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Author Topic: Exchanges or wallets as a means of storing BTC?  (Read 319 times)
SneakyLady
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October 17, 2018, 02:20:46 PM
 #1

Seems like there are a lot of arguments for using Bitcoin wallets.

https://coinsutra.com/best-bitcoin-wallets/

"But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX?

If that’s your answer, then you are putting the ownership of your bitcoins under serious risk!!"

Are there any safe exchanges? If not, which wallet do you personally recommend?
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October 17, 2018, 02:26:13 PM
Merited by dbshck (2)
 #2

Seems like there are a lot of arguments for using Bitcoin wallets.

https://coinsutra.com/best-bitcoin-wallets/

"But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX?

If that’s your answer, then you are putting the ownership of your bitcoins under serious risk!!"

Are there any safe exchanges? If not, which wallet do you personally recommend?

"Safety" is very, very relative.

For the average user, an exchange might be safer than using your laptop/pc, considering how many people might be affected by malware/keyloggers etc.

This however completely destroys the foundations bitcoin was once build on (Be your own bank etc), as you're essentially making use of the thing bitcoin sought to "destroy".

Quote
Are there any safe exchanges? If not, which wallet do you personally recommend?
No exchange is 100% safe, so no. No wallet is probably 100% safe either, but here it is usually YOUR fault if something goes wrong, and you usually have a certain degree of control over it..
(Which isn't the case with exchanges. They control your private keys so your fate is 100% in their hands.)

Use Electrum if you're looking for a good SPV (A wallet which offers full functionality without the need of downloading the entire blockchain), otherwise Bitcoin Core will also be a good option.

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October 17, 2018, 02:35:06 PM
 #3

It is always better to have total control over your private keys -  thus storing your crypto off exchange.


BUT -  I'd trust a place like Coinbase with some.   Not all,  but some.  It is a fully regulated company.  I have no doubts it would be safe.      But as they say, don't put all your eggs in one basket.

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October 17, 2018, 02:35:30 PM
 #4

Its not advisable to put your bitcoins on any exchange if you plan to put it there for a very long time.

Desktop wallets, paper wallets or hardware wallets can be considered to be the safest.

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October 17, 2018, 03:52:09 PM
 #5

"But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX?

If that’s your answer, then you are putting the ownership of your bitcoins under serious risk!!"

Are there any safe exchanges? If not, which wallet do you personally recommend?

There's no "safe" exchanges because they're trusted 3rd parties. They could get hacked or run off with your funds at any time.

I use Electrum for day-to-day transactions. It's lightweight and easy-to-use, but keeps you in control of your private keys. It's also easy to sign transactions offline with Electrum, giving you an extra layer of security by not keeping keys online.

It is always better to have total control over your private keys -  thus storing your crypto off exchange.

BUT -  I'd trust a place like Coinbase with some.   Not all,  but some.  It is a fully regulated company.  I have no doubts it would be safe.      But as they say, don't put all your eggs in one basket.

Coinbase is probably safe from being shut down by the US government, but they're definitely not safe from being hacked.

When I use exchanges, I deposit funds, trade, and then immediately withdraw funds. I don't "store" funds on exchanges.

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October 18, 2018, 12:28:14 AM
 #6

There is no doubt that keeping coins on exchange is a very bad solution. Just look back and see how many people have lost their money on such exchanges as, for example MtGox. The only safe place is your wallet!
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October 18, 2018, 04:25:30 AM
 #7

Bitcoin Core is the way to go, so long as you keep your computer safe from malware it is one of the safest wallets out there.

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October 18, 2018, 04:28:18 AM
Merited by dbshck (2), AdolfinWolf (1)
 #8

"Safety" is very, very relative.

For the average user, an exchange might be safer than using your laptop/pc, considering how many people might be affected by malware/keyloggers etc.

actually in this case it really isn't. you are comparing between controlling your own money and having your money in your own pocket WITH having your money in someone else's pocket and giving them control!

as for the malware thing using an exchange is not going to be safer if you already use a compromised computer because the "malware" can steal your exchange password the same way it can steal your private keys of your wallet. even 2FA won't save you because it can steal that too when you create it. the keyloggers are all also capable of taking screenshots.

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October 18, 2018, 06:08:09 AM
 #9

"But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX?

They are both using third party API. Keeping such as wallet like coinbase, it's equal to keep in exchange. They will not provide you private key. That's means you are going to handover your fund to third party.  Hacking is bad luck. They can even hack exchange or private key by using malicious program. This is another question.

But if you are going to store Bitcoin for long time, than you should put on your control. You could use Bitcoin core or Electeum. There is private key, means btc in your control. But you should write or print private key in safe place. Even your software got delete by somehow but you have private key, that means you are able to control your Bitcoin always. Like I have printout my recovery phrase and all private key. I keep it in safe place. I don't write only single place. I put it on multiple place. If in case lose one than I have to use other one.

Don't handover third party. Hacker always try to target exchange. So there isn't safe almost. For short term you could use wallet like blockchain. I believe blockchain is safer than others online wallet. Especially on exchange you have never control your Bitcoin. If they scammed means you will get scam( just example ).

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October 18, 2018, 06:29:37 AM
 #10

Seems like there are a lot of arguments for using Bitcoin wallets.

https://coinsutra.com/best-bitcoin-wallets/

"But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX?

If that’s your answer, then you are putting the ownership of your bitcoins under serious risk!!"

Are there any safe exchanges? If not, which wallet do you personally recommend?

Who would, in their sane mind, like to keep their money in a third-party service? No matter how closely regulated these exchanges are, that doesn't make them less susceptible in being hacked. I'd rather keep mine on a personal wallet, encrypted and the machine never connected to the internet rather than trust someone else to keep my bitcoins. During the time of hacks, how sure are we that these guys would reimburse the loss? Not to mention that they could have include it in their ToS that, unfortunately, only a few of us really reads.

On a side note, you can always keep coins that you use for trading, but in the long run? That's a bad practice. Bitcoin was created to alleviate the need for third-parties to hold our money for us, thus proving the term 'be your own bank' since the power is solely vested unto us, its users. If we are to use these services to hold our money for us, what's the point of using bitcoin, then?

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October 18, 2018, 11:05:47 AM
 #11

Exchanges are not safe to store your coins. Because your private keys owned by the exchange. If someone hacks that exchange, your coins will be lost. You can buy a hardware wallet like Nano Leger S to store your coins. It is the best and safe place to store your coin. If you cant buy a hardware wallet, you can go with a desktop wallet like electrum.

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October 18, 2018, 11:42:11 AM
 #12

Seems like there are a lot of arguments for using Bitcoin wallets.

https://coinsutra.com/best-bitcoin-wallets/

"But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX?

If that’s your answer, then you are putting the ownership of your bitcoins under serious risk!!"

Are there any safe exchanges? If not, which wallet do you personally recommend?

I have some on exchanges and have some on desktop wallet.

Why have some on exchanges? For less hassle way of executing trades. Obviously you need some immediate and reserved funds while trading.

Why have some on desktop wallet? Those are untouchable or will just used those coins when needed.

You know it's not totally wrong to stored coins on exchanges or trading platforms depending on your purposes but you need to understand the risks. If people are planning to hold their coins for quiet some time then they must used their precious common sense here to know the obvious thing to do.

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October 18, 2018, 03:44:53 PM
 #13

A significant part of Crypto is decentralization.

So storing crypto coins in centralized exchanges is against the above since there is a central authority.

In my humble opinion the most secure option is paper wallet.

Of course we can have an amount in centralized exchanges (CEX) for everyday trading purposes until decentralized exchanges (DEX) become better.

Regards.
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October 22, 2018, 01:01:30 PM
 #14

Seems like there are a lot of arguments for using Bitcoin wallets.

https://coinsutra.com/best-bitcoin-wallets/

"But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX?

If that’s your answer, then you are putting the ownership of your bitcoins under serious risk!!"

Are there any safe exchanges? If not, which wallet do you personally recommend?

We highly recommend to store your tokens offline (i.e., outside of the exchange) to reduce risks of hacks, phishing attempts, and also the collapse of exchanges. While most exchanges have solid security protocols in place, there have been many disasters where exchanges have been hacked (the most infamous of course being the Mt Gox hack in 2014 where USD 460 million worth of Bitcoin was stolen).

In our Cryptocurrency Wallet List, where we list the biggest number of cryptocurrency wallets in the world, the highest rated wallets are Ledger Nano S, Trezor and Wirex.

In our Cryptocurrency Exchange List, where we list the biggest number of cryptocurrency exchanges in the world, there are only four exchanges that receive the highest security score (A+) when performing the security test at Observatory by Mozilla: BitMEX, Coinbase Pro, UPbit and CPDAX.

Hope this helps!

All the best,
Cryptowisser
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October 23, 2018, 03:27:57 PM
 #15

It depends on what are you planning to do with BTC.

If you buy cryptocurrencies to use them as a payment method and you do not store them for long - most of the exchanges will be fine (obviously if you do not purchase BTC for tens of thousands of dollars). Some of them store cryptos only with their online wallets (least safe), other ones (like Linkkoin), have dedicated systems of storing to increase safety. Nevertheless, in the case of a sophisticated hack, there is always a threat that even the best safety measures will fail. This applies as well to cases when you store your wallet on a regular USB stick, computer or any other device with access to the internet.

On the totally opposite spectrum, you have cold wallets. These cannot be hacked by their very nature, like sheets of paper or some metal plates. But what cannot be forgotten is the fact, that you can get them destroyed (like paper getting burnt) or simply stolen by someone knowing you have them (because for the most of the thieves idea of cryptocurrency wallet is unknown).

The dedicated hardware wallets like Trezor are intended to combine the best elements of both. Potentially safe from hacks, when destroyed/damaged (what can always happen) you have a backup. Still, not many people are convinced to them, and some complain that their usage can be problematic and still those wallets require a connection with a device with access to the internet.

To sum up - if you do not buy cryptocurrencies in big amounts and you do not store them for a long time, keeping on exchanges is fine. Yet if you buy a cryptocurrency with an intention of holding it for a long time, and waiting for such skyrocketing as from 2015 low to 2017 high, then it is way better to simply use a cold wallet or dedicated hardware one.   

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October 23, 2018, 09:27:10 PM
 #16

No exchanges are safe for keeping your bitcoin for a long time. If you are a trader then you are good, But don't hold a high amount of a long time. Coinbase is my most favourite wallet for keeping Bitcoin and Ethereum, I am using coinbase from 2015, and never faced a single problem! And then a hardware wallet can be the best option to hold bitcoin along with a lot of coins.
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October 25, 2018, 01:50:33 AM
 #17

cryptocurrencies is traded and traded entirely online, so the storage of currencies such as Bitcoin (BTC) or Ethereum (ETH) is extremely important to investors, especially long-term investments. term. In my opinion, using a purse to store will be safer, and the best way is to put a small BTC in hot wallet for convenient transaction, most of the remaining BTC should be kept in cold wallet will safer.
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October 26, 2018, 12:06:19 AM
 #18

Exchanges are not safe to store your coins. Because your private keys owned by the exchange. If someone hacks that exchange, your coins will be lost. You can buy a hardware wallet like Nano Leger S to store your coins. It is the best and safe place to store your coin. If you cant buy a hardware wallet, you can go with a desktop wallet like electrum.

Speaking as someone whose exchange went offline with a bunch of peoples coins, I second this comment. 

I still like having a piece of paper with my words on it, and keeping it in the safety deposit box.  I know I can always recover my coins with that info.
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October 26, 2018, 09:01:05 AM
Last edit: October 26, 2018, 10:34:04 AM by LeGaulois
 #19

@SneakyLady
Wallets exchanges are not wallets, (at least not your wallets) It's just a user interface showing some numbers.
But what has 100% control over your coins? The exchange, you don't have the private keys and this is what matter. It can be compared with banks. When you deposit money you don't own the money anymore, it belongs to the bank.

Cryptocurrencies are supposed to be free from banks. Be your own bank, set up yourself and be your own banker. Keep the minimum in your exchanges accounts (you're also free from a hack which happens randomly) and/or a web-based wallet for your daily needs, but keep your main capital in a hardware wallet.

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October 26, 2018, 09:54:51 AM
 #20

Coins should not be kept on an exchange for a long time because it can be hacked and stolen. The safest place to keep voijs is in wallets and not exchanges. In the wallet, you have total control over the coin except for hackers.

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