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Author Topic: Why do people store their cryptocurrency on exchanges?  (Read 645 times)
Falconer
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January 09, 2023, 08:48:13 PM
 #101

Easy access.
It's like that you'll just have to log in and boom, you can see your balance and if you want to trade, then trade it with other cryptocurrencies and have its value currently with a stable coin. That's how quick it is and that's why those that have huge fund are keeping it no matter what warning people have been telling them, they trust the exchange no matter what happens. It will be hard to convince them if they're the ones that understands the situation and yet, no action done.
Maybe this reason is true, because I also tend to think that some of funds stored in exchange, especially stablecoin, will make it easier for me to buy and accumulate bitcoin. Of course it wasn't much, but only in the amount one could afford to lose too.

But for whatever reason, I believe depositing funds on an exchange is an option that is never really recommended even if the exchange has a good reputation. I wouldn't do it in the long term, but for my needs in the short term it's still a possibility for me to consider. In the long term, all funds must be moved to a secure wallet where only we have control and custody of the assets we own. Just that.

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January 09, 2023, 08:54:08 PM
 #102

Easy access.
It's like that you'll just have to log in and boom, you can see your balance and if you want to trade, then trade it with other cryptocurrencies and have its value currently with a stable coin. That's how quick it is and that's why those that have huge fund are keeping it no matter what warning people have been telling them, they trust the exchange no matter what happens. It will be hard to convince them if they're the ones that understands the situation and yet, no action done.
Maybe this reason is true, because I also tend to think that some of funds stored in exchange, especially stablecoin, will make it easier for me to buy and accumulate bitcoin. Of course it wasn't much, but only in the amount one could afford to lose too.

But for whatever reason, I believe depositing funds on an exchange is an option that is never really recommended even if the exchange has a good reputation. I wouldn't do it in the long term, but for my needs in the short term it's still a possibility for me to consider. In the long term, all funds must be moved to a secure wallet where only we have control and custody of the assets we own. Just that.

Its one of the reasons too which im really guilty with this where i do need to store up some USDT came out from my crypto sell or conversion earlier for me to directly purchase or buy coins whenever i do see some

opportunities which it is really just not hassle and could directly possibly able to get in into those kind of chances which it doesnt really come often, since we are really that afraid on missing out those opportunity

then you would really be finding that storing your stablecoins on exchangers would be the key or something that could really save you up from the hassle which
is mostly the case on why people are really that a fan on using up these platforms.

R


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January 09, 2023, 10:19:43 PM
 #103

Everything on the internet in vulnerable and if you can't keep your crypto safe then you should not own it in the first place. That's where newbies make the mistakes. They just go on and buys it and then after someday those assets of there is gone. And things about exchanges that it is like necessary evil. It is harmful, but you steel need them for certain task like trading or p2p selling, fiat converting etc.
But keeping your assets always on your exchange wallet is a bad habit. Newbies should always avoid this.
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January 09, 2023, 11:37:25 PM
 #104

Everything on the internet in vulnerable and if you can't keep your crypto safe then you should not own it in the first place. That's where newbies make the mistakes. They just go on and buys it and then after someday those assets of there is gone. And things about exchanges that it is like necessary evil. It is harmful, but you steel need them for certain task like trading or p2p selling, fiat converting etc.
But keeping your assets always on your exchange wallet is a bad habit. Newbies should always avoid this.
Agreed, we need to understand the risks associated with the internet connection. We're connected to the world. Anything could happen with our digital belongings. Most of the time people just leave the funds on exchanges not by purpose, but by situation. They just do trading and leave it for the access for ease of trading if there is supportive market situation. Transferring between wallets will cost as well as takes time for confirmation.

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