irixo10
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February 07, 2021, 04:12:43 PM |
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I think this is best answered with a question; If you store your Bitcoin on an exchange or any online platform, and the exchange or online platform gets hacked, what will you do? We have seen a lot of exchanges that were hacked and assets worth millions of dollars stolen and that's it, so this means that, you shouldn't play with your Bitcoin and its security, that is to say, you need to adopt every possible means to ensure they are secured and keeping it on an exchange is far from it. Your Bitcoin needs to stay in your private wallet with a private key, this private key in question is what gives you the power to own and control your Bitcoin the way you want; anything short than keeping your Bitcoin in your wallet, means your Bitcoin could be at risk of theft. I don't know about those platforms mentioned like the Celsius etc, but keeping on an online platform and/or interest earning accounts is not a good idea and keeping on any exchange is not good as well.
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Rehan Zakir
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February 07, 2021, 06:55:58 PM |
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Storing crypto in exchange wallet for long term is not a good opinion. But if the exchange hacks all your funds are lost. So, keeping funds in online wallets is a good technique. But you have to keep your private keys at a safe place. If you lost your keys then there is no method to recover your wallet. They are decentralized wallets so, you are the owner of your wallet.
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bryant.coleman
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February 07, 2021, 06:59:56 PM Merited by JayJuanGee (1) |
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I first lost my coins in 2013, when Instawallet shut down. The again I lost my coins in 2014, when Mt Gox went down after the robbery (I have filed for reimbursement to the bankruptcy trustee, but as far as I know, none of the former users have yet received any of their coins). Then once again, I lost some of my coins (mostly LTC and BCH) when BTC-e/Wex.nz was closed down. And then in 2019, I once again lost some of my coins when Cryptopia got hacked. The list is quite long and my case is a classical example of someone who never learnt a lesson from their mistakes. If you want to end up like me, then you are most welcome. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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ecnalubma
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February 07, 2021, 07:46:59 PM |
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Never ever trust third party platforms hold your coins, you might lose it all. Its very tempting to how big the interests they give when you stake your but always remember that you don’t have full control over it. Just store it in your non-custodial wallet and let it grow anyway as years go by.
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bittraffic
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February 07, 2021, 08:13:03 PM |
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Same people who also want you to just keep your coins on your personal wallet that you own the private key, same people who teach you to trade on exchanges. I don't see myself trading every day and then withdrawing everyday as well. But you can do it on wallets that allow you to connect on DEX like the tokenpocket. I'm sure most of us are aware of these kinds of wallet already.
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abel1337
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February 07, 2021, 08:38:21 PM |
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Always consider the saying "not your keys, not your coins". If something happened to your account, the exchange could possibly lock up your coins and demand you to submit KYC and put you so much hassle. There are many cases here that they leave their assets into their exchange accounts and when they got back there are problems rising up such as locked accounts because of inactivity, IP conflicts, and other problems. If you plan to hodl some bitcoin and leaving it for a very long time while you consider security at best, A hardware wallet such as ledger or trezor is one of the best options you can go.
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dunfida
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February 07, 2021, 08:44:19 PM |
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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. Yeah its the golden rule but there are still people whom do fail to do even with this very basic idea..This is why when the time they get hacked or scammed then thats the time they do really make out some learnings and make some regrets in their entire life.People wont learn or realized if they dont experience those. Keeping those keys should be your main priority because this is just like giving your pin code into your own atm wallet card.So basically showing off these sensitive informations isnt a must thing for other people to see.
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Sithara007
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February 08, 2021, 03:46:08 AM |
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even I don't believe in earning any crypto interest. I've had a bitter scam experience against the application site so I will never believe it. the best step is only to store BTC in a hardware wallet like the nano ledger
I have seen a lot of people defending the cryptocurrency interest sites. But I have never seen them explaining how these sites make profits. Bank deposits provide us with an interest, because fiat currency is not protected against inflation. Interest payments make sure that the net purchasing power never decreases. But that is not the case with cryptocurrency, and therefore there is no logic in getting interest payments from these sites. And even if everything is legit, how these sites are able to keep their operations viable? Either they are making investments with the coins, or they are lending out to others at a higher interest rate. Both the options are highly risky. Investments can fail, with volatile assets such as cryptocurrency. And the chances of default for cryptocurrency loans are much higher than the same with fiat.
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charlesmichel1
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February 08, 2021, 04:41:30 AM |
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I think storing crypto on interest earn sites is as risky as storing coins on exchange. And both variants are pointless. Do you really believe 1-5% interest will make you reach? Or you will be able to save a lot of money and time by storing crypto on exchanges? There are so many free and secure wallets like Exodus, Trust, Guarda and ownr, for example.
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Kittygalore
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February 08, 2021, 05:11:00 AM |
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I think storing crypto on interest earn sites is as risky as storing coins on exchange. And both variants are pointless. Do you really believe 1-5% interest will make you reach? Or you will be able to save a lot of money and time by storing crypto on exchanges? There are so many free and secure wallets like Exodus, Trust, Guarda and ownr, for example.
Same principle, not your key not your coins. Exchanges and such websites are prone to attacks which only hurts the clients that are storing their coins their. Well the 1-5% interest is a lot especially for the 5% part, in my opinion you can use that to make more modes of cashflow but if you are only relying on that then that is a different story. But the problem with these crypto investment sites is that they are as volatile as the coins that they are storing and selling to you to invest in their site, you could lose your money real quick and other legitimate websites have been known to back out with the money from their clients.
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Wind_FURY
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February 08, 2021, 06:25:05 AM |
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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) If there is a market for locking capital to start earning interest, then I believe Lightning should be pushed for this, with the cooperation of developers to build products for it. A pool for “staking” your Bitcoins to open channels in LN, increasing liquidity.
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jossiel
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February 08, 2021, 06:56:44 AM |
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That's part of the risk. You earn interest through those exchanges that you will participate but once you deposited your coins to them, you're no longer owning them. Yes, you're part of their program which allows you to earn interest but you have to understand and just agree that it's no longer yours once it touches their exchange.
There are wallets that are allowing you to offer interest upon holding it. But that's not lending, it's staking just like in Ledger, trust wallet, and other wallets as well. At least with those, it may not that be much of interest but you hold your coins.
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freedomgo
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February 08, 2021, 07:12:18 AM |
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The main reason why it's not good to store your BTC in an exchange is to prevent from getting hack, the saying is, "not your keys, not your BTC". So, if the site is hack, you will lose your bitcoin and will not be able to recover again as they are not like banks where they has an insurance, and if ever you'll be able to recover, it will take time and will take a lot of process, so to avoid this just store your coin in your own wallet, a hard wallet is recommended.
Of course there are benefits in storing your bitcoin in exchange wallet, but it comes with a high risk too.
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jerry0
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February 09, 2021, 06:54:18 AM |
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What about daytraders? No way they are withdrawing all their coins to their hardware wallet or other type of wallet daily right after trading since they trade next day?
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gurunanakji777
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February 09, 2021, 07:04:16 AM |
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Storing Bitcoin on exchange is quite risky if you are planning to hold Bitcoin for long term. As we heard several times hacker hack the exchange so its risky. Apart from this I would also recommend you to use hardware wallet to store your Btc safe.
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LogitechMouse
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February 09, 2021, 07:58:55 AM |
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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? The word safe applying to crypto and exchange is kinda subjective in a way and it will depend sometimes. I myself put some ETH in Crypto.com to gain some interest. Yes I know the risk of it and I know the quote "Not your keys, not your coins" but since I've trusted the app and the site, I risked it and put some ETH on it and now earning ETH. All or most of us here are saying that you should not store your coins in an exchange but the truth is it will depend on you. Interest earning accounts such as BlockFi or Celsius might have risk on it since you aren't the one who is holding your coins but them but I think putting it there for some few months is good but still there is the risk on it that it might get down or it might turn up being a scam. Know your risk still.
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Alucard1
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February 09, 2021, 08:34:09 AM |
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There is an article about a lot of people getting scammed because of storing their funds at the exchanges so you should avoid that thing, Holding for a long term is such a great idea of earning money in the future, that would give you a huge amount of money but make sure that you are using a legit and trusted platform, never store it in exchange it is better to store it in the custodial wallet for more security.
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mezzaluna
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February 09, 2021, 08:40:01 AM |
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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 is absolutely not a great idea because base from one of my experience, one of the exchanges that I have left my Cryptocurrencies at had suddenly shut down. It was really surprising because that Exchange website was one of the websites that has this very friendly user interface and its easy to learn. Their shutting down was due to the lack of volume coming into their website and that was their end of it so I guess its really not suggested to leave your money or Cryptocurrencies at something that you would not have to visit weekly.
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o_e_l_e_o
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February 09, 2021, 09:29:10 AM |
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I have seen a lot of people defending the cryptocurrency interest sites. But I have never seen them explaining how these sites make profits. If you have a read of my post on the previous page where I quote their Terms of Service, it makes it clear where their profits come from. They either lend our your coins to unspecified third parties, or they invest them in high-risk options and vehicles. They collect profits from loan repayments or investment returns, and pass a small percentage of that on to you. It's a great set up for them, since they use none of their own capital, but they still take in profit. All the risk is assumed by the average user, who gets a measly couple of percent returns, while BlockFi (or whoever) keep the majority of the profits for themselves. Investments can fail, with volatile assets such as cryptocurrency. And the chances of default for cryptocurrency loans are much higher than the same with fiat. Correct. The risk is huge, the benefit is tiny, and mostly you are just making profits for the middleman. What about daytraders? No way they are withdrawing all their coins to their hardware wallet or other type of wallet daily right after trading since they trade next day?
No, but they aren't keeping all of their coins on an exchange, only what they are actively trading. If you are day trading then storing the coins you are trading on a centralized exchange is a risk you have to accept, but most will withdraw the bulk of their funds which they are not actively trading to their own wallets.
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Noctis Connor
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February 09, 2021, 09:48:26 AM |
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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 true no one from internet can trust your money with even exchange wallet putting your money into it? Hmm i don't think so ever since i don't stock my bitcoins i always hold my bitcoin the one that my country create so called a good "wallet" or somehow i have a hardwallet where i can stock them food good why? because when you read those terms and condition/service of some exchange website you can read that they are using our "coins" into something to earn and of course to make them a good profit as well if you're using BlockFi or Celsious then you should have time to read those terms and see it for your self which one is deserve your money.
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