Whether we choose to store our cryptocurrency in exchanges or not, it is important to consider the potential risks involved. If a major exchange like Binance were to collapse, it could have a significant impact on the entire crypto market. We witnessed a similar reaction when the SEC made allegations against Binance.
To safeguard our assets, it is advisable to avoid storing crypto on exchanges and instead opt for secure storage methods. By doing so, even in the event of a market collapse, at least our holdings would remain safe. While we cannot completely prevent a collapse from occurring, it is crucial to exercise patience and avoid making impulsive decisions. Panic selling could result in losses, so it's important to approach such situations calmly and strategically.
Topic: We the Bitcoin Enthusiasts, How can we Safequard our Holdings in Turbulent Times (Read 373 times)
July 02, 2023, 03:09:43 PM
July 02, 2023, 08:37:23 AM
Congratulations that you have decided to keep your Bitcoins and plan to order a ledger to store your Bitcoins.
It's not easy to hold on to Bitcoin at a time like today where the price of Bitcoin is still going up and down erratically so it makes people worry but you have shown that you are capable of holding Bitcoin for the long term.
My advice is don't get too affected by the negative news being spread out there because it can make you worry.
Several parties deliberately spread the news to make people panic and sell their Bitcoins, while those parties will take advantage by buying Bitcoin at low prices.
We are only a few months away from the halving after the long wait of the last ATH so soon we might see a new ATH from Bitcoin.
Until then, you should be able to survive and accumulate more Bitcoins so your profits will be even greater later.
It's not easy to hold on to Bitcoin at a time like today where the price of Bitcoin is still going up and down erratically so it makes people worry but you have shown that you are capable of holding Bitcoin for the long term.
My advice is don't get too affected by the negative news being spread out there because it can make you worry.
Several parties deliberately spread the news to make people panic and sell their Bitcoins, while those parties will take advantage by buying Bitcoin at low prices.
We are only a few months away from the halving after the long wait of the last ATH so soon we might see a new ATH from Bitcoin.
Until then, you should be able to survive and accumulate more Bitcoins so your profits will be even greater later.
July 02, 2023, 07:19:06 AM
Very well spoken everyone, so much appreciations from my ends. So overall one tentatively needs to be stacked with knowledge and understanding of the space and it various constituents that comes with different pros and cons. BTC to the world! Cheers to more and more understanding of the space 🚀
June 25, 2023, 07:13:29 AM
IMO, investors also need to stay up to date with information and news related to the market, especially about the exchanges they are trading with. Reading and researching carefully before making investment decisions will help investors reduce risks and protect their investments. To protect an investment in such situations, an investor should have a sound investment strategy. It can be allocating investments to many different cryptocurrencies, avoiding putting too much money in a particular coin, using hedging tools like stop-loss orders, or choosing exchanges reliable transactions.
Closing a leading cryptocurrency exchange can negatively affect investor confidence in the cryptocurrency market, especially new investors. However, that is only a specific case and not all crypto exchanges have the same risks. Crypto investment enthusiasts should thoroughly learn about exchanges, assess risks and make sound investment decisions.
Closing a leading cryptocurrency exchange can negatively affect investor confidence in the cryptocurrency market, especially new investors. However, that is only a specific case and not all crypto exchanges have the same risks. Crypto investment enthusiasts should thoroughly learn about exchanges, assess risks and make sound investment decisions.
June 25, 2023, 06:17:27 AM
Lucky me, I immediately learned quite a lot from honorable members of the community. With my knowledge, I decide to hold on to my key positions, but now I moved everything out of exchanges. Now sitting in my personal wallet. I plan to order a ledger to increase my holdings security.
Cold storage will increase the security of your funds, but the hardware wallet you use is very important, Ledger is no longer recommended because of their ledger recovery service which they announced some weeks ago, (....)It will always come to us. I agree with you guys, NEVER USE exchanges to store your funds.
June 25, 2023, 06:02:08 AM
Lucky me, I immediately learned quite a lot from honorable members of the community. With my knowledge, I decide to hold on to my key positions, but now I moved everything out of exchanges. Now sitting in my personal wallet. I plan to order a ledger to increase my holdings security.
Cold storage will increase the security of your funds, but the hardware wallet you use is very important, Ledger is no longer recommended because of their ledger recovery service which they announced some weeks ago, i know it is a paid service that one has to opt-in for and only available for Ledger nano X, but just because Ledger as a company thinks it is a good idea to send people's private keys out of their hardware device shows it may no longer be a safe hardware wallet to use. Check for other options of hardware wallets, or create your own offline wallet with Electrum, on an air-gapped device. June 25, 2023, 05:05:59 AM
I hope you didn't short any coins or tokens in the last few days because that could cause you a lot of money as the market raised up pretty high in the last couple of days which wasn't even expected. And you shouldn't be worried if you are holding coins that have trust within the community such as Bitcoin, ETH, LTC, and some others that have been around for quite some time and have always performed well in good times.
The disturbance in the market caused by the cases of SEC against exchanges might have affected the market initially but it isn't affected at the moment, but we should still be vigilant and always take trades with extreme care and make sure to have our risk management at place.
The disturbance in the market caused by the cases of SEC against exchanges might have affected the market initially but it isn't affected at the moment, but we should still be vigilant and always take trades with extreme care and make sure to have our risk management at place.
Lucky me, I immediately learned quite a lot from honorable members of the community. With my knowledge, I decide to hold on to my key positions, but now I moved everything out of exchanges. Now sitting in my personal wallet. I plan to order a ledger to increase my holdings security.
Very certainly, SEC case doesn't seem to be causing any major negativity in the sentiment of enthusiasts, the market have been acting quite positive with greens everywhere.
June 23, 2023, 10:30:49 AM
The responses that my question have received so far have been all filled with positivism that is coming from a true community of real enthusiasts. Now my horizon have been widen up with a better understanding of the true power of what it really mean to be your own bank, the true power of decentralization. Of course with these fundamentals, BTC can only react to any eventual news of Binance exchange closure but overall, it will not be affected, quite a technology! Hodling my positions, no shorting for any centralized team!!😎
Cheers to the future with you all Bitcoin enthusiasts🥂
I hope you didn't short any coins or tokens in the last few days because that could cause you a lot of money as the market raised up pretty high in the last couple of days which wasn't even expected. And you shouldn't be worried if you are holding coins that have trust within the community such as Bitcoin, ETH, LTC, and some others that have been around for quite some time and have always performed well in good times.Cheers to the future with you all Bitcoin enthusiasts🥂
The disturbance in the market caused by the cases of SEC against exchanges might have affected the market initially but it isn't affected at the moment, but we should still be vigilant and always take trades with extreme care and make sure to have our risk management at place.
June 23, 2023, 04:53:50 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
I don't think Binance may crash now, but if it does, it will definitely affect the investors confidence because many investors will lose their funds, which will surely shake the crypto industry and lead to drops in the price of coins and tokens. With this, some investors will lose hope in their crypto investments and panicking when market is really rough.
All I can say about safeguarding your own crypto investments is to control your assets yourself, meaning don't leave your money in any exchanges for anyone to be in care, if not, when the exchange crashes, you will lose your funds.
June 23, 2023, 04:38:20 AM
Noticed your comment, casting a dark cloud, arent we? Admittedly, personal asset control is wise, but dont dismiss the fact that elite exchanges like Binance offer fortress-level security. Hackers won't get a free pass, I assure
Everything that is connected to the internet is at risk. Nothing there is immune to hacking. And I am not saying that we shouldn't use it, all I am saying that is keep your assets to yourself before anything happens. It's not only about hacking. SEC is trying to break Binance. What if they succeed? That will also put your assets at risk. I know it is only about Binance.US and some specific crypto coins that has been marked as security. So it could imopact the global market as well. Hope you got my point of view.
Quote
Crypto isnt solely about asset clutching—it's also about trading, liquidity. Exchanges present expansive markets, superior liquidity. Its about equilibrium. Stockpiling solely in personal wallets could stifle quick market responses.
As I said, use it when needed, but keep your assets to your personal wallets afterward. I guess you misunderstood there. Quote
'The right coin', you point out? The crypto space is a sprawling universe, each coin with its promise. Bitcoin is a heavyweight, but it doesnt monopolize the ring. Maintain a flexible mindset
That is the reason why I said right coin and not only Bitcoin. It's a personal choice. To me, maybe it's not only about Bitcoin. Digging out the history will tell you all you need to know and predict a future that is best for you. So, whatever you like, you can choose that. "Each coin with its promise"? How many of them have provided what they have promised? This is why the terms "Right Coin". June 23, 2023, 02:00:07 AM
Don't trade on Symlix or Paxful.
Serious - mate lost £50 to a scammer on the latter.
How could that have happened? Its my believe that the later is a p2p marketplace. They got escrow and other relevant security measures. Serious - mate lost £50 to a scammer on the latter.
June 23, 2023, 12:59:15 AM
It is the best practice to close everything and keep your assets safe in your hand before things get bad. If you keep your assets to yourself, you can continue your journey again when things start to get better. But if the situation goes south, you will be in a position where you will not be able to do anything but just watch it go away in front of your eyes.
So never keep your assets in any centralized platforms. Either it is Binance or other platforms. Use them when necessary and after that, move them to your personal wallet. No one knows what will happen and when. And as long as your assets are in your control, you can use them as you want later on. This kind of thing happens every now and then in the market. But the impact is temporary. Stick to the right coin and keep them safe to yourself. In the long run, you will be safe.
Noticed your comment, casting a dark cloud, arent we? Admittedly, personal asset control is wise, but dont dismiss the fact that elite exchanges like Binance offer fortress-level security. Hackers won't get a free pass, I assureSo never keep your assets in any centralized platforms. Either it is Binance or other platforms. Use them when necessary and after that, move them to your personal wallet. No one knows what will happen and when. And as long as your assets are in your control, you can use them as you want later on. This kind of thing happens every now and then in the market. But the impact is temporary. Stick to the right coin and keep them safe to yourself. In the long run, you will be safe.
Crypto isnt solely about asset clutching—it's also about trading, liquidity. Exchanges present expansive markets, superior liquidity. Its about equilibrium. Stockpiling solely in personal wallets could stifle quick market responses.
'The right coin', you point out? The crypto space is a sprawling universe, each coin with its promise. Bitcoin is a heavyweight, but it doesnt monopolize the ring. Maintain a flexible mindset
June 22, 2023, 04:37:38 PM
It is the best practice to close everything and keep your assets safe in your hand before things get bad. If you keep your assets to yourself, you can continue your journey again when things start to get better. But if the situation goes south, you will be in a position where you will not be able to do anything but just watch it go away in front of your eyes.
So never keep your assets in any centralized platforms. Either it is Binance or other platforms. Use them when necessary and after that, move them to your personal wallet. No one knows what will happen and when. And as long as your assets are in your control, you can use them as you want later on. This kind of thing happens every now and then in the market. But the impact is temporary. Stick to the right coin and keep them safe to yourself. In the long run, you will be safe.
So never keep your assets in any centralized platforms. Either it is Binance or other platforms. Use them when necessary and after that, move them to your personal wallet. No one knows what will happen and when. And as long as your assets are in your control, you can use them as you want later on. This kind of thing happens every now and then in the market. But the impact is temporary. Stick to the right coin and keep them safe to yourself. In the long run, you will be safe.
June 22, 2023, 04:13:15 PM
If you want to safeguard your coins, leaving your coins on Binance or any centralized exchange is a worst decision. You can't speculate or predict when the hacker successfully hack Binance, when CZ turn become a criminal and run with all investors money etc, after all you can't verify it.
Make sure you learn about non custodial wallet, hardware wallet/cold storage and open/closed source.
Exactly. Stay away from centralized coins as they will put your bitcoins at risk, and start putting your coins into a hardware wallet where you are the only one can access it. And most importantly, be responsible to keep your seed phrase safe by not disclosing it into your family or some close friends. Once you fail to do it, you will lost your coins at the shortest possible time. Make sure you learn about non custodial wallet, hardware wallet/cold storage and open/closed source.
June 22, 2023, 04:10:14 PM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
People had been passing the information to those that could be ignorant that they should be mindful of how the keep there coin on exchanges. If anything happens to Binance now, millions of investors would lose money because they see Binance as an exchange that could never crash. There are so many different wallets we can keep our coins with safety than to leave it on an exchange. Those would had been victims of cryptocurrency exchange crash will never choose to keep there coins on cryptocurrency platform again. We need to be wise and take a smart decisions in this hard time. I'm thinking about closing my key positions for the time being.
June 22, 2023, 02:51:36 PM
If you are using Binance for storing your coins then you need to worry about what will happen to it if anything happens to them but if you coins are in your own custody you don't need to panic a lot because they will not be lost although prices in short term can be affected to some extent but atleast the coins will be safe with you.Then after few years you could sell them at profit without even caring about these exchanges.
It's not about Binance or Coinbase, but about all exchanges and institutions.
Nowadays banks are applying for licenses to custody bitcoins for you, the latest additions being Deutsche Bank and Santander.
Investment funds want your bitcoins to create spot ETFs.
To protect your coins you have to do one simple thing: self-custody. Get a hardware wallet, keep coins away from exchanges, don't sell it to the institutions.
You'll see that in a year or two they'll come piling up, offering you ridiculous money for your coins because they can always print more fiat but they can't print bitcoin.
June 22, 2023, 02:40:57 PM
Don't trade on Symlix or Paxful.
Serious - mate lost £50 to a scammer on the latter.
Serious - mate lost £50 to a scammer on the latter.
June 22, 2023, 02:33:23 PM
The responses that my question have received so far have been all filled with positivism that is coming from a true community of real enthusiasts. Now my horizon have been widen up with a better understanding of the true power of what it really mean to be your own bank, the true power of decentralization. Of course with these fundamentals, BTC can only react to any eventual news of Binance exchange closure but overall, it will not be affected, quite a technology! Hodling my positions, no shorting for any centralized team!!😎
Cheers to the future with you all Bitcoin enthusiasts🥂
Cheers to the future with you all Bitcoin enthusiasts🥂
June 21, 2023, 04:53:40 PM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
It is always encourage to never deal with centralized exchanges as they will never be safe forever. Though a lot of them are already highly trusted and have become highly reputable when it comes to exchanges, but it’s still different if you trust your own decentralized wallet, a wallet that is free from online hacking and scamming. Open your own non-custodial hardware wallet, that way you will be more secured and even responsible in keeping your funds safe all the time. I'm thinking about closing my key positions for the time being.
June 19, 2023, 01:13:55 AM
If you are using Binance for storing your coins then you need to worry about what will happen to it if anything happens to them but if you coins are in your own custody you don't need to panic a lot because they will not be lost although prices in short term can be affected to some extent but atleast the coins will be safe with you.Then after few years you could sell them at profit without even caring about these exchanges.
June 19, 2023, 01:08:37 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
There are only 3 options we can choose from: buy more coins, sell our existing coins or just hold. Assuming that you only used money for investing that you don't need in the short term, there shouldn't be any real pressure to sell your coins. I made the mistake in the past to close out all my crypto holdings, only to miss out on the next rally. It was my biggest investing mistake that I am never going to do again. I rather sit out the next bear market than risking to miss out the bull market. My recommendation would be to hold your current positions and wait for prices to drop lower before buying more. Like that you will take advantage of cheaper prices and profit from sudden price jumps. There will always be negative information coming out in the crypto community, we shouldn't panic and remain calm.
June 18, 2023, 05:30:15 AM
I think the best strategy is to mitigate the risks. The first risk is obvious: centralized platforms can mismanage funds, be hacked, have their assets frozen, etc. Solution: use a non-custodial wallet. As a bonus, if your money isn't on an exchange, you're less inclined to engage in panic-selling because it's now much more effort to sell your BTC than when it's already on Binance or something. The second risk is, IMO, safeguarding access to your wallet, while also ensuring you don't lock yourself out of it. Here, opinions can differ, and one needs to assess what feels right to them regarding the storage of the passphrase.
Its quite clear you've given a good deal of thought to this, and theres merit in your approach. Non-custodial wallets are indeed one step towards safeguarding one' assets, but are they the be-all-end-all? The risk doesnt disappear, it merely shifts. You're now fully responsible for the safekeeping of your private keys. Lose them, you lose your coins! Can we agree thats an equally scary prospect?Sure, keeping coins off exchanges might deter panic selling, but what about opportunity cost? In volatile markets, being able to act swiftly is crucial! Doesnt the added effort to sell BTC, as you pointed out, also affect the agility to seize trading opportunities?
Finally, the matter of safeguarding access to your wallet is crucial! I agree, theres no one-size-fits-all solution here, and it ultimately boils down to individual comfort levels. Hardware wallets, multi-signature wallets, encrypted backups - theres a whole universe of security measures to explore!
June 18, 2023, 05:21:06 AM
If you want to safeguard your coins, leaving your coins on Binance or any centralized exchange is a worst decision. You can't speculate or predict when the hacker successfully hack Binance, when CZ turn become a criminal and run with all investors money etc, after all you can't verify it.
Make sure you learn about non custodial wallet, hardware wallet/cold storage and open/closed source.
Make sure you learn about non custodial wallet, hardware wallet/cold storage and open/closed source.
Exactly, there's nothing wrong with leaving a few hundred in an exchange, that is if you are a active trader. But if you uses exchanges as your wallet then that's where the problem lies because that is a bad practice to begin with.
We have a lot of options, we have even Electrum as a good choice for the majority of us. And as long as we know how to protect itself or practice safety hygiene then then we can safeguard it and no one can steal our bitcoin from us.
June 17, 2023, 01:34:32 PM
Steps that investors or traders can take is to move their assets elsewhere. For investors, they should transfer their assets to their personal wallets and store them there. As for the merchants, they can trade elsewhere with no problem.
This is important for traders or investors to pay attention to if they want to anticipate the worst. We don't know what will happen next and should think about what steps to take. But each investor and trader must have their own opinion and it's up to them.
But experienced traders and investors already know what they have to do. They will look for other exchanges that are still doing well. Exchange one crashed but that didn't affect the other exchanges. Meanwhile, the crypto price may be able to decline a bit due to panic from unprepared traders but it will recover again as before. So don't worry too much. Just think about what you should do and don't depend on other people's opinions.
This is important for traders or investors to pay attention to if they want to anticipate the worst. We don't know what will happen next and should think about what steps to take. But each investor and trader must have their own opinion and it's up to them.
But experienced traders and investors already know what they have to do. They will look for other exchanges that are still doing well. Exchange one crashed but that didn't affect the other exchanges. Meanwhile, the crypto price may be able to decline a bit due to panic from unprepared traders but it will recover again as before. So don't worry too much. Just think about what you should do and don't depend on other people's opinions.
June 17, 2023, 01:25:27 PM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
Safety involves being aware of all the security threats and making sure not to be a victim of any. Your bitcoin holding is your personal responsibility to secure, and to safeguard your bitcoin as an enthusiast, you have to make it you duty to be aware of every security threat old and new that can affect your bitcoins.I'm thinking about closing my key positions for the time being.
A bitcoin Hodler who is unaware of the threats that his bitcoins faces is has already given opportunity for loss to meet his/her bitcoins.
Safeguarding of bitcoins is what every newbie to bitcoin investment should concern themselves about, the importance of knowing about the safety of your own investment cannot be overlooked.
June 17, 2023, 12:01:09 PM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
Safeguard from what? From those centralized exchanges and wallets? You weren't supposed to hold and store your coins over there in the first place. Holding and storing your coins in those exchanges means you are no longer the owner of the coins. You gave it to those centralized financial institution, and they never actually promise you to give you back your money when you ask for it. You just trust that they will give it back to you. You don't even know what they do with your coins. The only way to keep your coins is by holding it in your own wallets where you own the keys. I'm thinking about closing my key positions for the time being.
June 17, 2023, 10:20:23 AM
If you want to safeguard your coins, leaving your coins on Binance or any centralized exchange is a worst decision. You can't speculate or predict when the hacker successfully hack Binance, when CZ turn become a criminal and run with all investors money etc, after all you can't verify it.
Make sure you learn about non custodial wallet, hardware wallet/cold storage and open/closed source.
Make sure you learn about non custodial wallet, hardware wallet/cold storage and open/closed source.
June 17, 2023, 10:14:48 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
If Binance closed today we may see a huge drop on prices of all cryptocurrencies like 30 to 50% and it will take a while to realise what happened around the market and the trend get steady. Then everything will start to recover so end of an exchange or business related to cryptocurrency is not going to end the future of cryptocurrencies.I'm thinking about closing my key positions for the time being.
When such things happens just move any balance left in the exchange to wallet ASAP, and wait for the things to settle down and if you can then buy at that phase which will bring you great returns later.
June 16, 2023, 08:57:53 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
Why are you panicking dude? Bitcoins doesn’t depends on Binance. Yes I know that Binance is one of the popular exchanges, but it doesn’t mean that, if it shuts downs, then the Bitcoins will collapse. Your investment is safe, as far as you have stored the coins in a hardware wallet. Yes there might be a price drop due to this Binance and Coinbase lawsuits, but after few months, everything will be back to normal. So just don’t panic and I will suggest you to hold your coins also for long time.
June 15, 2023, 12:20:42 PM
Holding? DCA? Those are the best ways to do it if you know what you are doing and there are a lot of people who won't follow that and sell when the price is going down. I am sorry but if you are selling because bitcoin price went down, then I do not think that you are going to end up with anything decent for the long term.
I hope that you would, but that doesn't mean that it will be the case. I know people are reaching to the maximum point of their patience when the price has been this low for this long, it's been 50%+ down from ATH for over 1.5 years now, and that makes more and more people stop waiting and stop holding. But that only means we are getting closer to higher prices again, the longer you hold, the closer you get to breakout of the price to a much higher price.
I hope that you would, but that doesn't mean that it will be the case. I know people are reaching to the maximum point of their patience when the price has been this low for this long, it's been 50%+ down from ATH for over 1.5 years now, and that makes more and more people stop waiting and stop holding. But that only means we are getting closer to higher prices again, the longer you hold, the closer you get to breakout of the price to a much higher price.
June 15, 2023, 02:03:16 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
Am not sure what protection are you seeking here? meaning you are storing your funds in exchanges ? then if you do so you must be weary about the same situation , try to put your funds outside exchange when you are not trading because with that you will be safer for time of closure .I'm thinking about closing my key positions for the time being.
but as exchanges are being shut down , that does not mean all exchange will have the same faith though this will damage the situation for a while but will be forgotten eventually .
June 15, 2023, 01:51:59 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
in today's market conditions, the best way to secure an investment is to hold assets and increase them if necessary. the market won't be like this forever, so when you buy Bitcoin now and hold it until the price goes up you will not only recover your losses, but also make huge profits from it. this way has been done by many investors and most of them are successful.
however, if you are worried and tend to be impatient with current market conditions, it's best if you close your position and convert your assets to stable assets, because if you constantly think about your losses, it might affect your mental health.
June 15, 2023, 01:39:24 AM
Binance closing? Its a bummer, not doomsday. This could be the catalyst for overdue change. In the crypto arena, we adapt and march on,.
Facing such perturbations, whats the strategic play? Diversify, thats the name! Scatter your stakes across assorted cryptocurrencies and platforms. Crypto is the people' currency. No need for a single crutch
Shutting down significant positions feels impulsive. But, crypto is a long haul affair. Keep the faith, embrace the prospects, and we'll rise! Are we chasing a quick windfall or a financial renaissance? Ask yourself this
Facing such perturbations, whats the strategic play? Diversify, thats the name! Scatter your stakes across assorted cryptocurrencies and platforms. Crypto is the people' currency. No need for a single crutch
Shutting down significant positions feels impulsive. But, crypto is a long haul affair. Keep the faith, embrace the prospects, and we'll rise! Are we chasing a quick windfall or a financial renaissance? Ask yourself this
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June 14, 2023, 11:45:31 AM
If Exchange Like binance falls today, it will not affect investors in any way because (unless for those that store their coins there), firstly, a centralized exchange is not a place to store your coins. Well, it's only those that regularly trade on Binance that can get bothered, but normally Binance is not the only trusted centralized exchange, and by right, for more security purposes, a centralized exchange is not where we Bitcoiners should rely on to carry out all forms of Bitcoin transactions. KYC and AML are all attacks on Bitcoin. It would be better if there is more of a decentralized exchange or platform for Bitcoin transactions than a centralized platform, and if Binance goes down, at least it is going to make people have less trust in CEX.
June 14, 2023, 11:01:51 AM
There's no doubt that the old warning has been repeated on this forum over and over again, get a hardware wallet like Trezor because they're more secure than closed source wallets, but if you don't have the money, electrum wallet is still open source and highly secure. In order to maintain your Bitcoins, you must keep your recovery seed very safe once you have purchased either of these open-source wallets. Your recovery seed is the only thing that keeps them from being stolen.
June 14, 2023, 10:50:38 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
Investors who invest in Bitcoin will be safe even if Binance has to be closed in some countries as long as investors don't keep Bitcoin on the Binance exchange.Other types of crypto assets chosen as crypto assets will also be safe if you store them in an open source multi-coin wallet.
It seems that the most effective strategy in protecting investments in various situations is to store assets in wallets that are included in the list of recommendations.
It is very true that exchanges are not really the answer for anyone to protect investments.
June 14, 2023, 10:26:50 AM
I think the best strategy is to mitigate the risks. The first risk is obvious: centralized platforms can mismanage funds, be hacked, have their assets frozen, etc. Solution: use a non-custodial wallet. As a bonus, if your money isn't on an exchange, you're less inclined to engage in panic-selling because it's now much more effort to sell your BTC than when it's already on Binance or something. The second risk is, IMO, safeguarding access to your wallet, while also ensuring you don't lock yourself out of it. Here, opinions can differ, and one needs to assess what feels right to them regarding the storage of the passphrase.
June 14, 2023, 10:26:39 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
This incidence of exchange closure have only a temporary impact on the bitcoin price and how investors perceived bitcoin most especially if the concern of the investor is just on the price of bitcoin and not that his funds were confiscated in the exchange if it is the former and that the investors have their bitcoin stored in their own personal wallet which have it private keys saved then all that is left for that investor is to wait for the price recovery after the bad news of exchange closure.I'm thinking about closing my key positions for the time being.
But if your balance is held in an exchange wallet and it becomes closed, that means that you may not have access to that fund and since you don't own the private keys to the wallet.
June 14, 2023, 10:24:48 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
No one can be 100% secure to be honest. But in order to increase the chance of not loosing your hard earned bitcoins, you can follow the below steps.
1. Use cold storage to store your coins. There are multiple options available in the market.
2. If the above is not possible, use wallets with 2FA authentication. Which means any transaction will require a separate authentication before moving out of the wallet.
3. Avoid keeping your bitcoin in any exchanges
This will increase your chance of not getting hacked.
June 14, 2023, 10:01:23 AM
two words: open source. open source wallets are good for now, electrum and others. this binance thing is just a wave getting rid of the last things holding crypt back imo, good thing await.
June 14, 2023, 09:52:28 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
Currently, the FUD and all the pressure is on Binance I think what would actually happen to bitcoin if the world's largest cryptocurrency exchange Binance goes down which hopefully won't happen but you never know so firstly keep your coins off of custody platforms as best you can just in case because why wouldn't you it's written all over the walls that that's the best practice to have. I'm thinking about closing my key positions for the time being.
Should anything happen to Binance, there's lots of other centralized exchanges that would be happy to service all the people.
June 14, 2023, 09:46:24 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
Prominent Bitcoin investors do not save their coins in exchanges; instead, they use the exchanges to trade and then send their coins back to wallets they control, such as Electrum.It is usually suggested not to store our Bitcoin in centralized exchanges due to such situations involving Binance and the SEC, as well as in some cases of exchanges being defrauded or running with customer funds.
The simplest tip is to send your Bitcoin to a personal wallet where you have kept your private key.
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I'm thinking about closing my key positions for the time being.
If you can avoid centralized exchanges and only invest in Bitcoin, you will have nothing to worry about because Bitcoin has a bright future ahead of it. 
June 14, 2023, 08:53:58 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
According to "coinmarketcap" Binance is rated to be the number one best crypto exchange in the whole world, with over 385 coins and an 24hrs trading volume of over $5billion, of which I think any attack or effect on it, will literally affect the morale of all crypto users across the globe and likewise affects the price of Bitcoin and all other coins. But due to the decentralized nature of Bitcoin, it's paramount that it's value will always fall back on track, which is why it's always good to safeguard your funds in a non custodian wallet such as Trezor or Electrum for mobile users, because with the look of things, Bitcoin is currently at $25k and there is a high probability it's price is likely to fall to $20k before it bounces back. I'm thinking about closing my key positions for the time being.
June 14, 2023, 08:44:56 AM
The news refers to the Binance.us exchange, not Binance.com, so don't panic, especially since we are not citizens of the United States, what you need to know is to take your investment off the exchange because this is not a good suggestion, considering that there are now many news that will corner the exchange. and most importantly you save investment assets in your own wallet.
Actually I didn't panic with this news because I never saved there, maybe there will be a lot of worries after this news incident, of course there is a lot of panic, but if your investment assets are not on the exchange why should you panic, just relax and bitcoin will not be affected by any suit.
Actually I didn't panic with this news because I never saved there, maybe there will be a lot of worries after this news incident, of course there is a lot of panic, but if your investment assets are not on the exchange why should you panic, just relax and bitcoin will not be affected by any suit.
June 14, 2023, 08:40:50 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
You can safeguide your hodling by taking off your coin from Exchange to a non custodial wallet. having it in a non-custodial wallet is better even if the fall of an exchange becomes a serious effects on the price of the market, it is better of when you have your coin to yourself in a wallet you alone and nobody else have access to the seed phrase and by holding it it will definitely hit to a good value.
If banance is to be no more today and your Bitcoin is in the right wallet no matter how the price is being affected it does not mean you have automatically lost your Bitcoin, but you can still get it back by hodling.
I don't trust any exchange because anything can happen to an exchange at any time but I think the matter on ground concerning binance exchange it is something that's can be solved by Binance. Binance will not be easily shut down, they will look for every means to resolve their presents challenge
June 14, 2023, 08:31:28 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
This commotion on Binance is good event to give lesson to crypto holders especially newbie to avoid using any centralized exchange as wallet to hold their funds for a long time. Use a non custodial wallet or much better hardware wallet to implement maximum security on safeguarding your assets.
I'm thinking about closing my key positions for the time being.
This is a good idea since we don’t know what’s gonna happened in the future for the Binance case. Much better to use other service rather than stay on exchange with issue.
June 14, 2023, 08:25:41 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
It's certain that the closure of crypto exchanges will largely affect the price of Bitcoin and other crypto coins in general, especially those exchange coins, whose value might be reduced to zero. But those will just be a temporary movement in price; real investors and Bitcoiners won't have to worry about those price differences.
If you are not certain of what will become of the market when you suspect any large crypto exchange is about to be shut down, the best thing for you to do is to convert all your holdings into stable coins so you do not have high blood pressure over how the market might turn your holdings into. Then, after the market price has dropped to a level where you think it will not go down again, you can try buying back your holdings. But in such a process, there is the possibility of you not getting equal to what you were holding before or getting more.
June 14, 2023, 08:24:43 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
The recent events targets binance.us not binance as whole. Binance.us has only 35 mln daily volume what is a f.king joke compared to binance.com with $5B daily volume on spot and $25B on futures. So the recent FUD relates only to 1% of binance volume. The bigger problem for crypto market is SEC calling altcoins a securities ... but it only affect altcoins (mostly POS after ICO) as bitcoin (POW without ICO) is already clasified as commodity. So all this fud is bullish for bitocoin.
June 14, 2023, 08:18:55 AM
[Yes there might be a price drop due to this Binance and Coinbase lawsuits, but after few months, everything will be back to normal. So just don’t panic and I will suggest you to hold your coins also for long time.
The price drop that many investors are waiting for 
. This will push the price back up.Price increase and price drop would be a blessing, just that investors should not sell their bitcoin. Some people may see the price falling and sell. That is wrong, they should not sell but be happy that more people will buy at lower price. All-time-high is coming.
June 14, 2023, 08:12:18 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
The only reasonable thing to do in order to protect your funds is to make sure it does not stay in the exchange, it is not so hard to know that. Even if Binance wasn't going through all these troubles, it is still unsafe to store your funds in their wallet that they control, they can lock it without your permission or lose it in one of their trades or investments, because they function through a fractional reserve system. As for investors confidence, i don't feel too many people should be shocked if another exchange bites the dust after all the recent events of the last months with centralized exchanges and services. 
June 14, 2023, 08:05:35 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
Why are you panicking dude? Bitcoins doesn’t depends on Binance. Yes I know that Binance is one of the popular exchanges, but it doesn’t mean that, if it shuts downs, then the Bitcoins will collapse. Your investment is safe, as far as you have stored the coins in a hardware wallet. Yes there might be a price drop due to this Binance and Coinbase lawsuits, but after few months, everything will be back to normal. So just don’t panic and I will suggest you to hold your coins also for long time.
June 14, 2023, 07:58:31 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
Investment or trading funds? I'm thinking about closing my key positions for the time being.
You can use your noncustodial wallet for your investment. If the amount as grown big, buy hardware wallet like passport or Trezor for it if you can not use airgapped wallet for it.
As for trading, I will say you should not still panic.
Know that binance.com is not affected.
According to what I am reading on news, Binance.us may not be affected, or at least for now, until tomorrow June 15. But if you are from US, close your positions and move your fund out of Binance.us until the judgment is declared. The judgement may favour or unfavour Binance. If Binance asset is frozen, that would likely be the end of Binance.us.
June 14, 2023, 07:57:11 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps can individuals take to safeguard their investments in such situations? I'm thinking about closing my key positions for the time being.
It will affect their confidence very badly because many of the traders will give up on crypto-currencies when the exchange like Binance is close down. But, I don't think that Binance is going to shut down anytime soon because the CEO of Binance CZ is quite capable to handle big problems and the current issue with Sec is also almost fixed. There were some chances that the exchange will take exit from United States, but now the things are in favor of Binance and Sec have made the agreement to work together and the Binance won't be freezing the assets.
Let's suppose if Binance was to shut down then in that case many investors of the crypto-market would lose their confidence of all crypto-currencies and its markets. Thousands of investors would give up on it for rest of their life and they would also promote some negative news about the market by calling it "Ponzi scheme," and etc. Social influencers do everything to earn bread and butter, and they would promote fake news regarding Bitcoin and crypto-market. However, the prominent Bitcoin enthusiasts would still favor Bitcoin and crypto market even if Binance takes an exit the won't be disappointed form Bitcoin and its features.
June 14, 2023, 07:46:11 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps can individuals take to safeguard their investments in such situations?
Don't store your coins on centralized exchanges, in exchange accounts because you don't own keys and if those exchanges have problems, seizure, scam exit, collapse, bankruptcy, you will lose your coins.Reminder: do not keep your money in online accounts
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I'm thinking about closing my key positions for the time being.
If you feel your positions are not good, you should close them and find draw exits or minor losses. Protecting your capital is key as a trader and investor. 
June 14, 2023, 07:43:00 AM
How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.
I'm thinking about closing my key positions for the time being.
I'm thinking about closing my key positions for the time being.
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