are crypto owners naturally paranoid?

[worldofcoins]

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

I'd say if you're planning to keep the bitcoins for the long term then store them into cold storage private key rather than coinbase.

In past coinbase blocked me from accessing my account because i used my coinbase wallet to deposit into a gambling website so you can't be certain what might happen.

[carlfebz2]

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

I'd say if you're planning to keep the bitcoins for the long term then store them into cold storage private key rather than coinbase.

In past coinbase blocked me from accessing my account because i used my coinbase wallet to deposit into a gambling website so you can't be certain what might happen.

Using custodial wallet does have particular terms and conditions which basing on your situation then its just your fault on why you do get blocked which means that you had violated sites rules which its normal that they would be making such action.This is the things you should mind on when you do make
use of these centralized platforms.

Its been suggested and recommended for how many times that nothing beats out non custodial wallets specially when you are storing up large
amounts of coins.

Hardware wallet is they key or some wallets which you do own the privatekeys or able to access it.

[Kelvinid]

~

Either way in exchanges, you already had the risk of losing your fund anyway. I personally never had any cold storage, and I am just having a separate machine that is for my own desktop wallet. It won't be used for any browsing purposes that would risk of getting hacked or getting infected by spy/malware. Kind of an alternative, if one also does not want to spend too much in a hardware wallet.

That is rather our choice to buy an expensive hardware wallet if that is really a need for us. I'm still using an online wallet and custodial wallet in our country but so far, I have no issues about losing control of my account, maybe that was because I don't entertain emails coming from the unknown person especially when sending links. I've been careful in keeping my computer not to use by others and I don't allow them to touch/borrow this.

It is either what kind of wallet we use, that certainly it depends on how we handle them. But not to put them on the exchanges as the chances of getting hacked is bigger than keeping on our controlled storage.

[rizqoAD]

Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange. In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers. But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.

[Oasisman]

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

Well, I somehow got your point. Small amount of cryptos or even 1btc amount of Crypto might be convenient If it sits to a trusted exchange or any other trusted local custodial wallets, so you can move your asset swiftly and is always available for trading.
But, everything is different when someone is holding like 100 or more Btc. Do you think It's safer to store this huge amount in any of the exchange? Hackers would notice this and they'll try to attack you in the most unnoticeable way.
Or the Exchange will put limits on your withdrawal, block or prohibit transactions for a while and sometimes website maintenance may cause inconvenience.

Therefore, coldwallet is still the most secure and convenient way in accessing your asset.

[btc78]

Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.

if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.

In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.

You already Knew that those are possible to happen then prevent from doing such stupidity .

But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.

WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.

[AakZaki]

Safe or not depends on the user. Nothing is safe as long as the wallet user ignores the warnings about the security of the wallet and the private key it holds.

Large exchanges or personal wallets both have their advantages and disadvantages. Those who are paranoid only think about the details about the dangers that lurk and forget how to deal with these dangers. Crypto users are not paranoid, it depends on each person, even some people who are already paranoid are very easy to fall into the trap of scammers.

[wilkine]

I don't think keep your coin on an exchange is safe. On the contrary, it's quite insecure. What if the exchange suddenly close and take away all your assets?
Besides, the spirit of crypto is peer to peer, why you still hang on to you third-party inbetween.

[Reatim]

I don't think keep your coin on an exchange is safe. On the contrary, it's quite insecure. What if the exchange suddenly close and take away all your assets?
Besides, the spirit of crypto is peer to peer, why you still hang on to you third-party inbetween.

Only few and noob do that way of keeping their coin , or those very small Holder/trader that cares nothing to lose because of their small amount.
but if you are having at least thousand dollars and above I am sure you will make sure to keep them safer than in exchange.
so this will depend on how much and how long we are holding the coins.

there are traders i Know that keep their funds in exchange for at least day or week , but after their trading jobs , will withdraw the coins and transfer to their respective wallets .

[Wipeout2097]

It is obsrved may be crypto proprietors got to be a small more neurotic than normal fiat cash investors. Banks have had longer to refine their online administrations and optimize their security against numerous sorts of attacks.Another side the fundamental keeping money framework makes it much less demanding to track who really closes up with the cash and individuals by and large do not permit their individual accounts to be manhandled as portion of extortion. Be that as it may trades are more up to date to the scene however ought to have managing an account review security,So government and bankrs think it can encouragee dark showcase but they dont think that on the off chance that they legalize it the modern time will took put in monetary history.

[Quidat]

I don't think keep your coin on an exchange is safe. On the contrary, it's quite insecure. What if the exchange suddenly close and take away all your assets?
Besides, the spirit of crypto is peer to peer, why you still hang on to you third-party inbetween.

Only few and noob do that way of keeping their coin , or those very small Holder/trader that cares nothing to lose because of their small amount.
but if you are having at least thousand dollars and above I am sure you will make sure to keep them safer than in exchange.
so this will depend on how much and how long we are holding the coins.

there are traders i Know that keep their funds in exchange for at least day or week , but after their trading jobs , will withdraw the coins and transfer to their respective wallets .

You cant say so because people would always mind off about their coins no matter how small or big it is but i cant really deny that there would be some sort of confidence into some people because they do know that it is just a small amount but to know that security is really important because you wouldnt know if it would be putted up some big amounts in near future which means that the wallet you've
been keeping must be safe and its keys hasnt been exposed to anybody which it should be the main priority.

[gloriamartin]

Any market that is highly volatile will make traders paranoid. Trading in Bitcoin genuinely needs patience and precaution. Traders need to choose a good broker and get a secure wallet to confidently trade Bitcoin. There is nothing safe from being hacked when it's online, so make sure that your broker has a good history of security and transparency.

[Ultegra134]

Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.

if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.

In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.

You already Knew that those are possible to happen then prevent from doing such stupidity .

But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.

WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.

I don't see how that would work, if you're trading on a daily basis. Withdrawing your coins and redepositing them back, not only is it costly, in terms fees, but also in valuable time that is being lost. I understand that you should avoid using exchanges as a wallet, but what you're claiming doesn't seem too wise to me.

[stomachgrowls]

Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.

if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.

In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.

You already Knew that those are possible to happen then prevent from doing such stupidity .

But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.

WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.

I don't see how that would work, if you're trading on a daily basis. Withdrawing your coins and redepositing them back, not only is it costly, in terms fees, but also in valuable time that is being lost. I understand that you should avoid using exchanges as a wallet, but what you're claiming doesn't seem too wise to me.

If you are aware on what you are doing then most likely you would really realize on what are feasible ways or more worth to be done rather  than sticking out on being paranaoid.If you are a trader then its just sensible that you would be only depositing on funds which you would really be needing
on your trade.

You wouldnt be actively on sending in and out those funds on a hardware wallet or something non custodial because that would really be costly and
hassle thing to be done.

If you do make trades then you would really be noticing it on the first place.So adjustments would really be made up.

[haasanjui]

No! They are not naturally paranoid. They are working for online banking system which is easy to use your money at anywhere you want.

[Ultegra134]

Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.

if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.

In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.

You already Knew that those are possible to happen then prevent from doing such stupidity .

But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.

WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.

I don't see how that would work, if you're trading on a daily basis. Withdrawing your coins and redepositing them back, not only is it costly, in terms fees, but also in valuable time that is being lost. I understand that you should avoid using exchanges as a wallet, but what you're claiming doesn't seem too wise to me.

If you are aware on what you are doing then most likely you would really realize on what are feasible ways or more worth to be done rather  than sticking out on being paranaoid.If you are a trader then its just sensible that you would be only depositing on funds which you would really be needing
on your trade.

You wouldnt be actively on sending in and out those funds on a hardware wallet or something non custodial because that would really be costly and
hassle thing to be done.

If you do make trades then you would really be noticing it on the first place.So adjustments would really be made up.

I don't have much experience in trading to be honest, I used to make a few trades within a week, but have stopped quite a few months now. I always had my funds (In Bitcoin mostly) deposited on the exchange, the trading fees were high enough already, I just wouldn't do it. On the other hand, I wasn't dealing with large amounts of money, supposing I had a whole BTC or whatever, I'd definitely consider having a mere 10% deposited on the exchange.

[Welsh]

Safe or not depends on the user. Nothing is safe as long as the wallet user ignores the warnings about the security of the wallet and the private key it holds.

Large exchanges or personal wallets both have their advantages and disadvantages. Those who are paranoid only think about the details about the dangers that lurk and forget how to deal with these dangers. Crypto users are not paranoid, it depends on each person, even some people who are already paranoid are very easy to fall into the trap of scammers.

Exchange wallets have a much bigger potential for pitfalls than personal wallets. Personal wallets as you say; you have complete control over, though an exchange wallet could be compromised at any moment, despite you having pretty decent security. Storing your Bitcoin on a exchange wallet for any long term period defeats the point of Bitcoin entirely.

Actually, I'd say most people get complacent which leads to loss of coins, at least in personal wallets. Exchange wallets it's usually down to internal compromise or the user making a weak password. The thing is with exchange wallets they have a much larger attack vector than your personal wallet, which inherently makes it much less secure.

[syedakhlaque]

 Crypto owners are not naturally paranoid because it happens that sometimes you get the loss for nothing. It comes but never. When your accounts would be hacked on a trustable exchange what is your fault of you in it.
So it is better for all cryptocurrency holders to use a trustable wallet. where the chances of loss may be minimized or nil. Passwords, keys, and special words should be saved properly. USB wallet is also better for this purpose.

[BigBos]

I have the same thought. So far, I only have assets stored in exchanges rather than in cold wallets. I think it's simpler to use. In addition, if the exchange is trusted, such as Binance, or Kucoin, I'm pretty sure they will still guarantee the assets we have in it are safe.
it's just that I'm still paranoid about the hacker case that happened to previous exchanges that made many exchanges go bankrupt.

[Nutrient]

You have total control over your personal wallet and it’s way safer except you’re careless enough to lose your phrases or keys. With exchanges, you can’t completely tell what can go wrong.