Risky to leave fiat currency on an exchange?? - page 2.

Mickeyb

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Quote from: Amph on November 04, 2015, 12:41:52 PM

usually there should be insurance for fiat at least because they are covered by your bank

i feel more safe to leave fiat in an exchange than bitcoin

Except for the US exchanges Coinbase, Gemini, and I think Circle, this insurance doesn't exist anywhere else. So it's pretty much the same are your funds going to be in bitcoins or in Fiat money.

OmegaStarScream

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Quote from: omahapoker on November 04, 2015, 11:14:47 AM

Lots of people are posting to never leave their bitcoins on an exchange, like: https://bitcointalksearch.org/topic/do-not-leave-your-coins-on-the-exchange-799399

Do fiat money also count, I mean they theoretically have control over your account...

They both (bitcoin and fiat) a value in real life and can be used to buy/sell things , a user of an exchange should be logically a bitcoiner ... so he shouldn't keep his funds as he should always control his funds (that's the rule) so he withdraw .

Amph

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usually there should be insurance for fiat at least because they are covered by your bank

i feel more safe to leave fiat in an exchange than bitcoin

anthonycamp

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yes of course i used to use the poloniex and now i got a multibitHD wallet for it fiat i leave into bank

Bitcoinpro

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Quote from: LiteCoinGuy on November 04, 2015, 12:26:17 PM

Quote from: omahapoker on November 04, 2015, 11:14:47 AM

Lots of people are posting to never leave their bitcoins on an exchange, like: https://bitcointalksearch.org/topic/do-not-leave-your-coins-on-the-exchange-799399

Do fiat money also count, I mean they theoretically have control over your account...

yes. but it is less risky than in 2012/2013. today we have Coinbase, Xapo and some other regulated and well funded exchanges.

but again: i would not recommend to leave money/coins there Wink

tax payer bailout comes to mind

MF Doom

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Quote from: omahapoker on November 04, 2015, 11:14:47 AM

Lots of people are posting to never leave their bitcoins on an exchange, like: https://bitcointalksearch.org/topic/do-not-leave-your-coins-on-the-exchange-799399

Do fiat money also count, I mean they theoretically have control over your account...

It depends what exchange you are using. I feel confident using coinbase for example, and holding some coins there, and now they have a wallet option for $ as well.

A place like btc-e however, well I never was sucessful transferring fiat in the first place, only used btc/ltc there. And I would NOT feel safe leaving anything there for any period of time...

LiteCoinGuy

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In Satoshi I Trust

Quote from: omahapoker on November 04, 2015, 11:14:47 AM

Lots of people are posting to never leave their bitcoins on an exchange, like: https://bitcointalksearch.org/topic/do-not-leave-your-coins-on-the-exchange-799399

Do fiat money also count, I mean they theoretically have control over your account...

yes. but it is less risky than in 2012/2013. today we have Coinbase, Xapo and some other regulated and well funded exchanges.

but again: i would not recommend to leave money/coins there Wink

Razick

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Quote from: omahapoker on November 04, 2015, 11:14:47 AM

Lots of people are posting to never leave their bitcoins on an exchange, like: https://bitcointalksearch.org/topic/do-not-leave-your-coins-on-the-exchange-799399

Do fiat money also count, I mean they theoretically have control over your account...

Those of us who lost money when the Bitfloor and MtGox exchanges failed tend to be cynical of exchanges. It's best to keep Bitcoin in a cold storage wallet and dollars in a FDIC insured bank (or the equivalent where you live). Established and insured U.S. exchanges like Coinbase are probably pretty safe though. I'm just sick of losing money so I don't risk it.

Bitcoinpro

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the worst thing is the way some countries also prey on companies and individuals when they see weakness or possible financial

and accounting infringements, the exchange/company may not even be at fault yet in an industry wide liquidity crisis it could find itself a target

in a rapidly changing legal and political environment than what it was used to,

cellard

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It's always a risk, but to be honest, you never own your fiat unless you have the cash literally under your mattress. Every fiat money on a bank (including your personal bank account) is a bunch of 0's and 1's outside your control that will get used at will by banks to gamble with. The only thing that is truly yours is Bitcoin in your personal wallet.

BCB

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BCJ

The whole point of bitcoin is that it allows you have total control over your funds with no need for third party custodians (after the exchange from cash to bitcoin has taken place). The history of bitcoin is riddled with very sad stories of losses that have significantly impacted many individuals.

When you have a minute give this a read.

List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses
https://bitcointalksearch.org/topic/m.6289796

Yes this was early day when there were a lot of inexperienced, sketchy and outright criminal operators, but it will continue to occur.

Bitcoinpro

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in a bankrupty type senario all the bank accounts of the company and associated parties will be frozen

so yes,

omahapoker

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Lots of people are posting to never leave their bitcoins on an exchange, like: https://bitcointalksearch.org/topic/do-not-leave-your-coins-on-the-exchange-799399

Do fiat money also count, I mean they theoretically have control over your account...

Topic: Risky to leave fiat currency on an exchange?? - page 2. (Read 1891 times)