NEver keep all your coins on an exchange

[just_Alice]

This is still the most common mistake among newbies. People buy their bitcoins on coinbase, circle, or any of those sites, and they almost never do any other research than that, they think they are set and it's safe to leave the coins on there. Those people will learn the hard way.

Yeah, but sometimes it's hard to expect that someone as big and reputable as MtGox was will quit on you.

But of course no one should keep all their coins on an exchange. In fact I think not many people do that, but they still lose large amounts even if that was not all they had.

[Labumi]

So what offline wallet do you recommend?

never be a good idea to store your bitcoin in third party like an online wallet and exchange , it's okay if you stored low amount only just to spend daily purpose. but if you talking a large amount storing your bitcoin on an exchange in the long term really a blunder it's has proven on how mtgox , cryptsy and bitfinex claimed hacked it should be a good example.

I have just came back to btc after 2 years, but i'm not going to keep all my BTC there, so I just have a little amount there to shop online and buy some steam games.

If i were you , you  should   not  waste your money  on buying those besides you are just back  up to bitcoin world  you should utilize and diversify the bitcoin that you remain  in previous years  not  on wasting them  but still  its your decision though  to make such action because its  your own  money. Keeping  money on  exchange sites do  have really risk of lossing it.

Basically holding the coin in exchange is a good thing. But sometimes in our site too bad in doing security so obtained is a lossing and it will become a news or bad news for us. So if we want holding the coin at the exchange then make sure that you bring more coin in a coin's appeal is in the site and using a very tight security because it could be one of the causes of loss of

[OpenTalkLab]

Some people still doing the same mistake.But i think exchange sites like Bittrex and polonix won't run with people's money.Because they got a huge team and they earning a lot everyday.It will be a bad idea for them if they want to run away with peoples money.

But still i think we should not trust anyone over internet.

[richardsNY]

So Coinbase is risky to keep btc in then? I have my btc in their wallet.

It doesn't really matter what kind of exchange or wallet service you are using to store your coins in. In all cases you don't own what you actually have as the exchange or wallet service has full control over your coins. Coinbase is well insured against thefts and all that, but even while knowing that, I would never store my coins at any place beside offline where I have full control over every Satoshi that I own.

So what offline wallet do you recommend?

I have only been using Bitcoin Core so far, which is also what I recommend you and all other people to use. I however have to place one important side note - Bitcoin Core requires you to download and store the entire blockchain on your HDD. It may take one to three days to download the entire blockchain, which also depends on your connection with other nodes. If the nodes you are connected with are slow, then the whole download process will severely suffer. In most cases it only takes one day, where some people even manage to do it within 24 hours.

[requester]

now I am in middle of sea I can't go back to my destination and I can't head ahead for another side of the sea. I had bought blry coin because hillary Clinton is going to win electron in November and then price will rise up so I had bought lot of blry coin which worths 0.2 bitcoin and this much small amount is of great importance in my life and I can't afford to loss it.

[mastica]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

I wonder why people choose to save their coins on an exchange they can't control and they don't have the private keys instead of their own wallet they can control and they have the private keys.

before I read this thread, I have been always saving my coins on my own wallet, and it's safe. unlike exchange, I've heard an exchange was hacked. so dangerous.

Sure some exchanges arent safe for use, you should know which you must trust. People does invest into exchanges because them are the easy way to make more bitcoins taking a risk, trading does mooves a lot of bitcoins daily.

If your money isn't on your hands, so it's unsafe! That's the truth... Don't matter if an exchange(or web wallet) was safe for years and years, someday a guy can found a way to hack or well, some inside job. Trust none.

From your point of view you should have money anywhere, since in the hands you can loose then walking the street, its a dark vision to dont trust into nothing. We do need exchanges to try to get more bitcoins as well sell our altcoins, soo a trust must be build between costumer and exchange, you cant and shouldnt support new exchanges unless they build reputation for that, and ther is always the problem of hackers attacks.

[xIIImaL]

now I am in middle of sea I can't go back to my destination and I can't head ahead for another side of the sea. I had bought blry coin because hillary Clinton is going to win electron in November and then price will rise up so I had bought lot of blry coin which worths 0.2 bitcoin and this much small amount is of great importance in my life and I can't afford to loss it.

I do not think anyone understand your point, Where Hilary is came in between bitcoin and bitcoin exchange discussion. However you tried to say something.

[Deep1]

If i were you , you  should   not  waste your money  on buying those besides you are just back  up to bitcoin world  you should utilize and diversify the bitcoin that you remain  in previous years  not  on wasting them  but still  its your decision though  to make such action because its  your own  money. Keeping  money on  exchange sites do  have really risk of lossing it.

What do you mean by waste your money? buying something from online and steam games ? If you mean so, then actually I didn't want to use debit card/paypal, when BTC option is available in many sites now.. that's why i'm using it for.. it isn't great amount either way, it is better than gambling on it.

About diversify btc, I have a reserved btc for that.

[smho_16]

Keeping money in an exchange is the same as using an online web wallet. Not much differences between the 2 in the sense that both can be hacked, both can be ddosed and many other things which hackers know better. It is an advice not from me but from the most experienced users of the forum to keep only the amount you trade in the exchange and once you finish immediately withdraw your coins. When you want to trade again you can deposit at that time.

[Deep1]

This is still the most common mistake among newbies. People buy their bitcoins on coinbase, circle, or any of those sites, and they almost never do any other research than that, they think they are set and it's safe to leave the coins on there. Those people will learn the hard way.

Referring to what you say "newbies", im not newbie in bitcoin, I used it around 2012-14, just didn't use it the last years, infact I have joined this site before you did

Anyways, the money I have on coinbase is just for spending purpose and not keeping.

[virasisog]

It is much safe if you scattered your coins on different exchanges and have atleast money left in your wallet the is safety and wise spending of your coins. I did this things and i don't want to have any experience of hacking with my accounts not just scattering mga bitcoins on different exchanges i make sure to put a 2fa security on all important accounts that i have.

[arransiv]

It is much safe if you scattered your coins on different exchanges and have atleast money left in your wallet the is safety and wise spending of your coins. I did this things and i don't want to have any experience of hacking with my accounts not just scattering mga bitcoins on different exchanges i make sure to put a 2fa security on all important accounts that i have.

With 2FA or not, you aren't safe, bitfinex show this to us

I don't think it's a good idea using various exchanges, I prefer to use just the most trustable ones

[virasisog]

It is much safe if you scattered your coins on different exchanges and have atleast money left in your wallet the is safety and wise spending of your coins. I did this things and i don't want to have any experience of hacking with my accounts not just scattering mga bitcoins on different exchanges i make sure to put a 2fa security on all important accounts that i have.

With 2FA or not, you aren't safe, bitfinex show this to us

I don't think it's a good idea using various exchanges, I prefer to use just the most trustable ones

I think it depends because the site itself knows the passwords of every users the site is the one who scams the 2fa comes from them .
So i agree to you to prefer the reputable and trusted exchanges site only .thank you for giving your opinion and letting us know , now i know its possible and to pick the trusted sites .

[LiberOptions]

yeah! it is just the same as saying, Never keep all of your eggs in the same basket! And as for exchanges, I always try to have the little as possible in there. I got burnt in Mintpal and Cryptsy. don´t wanne get there anymore

[mantra]

yeah! it is just the same as saying, Never keep all of your eggs in the same basket! And as for exchanges, I always try to have the little as possible in there. I got burnt in Mintpal and Cryptsy. don´t wanne get there anymore

right, keep all your coins on an exchange is a big mistake, I never wear Mintpal and Cryptsy I prefer trading in Bittrex or polo safer if we add 2FA security

[fachant]

yeah! it is just the same as saying, Never keep all of your eggs in the same basket! And as for exchanges, I always try to have the little as possible in there. I got burnt in Mintpal and Cryptsy. don´t wanne get there anymore

Today is not many exchanges that have not been hacked. Having all coins on exchange, I will not call a basket, I will call that Russian roulette

[croutonhexagon]

Yes just few days back a exchange site ran away with appreciable amount of money. I think exchange sites come to loot user if they can't profit with their plans. But they should have little mercy on users hard earned money. Don't they feel insecure to run away with money if millions of people. I think exchange site have some rules and regulations and should be under registration of local police.

[BitHodler]

Yes just few days back a exchange site ran away with appreciable amount of money. I think exchange sites come to loot user if they can't profit with their plans. But they should have little mercy on users hard earned money. Don't they feel insecure to run away with money if millions of people. I think exchange site have some rules and regulations and should be under registration of local police.

It's greed that make exchange owners/operators go full nuts.

Look at MtGox for example, it was back then the largest and most solid exchange before certain red flags were popping up about people not being able to execute withdrawals.

It was an exchange that was making more than decent profits at that time, plus the fact that Mark Karpeles had like 100K BTC already.

Why does someone with a great running exchange and a huge stash of coins go that far? Again, it's because of their greedy nature.

Their greed is so strong, that it overpowers their entire way of thinking and sense of being humane. It's really mind boggling.

[springgers]

Yes just few days back a exchange site ran away with appreciable amount of money. I think exchange sites come to loot user if they can't profit with their plans. But they should have little mercy on users hard earned money. Don't they feel insecure to run away with money if millions of people. I think exchange site have some rules and regulations and should be under registration of local police.

They can run an exchange without problems for years and years however if they make 1 mistake, it's gone.

We can see a lot of examples, olders or not about this.

Just keep your money with you.

[MancyZz]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

excited not only mercy but it was very sick if loss it