Topic: What is the best way to "secure" your coins? (Read 328 times)

While we hate on exchanges for their centralized mode of operation lets not forget some exchange are doing some extraordinary service like with refunding hacked funds to users. Binance for example retuned all stolen funds to her customers through their insurance policy making sure their wallet are safe as they advertised.

While it won't be idea to keep such huge funds on exchange, since the OP is suggesting he's thinking or interested in trading them personally if I was in his shoes I won't mind using exchange to trade some for stablecoin and rebuy my bitcoins when the opportunity presents itself then send them off the exchange to my personal wallets.

I won't risk trading all to stablecoin so incase the bearish signs are false, I won't regret my decisions.

Most likely i would definitely be doing the same thing when it comes on completing some KYC in Binance yet even though we do really oppose about centralization but we can somewhat
presume that they wont really be fucking out or wasting their reputation into something which isnt really a serious case to be look upon.Ledger and other reputable hardware wallets that
supports USDT would might do if you are really that paranoid when it comes to security of your funds.Well, i cant blame them though because this had been always
the first priority in mind.

Possibly it can be frozen but only if it suspicious. I'd rather comply with Binance KYC for that purpose as even they are centralized, I'm sure they won't fucked up their users on that amount and reputation.

Why not just shift it into a hardware waller for good. Ledger for example supports USDT.

Buy a hardwallet. I have been in cryptocurrency for 4 years. and experience some bad things when saving on a Mobile wallet or exchange. often MT on exchange makes our funds frozen. and also the experience of hacking in a mobile wallet made me no longer store assets there. it is safer to buy a hardwallet that is safe. no need to worry about hacking because our assets are safe.although some exchanges have confidence but trauma during pump / dump usually MT for deposit or withdrawal

Until now I still believe hardware wallets are the safest places to store coins, because we keep the private keys ourselves. I suggest not storing too
many coins on exchanges, as they are too prone to be hacked. Remember Binance as the best exchange, was experience hacked by a group of hackers
and lost 7000 BTC worth as much as $ 41 million, so it's better to keep only a portion of the coins on exchanges. The rest is stored in a hardware
wallet, because I have two years of experience storing Bitcoin that I have in a hardware wallet has never been a bad thing. As long as we keep our
private keys safe, our coins should be safe.

Actually any exchanges have chance to have problem in the future so once you store your usd or coins you should do a research and better to know the risk once you hold it there that they have risk to lost it so better to seperate it to the exchanges and buy a coin once you decided to purchase. Storing coins or money is like also to secure your future so better to find a good website or wallet where to keep it.

I would love to put it on a hard wallet and control my keys on my own which for me is the best place to keep my bitcoin. Many still believe on exchanges especially on Binance so I think if you’re a risk taker and really want to trade that kind amount of money, then you can use CEX just make sure that you also have good security on that like 2FA and protected email account.

You can keep it exchange with kyc verified. Also you can keep it offline wallet that is secure. Today don't try buy for holding. This price is not stable after time it fall down.

Actually the questions asked was how can one convert their BTC in case imagine the price is dropping and one wants to secure the amount he has in US dollars but does not want to pass KYC and wants to remain anonymous. Most common way of doing it would be by converting into stable coins but as fellow members said that trusting USDT or other centralized coins is like buying paypal and saving them because they are controlled by the providers like Tether Limited controls USDT.

If you had a read of what he asked, you would have known it better. I think this is a common problem and usually the way most of us conquer this problem is by converting to stable coins and buy back when the bear run has stopped.

If you don't want to lose money it's better to not buy an USD backed stablecoin IMHO. A gold backed stablecoin like PAX Gold or Tether Gold is certainly a more secure option than some FED paper money coin...

There is also fact about how much you own, and what is your risk, what you normally have and how much of it is in bitcoin and many other things involved. When you try to "secure" bitcoin in a way that is unknown with so many data points missing, you are not going to get one answer that would be right for every situation, that is impossible to do and there is no way anyone can answer that.

There is securing as in putting it in a hardware ledger, there is securing as in you made a profit and want to make sure you do not lose it all with a crash, there is a lot of money but nothing for a billionaire, there is small amount but a lot for a poor person, basically it is impossible to know what is going on right now with that much lacking information. That is why I honestly think that the best way to go with this would be to gather as much data as possible for each individual situation to decide the best way.

KYC policies are being made because it would be quite questionable on why would you hold such amount. I had my experience with Binance at that.
Not sure what DAI is, but I can see that it is a stable coin. Only sure way to secure it is through stable coin, well in terms of price volatility "protection".

Security of the coins itself is a matter of different discussion because you're never gonna want to keep your funds in an exchange.

you should edit the title and add value at the end because its the value of your btc you want to secure and not your btc or your dai and you already answered your own question but not only that ,
 you also gave an idea to the people if what stable coins are the best because many people underestimated dai and they are going for usdt maybe because usdt is more popular but there are horor stories with usdt other than exchanges that offer usdt requires a kyc .

Gonna be a tough one if you don't want to do KYC. you can maybe spread the btc to many accounts in exchange without exceeding the limit but there's always possibility of the exchange poking your nose since it's unverified acc but holding so much money , maybe P2P, but honestly with that big amount of money when you state that you don't want to go through KYC procedure you're already out of most option.

Unless the person is trying to evade taxes or has acquired the funds illegally, they can just sell the bitcoins to any seller and get money in their banks and later when they believe the price is low, just buy it.

DAI is a good option but I will recommend USDT purely because of the market volume they have and the price always remain $1 as it should for USDT. I am not sure what horror stories but even if you don't have to do KYC there are sellers who will just give you money in your bank for the bitcoins and since you are selling BTC they shouldn't ask for any verification.

If use any wallet. Don't share your personal information and acctive your account every time. Before use the wallet check the that wallet feedback. Then chose and use tha wallet. Hackers try to hack the wallet. So don't share the wallet private information. Hold the bitcoin long time and wait for the price increase. Don't use the unknown apps. Before use the wallet check that wallet feedback then use it.

Blockchain technology provides data protection against hacking attacks and other fraudulent activities. However, the security often depends on the version and format of the cryptocurrency wallet you choose the safest way to store bitcoins is to find yourself a hardware wallet this type of wallet is always offline which means it is never disclosed thus, there is no risk of hacking or stealing private keys online wallets are the most secure storage strategy since private keys are in the hands of third parties. You have to trust to keep your coins safe and there is no need to kyc nothing here will remain anonymous.

With 10+ BTC, the equivalent amount in fiat or stable coin will be huge.

When you use stable coins, you must put your capital and your belief in those companies. Stable coins are only other types of fiats and they are likely digitalized versions of fiats. Many stable coins are minting from the air and they can be frozen by governments.

To secure my bitcoin and my capital, I will do it with fiat. At least with fiats are backed by big governments like the US, it won't varnish in the air. If you argue the inflation of fiat, you would know stable coins have inflation too. They are pegged with ratio 1:1 to fiat so if fiat has inflation, stable coin will be inflated too.

Yes, it is true what he said. I also recommend that you use Binance or Binance Dex which do not require KYC verification. Because Binance as an exchange platform has several advantages, including :

1. Cheap Transaction Fees

One of the best features is the low price of financial transactions from Binance Online Trading. customers are only charged 0.1% for each transaction. That means, if you exchange 1 ETH, you will only be charged a fee of 0.001 ETH!

For example, at the time of writing, if you want to withdraw Litecoin (LTC) coins, you will be charged a fee of 0.01 LTC. If the LTC value goes up, the withdrawal fees will also go up. This increase was because the withdrawal price was also influenced by the Litecoin price. So this increase is not affected by the dollar exchange rate (or your local currency). There is no limit to how much deposit you can make, it's just that if you want to withdraw more than 2 BTC, then you have to verify your account. This verification can be done by providing identification, such as with your passport.

2. Prize Draw

Binance Online Trading users can stand a chance to win prizes. These rewards vary over time and are usually cryptocurrency (eg Waves (Waves) and Ontology (ONT)). There was even a Maserati car prize! Very cool!

3. ICO Launch Pad

Binance Online Trading is well-known for including a list of new cryptocurrencies after their ICO campaign is over. Many crypto companies consider Binance to be their favorite digital transaction platform. Binance doesn't necessarily list older versions of cryptocurrency. The cryptocurrency must prove to be good in order to be included in the Binance cryptocurrency list.

4. Security

Binance takes security very seriously. Each customer is required to perform two-factor authentification (2FA) when they want to enter Binance Online Trading. 2FA is a top level security system that requires a special code every time you log in, make transactions or withdraw money. If you are still wondering "is Binance Online Trading safe?", Then the site also uses CryptoCurrency Security Standard (CCSS) to protect your account. This system is a network security standard that exists in every digital transaction.

5. Large Volume Digital Transactions

Because Binance online trading has become a site where there are buying, trading and selling of cryptocurrencies, there are massive buying and selling transactions taking place every day. This factor is important because it means you have a better chance of selling your cryptocurrency faster, if you are in need of money.

For example, if you want to buy a cryptocurrency, you will run into difficulties if there are no sellers due to the small volume of transactions. Conversely, if there are many people who want to sell the coin, it will be easier for you to buy the cryptocurrency.

They freeze addresses for specific reasons like hacked funds, stolen money from other people, it is a way to avoid it being sold in the market so the culprit can't benefit from it.
Read why it happened.
1. Tether Freezes $1.7M in USDT Stolen in Yearn Finance Exploit
2. Tether Freezes Millions of Dollars USDT in 40 Addresses Amid Regulatory Pressure