Unsaint32 (OP)
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February 06, 2021, 08:10:42 PM Merited by JayJuanGee (1) |
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What?
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Hamphser
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Vave.com - Crypto Casino
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February 06, 2021, 08:16:32 PM |
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What? When you do talk about safe then this would be particular talks about on your coins to be on your own personal non-custodial wallet and once you have let or stored those coins on 3rd party providers or services then those coins arent your completely and does remove the word "safety" that you've been talking. About interest on annual basis then they do over 4-5% as far as i remember which you do seem to be worthy on the risk that you've been putting? I think not.
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dunfida
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What? When you do talk about safe then this would be particular talks about on your coins to be on your own personal non-custodial wallet and once you have let or stored those coins on 3rd party providers or services then those coins arent your completely and does remove the word "safety" that you've been talking. About interest on annual basis then they do over 4-5% as far as i remember which you do seem to be worthy on the risk that you've been putting? I think not. This is absolutely true! Not your keys = Not your coins. This had been a common line that had been said for how many times and asking about trust then its up to someone since its his money then let him do whatever he do wants but at least we do give out our best advise in related to this.
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BayAreaCoins
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February 06, 2021, 08:21:14 PM |
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Do not store Bitcoins or anything of value on those websites UNLESS you have orders open. Otherwise, you need to bring those coins to your own keys. (mind you, this post is coming from an altcoin exchange secretary.... Don't leave freaking coins on exchanges!) Buy a trezor. https://trezor.io/
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Bitcoin_Arena
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฿itcoin for all, All for ฿itcoin.
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February 06, 2021, 08:32:21 PM |
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Are people suddenly abandoning the idea of buying the dips and HODLing? I don't understand why people are jumping into all this lending and DeFi crap. It makes no sense sending someone to hold for your Bitcoins all for just a less than 10% interest per Annum. On top of risking your assets with a third party, they are going to give you peanuts as your profits. A person who bought the deep in March 2020 when BTC reached around $5K and HODLed in his safe noncustodial wallet has already made x8 (800%) profit ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) as of today while the DeFi gang is still waiting for that 10% ![Sad](https://bitcointalk.org/Smileys/default/sad.gif)
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RickDeckard
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What? You're mixing up two things, that is common for someone who is just starting in the investment world, let alone in the crypto investment world. Let's roll back a little bit: Interest earning accounts - This term has existed almost for as long as (traditional) banks do. Basically they assure you that, as long as you keep your money in a particular account, the bank rewards you a % in a way of money. The nature of this account is that your money is safe (you're guaranteed not to loose it) and you get that little % as a reward. So imagine that you have 1.000 € in an account with an interest earning of 1 % : This means that whenever the time of the contract reaches it's due (let's say 1 year) you'll be rewarded 1 % based on your account ( so you'll end the year with 1.010 € ). Be aware that my example is a very simple one. Some banks demand more than just keeping your money and such, but as an example that will do. Now some exchanges also do these type of "deals" regarding BTC. You deposit your BTC in an account and they'll reward you some interest after a while. The main problem with this methodology is the risk involved vs the (low) reward : In contrast with a traditional bank, if something happens to an exchange you will never be able to recover your investment since you do not own the private keys associated with the wallet where they are stored. Look at this from this angle : Are you willing to leave those BTC (whatever the amount is) in a random exchange for 40+ years just to benefit from a small interest earning? The risk / reward seems feasible for you? I tend to stay away from low interesting earning account simply because the traditional banks are the ones that end up winning while you get your money "stuck" in some bank account, milking away that pesky 1 % fee. I tend to look to other investment vehicles as an investment (which end up being more risky understandable). My opinion for your particular case? It's just not worth considering the risk involved. Just get yourself a desktop wallet (Electrum) or if you're looking for an "upgrade" in safety just get a hardware wallet - I recommend Trezor.io. You can find an overall list of wallets here - https://bitcointalk.org/index.php?topic=1631151.0Hope I was able to show you the risks / rewards you're looking at. If I wasn't clear in any phrase just let me know.
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Unsaint32 (OP)
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February 06, 2021, 08:50:56 PM |
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I have some Youtube and Twitter BTC experts who got me into BTC and who I trust totally. Yet some of them recommend people to take advantage of the passive income with BlockFi. I thought it was crazy for anyone to trust their BTC with BlockFi. After reading all your replies, I am now 100% convinced. My BTC stays in my cold storage. Thanks.
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Ryker1
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Eloncoin.org - Mars, here we come!
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February 06, 2021, 08:56:23 PM Merited by JayJuanGee (1) |
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[-snip]
When you do talk about safe then this would be particular talks about on your coins to be on your own personal non-custodial wallet and once you have let or stored those coins on 3rd party providers or services then those coins arent your completely and does remove the word "safety" that you've been talking. About interest on annual basis then they do over 4-5% as far as i remember which you do seem to be worthy on the risk that you've been putting? I think not. This is absolutely true! Not your keys = Not your coins. Well, that is a golden rule of a good cryptocurrency holder, all of you have a point here. You must have the key and never trust exchange or even the custodial wallets, it is very simple if you don't have the keys, your bitcoin perhaps at risk. Choose an open-source wallet that you have full control over the key, at this point, you perhaps safe but it depends on how you will keep your key in a safe place. However, regarding the exchange mentioned by the OP, I did not try to use that exchange but for me, I will do what I have said above.
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▄▄████████▄▄ ▄▄████████████████▄▄ ▄██████████████████████▄ ▄█████████████████████████▄ ▄███████████████████████████▄
| ███████████████████▄████▄ █████████████████▄███████ ████████████████▄███████▀ ██████████▄▄███▄██████▀ ████████▄████▄█████▀▀ ██████▄██████████▀ ███▄▄████████████▄ ██▄███████████████ ░▄██████████████▀ ▄█████████████▀ █████████████ ███████████▀ ███████▀▀ | | | Mars, here we come! | ▄▄███████▄▄ ▄███████████████▄ ▄███████████████████▄ ▄█████████████████████▄ ▄███████████████████████▄ █████████████████████████ █████████████████████████ █████████████████████████ ▀███████████████████████▀ ▀█████████████████████▀ ▀███████████████████▀ ▀███████████████▀ ▀▀███████▀▀ | ElonCoin.org | │ | | .
| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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20kevin20
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February 06, 2021, 09:02:04 PM |
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If the service is decentralized, I wouldn't mind storing my bucks there. Storing your funds on a centralized platform for a long time is indeed a mistake.
What people sometimes miss is that we're not all experts and sometimes things aren't the way they're advertised. One good example is how VPNs are advertised as anonymous when they certainly aren't. AtomicDEX (now AtomicDeFi) seemed to be 100% decentralized when, in fact, it apparently isn't really.. although they do advertise it as if it was.
This is why some people unknowingly support something they are actually against. It's called misleading.
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Oasisman
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February 06, 2021, 09:37:57 PM |
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I have some Youtube and Twitter BTC experts who got me into BTC and who I trust totally. Yet some of them recommend people to take advantage of the passive income with BlockFi. I thought it was crazy for anyone to trust their BTC with BlockFi. After reading all your replies, I am now 100% convinced. My BTC stays in my cold storage. Thanks.
Lol, there's are some issues in blockfi about delayed withdrawals and lost deposit earnings. So, that's basically something you don't want to happen with your Btc sitting in a custodial wallet. They're holding your Btc and they can make it disappear If they want while you're sleeping. There's no safer wallet storing your Btc than your own cold wallet, and I'm glad you did realize that.
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Oilacris
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February 06, 2021, 09:40:48 PM |
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I have some Youtube and Twitter BTC experts who got me into BTC and who I trust totally. Yet some of them recommend people to take advantage of the passive income with BlockFi. I thought it was crazy for anyone to trust their BTC with BlockFi. After reading all your replies, I am now 100% convinced. My BTC stays in my cold storage. Thanks.
Lol, there's are some issues in blockfi about delayed withdrawals and lost deposit earnings. So, that's basically something you don't want to happen with your Btc sitting in a custodial wallet. They're holding your Btc and they can make it disappear If they want while you're sleeping. There's no safer wallet storing your Btc than your own cold wallet, and I'm glad you did realize that. Okay lets put up some links or reference between the two and on whats their pro's and cons: https://cryptobuffett.medium.com/pros-and-cons-my-experience-earning-interest-with-blockfi-c27c133fa6fbhttps://www.quora.com/What-are-the-pros-and-cons-of-CelsiusIn the end of the day, nothing beats out when you are having the full control of your funds.
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Hussaimitta
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February 06, 2021, 09:47:16 PM |
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What? In my opinion I suggest instead of holding coin you invest of crypto investment platform like hotfxm,expertoptions,fexcoin which use reliable indicators
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coolcoinz
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February 06, 2021, 09:55:58 PM |
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I never recommend any custodial solutions, be it exchanges or interest-earning wallets. That said, there can be more and less risky ways to hold your coins, even among custodial wallets. If you choose a small, less popular exchange, the risk is higher. Probably the least risky is using an exchange or any custodial solutions to perform fast transactions and withdrawing immediately.
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Ifemini
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There are consequences for every action
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February 06, 2021, 09:56:35 PM |
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What? Yes you have learnt well; it is not advisable to store your bitcoin or any other crypto currency assets on your exchange account because it is centralized and not your own wallet; the best way to store your assets is on your paper wallet or your cold storage and also ensure not to share your keys or phrases loosely.
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hulla
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February 06, 2021, 10:01:14 PM |
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet.
In addition, to what explained already one of the concept of Bitcoin is to make each individual is own bank and never to trust third parties. However, keeping coins on exchange is just like trusting the third party but you can still keep some coin you can afford to loose on exchange site that integrated SAFU. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What? I honestly don't trust coinbase ever since the ask they lock user account for no reason and force KYC but those fellow that gave you the advise are after profit cause blockfi is also a third party platform and it trying though is not a bad idea but you should only put the amount you can afford to lose.
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Dutchyyy
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February 06, 2021, 10:16:32 PM |
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Everywhere I read tells me it is not a good idea to leave BTC long term at an exchange wallet. However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious. Doesn't make sense to me. So I should not trust Coinbase or Gemini yet I can trust BlockFi or Celsius to keep my crypto safe? What? It's SIMPLE: Trusting BlockFi or Celsius is risk versus reward. You are getting XX% APY in return for your coins being there. Keeping coins in exchange without staking is laziness and stupidity. Taking the whole risk without any reward.
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ReiMomo
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February 06, 2021, 10:23:15 PM |
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~snip~ Keeping coins in exchange without staking is laziness and stupidity. Taking the whole risk without any reward.
Exactly, but there are some exchanges that we must be considered as a safe exchange but not on storing your bitcoin in a long term. Safe for a short period of time because they had enough reputation build, safe because they had a SAFU offered, safe because they are widely accepted exchanges and has a large volume of traders. In this case, I will consider this exchange is safe for a moment. But if we are talking about storing bitcoin for how many years on an exchange, no way. I rather choose a bitcoin wallet that we have a key to or a hardware wallet where to store our bitcoin safe. That is a proper storing of bitcoin not on exchange. However, in my opinion, I will never trust this newly popular, BlockFi or Celsius.
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LittleBitFunny
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The first decentralized crypto betting platform
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February 06, 2021, 10:30:23 PM |
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Not Only exchange, Any custodial corporations who will give you an offer to hold your coin on their platform and refused to give you the private key of your wallet is unsecured and untrustworthy. If you gather your coins on any custodial wallet or custodial exchange then they have full control over your funds. They have the ability to freeze/hold/reject or ban you if they want. So don't use any custodial wallet or exchange for holding your coins for the long term. You can use a noncustodial software wallet or hardware wallets instead of using the service of exchange.
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Oceat
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February 06, 2021, 10:36:06 PM |
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I have some Youtube and Twitter BTC experts who got me into BTC and who I trust totally. Yet some of them recommend people to take advantage of the passive income with BlockFi. I thought it was crazy for anyone to trust their BTC with BlockFi. After reading all your replies, I am now 100% convinced. My BTC stays in my cold storage. Thanks.
Lol, there's are some issues in blockfi about delayed withdrawals and lost deposit earnings. So, that's basically something you don't want to happen with your Btc sitting in a custodial wallet. They're holding your Btc and they can make it disappear If they want while you're sleeping. There's no safer wallet storing your Btc than your own cold wallet, and I'm glad you did realize that. Okay lets put up some links or reference between the two and on whats their pro's and cons: https://cryptobuffett.medium.com/pros-and-cons-my-experience-earning-interest-with-blockfi-c27c133fa6fbhttps://www.quora.com/What-are-the-pros-and-cons-of-CelsiusIn the end of the day, nothing beats out when you are having the full control of your funds. I don't think OP knows the risk of leaving their coins on an exchange wallet it's not something or someone you can trust since you have no full control of that account. Plus if the issue tends to last almost to never then rethink what you are planning, OP and now that you have decided to put it on a cold storage then that's better than leaving it to someone's hands. Holding your own BTC/money is the very essence of Bitcoin. To have a full control of your funds that no one can interfere without your knowledge, please remember that.
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hatshepsut93
Legendary
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February 06, 2021, 11:13:19 PM |
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However, the same people who say that recommend crypto interest earning accounts such as BlockFi or Celsious.
I don't think any experienced Bitcoin worth their salt would recommend to store your coins in any of those interest earning accounts. You're probably reading suggestions from some newbies who just repeat things like "don't store coins on exchanges" because they heard them from high-rank users, without really understanding what it means and why it's bad.
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