josephsonand (OP)
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October 17, 2019, 03:09:45 PM Last edit: October 17, 2019, 03:20:28 PM by josephsonand |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen?
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milani
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October 17, 2019, 03:21:18 PM |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen? Thank's God I have never been stolen. But it is a pity, my close friends were, and I would say even more, noone has such strong guarantee that it never happens to him. Of course it is not very safe to keep your assets on the exchanges, even in case it is strongly protected. It is better to use wallet on the separate gadget that is not used by you for other different things like searching information, watching films or downloading some of the programs. Too many risks everywhere. I like MyEtherWallet, but there are some cold wallets that really good in use. But first of all it seems to me your safety depends on the kind of wallet you choose, but first of all it depends on your being attentive and your maximum following the rules of using your gadget.
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d3nz
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October 17, 2019, 03:24:46 PM |
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I've experience this situation and unable to withdraw my bitcoin and i felt been scam since they are rejecting my KYC information and they need more personal information. I will not mention the name of the exchange.
And i think its not a good idea to keep your bitcoin in exchange and withdraw and deposit it to your cold wallet that has access to private keys to secure your funds.
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DaveWave
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October 17, 2019, 03:34:24 PM |
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The safest way is to keep your bitcoins in a cold storage and you keep your own private keys. Besides if you lose them then you cannot blame any of the exchanges but yourself alone.
Personally I have many wallets, online and offline, some I just keep on exchanges. Binance have SAFU now and is doing fine since that hacking incident. But if you have bitcoins that you don't want to touch for a long time then better buy a trezor or a ledger.
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mk4
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October 17, 2019, 03:36:37 PM |
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but how do you actually know, which wallet will be safe?
You use open source wallets. Yes, a lot of people don't know how to verify and take a look at the code themselves, if a certain wallet seems to be vulnerable to a lot of problems and is unsecure in general, expect some developers to call them out; pretty much just like what happened with Jaxx in the past. This is why you should always use non-custodial wallets that are already fairly reputable so we know that the code was at least most likely studied by a good number of people. How did you choose your current wallet?
By learning about the pros and cons of certain wallet types. And since I want to maximize security but with decent usability, the perfect pick was a hardware wallet. In my case, Ledger. Which is greatly reputable in the cryptocurrency space, along with Trezor.
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Rodeo02
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October 17, 2019, 03:36:47 PM |
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I experience lost of btc from exchange but its my fault not by exchange , since i am not careful registering in any website and use same email and password and no other security like 2fa . If i remember i lost around 0.2 BTC that time i recover my email but not my exchange account . This is the reason why i prefer to store my balance in my own wallet than exchange, after what happen.
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Apes
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October 17, 2019, 03:39:13 PM |
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I have never lost a coin. but there is a friend of mine who lost due to carelessly pressing an unknown link on his email, finally all the funds in his wallet were drained away. seeing the incident woke me up, to be more careful in accessing my wallet. many methods used by hackers to break into the user's wallet the most common way is phishing, these thieves are willing to spend capital for buy a domain and create fake website just to break into.
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Slow death
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October 17, 2019, 03:40:42 PM |
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which wallet will be safe? How did you choose your current wallet? Thieves are always finding more evolved ways to steal other people's money, so things 100% safe is hard to find. Where do you keep crypto? Have you ever been stolen? If people keep giving you this information, it will be easier for some thieves to have an idea of who their target should be and to start investigating that person in order to steal from them.
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Baby Dragon
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October 17, 2019, 03:50:20 PM Last edit: October 17, 2019, 04:06:49 PM by Baby Dragon |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen? I haven't experience it and i'm hoping that it won't happen, I know someone that lost his bitcoin because of scam and I can't blame him for that because I know that he doesn't have enough knowledge before but now he finally realized and accept what happened. He learn from his mistakes and after that incident he becomes so attentive and cautious which is a good because despite of the problem he had overcome he's still able to stand for himself. Its a great advantage if we have enough understanding about safety and security particularly these days that there are a lot of scammers and hacker, we have to keep our bitcoin safe and secured from them. Its great that you provide the link where they can get information so that they can easily understand which is the best wallet they can use.
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Upgate
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October 17, 2019, 03:59:49 PM |
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To be safe it's only correct to do leave your coin lying dormant in an exchange irrespective of the credibility of the exchange. And to the question on the topic no I haven't lost bitcoin however I have lost some altcoin
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peter0425
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October 17, 2019, 04:10:39 PM |
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Stolen?no there’s no case that I am a victim.
But lost?yeah several times but not bitcoin it's ethereum wayback since I don’t usually make a proper listing of my private keys so what happens is the moment I wanna sell my tokens or coins is the problem because I have no keys to open them lol
That’s why now I a must very particular in each wallets I have
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vapourminer
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what is this "brake pedal" you speak of?
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October 17, 2019, 04:14:03 PM |
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stolen? sure.. various exchanges and pools stole some.
lost? that too. those were all purely due to my own stupidity.
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poptok1
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October 17, 2019, 04:25:54 PM |
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I'm not sure I can call this stealing but I have lost some small amount due to unfair KYC implementation on one of the exchanges. I have forgotten what was the exact name of this exchange, if I recall correctly it was bitgrail or something along those lines. They have had hid the fact of kyc introduction, there was no informations other than e-mails and one, obfuscated page visible during withdraw process. Small lesson for me, always check all available statuses, updates and news about services you use. Obviously I was faced with a choice, give my personal data to this exchange and withdraw or give up some btc. Have chosen the former, because they have already lost my trust.
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ivakar
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October 17, 2019, 04:37:34 PM |
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I lost some btc because of the closure two exchange, cryptopia and coinexchange . For troubles with coinexchange I was kinda ready, cause that exchange was looking shady from the very beginning, the troubles with cryptopia were really unexpected I do hope that I will be able to return something from cryptopia, but actually, the hope is very small sad (
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DoublerHunter
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October 17, 2019, 04:43:07 PM |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen? ^ Always remember this that once you are storing your bitcoin and you are not holding the private key and the password, it means it doesn't belong to you. Yes, exchange wallet are not safe you don't even know when they are going to shut down or possible incidents of hacking. I have never been stolen from Bitcoin or other cryptos because I am very careful about storing them. Use open-source wallet or hardware wallet they are the safest way of storing bitcoin now. Nevertheless, if you are storing a huge amount of bitcoin just spend a little amount to buy good wallet just like Trezor and Ledger Nano S.
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smyslov
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October 17, 2019, 04:54:34 PM |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen? I keep my Bitcoin in a very safe place but I prefer not to post it here I know some friends who are following my post here and I want to keep the privacy of something that is valuable, I never experienced stolen but I when I was just starting out I lost my Bitcoin because of private key issue I lost it because my computer was corrupted and I have no way to retrieve it because the harddisk was fully damaged, this is the reason why you need several back up of your private key.
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Palider
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October 17, 2019, 05:01:01 PM |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen? I haven't been robbed yet, But I lost my private keys. Worse, because I was so careful it was gone. Because I wrote it on paper and I deleted all the copies on my pc. I didn't even know where it went and how I could open my wallet again. My lesson is to be careful and also keep the right mindset. And of course we have a back up so we have another option to do if we ever lose our copies of the private keys.
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Duzter
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October 17, 2019, 05:09:59 PM |
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Happened when I was very new to the cryptocurrency usage. By those days I don't have much knowledge about cashing out of bitcoin. I used localbitcoins for buying and selling of bitcoin, and never bothered about the trust and the user ratings. One day I bought from a trader, further I paid to the respective account and didn't received the bitcoin. This is also a kind of trap where I lost my funds.
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Kambal2000
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October 17, 2019, 05:13:30 PM |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen? I haven't been robbed yet, But I lost my private keys. Worse, because I was so careful it was gone. Because I wrote it on paper and I deleted all the copies on my pc. I didn't even know where it went and how I could open my wallet again. My lesson is to be careful and also keep the right mindset. And of course we have a back up so we have another option to do if we ever lose our copies of the private keys. That's sad to hear, it happened to me as well, I lost my private key, I thought I already back up my phone, then my uncle reformat our computer, he asked me if I need my file, I was so confident and said I already have back up on my email, but when I was about to exchange my tokens then I cannot find my private key anymore. The $1k was gone.
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kryptqnick
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October 17, 2019, 05:17:39 PM |
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Recently I've heard someone's speech about keeping BTC on the exchange is not safe. But the same thing may be fair to other types of wallets — it's all about the pros and cons, isn't it? There must be a comparison based on the number of incidents, statistics, etc. I mean, ok, let's consider this article as a detailed guide for different types of wallets — there's an explanation, principles of working, advantages and disadvantages — but how do you actually know, which wallet will be safe? How did you choose your current wallet? Where do you keep crypto? Have you ever been stolen? I've never lost or was scammed when it comes to Bitcoin, because I was using Blockchain wallet from the very beginning, and I'm still satisfied with it. I chose this wallet because of its friendly interface, reputation, and popularity. Back in 2017 or so, my Ethereum was stolen, though. Back then Blockchain did not support Ethereum, so I had to find another wallet. Moreover, it was my first experimental investment in altcoins (turned out very successful, even though I was scammed for 60% of it, by the way), so I was not good at these things. I chose myethereumwallet.net, which was pretty common back then. My Ethereum was stolen, possibly because the owners of the website decided to scam everyone. I got 40% of what I had reimbursed, though, so it was not that bad. It's important to choose wisely and carefully.
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