What is the best way to "secure" your coins? - page 2.

TheGreatPython

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Quote from: skarais on February 21, 2021, 03:50:27 PM

Let me assume that you do have 10+ bitcoin in your exchange wallet, that's a lot of money to withdraw in a single transaction without doing KYC. You can still get at least 5 withdrawal transaction without KYC if you use Binance. But if it was mine, then I would convert it to 50% fiat and 50% to stablecoin which I will store on hardware wallet.

I would even split the amount into multiple stable coins like 2.5 BTC each of USDT, BUSD, USDC and DAI. Also as I never suggest keeping money on exchanges so would recommend withdrawing all these coins and keeping them in a paper wallet or at least software wallet.

Quote from: passwordnow on February 21, 2021, 04:26:35 PM

I support those answers about Binance. It's a very good exchange and no need for KYC but the limit is quite good. Dai probably is one of the good choice for decentralized stable coins. With those choices, you have a good exchange and you have chosen a decentralized stable coin. What do you plan? you'll just leave it on the exchange and trade from time to time if it's necessary? I'm sure you've heard the story about USDT freezing and blocking funds/addresses.

I would like to know more about USDT blocking addresses because as far as I heard and know they are the best stable coin right now along with the others I mentioned above. Did they freeze addresses for no reason? If so please tell me more.

By the way if I was there and had 10 BTC, I would just never convert them because the price is going ballistic and I don't see any chances of that slowing down.

ashmodeus

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if u ask about what the most anonim stable asset ,so far yes, DAI its the only one decentralized stable coins and u have no worry about being frozen for no reaseon , since eventhough they can be deploy new version of DAI(if it needed) , I don’t think it will be easy for the someone to force the DAO to do something.

bitbollo

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one of the best way for storing safely crypto currency has been developed by www.glacierprotocol.org .
it's a step by step guide to build the safest wallet that you can ever image

I suggest each time to take at least a read since it's full of information about security and how to save safely private keys.

maxreish

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As some exchanges has a limit of bitcoin deposits and withdrawals. You can diversify that 10 btc and distribute to different secured and established exchanges where you can convert it into stable coins.

But then you are worrying about it's KYC so you might also choose and consider that DAI as it is decentralized. Just know the risk of putting all that btc on that platform as that 10 btc wasn't a joke amount of money.

jerry0

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Wow thats a ton of btc you have. But are you planning to cash out to your bank?

justdimin

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Quote from: ?? on ??

I cannot say the thing you did is wrong, because if you think you will grow with this plan you have, well go for it.
And I suggest Binance is the best exchange for you to use if you wanna do some activity in trading. Due to KYC is not a problem with this exchange platform. So good luck to you mate Wink

Yes for sure Binance should be good for trading such volumes if he wants to convert into stable coins but I think most of the stable coins are centralized and amounts as big as $500k which is around 10 BTC should not be trusted with centralized assets in my opinion although we don't have any other option since he doesn't want to pass KYC procedures.

Another thing one can do is sell the bitcoins for some other coins they think won't be dropping. Like he said the price might drop and that's the reason for selling and securing dollars so he can can easily buy some other coins like ethereum and just keep them or whichever coin you feel like won't be dropping anytime soon like polkadot maybe.

Peanutswar

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With that large amount, I think it's better to use a hardware wallet so you don't need to worry about but the problem is you would like to keep into a stable coin I think aside from DAI you can use too the USDT and BUSD they are into the way of being stable. Also with that large amount, I think being verified in binance is a good thing too because by that you can make an instant withdrawal of 100 BTC/day if you are verified but if not only takes 2 BTC/day it consumes ~5 days before you have withdrawn all of your funds, still your choice if you are willing to wait for those days or make an instant withdrawal. Also, AFAIK P2P lesser cost than sending funds before getting into your fiat currency.

DoublerHunter

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Quote from: Twinkledoe on February 21, 2021, 03:55:09 PM

Quote from: Quidat on February 21, 2021, 01:58:49 PM

Quote from: throwaway258443671 on February 21, 2021, 01:35:50 PM

Let's assume someone has a bigger amount of crypto (10 BTC+). Now this person assumes that the price will drop and therefor instead of hodling, he wants to "secure" his crypto in USD and buy back at a later point. What is the best and safest way / exchanger to do this? Stablecoin? Is DAI the only stablecoin that cannot be frozen? The whole procedure also should not include any KYC. Not because it is illegal money, but because said person has heard some horror stories and wants to be as safe and anonymous as possible.

I would rather go with Binance and since you do mind without KYC then you can always withdraw 2 btc/day with unverified account if you do wish to withdraw.
but since you do convert those coins to stablecoins then it would just still hold into your balance which you can anytime rebuy btc when it cheap.
You can somewhat read on here: https://www.binance.com/en/support/faq/115003670492

With that amount, Binance is really safe for your funds as they have insurance in that platform. No matter what happens, you can get your money back if something goes wrong. So if you decide to store your money for longer period, I can say, Binance is pretty secure as compared to other exchanges. You can also withdraw and use their max limit per day, without going thru KYC.

^ Definitely right, I agree with those most answer above that Binance has a guarantee that you are safe when we are talking of protecting identity. But you can not deposit them all, you need to split in a small amount that fit the required minimum amount per day of Binance, if I am not wrong, that was 2 BTC per day that you can allow transacting on the exchange, otherwise, you will maybe suspected by them freeze your account.
Yes, DAI is a good stable coin and that is available on Binance.

ReiMomo

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For now, it's very rare to find an exchange that didn't require KYC if that is a big amount, it should always at the minimum level amount that you can able to trade and withdraw. In that case, I suggest converting or diverting your bitcoin to a stable coin, like USDT I guess, and withdraw it and store it in the hardware wallet that you have full control of keys.

P2P or decentralized exchange is the only way for that, like Bisq and Hodl-hodl exchange platform or even in Binance as what most suggested above. But if you are not afraid of the KYC, Binance is the best exchange, and put all your bitcoin there, that is not a problem.

pixie85

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I would not recommend a stablecoin and holding money on exchanges if security is the key.

If you want to be anonymous you shouldn't even consider centralized exchanges with KYC.

Security means holding money in the bank, not on the account of a bitcoin exchange. Privacy means using cash or DEX, it's really that simple. To actively trade you will have to sacrifice privacy and security. It's the same if you decide to use stablecoins.

passwordnow

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I support those answers about Binance. It's a very good exchange and no need for KYC but the limit is quite good. Dai probably is one of the good choice for decentralized stable coins. With those choices, you have a good exchange and you have chosen a decentralized stable coin. What do you plan? you'll just leave it on the exchange and trade from time to time if it's necessary? I'm sure you've heard the story about USDT freezing and blocking funds/addresses.

Twinkledoe

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Quote from: Quidat on February 21, 2021, 01:58:49 PM

Quote from: throwaway258443671 on February 21, 2021, 01:35:50 PM

Let's assume someone has a bigger amount of crypto (10 BTC+). Now this person assumes that the price will drop and therefor instead of hodling, he wants to "secure" his crypto in USD and buy back at a later point. What is the best and safest way / exchanger to do this? Stablecoin? Is DAI the only stablecoin that cannot be frozen? The whole procedure also should not include any KYC. Not because it is illegal money, but because said person has heard some horror stories and wants to be as safe and anonymous as possible.

I would rather go with Binance and since you do mind without KYC then you can always withdraw 2 btc/day with unverified account if you do wish to withdraw.
but since you do convert those coins to stablecoins then it would just still hold into your balance which you can anytime rebuy btc when it cheap.
You can somewhat read on here: https://www.binance.com/en/support/faq/115003670492

With that amount, Binance is really safe for your funds as they have insurance in that platform. No matter what happens, you can get your money back if something goes wrong. So if you decide to store your money for longer period, I can say, Binance is pretty secure as compared to other exchanges. You can also withdraw and use their max limit per day, without going thru KYC.

skarais

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Stablecoin might be an option that can make you feel a little more comfortable when you have doubt about the potential future price of bitcoin, but of course the price is quite large.

Let me assume that you do have 10+ bitcoin in your exchange wallet, that's a lot of money to withdraw in a single transaction without doing KYC. You can still get at least 5 withdrawal transaction without KYC if you use Binance. But if it was mine, then I would convert it to 50% fiat and 50% to stablecoin which I will store on hardware wallet.

target

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DAI must be the safest but I think the stablecoins are just as safe as they are, Tether for instance is just so big that it probably will just pay the SEC if they get sued.

The issue with moving it to USD or stablecoin is that the purchasing power of USD is also diminishing and there is no way of seeing how low it can go yet. But if you just want to secure it, then just keep it in a wallet that you have they private key.

AliMan

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Quote from: throwaway258443671 on February 21, 2021, 01:35:50 PM

Let's assume someone has a bigger amount of crypto (10 BTC+). Now this person assumes that the price will drop and therefor instead of hodling, he wants to "secure" his crypto in USD and buy back at a later point. What is the best and safest way / exchanger to do this? Stablecoin? Is DAI the only stablecoin that cannot be frozen? The whole procedure also should not include any KYC. Not because it is illegal money, but because said person has heard some horror stories and wants to be as safe and anonymous as possible.

Good strategy if you do have usd and you keep it in your wallet or any bank, but it's not a wise idea if you diverted it towards cryptocurrency while it's still at higher value. Nobody can predict when the price will going to saturate from to bottom price. Don't invest with unknown asset, always have a good options with btc or eth in a cheaper price. Waiting might be boring, at least you have enough money for investment plans.

Oshosondy

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Quote from: throwaway258443671 on February 21, 2021, 01:35:50 PM

Let's assume someone has a bigger amount of crypto (10 BTC+). Now this person assumes that the price will drop and therefor instead of hodling, he wants to "secure" his crypto in USD and buy back at a later point. What is the best and safest way / exchanger to do this? Stablecoin? Is DAI the only stablecoin that cannot be frozen? The whole procedure also should not include any KYC. Not because it is illegal money, but because said person has heard some horror stories and wants to be as safe and anonymous as possible.

If not to include kyc, you can use noncustodial exchange as a third party on noncustodial wallets. A good example are hardware wallet like trezor that have noncustodial exchange as a third party, you can also use crypto wallet that support many other cryptocurrencies like Coinomi, you can make use of noncustodial exchange third party on it to exchange from bitcoin to another coin like Dai. As for me I will prefer Dai as tether is said to be shady. In this case, no kyc needed, no custodial exchange needed, all is noncustodial.

Quidat

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Quote from: throwaway258443671 on February 21, 2021, 01:35:50 PM

Let's assume someone has a bigger amount of crypto (10 BTC+). Now this person assumes that the price will drop and therefor instead of hodling, he wants to "secure" his crypto in USD and buy back at a later point. What is the best and safest way / exchanger to do this? Stablecoin? Is DAI the only stablecoin that cannot be frozen? The whole procedure also should not include any KYC. Not because it is illegal money, but because said person has heard some horror stories and wants to be as safe and anonymous as possible.

I would rather go with Binance and since you do mind without KYC then you can always withdraw 2 btc/day with unverified account if you do wish to withdraw.
but since you do convert those coins to stablecoins then it would just still hold into your balance which you can anytime rebuy btc when it cheap.
You can somewhat read on here: https://www.binance.com/en/support/faq/115003670492

BitMaxz

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That's pretty big the only safe exchange for me for a big amount is Binance but you don't want to be KYC verified.

However, they also have a Binance Dex that doesn't need to be KYC verified and supported with hardware wallets like ledger nano you can securely save your crypto with ledger and trade on Binance Dex to any stable coin.

Or I think what you're looking for is a decentralized exchange? Mostly called Defi exchanges.

Most of the well-known one is Uniswap but the only problem they don't support Bitcoin but mostly tokens.

throwaway258443671

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Let's assume someone has a bigger amount of crypto (10 BTC+). Now this person assumes that the price will drop and therefor instead of hodling, he wants to "secure" his crypto in USD and buy back at a later point. What is the best and safest way / exchanger to do this? Stablecoin? Is DAI the only stablecoin that cannot be frozen? The whole procedure also should not include any KYC. Not because it is illegal money, but because said person has heard some horror stories and wants to be as safe and anonymous as possible.

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