What's Your Exchange to Wallet Ratio? - page 2.

Jawhead999

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Quote from: BTC_Dragon on January 09, 2024, 09:04:51 AM

Noticing that CoinBase wants to take $10 per transaction to my Trezor, as well as some SATS once it's received.

What's the average/good SAT exchange rate and am I getting screwed on that end now?

Using the current rate, you only need to pay around $4.8 for the priority transaction (although it depend on how many of the input and output), so the answer is yes. I guess all centralized exchanges charge higher fee, it's the way for them to earn more profit.

Quote from: MusaMohamed on January 08, 2024, 11:11:52 PM

If they don't have big money and need to deposit to exchanges to cash out, it's not bad choice.

Is it a taboo or forbidden to cash out your coins? Cheesy

BTC_Dragon

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Noticing that CoinBase wants to take $10 per transaction to my Trezor, as well as some SATS once it's received.

What's the average/good SAT exchange rate and am I getting screwed on that end now?

SquirrelJulietGarden

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Quote from: michellee on January 09, 2024, 01:25:12 AM

By storing our assets, such as Bitcoin, in a hardware wallet or other wallets, at least we have full control over those assets. And if we can protect it by following the advice given, that should be enough to protect its assets. If you have assets in your wallet, you need to be more careful and not let many people know that you have Bitcoin.

Hardware wallets in theory are good but you must choose open source hardware wallets to use. Ledger is not open source and they looks shady with their latest product Ledger Recovery Service and they have bad record of data breach.

[LIST] Open Source Hardware Wallets

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I also do exchanges like you and do not keep most of my assets on exchanges. And I've been doing that for a long time. We must be responsible for these assets, so we try to protect them by using a separate wallet or hardware wallet.

If you don't use hardware wallets, you can use multisig wallets as your alternative for hardware wallet.

Storing bitcoin on centralized exchanges is very risky. We can go to bed, sleep and wake up with a nightmare news. When something go wrong with a centralized exchange, we as users of their exchange, can not do anything because we don't have private key.

michellee

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Quote from: sheenshane on January 08, 2024, 08:57:52 AM

If I'm not mistaken, there are a bunch of reports about wallet hacks on Trezor.
So therefore, I might consider this Ledger wallet as a good hardware wallet than Trezor. It has a lot of security features that you can trust or can countermeasures against attacks.

I use exchange when I want to convert my crypto into fiat and nothing else, but I didn't let my coins sleep on exchange for the long term.
It should be your coins stored on the wallet that you have full control over, never trust SAFU at all on the exchange because IMO, that's only a marketing strategy that people have their trust.

Even if that's true, it's due to someone's negligence in protecting their Trezor wallet. As long as he could take care it well, his wallet would be fine too. Even if he uses Ledger or another more secure wallet, but he can't protect it, it will be the same because his wallet can be hacked.

By storing our assets, such as Bitcoin, in a hardware wallet or other wallets, at least we have full control over those assets. And if we can protect it by following the advice given, that should be enough to protect its assets. If you have assets in your wallet, you need to be more careful and not let many people know that you have Bitcoin.

I also do exchanges like you and do not keep most of my assets on exchanges. And I've been doing that for a long time. We must be responsible for these assets, so we try to protect them by using a separate wallet or hardware wallet.

Silberman

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

Those percentages will vary depending on what are your personal preferences and your current strategy, those which are traders probably keep the majority of their coins on an exchange in order to take advantage of any opportunity that may present itself, long term holders may not keep a single satoshi in exchanges, while other users may decide to keep some of their money there so they can make a quick transaction in the case they want to buy something and they are on the move.

MusaMohamed

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Quote from: Agbe on January 08, 2024, 04:11:48 PM

Many people were using Electrum wallet and other Bitcoin wallets to store their coins but base this recent hike of fee made most people to send there coins to exchange

If they can broadcast transactions from Electrum wallet or other wallets, they already accept to pay on chain fee. I believe what you said is they changed receiving addresses from Electrum wallet to exchange account address, to save on chain fee. Because the senders will pay fee and they as receivers don't have to spend any on chain fee to deposit on exchange.

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Lolz!! People disregard " Not your key, Not your coins" phrase these days and saved their coins in exchange and use it to survive for the period.

If they don't have big money and need to deposit to exchanges to cash out, it's not bad choice.

They just need to change to use their non custodial wallets again when transaction fee becomes cheaper.

kro55

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*STOP NOWHERE*

Quote from: Agbe on January 08, 2024, 04:11:48 PM

Many people were using Electrum wallet and other Bitcoin wallets to store their coins but base this recent hike of fee made most people to send there coins to exchange and use exchange wallets to do their investment and trading so the percentage people have in the exchange is very high now but after now when the fee goes down to it normal position then they would go back again to there wallets again. Lolz!! People disregard " Not your key, Not your coins" phrase these days and saved their coins in exchange and use it to survive for the period. Because they can't pay the high fee to exchange and before making transaction to others in the p2p. So instead they just keep it in the exchange and do all their transactions without fee if within the exchange to the exchange.

In addition to transaction fees becoming our nightmare, we can also see bull season approaching, bitcoin is approaching the $50k level. So I really don't think people will continue to keep their bitcoins in non-custodial wallets like many are saying. As I said before, the collapses of Mt.gox or FTX will quickly be forgotten when bull season arrives. And the fact that people keep coming back to use and store money on exchanges will continue because everyone wants to make a lot of money, everyone wants convenience...that's why exchanges will never disappear. I believe that in these days people are using exchanges to store their assets more than using non-custodial wallets.

GreatArkansas

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

I only have a small percentage compared to my personal Bitcoin wallets.
These small percentages are my accumulated bitcoins that tend to sell at a specific price or time when it comes, it's likely taking profits off to this.
And these small percentage are stored in multiple exchanges.

Assface16678

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Well, it depends on the BTC I have or what kind of investment I make with my assets. If the coins or assets are for holdings, then I would leave them in a crypto currency wallet so that I would not use them or what, but if the assets are for trading or anything involving using the coins frequently, then I would put the assets in an exchange platform to avoid frequent transfers of coins and the fees, as today the transaction fees are high.
Well, it's safest and better to store your assets in a crypto wallet because we never know when you might accidentally place a trade or swap on the exchange platform, and also to avoid hackers who are targeting the exchange platform to find a victim.

I personally prefer this ratio of 50/50 in exchange and crypto wallet to ensure the balance of funds and a more dynamic way of storing the funds or assets.

GeorgeJohn

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

This question is contradictory because I don't know if a wallet address do absorbed or extract it own fees, but in exchange they can only have their own percentage whenever a transaction is been done and their percentage sometimes come from the both parties both seller and the recipient or buyer, so exchange percentage is not really obvious

coolcoinz

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Quote from: davis196 on January 08, 2024, 02:08:19 AM

My current ratio is 100% in cold wallet and 0% in crypto exchange.

That's what I like to see. IMO acceptable ratio is anything below 10% on exchanges, but currently I also have 0.

I see no point in holding money on exchanges, unless you're either a day trader, or own very little. People who don't do any of that and still hold significant amounts must be lazy or scared to learn self-custody.
It's a huge risk nobody should be willing to take.

Quote from: avikz on January 07, 2024, 10:24:59 AM

I usually do not support keeping your Bitcoins in the exchange wallets, but with the current surge in transaction fees forced me to keep a specific amount in my exchange wallet. I simply cannot afford to make multiple transactions with such high fees.

Then don't make multiple transactions until the fees go down. Group them, use lightning, or keep risking the money. There's always a choice.

Agbe

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Many people were using Electrum wallet and other Bitcoin wallets to store their coins but base this recent hike of fee made most people to send there coins to exchange and use exchange wallets to do their investment and trading so the percentage people have in the exchange is very high now but after now when the fee goes down to it normal position then they would go back again to there wallets again. Lolz!! People disregard " Not your key, Not your coins" phrase these days and saved their coins in exchange and use it to survive for the period. Because they can't pay the high fee to exchange and before making transaction to others in the p2p. So instead they just keep it in the exchange and do all their transactions without fee if within the exchange to the exchange.

doomloop

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Quote from: sokani on January 07, 2024, 12:17:54 PM

Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

There's a popular slogan in the crypto space "Not your keys, not your coins", which simply means you're not in complete control of your coin except it's stored in your personal wallet. So I wouldn't advise you to store your Bitcoins on exchange because it could be frozen by the exchange, you could lose it if the exchange go bankrupt or get seized by the government. My advice is that you get a reputable open source software or hardware wallet and store your funds, by so doing you're in custody your asset. However, one reason you can keep some of your assets on exchange is if you're a daily trader.

Not to be harsh but the slogan itself already says it all. So there is no need for you to define it again. Also, when it comes to crypto wallets, we have two kinds here. That is custodial and non-custodial. So simply saying to store coins in a personal wallet compared to the exchanges may still not be valid. Better to be clear. OP says a percentage of BTC only.

The first thing that came in to my mind is these are only small amounts, which are not life-threatening even when lost. There maybe a reason on why someone will do that. It could be that they can earn an incentive for doing so. But it was the traders are mostly the ones who can do that.

so98nn

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Nah not at all. Im storing all of them on my ledger. Now considering the security bugs and continuous upgrade releases I am thinking to switch to another hardware wallet or maybe newer version from the ledger series. I do not like exchanges for another reason than custodial one. For example, in our country anything that is traded on crypto exchanges will get 1% TDS and 30% flat tax post selling. The TDS is applicable to all type of volumes whether its crypto to crypto exchange Or it is a crypto to fiat. Just imagine the taxes that we need to pay. Anyways, as far as second reason is considered then that would losing control our coins and tokens. For me, I am selling the bitcoins to friends overseas who then transfer me WISE payments or other type of payments that get here easily. We can always mark this as advertising funds or others to reduce the taxes on them. So long story short I am good with hardware wallets rather than exchanges.

BTC_Dragon

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Quote from: sheenshane on January 08, 2024, 08:57:52 AM

Quote from: michellee on January 08, 2024, 07:14:38 AM

Storing BTC in Trezor is recommended by many people and besides Trezor there are Ledger and others that you can use. Congratulations to you who have finally used Trezor to store your BTC.

If I'm not mistaken, there are a bunch of reports about wallet hacks on Trezor.
So therefore, I might consider this Ledger wallet as a good hardware wallet than Trezor. It has a lot of security features that you can trust or can countermeasures against attacks.

I use exchange when I want to convert my crypto into fiat and nothing else, but I didn't let my coins sleep on exchange for the long term.
It should be your coins stored on the wallet that you have full control over, never trust SAFU at all on the exchange because IMO, that's only a marketing strategy that people have their trust.

From my admittedly-limited understanding, it's not as easy to hack Trezor as people may appear to think it is. This doesn't preclude the issue, of course.

My eventual plan is to have a few separate wallets; nothing ever all in one place.

sheenshane

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Quote from: michellee on January 08, 2024, 07:14:38 AM

Storing BTC in Trezor is recommended by many people and besides Trezor there are Ledger and others that you can use. Congratulations to you who have finally used Trezor to store your BTC.

If I'm not mistaken, there are a bunch of reports about wallet hacks on Trezor.
So therefore, I might consider this Ledger wallet as a good hardware wallet than Trezor. It has a lot of security features that you can trust or can countermeasures against attacks.

I use exchange when I want to convert my crypto into fiat and nothing else, but I didn't let my coins sleep on exchange for the long term.
It should be your coins stored on the wallet that you have full control over, never trust SAFU at all on the exchange because IMO, that's only a marketing strategy that people have their trust.

michellee

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I keep most of my BTC in my wallet. I still have some BTC left on the exchange because I sometimes trade when market conditions are good. And when there are bigger profits, I send those BTC to other wallets and collect them there.

Don't store large amounts of your BTC on exchanges because you don't know what will happen later. If you store your BTC in a wallet, you should pay attention to the security of that wallet. Only keep as much BTC as you can afford on the exchange.

Storing BTC in Trezor is recommended by many people and besides Trezor there are Ledger and others that you can use. Congratulations to you who have finally used Trezor to store your BTC.

bonkbullet

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I would recommend you to have most of your Bitcoin on a self custody wallet. So to be the closest to 100% on a wallet.

But I you want to do some trade some time, you can have 10% on exchanges.

What happen to FTX last year is a good example of why you should not have much BTC on exchanges but mainly have the self custody of your Bitcoin.

pinggoki

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I would say about 1:10 ratio so around 10% for emergency money that I can exchange quickly for fiat and I store it in Binance since that's where a lot of people in my country use as an exchange and the P2P there seems to be much easier for me. I can't really remember the exact as that rationing of bitcoin was around 2020 and I have since then increased the bitcoin that I'm hodling so that's probably around 1:20 now or 1:30, I got to check up on my Binance account, it's been a long time since I've logged in on it, I might edit this to for the accurate ratio or percentage.

Edit: I've got about 4% in my Binance of my total that I'm hodling right now.

libert19

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I have all funds in my wallet. I don't trade on centralized exchanges anymore, as almost all of them ask for kyc ('almost' word used just in case there may be exceptions). So to trade I use instant exchanges, DEXes and for leveraged trading I use perp DEXes, only con there being of smart contract hacks, otherwise decentralized alternatives just as good.

Topic: What's Your Exchange to Wallet Ratio? - page 2. (Read 605 times)