Keep your money off exchange, in this crisis moments hold Bitcoin for safety

[tech30338]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.



Friendly reminder not your key, not your coins!

If the main concern is being afraid that the exchange will lock out your bitcoin or altcoin in their exchange , first thing to do is transfer it , to your wallet which you have full control, or if you really are afraid to lose value of your holdings the safest thing to do is convert it to usdt or stable coin, on your wallet and hold it when you feel that its safe convert it back to your token, that is just my opinion, and its way safer but if you want to gamble then just transfer it to your own wallet.

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[Awaklara]

I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?

It will not happen. no one else will have control over your assets. even though Binance crashed and the Trust Wallet you used stopped working.
as long as you hold the key to open your wallet, there are alternative wallets that you can use to open it. like using safepal or using Electrum.
unless the asset you're holding is TWT, a token from a Trust Wallet. it will have an impact on the value of your assets which may be destroyed when Binance crashes.

[Pmalek]

what happens if Binance gets down today.I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?

It shouldn't matter what happens to Binance or Trust Wallet if you possess your own keys. It was the same with FTX. If you didn't keep your coins on their accounts, you weren't affected by the exchanges' downfall one bit. The price and value of your portfolio took a hit but your coins remain yours, which can't be said for those poor bastards that got their funds frozen/hacked/confiscated by FTX following the bankruptcy procedure.

If Binance goes down, you can still use the Trust Wallet because it's non-custodial. If Trust Wallet goes down, you take your seed and you recover your coins in a different wallet. Then you sweep everything from Trust Wallet into a different client and set up a new wallet with a seed that has never been in touch with Trust Wallet.   

[_BlackStar]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

Even without the FTX disaster, you and they should also know a safe place to store assets and obviously it's not an exchange. But the FTX disaster has made users' awareness of having custody of their assets better. This is growing in importance, and forum and some other centralized exchange platforms have also warned about this as far as people experiencing the impact of FTX.

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.

In fact you don't have to stay away from centralized exchanges forever. You can still fairly trust the exchange and use its services, but you just need to have custody of your assets in your own wallet. Don't trust your fund to exchanges forever, and instead use exchanges as a service that help you convert your assets to whatever you want without leaving them forever.

[lovesmayfamilis]

After the collapse of the FTX exchange, many flaws were exposed. It turned out that they kept customer funds in unencrypted text, which could easily lead to a hack. We can only guess how many more flaws centralized exchanges have until we learn about hacks or bankruptcy again and again. Recently, people have begun to be more attentive to the storage of their funds, trusting only themselves. And it is naive to think that people are so stupid as not to draw conclusions as to whom to entrust their money.
Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own."  But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.

[m2017]

After the collapse of the FTX exchange, many flaws were exposed. It turned out that they kept customer funds in unencrypted text, which could easily lead to a hack. We can only guess how many more flaws centralized exchanges have until we learn about hacks or bankruptcy again and again. Recently, people have begun to be more attentive to the storage of their funds, trusting only themselves. And it is naive to think that people are so stupid as not to draw conclusions as to whom to entrust their money.
Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own."  But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.

If people are not able to store their crypto assets on their own (according to CZ), then who can do it for them? Sam-Bankman with FTX exchange or CZ with Binance? It is beneficial for him to spread such an opinion in order to attract new users to his platform. If people stick to the "not your key, not your coins" rule, then there will be no need for centralized exchanges. This means that CZ will never recognize this rule, otherwise he will lose customers who bring him money.

[Finestream]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.

There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.

It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.



Friendly reminder not your key, not your coins!

It is not only today that investors have keep reminded to stay away from centralized exchanges, even before we often hear that already but kept being neglected too. Now, along with FTX scandal, I think we should be aware now to get rid of centralized exchanges as they can eventually make our account turn into zero value. No matter how reputable those exchanges are, as long as they are in controlled by the government that is not aligned with crypto, still we should avoid all those exchanges in all forms.

[Stedsm]

Why buy Bitcoin only when you can move other coins too to their specific wallets? I mean, your way of spreading the message about keeping your funds safu from exchanges by holding them in your wallet was fine, but why convert everything into BTC when there are various non-custodial wallets where various coins are available to be stored? It's not the first time we have seen an exchange hack, we have been witnessing all this shit since Mt Gox was hacked and other major names shut down their businesses due to either hacks or runaway with people's money. It seems the governments are getting what they needed since the beginning - the reason to stop crypto from growing.

[KingsDen]

Can we let somethings be?
Almost everyone in this forum knows about "Not your keys Not your coins" slogan. We all know the dangers of leaving our coins on exchanges. Ftx is not the first exchange to go bankrupt. We have witnessed bankruptcy, we have witnessed hack and outright winding up and running with people's money and yet we cannot avoid the exchanges totally.
The exchange has become a huge part of us in as much as we are interacting with fiat on daily bases. It must remain and no matter how bad they treat us we must find the reliable one at that moment.
Let us stop the FUD. If anything happens to another big exchange we all will suffer it in one way or the other.

[Rengga Jati]

Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.


Friendly reminder not your key, not your coins!

By looking at the current condition of crypto, especially regarding the various problems and negative issues related to centralized exchanges, we really have to be more vigilant and make the best decisions. Storing assets in personal wallets especially offline is the best thing and probably safe for now. store on an exchange, even though Binance class must be extra vigilant and not safe. Moreover, they are currently getting more attention. We have learned a very valuable lesson from failed FTX.

and I totally agree Bitcoin is the safest asset to hold in times like this and beyond.

[_act_]

Why buy Bitcoin only when you can move other coins too to their specific wallets? I mean, your way of spreading the message about keeping your funds safu from exchanges by holding them in your wallet was fine, but why convert everything into BTC when there are various non-custodial wallets where various coins are available to be stored? It's not the first time we have seen an exchange hack, we have been witnessing all this shit since Mt Gox was hacked and other major names shut down their businesses due to either hacks or runaway with people's money. It seems the governments are getting what they needed since the beginning - the reason to stop crypto from growing.

It depends on people's choice, I can decide to convert my coin to bitcoin and only hold bitcoin, I can decide to convert 70% to bitcoin while the remaining 30% to altcoins that I think would be good to yield high profit in bull time. What I know is that you may have some altcoins which can be a wrong decision and a regret later, but some altcoins are good. Bitcoin is not volatile like altcoins, but all-time-high makes me to prefer bitcoin, many altcoins do not attain all-time-high and many are shit coins.

[RockBell]

Keeping your money away from exchanges should be one of your top priorities. Most people think this advice is pointless, but it's actually one of the best that can be given. Avoid centralized exchanges in particular; they're notorious for their drama. Instead, download a wallet, protect your seed phrase, and stay away from links. security is one of the key things you have knowledge about not just buying and without zero knowledge about what you going into.

[Distinctin]

After the collapse of the FTX exchange, many flaws were exposed. It turned out that they kept customer funds in unencrypted text, which could easily lead to a hack. We can only guess how many more flaws centralized exchanges have until we learn about hacks or bankruptcy again and again. Recently, people have begun to be more attentive to the storage of their funds, trusting only themselves. And it is naive to think that people are so stupid as not to draw conclusions as to whom to entrust their money.
Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own."  But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.

I realized that until when people stop entrusting centralized exchanges? Could we wait for more like FTX scandals? If this is the the case, people will surely keep losing their coins in the end. But i believe, people have their own choices and they have to make it right, and by avoiding these centralized exchanges and shift to non-custodial wallets, the level of security will have more guarantees and that people will no longer fear anymore from hackers.

[RILWAN]

Cryptocurrency is a gamble to most people and no matter the number of warnings people will still risk their money with third-party investment platforms such as exchanges because they want quick ways to get things done without minding what the outcome of their action will be and how secure those third party centralized exchange are.

[SOKO-DEKE]

To avoid future stories, it is best to transfer your coins from centralized exchanges to decentralized exchange where you have your own personal wallets, where you can access your wallet alone and have complete control over every coin you own. Let observe what happen to FTX recently where many people lost their savings that they had been accumulating for a long time. No matter what kind of service centralized exchanges are try to offer, we should full rely on them. it will be wise to have little faith in because some case like trading. Therefore, having control over your money by keeping your wallet is the greatest approach to avoid taking  too much danger when using cryptocurrencies.

I wouldn't advise someone to go on break on buying altcoins than to stop and put an end to what can risk loosing everything, and as for bitcoin, you can invest now and buy the dip not necessarily have to wait till halving or bullrun before you can buy.

I don't think having some altcoin is a bad idea but just know much about the altcoins you are planning to hodl.having alternative for whatever assets you have is best way.but my only advise for you to accumulate more Bitcoin than altcoin to be in a saver side.

[Falconer]

Warnings about this have been far more frequent I've gotten so far and certainly multiple threads with the same content and purpose seems more than enough to inform newbies about the risk of safety of their funds on centralized exchanges. I don't know why we need more threads about the same warning when other threads are still active, after all when you just want to say "not your keys, not your bitcoin" then I don't think we need to have different thread.

There is no best way to secure your funds if you do not have sole custody of them. Have a wallet that allows you full control over your assets like a non-custodial wallet or better with a hardware wallet. I believe on a regular basis these warnings will continue to be said by different users, but it doesn't need to be multiple threads without something more interesting to hear.

[8rch7]

Actually we don't have to be panic when FTX crashing with user can't withdrawing their assets, still have trusted exchange market and keep safety for saving our assets without afraid bad moment will happen to all exchange market. More safety when saving Bitcoin or altcoin assets in cold wallet because can controlling by our self.

Bad ecosystem with cryptocurrency later if many people keep holding their fund in cold wallet and how about transaction or purchasing Bitcoin and altcoin without trust with exchange wallet? I sure many people still believing with centralized exchanges when investing their bitcoin fund with lower fees, but when buying or selling cryptocurrency trough dapp exchange have higher fees than centralized exchanges.

[Hyphen(-)]

This is sound advice, and many professionals have given it in this forum before, but it's worth repeating because there are so many cases of exchange hacks every day.

Let us all take exchange as a place to buy our coins and then move them to our personal wallets; there is no point in keeping your wealth exposed to everyone; exchange can choose to give your privacy to the government and you will have no one to blame; this is why we always advise Newbies to avoid keeping their coins in exchange.

[BIT-BENDER]

Well it’s surprising to me that some people still actually leave their Crypto-coin on exchanges regardless of the exchange being decentralized or centralized.

It’s should not require the case of the FTX for anyone to know it’s a red flag to do so. Well as a Bitcoin enthusiast i would definitely save in bitcoin but if you are in crypto-currency to avoid the inflation affecting your countries currency then you can try saving in stablecoin.

[decodx]

Well it’s surprising to me that some people still actually leave their Crypto-coin on exchanges regardless of the exchange being decentralized or centralized.

There is nothing surprising about that. If people didn't really have their crypto coins on exchanges, there would be no order books, and there would be no market for them. Exchanges will never be completely safe, and there will never be a solution which is 100% guaranteed. But for the exchanges to work, and for people to be able to trade their coins, you need to have people who are willing to leave their coins on exchanges.