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Author Topic: Exchanges and newbies  (Read 399 times)
Laje
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May 17, 2017, 03:57:55 PM
 #1

I read some commentaries about that, but now exists a preoccupation about some exchanges because people can’t sell or buy coins or withdrawal them.
Well, I decided to write this only to remember at people who are starting to buy and sell cryptocoins. Obviously, experimented people know that. Feel free to explain/complete this post.
1. Most exchanges used are centralized: It means that you put your coins into exchange and you don’t have guaranties to recover if it’s hacked or have technical problems with their algorithm.
2. Personal data: Of course, you can register with your real name and complete all data (address, country, date of birth…) but in most cases, it’s not necessary (optional). Maybe this information can help you to recover by law your coins if exchange is down. But in most of cases, it means that this information has been deleted when a big problem happens.
3. Diversify: A lot of comments advise us not put all eggs in the same basket because point 1 and point 2 or maybe you can do a bad investment and lose a lot of coins.
4. Security: Be careful because when you put your coins in a centralized exchange, you don’t have any control. You completely depend of exchange team and/or how web is programmed.
5. Information: Read (some people don’t want invest time in read, it’s free, believe me); read all the information of exchange (FAQ, User guide, news…). A lot of people complain about things that are correctly explained in FAQ. If you don’t read all the information, you never know when can apply for help. If you read the correctly process, you know when maybe have a problem or a big problem. Or only a jumped up in fright for your ignorance.

Tips:
1. Think about how much money you are ready to lose. Think the amount in worst of cases (this point is important because you can lose your coins for your imprudence like wrong backup wallets, send coins to another address, etc).
2. Think about where to invest and time (long or short).
3. If you choose short: You need trust in an exchange.
4. If you choose long: A lot of people use exchanges to keep their coins. It’s a fatal error and epic fail.
· Download “your long investment” wallet from its web.
· Test wallet (make some transactions with some coins, one test could be from an exchange to your wallet).
· Learn how to make a backup of wallet.
· Withdrawal from exchange to your wallet all your coins.
· As it’s a long-time investment (several weeks/months), you have enough time to investigate other exchanges (centralized/decentralized) to test them and sell your coins.

Centralized and decentralized exchanges are not the devil, all of us use them and they are a good idea. But we need to know what we are using and that nothing is 100% secure.
Also think about your computer/phone security. Part of responsibility also is ours.
What do you think? Smiley
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May 18, 2017, 02:25:16 AM
 #2

I read some commentaries about that, but now exists a preoccupation about some exchanges because people can’t sell or buy coins or withdrawal them.
Well, I decided to write this only to remember at people who are starting to buy and sell cryptocoins. Obviously, experimented people know that. Feel free to explain/complete this post.
1. Most exchanges used are centralized: It means that you put your coins into exchange and you don’t have guaranties to recover if it’s hacked or have technical problems with their algorithm.
2. Personal data: Of course, you can register with your real name and complete all data (address, country, date of birth…) but in most cases, it’s not necessary (optional). Maybe this information can help you to recover by law your coins if exchange is down. But in most of cases, it means that this information has been deleted when a big problem happens.
3. Diversify: A lot of comments advise us not put all eggs in the same basket because point 1 and point 2 or maybe you can do a bad investment and lose a lot of coins.
4. Security: Be careful because when you put your coins in a centralized exchange, you don’t have any control. You completely depend of exchange team and/or how web is programmed.
5. Information: Read (some people don’t want invest time in read, it’s free, believe me); read all the information of exchange (FAQ, User guide, news…). A lot of people complain about things that are correctly explained in FAQ. If you don’t read all the information, you never know when can apply for help. If you read the correctly process, you know when maybe have a problem or a big problem. Or only a jumped up in fright for your ignorance.

Tips:
1. Think about how much money you are ready to lose. Think the amount in worst of cases (this point is important because you can lose your coins for your imprudence like wrong backup wallets, send coins to another address, etc).
2. Think about where to invest and time (long or short).
3. If you choose short: You need trust in an exchange.
4. If you choose long: A lot of people use exchanges to keep their coins. It’s a fatal error and epic fail.
· Download “your long investment” wallet from its web.
· Test wallet (make some transactions with some coins, one test could be from an exchange to your wallet).
· Learn how to make a backup of wallet.
· Withdrawal from exchange to your wallet all your coins.
· As it’s a long-time investment (several weeks/months), you have enough time to investigate other exchanges (centralized/decentralized) to test them and sell your coins.

Centralized and decentralized exchanges are not the devil, all of us use them and they are a good idea. But we need to know what we are using and that nothing is 100% secure.
Also think about your computer/phone security. Part of responsibility also is ours.
What do you think? Smiley

Thanks for this information, this advice will help me a lot sooner in future because right now i don't have any bitcoins yet on my pocket.

Up for this post and thumbs up (y)  Grin

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May 19, 2017, 06:42:56 AM
 #3

Yes agree with you, That's why we should more aware about the security and recognized the issues in exchange we use, a couple Exchange that is hacked or down experiencing many problems at first, for example get error when want to withdrawal or deposit coin we take a long time to be credited in the account when the network has been in confirmation, it is a sign and need to be vigilant if necessary to move all our funds to a private wallet or to another exchange The more reliable.

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[]|
Idrisu
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May 19, 2017, 01:51:27 PM
 #4

Yes agree with you, That's why we should more aware about the security and recognized the issues in exchange we use, a couple Exchange that is hacked or down experiencing many problems at first, for example get error when want to withdrawal or deposit coin we take a long time to be credited in the account when the network has been in confirmation, it is a sign and need to be vigilant if necessary to move all our funds to a private wallet or to another exchange The more reliable.
A very nice advised for me. Most of the things I do complain of has been well explained in frequent ask questions I lately find out that from my exchangers. Last week many people has problems with poloniex, which were later find out to be a technical problems because it is centralized.

ryanben
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May 20, 2017, 06:04:09 AM
 #5

I read some commentaries about that, but now exists a preoccupation about some exchanges because people can’t sell or buy coins or withdrawal them.
Well, I decided to write this only to remember at people who are starting to buy and sell cryptocoins. Obviously, experimented people know that. Feel free to explain/complete this post.
1. Most exchanges used are centralized: It means that you put your coins into exchange and you don’t have guaranties to recover if it’s hacked or have technical problems with their algorithm.
2. Personal data: Of course, you can register with your real name and complete all data (address, country, date of birth…) but in most cases, it’s not necessary (optional). Maybe this information can help you to recover by law your coins if exchange is down. But in most of cases, it means that this information has been deleted when a big problem happens.
3. Diversify: A lot of comments advise us not put all eggs in the same basket because point 1 and point 2 or maybe you can do a bad investment and lose a lot of coins.
4. Security: Be careful because when you put your coins in a centralized exchange, you don’t have any control. You completely depend of exchange team and/or how web is programmed.
5. Information: Read (some people don’t want invest time in read, it’s free, believe me); read all the information of exchange (FAQ, User guide, news…). A lot of people complain about things that are correctly explained in FAQ. If you don’t read all the information, you never know when can apply for help. If you read the correctly process, you know when maybe have a problem or a big problem. Or only a jumped up in fright for your ignorance.

Tips:
1. Think about how much money you are ready to lose. Think the amount in worst of cases (this point is important because you can lose your coins for your imprudence like wrong backup wallets, send coins to another address, etc).
2. Think about where to invest and time (long or short).
3. If you choose short: You need trust in an exchange.
4. If you choose long: A lot of people use exchanges to keep their coins. It’s a fatal error and epic fail.
· Download “your long investment” wallet from its web.
· Test wallet (make some transactions with some coins, one test could be from an exchange to your wallet).
· Learn how to make a backup of wallet.
· Withdrawal from exchange to your wallet all your coins.
· As it’s a long-time investment (several weeks/months), you have enough time to investigate other exchanges (centralized/decentralized) to test them and sell your coins.

Centralized and decentralized exchanges are not the devil, all of us use them and they are a good idea. But we need to know what we are using and that nothing is 100% secure.
Also think about your computer/phone security. Part of responsibility also is ours.
What do you think? Smiley
Thank for your thread, it's useful before the newbies like me investing.

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