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Economy => Trading Discussion => Topic started by: throwaway258443671 on February 21, 2021, 06:35:50 PM



Title: What is the best way to "secure" your coins?
Post by: throwaway258443671 on February 21, 2021, 06:35:50 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.


Title: Re: What is the best way to "secure" your coins?
Post by: BitMaxz on February 21, 2021, 06:57:54 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: Quidat on February 21, 2021, 06:58:49 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


Title: Re: What is the best way to "secure" your coins?
Post by: Oshosondy on February 21, 2021, 07:30:50 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.


Title: Re: What is the best way to "secure" your coins?
Post by: AliMan on February 21, 2021, 07:49:15 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.


Title: Re: What is the best way to "secure" your coins?
Post by: target on February 21, 2021, 08:19:12 PM

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.


Title: Re: What is the best way to "secure" your coins?
Post by: skarais on February 21, 2021, 08:50:27 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: Twinkledoe on February 21, 2021, 08:55:09 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.


Title: Re: What is the best way to "secure" your coins?
Post by: passwordnow on February 21, 2021, 09:26:35 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.


Title: Re: What is the best way to "secure" your coins?
Post by: pixie85 on February 21, 2021, 10:31:49 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: ReiMomo on February 21, 2021, 10:47:05 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: DoublerHunter on February 21, 2021, 10:57:33 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.


Title: Re: What is the best way to "secure" your coins?
Post by: Peanutswar on February 21, 2021, 11:49:36 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: justdimin on February 22, 2021, 06:32:41 AM
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 ;)
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.


Title: Re: What is the best way to "secure" your coins?
Post by: jerry0 on February 22, 2021, 06:35:22 AM
Wow thats a ton of btc you have.  But are you planning to cash out to your bank?


Title: Re: What is the best way to "secure" your coins?
Post by: maxreish on February 22, 2021, 12:49:07 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: bitbollo on February 22, 2021, 01:37:39 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: ashmodeus on February 22, 2021, 02:22:14 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: TheGreatPython on February 22, 2021, 05:48:16 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.

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.


Title: Re: What is the best way to "secure" your coins?
Post by: passwordnow on February 22, 2021, 08:24:09 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.
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 (https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/#:~:text=Tether%20CTO%20Paolo%20Ardoino%20announced,from%20spending%20the%20stolen%20funds.&text=%40Tether_to%20just%20froze%201.7M,of%20Yearn%20DAI%20v1%20vault.)
2. Tether Freezes Millions of Dollars USDT in 40 Addresses Amid Regulatory Pressure (https://news.bitcoin.com/tether-freezes-millions-of-dollars-usdt-40-addresses/)


Title: Re: What is the best way to "secure" your coins?
Post by: Sinjokubhi on February 23, 2021, 02:42:39 AM
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.

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.


Title: Re: What is the best way to "secure" your coins?
Post by: tbct_mt2 on February 23, 2021, 03:54:45 AM
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.
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.


Title: Re: What is the best way to "secure" your coins?
Post by: Xinarae* on February 23, 2021, 04:23:39 AM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: kramat on February 23, 2021, 05:49:22 AM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: jaberwock on February 23, 2021, 06:23:39 AM
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.
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.

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.
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.


Title: Re: What is the best way to "secure" your coins?
Post by: TastyChillySauce00 on February 23, 2021, 09:49:42 AM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: imstillthebest on February 23, 2021, 10:16:15 AM
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 .


Title: Re: What is the best way to "secure" your coins?
Post by: isaac_clarke22 on February 23, 2021, 04:35:09 PM
~
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.


Title: Re: What is the best way to "secure" your coins?
Post by: bitgolden on February 24, 2021, 06:43:05 PM
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 .
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.


Title: Re: What is the best way to "secure" your coins?
Post by: Saint-loup on February 25, 2021, 12:00:38 AM
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 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...


Title: Re: What is the best way to "secure" your coins?
Post by: lixer on February 27, 2021, 04:58:29 AM
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.
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.

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


Title: Re: What is the best way to "secure" your coins?
Post by: Rasel5209 on February 28, 2021, 07:21:37 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.
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.


Title: Re: What is the best way to "secure" your coins?
Post by: crzy on February 28, 2021, 09:44:17 PM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: Question123 on March 01, 2021, 02:13:58 AM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: MCobian on March 01, 2021, 02:46:03 AM
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.


Title: Re: What is the best way to "secure" your coins?
Post by: avarnet on March 01, 2021, 03:39:19 AM
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


Title: Re: What is the best way to "secure" your coins?
Post by: agustina2 on March 01, 2021, 08:39:32 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.

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.


Title: Re: What is the best way to "secure" your coins?
Post by: Fatunad on March 01, 2021, 09:22:52 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.

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.
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.


Title: Re: What is the best way to "secure" your coins?
Post by: CryptopreneurBrainboss on March 01, 2021, 09:45:30 PM
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.

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.