Can I trust BTC exchanges?

[Denker]

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

[n2004al]

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

[rivoke]

One day, no matter what, regardless of trust, the exchange will close or the site will go down

....

Even if that exchange is seems legit but can't guarantee that exchange can be last forever. For example: mintpal incident , ShareX , etc taught me bad experience for not to keep thr fund on exhanger. When the site is shutting down, you've already too late

[lorylore]

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

I have few bitcoins in the bter exchange and there are for more than 6 months
This exchange has been hacked in February this year and my bitcoin disappear from there.
So every 2-3month they try to cover and pay us a very little percentage until they pay the total amount of lost bitcoins.
So there is no trust in exchanges, even though bter had 7,170 btc in their "cold" wallet

[maartenhaha]

Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...

Dies any one else feel this way or do I just not understand this stuff well enough yet?

Thanks!

You feel like the money is hanging out in some nowhere zone because it is   Never leave you bitcoin on exchanges for longer than you need to it is not safe to not control your own bitcoin there is a saying if you don't control the private key you don't own bitcoin and that is true. Any minute they could up and leave and what could you do?

there is a saying if you don't control the private key you don't own bitcoin

same aplies to gold, always always remember the goldrule, it applies to all:

if it's not in your hands, it's not yours.

etch it on your brain

[Mickeyb]

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

I have few bitcoins in the bter exchange and there are for more than 6 months
This exchange has been hacked in February this year and my bitcoin disappear from there.
So every 2-3month they try to cover and pay us a very little percentage until they pay the total amount of lost bitcoins.
So there is no trust in exchanges, even though bter had 7,170 btc in their "cold" wallet

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

[lorylore]

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

I have few bitcoins in the bter exchange and there are for more than 6 months
This exchange has been hacked in February this year and my bitcoin disappear from there.
So every 2-3month they try to cover and pay us a very little percentage until they pay the total amount of lost bitcoins.
So there is no trust in exchanges, even though bter had 7,170 btc in their "cold" wallet

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

I just wasn't unlucky that morning because i had open orders and i slept
I was selling my doge for btc, so i left the pc and slept until next morning i didn't know if i sold or not
So after a day or two i understood that btc were stolen, and after re-activation of the website i understood that i had gotten btc by selling doge and that hurts. So no more leaving in exchange but it can happen everytime.

[bitcoinmar]

If you understand the term "exchange" then you should understand the purpose of it, trade/exchange what you have and leave.

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

[smith coins]

If you understand the term "exchange" then you should understand the purpose of it, trade/exchange what you have and leave.

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

May i know for which big scams are talking about? Being scammed is the most terrible feeling, but recovering makes you more stronger

[John Lemon]

You need to trust eventually. But not for a long time (for speaking of exchanges).
There were lots of robbery under the name of "we've been hacked" etc.

[Mickeyb]

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

I have few bitcoins in the bter exchange and there are for more than 6 months
This exchange has been hacked in February this year and my bitcoin disappear from there.
So every 2-3month they try to cover and pay us a very little percentage until they pay the total amount of lost bitcoins.
So there is no trust in exchanges, even though bter had 7,170 btc in their "cold" wallet

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

I just wasn't unlucky that morning because i had open orders and i slept
I was selling my doge for btc, so i left the pc and slept until next morning i didn't know if i sold or not
So after a day or two i understood that btc were stolen, and after re-activation of the website i understood that i had gotten btc by selling doge and that hurts. So no more leaving in exchange but it can happen everytime.

Yes, you were also unlucky that your order has gone through before the alleged hack. If you stayed in Doge, it would be possible for you to withdraw it some time after when they reopened the exchange.

But in all honesty, who knows what happened. Maybe they have manually made all orders go through, in that way they pumped up the BTC amount that they stole. Since I strongly believe that this hack was an inside job and nothing else. Oh well..

[lorylore]

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

I have few bitcoins in the bter exchange and there are for more than 6 months
This exchange has been hacked in February this year and my bitcoin disappear from there.
So every 2-3month they try to cover and pay us a very little percentage until they pay the total amount of lost bitcoins.
So there is no trust in exchanges, even though bter had 7,170 btc in their "cold" wallet

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

I just wasn't unlucky that morning because i had open orders and i slept
I was selling my doge for btc, so i left the pc and slept until next morning i didn't know if i sold or not
So after a day or two i understood that btc were stolen, and after re-activation of the website i understood that i had gotten btc by selling doge and that hurts. So no more leaving in exchange but it can happen everytime.

Yes, you were also unlucky that your order has gone through before the alleged hack. If you stayed in Doge, it would be possible for you to withdraw it some time after when they reopened the exchange.

But in all honesty, who knows what happened. Maybe they have manually made all orders go through, in that way they pumped up the BTC amount that they stole. Since I strongly believe that this hack was an inside job and nothing else. Oh well..

Correct, i made an order to sell doge to a very high price because i went to sleep,
and i think it was pumped so hard to get as much bitcoin as possible and steal all of them
And hacking a cold wallet is really hard and it can be done 99% from their employees

[mrsalve]

If you wanna use exchange then I suggest use one in your country of recidency. It's much easyer then exchange internationally.

[smith coins]

If you wanna use exchange then I suggest use one in your country of recidency. It's much easyer then exchange internationally.

What if in my country there are no local exchange for bitcoin? I should search internationally. And the trust depends on exchange

[JLynn171]

you can trust only big exchangers but not for big amounts .. i would recommand you using localbitcoins when you want to sell/buy BTC it will work faster

[bitcoinmar]

If you understand the term "exchange" then you should understand the purpose of it, trade/exchange what you have and leave.

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

May i know for which big scams are talking about? Being scammed is the most terrible feeling, but recovering makes you more stronger

First cryptorush and then Mintpal almost kill me because I have very big shock in Mintpal I was thinking may be they give something back but they are out of front and then bter is also they are giving back but support is very bad and withdraws are more bad

[slipstream4727]

You can never trust another entity 100% with your money. that might be due to personal greed or because of something out of their control code cock up or hacking for example only you can be trsuted 100% precent

[kalfin]

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

[pooya87]

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

well, a lot of bitcoin users have done the same thing in coinbase or any other exchanger and never had any problems like you. but at the same time a lot of others had encountered some problems.
i mean it is not "over hype", you always have to be careful what service you use and never use it with large amounts if you are afraid of losing it. you are trusting a third party after all.
you can do a little search to find out the issues that users had over the years with different exchangers.

[Hexcoin]

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

there is no problem yes, for now. but hopefully there wont come a time that you break any rules againsts their ToS of your account will be banned and lost yours coins