoin and they will decide what happens to your coins the moment you keep it in their custody.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
FTX went down with people funds some years back, and people have a lot of money in the exchange. Now that we are approaching another bitcoin halving, we are expecting a bull run soon, and new people due to FOMO will venture into bitcoin and crypto investment, where they will mostly use exchanges for easy access to their coins. Therefore, exchanges will be at AKART to scam or take any funds that are worth taking, which is why we cannot trust them anymore.
Take them (exchanges) as a market place where you buy your bitcoin, and take them home (your bitcoin wallet you have the private key in your control)
It's not uncommon to see threads that warn against storing assets on exchanges, this has been a common discussion and others have suggested storing in your own wallet that has a key that you hold.
theymos has announced this, there are also those who still insist on storing on the exchange, let's leave it alone, the important thing is that we have given advice on it, as long as we don't talk about the dangers of storing assets on the exchange but still use it then it is not logical with the advice given.
theymos has announced this, there are also those who still insist on storing on the exchange, let's leave it alone, the important thing is that we have given advice on it, as long as we don't talk about the dangers of storing assets on the exchange but still use it then it is not logical with the advice given.
Well, it's not bad to keep reminding users about this important advice despite the fact that the same topic, same facts, and same logic have been discussed on the board several times, but some people still get ignorant and deposit their coins on the centralized exchange for the sake of getting a small ROI. There was a thread created some weeks ago when the OP was asking where he could invest his crypto in order to make a profit. In the comments, someone mentioned staking his coin, which got me wondering if there's any place one can stake their coins if not on centralized platforms. Centralized exchange is not actually a wise place to store coins, like you said.
To be honest reminding is necessary. Some newbies who joined the Bitcoin system lately are still buying and storing on their exchanges. This is because the persons who introduced them to Bitcoin did not go further to discuss the security aspect with them. There was a thread that a beginner was saying that he was advised to buy and keep his Bitcoin in Kucion exchange. Many people have heard of this information but they still choose to ignore because it hasn't happened to them yet. But this reminder may give them a second though.
Not your keys, not your coins. Discuss? There is nothing to discuss with that statement. It's a clear answer to any of your questions that you must have related to keeping your coins in any exchange or centralized platform. The best part of Bitcoin is to be your own bank and if you are not using that aspect, then you shouldn't be using Bitcoin at all. At least if you don't want to have your own wallet, use a Hardware Wallet.
what is the difference between on exchange wallet and bitcoin wallet, what you suggest on creation on it?
Thanks.
It's pretty straightforward, mate. Exchange wallets come with your exchange account. you get them when you sign up. These wallets are handy for trading various digital assets on the exchange.Now, a Bitcoin wallet is different. it's a wallet for storing your Bitcoins. If you're trading or doing everyday transactions, go for an exchange wallet. But for keeping your Bitcoins safe for the long hodl, decentralized wallets are the way to go.Thanks.
Here's the deal. It's not recommended to leave your Bitcoins on exchanges. Why? Because most, if not all, exchanges are centralized. That means they control your wallet and have the keys to your deposited cryptocurrencies. They can use this control to help with trading on their platform. So, unless you're actively trading, it's best to keep your coins in a more secure, decentralized wallet.
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