Topic: Trust yourself when holding and not the government or exchanges. (Read 819 times)

Who is trusting the government with his own Bitcoin? I don't know about any people sending BTC to the government, so that the government could keep those BTC in a safe place.
There's no way to achieve 100% online security. This is a never ending battle between the hackers and the companies, that provide online security services. Even a cold wallet can get hacked. Some people trust third parties, because the third parties are promising them 100% guaranteed return of their crypto, even if the third party service gets hacked. I don't believe in such promises, but some people do believe in them.

True. This is because they have been consumed with a high sense of trust in the exchange. In fact, it only makes you feel comfortable for a while. Many people think that by storing assets on the exchange, their assets will be safe because they have been legalized by the government, when in fact it is just uncertainty. Your assets are not under your own control but a third party and are also very vulnerable to hacking. If you think about the exchange you use and store your crypto assets more safely, then it is a big disaster that will happen to your assets in the future.

That is why it is highly discouraged for everyone to store assets on the exchange, especially in large amounts. It is better to download a multi-cryptocurrency wallet that you can control yourself. Indeed, this also has risks if you do not understand the potential worst consequences (wrong key storage and so on). Therefore, we need to understand correctly because it is better than storing assets on the exchange.
There are many examples of why people are worried about using centralized exchanges because in the history of centralized exchanges there have been many cases of hacking and so on. So, before doing anything with your assets, do some research so you can better determine what to do with them to keep them safe.

While having your own wallet is great, it's also not practical if we are going to trade. What am I suppose to do if I am not going to keep my money at some exchange, just deposit and withdraw back every session? That's both very costly and that would also be not profitable neither. If you are a long term holder, as in you are going to keep your coins for many years, then I can understand why having your own wallet would make sense.

But if we are talking about a trader, then that trader will have sessions, sometimes as many times as few times a day, so keeping your money in binance or whatever exchange you are using is the smartest way to move forward. I dislike this "not your keys not your money" idea, binance is more trusted than some fool trying to secure their own money. Most people have no idea about security and how to properly keep their coins safe, your computer is a lot more likely to get hacked than binance would, so why not trust them more than yourself.

That's why many people here recommend doing it in a personal wallet instead of an exchange especially for long-term storage to minimise this.

It is undeniable that in the end every fraud and hack we will not know because it could be that for now we are being noticed and targeted by irresponsible people. But in this case instead of doing and storing on exchanges it will be more worth it for us to be in our own possession such as hard wallets or whatever it is that allows us to have full control over the storage we do.
Being on a third party and letting our money sit for a long time is certainly a big risk because in the end it's not just about hacking that becomes a risky thing but of course we are aware that the SBF case some time ago happened because many of us deposited our funds on an exchange which created a situation where it could be misused by irresponsible people including for the third party itself.

True, but in my honest opinion it should only apply when it is fiat in question or traditional assets. Before getting into BTC, the least thing expected of us is to do a little research about it, if done it will show us that BTC is decentralized and how it is an opportunity for people to be their own bank.

So i find it funny to end up buying BTC and then leaving it in the custody of third parties, exchanges have also shown times without number that they are no expert in guarding people's coins.

Well this is what bitcoin is all about, "being your own bank", "self custody" .  I sure as shit don't just the government, who most doesn't hold ones money anyhow, unless you are invested in government bonds/treasury bods etc.  But make sure if you are your own bank, that you know that you can truly trust yourself as there are some lessons to be learned when it comes to "trusting Yourself" and some easy mistakes you want to avoid.

Hopefully, you keep your money in your safe wallet. avoid using the device you use for your wallet for social media purposes as little as possible. just to be safe because nowadays scammers can do hacks you might not even realize.

So you do P2P transactions or do you create an account on an exchange? the government can track your funds in your bank account. transactions that come in and out in a short time usually raise suspicion. especially if it is in a large amount, it can definitely put you in a difficult situation.

I can totally relate to you and your situation. I also live in a country where I don't trust the government or the banks, and this is the reason why even after having bank accounts, I don't keep any money in them because anything can happen at any time. The biggest problem is that they are anti-crypto which means that if they even suspect you of having any involvement with cryptocurrencies, they will block your account and confiscate your funds and then ask you for proof and whatnot to get the funds and the account unblocked which is a useless hassle.

What I do is I keep most of my money in cryptocurrencies, mostly USDT and other stable coins because I often convert them to local currency for expenses and can't afford to lose any value. I buy unstable cryptocurrencies with funds that I know I won't need very soon. So basically, I only cashout when I need funds and keep my funds in USDT so that I'm the only one who has access to them to avoid any kind of trouble.

You have to use exchanges to exchange, simple way of explaining it. It can get and will get hacked and you will lose money - the only thing is to minimize the possible loss, like not using the exchange as the wallet to store coins in, you can avoid a lot of money being lost.

Government services are going to be used by anyone living on this rock. They are essential part of our lives and financial instutions will be needed by any common person. At least if they are hacked, you have the backing that the bank will help reimburse its beneficiaries unlike a crypto exchange which can very well exit scam its users.

Most people here on this thread are experts, early adopters, and people in unusual life situations. That's totally great, and I'm one of them too, but we don't represent 99% of average consumers.

The reality for average consumers is that they want their "big" holdings to be held be somebody who is an expert at guarding their money, and they want that to be held in their name (even though they want their "small" holdings to be held anonymously--that is the Anon Paradox).

Sometimes doctors make mistakes and hospitals do wrong things. But unless you studied medicine for 10 years and have a degree, you are much better off, statistically, going to the hospital when you are sick. This might not be obvious to all of us "doctors" here on bitcointalk.org, but most consumers aren't experts.

You are better off hiring an auto mechanic to fix your car, even though some of them are crooks. You are better off hiring somebody to fix your gas powered heater, and so on.

Most people are better off using a bank or other trusted financial institution to guard their wealth. That's just reality.

Whenever an investor in crypto decides to invest for a long term or hold it for a long term, they should always remember the phrase "Not your key, not your coins".
Using third party means they doesn't really have full control over their asset if the system gets attack or hacked there is nothing that they could do.

This is implies that they are not ready to accept the risk involved in investment that is why they trust bank and looking for whom to out their blame when there is lost with their investment. Many people today trust bank with all their mind and hope because they knows that banks are reliable and can provide bank their investment when lost, but without knowing that this same bank are also looking for a way to dive into crypto currency with their customers investment as form of assets their account and hoping to balance when there is profits.

The situation is exactly like mine. Just like you, I don't trust banks and the government, which is corrupt through and through. It's better to invest money in several areas so that it is safe. Even if some of it disappears, not all the capital at once. That is, I apply the principle of diversification. This is the only correct option that has proven itself in some way in the current reality. I am incredibly upset that I came to it too late. I would have been able to avoid many mistakes related to personal money and the family budget. Such is life.

It's unsafe to depend on the government in this 21st century at most,the way some people still feels comfortable with the government completely concerning security purposes and otherwise.
Y'all should not depend on the government completely for survival,secure yourself,stick to knowledge that'll initiate and create room for improvements and personal freedom.Play smart as the case may be,You don't owe the government for putting yourself to order. for

Not wrong to keep trading money on exchange and not wallet, due to delay in confirmation you can miss out on entering at a position that you would have loved hence, having money available when you need is vital for traders. After making profits, we can then withdraw the profits off the exchange. At no time should there be too much money that you can't handle losing on the exchange because the exchange can be hacked and you don't always get compensated.

I don't trust my government and neither do I trust the banks or any exchange because of the shady things they have been known to do. Exchanges are involved in manipulating the market when they see a considerable amount of trades that can be liquidated and people lose money. Exchanges can't be trusted and we shouldn't leave coins that we have intended to hodl on them when not trading.

I don't trust my country's corrupt and thieving government and I don't trust my country's banks. But unfortunately I'm forced to keep money in my country's bank because if I left money at home, I could run the risk of being stolen by thieves. That's why I always have to pray that my money in the bank isn't stolen. It's the same scenario on the internet. I trade, I buy when the price drops a lot and I sell when the price goes up a lot. So I have to keep the money in the exchange so I can be quick when buying and selling. So I have to keep praying that my money stays safe in the exchange. I know that many people talk about keeping it in wallets, but there are special cases like mine. If a person trades, then that person is forced to leave the money in the exchange.

Lose and profits are part of the game, we should be careful next time because it's not easy one. As a matter of facts, everything is complicated in this world, everyone applies caution with every activities anticipated because no one have a clue about the end results. We believed in only ourselves to do the right thing, it doesn't matter what's coming but in all circumstances, survival is important and consider priority for everyone. Breach in crypto exchanges, who's at fault? Because one can easily have access to our port folio and we totally understands what it means. Hackers have ruined the day with their skills, some used it for good and majority used them for bad, liquidating the account of crypto traders and investors.

Don't know about other, like how they feel about their governments but I don't trust my government with my money and there systems are old, and so vulnerable to hacks, and scams too. I was reading a news that in our country a government clerk gambled the fee of students and lost it all. Now who is responsible for it, only the government because we trusted their person with our money.

I read the news of how $20 million of assets got hacked by the government and I wonder how the scammers convinced by the government to return them all the funds. It can't be true that they were just playing around with the government and they already planning on giving the funds back I think governments have some proof on them and instead of catching them gave them some options and they agreed. We can't really know what's the deal here but every assets on centralized platform is vulneranle to scams and confiscation.

I am having a hard time understanding you here, when you say third parties, do you mean centralized exchanges and custodial services, because it is never safe to store your funds there. However, if you use a self custodial and open source wallet, and if you also run your own node, then you control your funds and your privacy and you don't depend on any third party service.

Trust me, it is coming, there will come a time where banks will be crypto investors themselves and also be open to saving assets like crypto for customers, take it or leave it, many investors still believe that becoming your own bank is hard, they will rather find someone to blame for their own stupidity.

It is just the way some people are.