Don't be fool to keep on exchange, look my name

[Aikidoka]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

I agree with the OP. Even if you save anything privately on the internet even in the most secure cloud platform there's always a risk of potential data leaks because you can't control that. Personally, I don't trust storing anything sensitive online such as private keys or Bitcoin seed phrases. I prefer to keep them offline whether it's on a physical piece of paper or stored in an air-gapped device.

There are always risks associated with storing your BTC in an online wallet or an exchange. In the worst case scenarios, your funds could be stolen and the chances of recovering them are generally quite low, saying it's impossible in some cases. So it's really important to be aware of the potential risks and be careful when choosing storage options for your Bitcoin.

[taufik123]

-snip-
There are always risks associated with storing your BTC in an online wallet or an exchange. In the worst case scenarios, your funds could be stolen and the chances of recovering them are generally quite low, saying it's impossible in some cases. So it's really important to be aware of the potential risks and be careful when choosing storage options for your Bitcoin.

This is a choice for everyone. choose to use the Exchange or not, but I personally still rely on exchanges like Binance to trade and the main assets of course I will not store on the Exchange, only some capital assets for trading that I enter.

Regarding the insecurity of storing assets online in third parties such as Exchange.
Offline Assets such as Hardwallet are also dangerous, especially Ledger which will present the Ledger Recover Feature, it will be more dangerous,
"Not Your Key Not Your Coin"

[adzino]

But people are too lazy, aren't they? Wouldn't they want the option that is most easiest for them? Sadly there are lots of people that think "managing" their own bitcoin is more complicated then managing their fiat currency. They find the concept of keys and backups something hard to understand. So they end up using centralized services that makes things "easier for them". Unfortunately, they don't realize that exchanges and wallets are more vulnerable to hacks and there is always a chance the wallet/exchange might disappear one day. Since they don't have access to their own keys, they can never recover their coins. No matter how much a service claims they are "best", they aren't. Better to hold your own keys if you want to be the real owner of your coins.

[vitya1982]

But people are too lazy, aren't they? Wouldn't they want the option that is most easiest for them? Sadly there are lots of people that think "managing" their own bitcoin is more complicated then managing their fiat currency. They find the concept of keys and backups something hard to understand. So they end up using centralized services that makes things "easier for them". Unfortunately, they don't realize that exchanges and wallets are more vulnerable to hacks and there is always a chance the wallet/exchange might disappear one day. Since they don't have access to their own keys, they can never recover their coins. No matter how much a service claims they are "best", they aren't. Better to hold your own keys if you want to be the real owner of your coins.

Yes, people are lazy. Just focus on yourself and do the best you can. If you have someone close who's keeping their Bitcoin on an exchange you can calmly talk to them and explain, why they should consider doing otherwise.

[Z-tight]

Regarding the insecurity of storing assets online in third parties such as Exchange.
Offline Assets such as Hardwallet are also dangerous, especially Ledger which will present the Ledger Recover Feature, it will be more dangerous,
"Not Your Key Not Your Coin"

Ledger is just one hardware wallet out of many, Ledger have launched a feature that is crazy, but it does not mean that there aren't other good hardware wallets. Keeping your keys offline is the safest way to store your coins, either you buy a hardware wallet or you use a software wallet in an airgapped device, the danger is if the user exposes their seed phrase or if the manufacturers can export the seed phrase and send it across the internet, like Ledger; so we should warn people against hardware wallets like this, not hardware wallets or offline storage widely.

[death69]

"Not your keys, not your Bitcoin." It's the basic rule, a kind of Bitcoin Ten Commandments. Stashing your Bitcoin in an online exchange or a cloud service is a bit like trying to catch a grenade in a game of financial hot potato.

That said, allow me to put on my skeptic's hat for a moment. Yes, holding your Bitcoin in a wallet where you're the master of the private keys is the most secure method. But keep in mind, being the top dog also means you're the one who has to clean up the mess when things go sideways. There's no 'Bitcoin customer service' to call when you lock yourself out. And let's pour one out for those poor folks who've misplaced their access, waving a permanent bye-bye to their crypto treasure chest.

As for your last point, you're right that sometimes the easy road is the one we pick, even if it's not the most secure. It's the same reason we opt for a quick burger instead of whipping up a gourmet meal – sometimes, we just can't be bothered. And that's cool, as long as we're aware of the risks and do our best to strap on a financial safety helmet.

[SOKO-DEKE]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

Not your key, not your Bitcoin, as the saying goes. When consumers are aware that Bitcoin was designed to provide privacy, I sometimes wonder why some of them choose to keep their Bitcoin exchanges.Consequently, where is your privacy now if you store your Bitcoin on exchanges?In truth, there are several stories that might happen if you leave your Bitcoin in an exchange. Your coins at an exchange are not your coins because you keep them under exchange care, and with that you are not the only one having power over your money. Either the exchange hacks or runs down, and with all these stories, you are likely to lose all your money.Let's try our best to save our money in non-custodial wallets.

[justdimin]

"Not your keys, not your Bitcoin." It's the basic rule, a kind of Bitcoin Ten Commandments. Stashing your Bitcoin in an online exchange or a cloud service is a bit like trying to catch a grenade in a game of financial hot potato.

That said, allow me to put on my skeptic's hat for a moment. Yes, holding your Bitcoin in a wallet where you're the master of the private keys is the most secure method. But keep in mind, being the top dog also means you're the one who has to clean up the mess when things go sideways. There's no 'Bitcoin customer service' to call when you lock yourself out. And let's pour one out for those poor folks who've misplaced their access, waving a permanent bye-bye to their crypto treasure chest.

As for your last point, you're right that sometimes the easy road is the one we pick, even if it's not the most secure. It's the same reason we opt for a quick burger instead of whipping up a gourmet meal – sometimes, we just can't be bothered. And that's cool, as long as we're aware of the risks and do our best to strap on a financial safety helmet.

Never believed that a single day. I am the type of guy who goes for a quick burger instead of a stake meal, I do not want to be the top dog and I never believed that anything would happen to my money if I keep it at Binance. A lot of people are making a big deal out of it because they are not aware of what has happened in the past and think the exact same thing could happen to binance.

First of all, there have been exchanges that got robbed, crashed, scammed and so forth, and this is the main convincing point of people who say that, but in reality none of those, and I mean literally NONE of those had as much crypto as Binance has in them in dollar value, even mt.gox which had hundreds of thousands, worth a mere few million at best at the time. So binance already makes billions in profit, it's that simple.

[xSkylarx]

I think people learned a lot from what happened in the past to those exchanges that went bankrupt and were not able to get their assets. This is really rampant this year, so people should be more cautious on this, and people are now moving to the wallet where they have the keys. There are also a lot of suggestions to not easily lose it, like putting it into metal and not on paper, but basically the important thing is that you own the key and you can only access it, not like having an email, username, password.

[someone703]

just like what @OP said, because it's so popular and widely used that most people put their money on these centralized assets. Moreover, the features are also easy to use and advertised as safe and secure, so do not pay attention to these problems. But really, not being able to hold the security key related to your property is like a house without a door. In addition, the legal issues of these exchanges are also very complicated, such as the FTX case that caused many investors to lose all their money. So it's better to own your own key to protect the property.

[Fivestar4everMVP]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

This is one message we've all heard and read too many times, but to be honest, as long as crypto continues to exist, this is one message we must never stop preaching, since we do have alot of newbies joining the crypto every day, and also, there are alot of oldies who also have to be reminded always of this one simple but important rule..
All things being the same, it's never your crypto if it's not your keys, cryptocurrency is all about privacy, we can't be claiming privacy is paramount, and still have allow central services control our money.

[taufik123]

Ledger is just one hardware wallet out of many, Ledger have launched a feature that is crazy, but it does not mean that there aren't other good hardware wallets. Keeping your keys offline is the safest way to store your coins, either you buy a hardware wallet or you use a software wallet in an airgapped device, the danger is if the user exposes their seed phrase or if the manufacturers can export the seed phrase and send it across the internet, like Ledger; so we should warn people against hardware wallets like this, not hardware wallets or offline storage widely.

What Ledger is doing right now is an early warning to care about Wallet hardware that is completely offline and there is no Phrase seed income from the device. Indeed, there are still many other hardware wallet devices that are better and can be an option, such as Trezor for example.

But Ledger has been the main Hardware Wallet of choice for all crypto users, but this time Ledger hurt all users with the new idea of Ledger Recover.
But whether it will continue or not, it is still an unclear decision.

-snip-
All things being the same, it's never your crypto if it's not your keys, cryptocurrency is all about privacy, we can't be claiming privacy is paramount, and still have allow central services control our money.

When you no longer have full control, it becomes centralized, just like you are holding coins with third-party supervision.
We do need privacy, but if the privacy that was originally provided properly and securely is now compromised with updates that are an outrage to everyone.

[BitDane]

Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

This is misleading, when you're hold your coins on online service, it doesn't mean you will completely lose all of your money and can't get it back when a bad thing happen. If you're give your wealth to social institutions, war victims etc, it's donation and you don't have any access to claim back your money. The bad thing of online service is prone of hack and they will ask you many questions or KYC, but you still can access your money as long as the service isn't scam or hacked. Not saying holding on online service is good, but your comparison aren't make sense.

True that, these online service is bound with their terms and service and government regulation. Meaning depositors are protected by the government law.  And keeping our BTC  online does not mean we are giving it away to the exchanges where we deposit out BTC, and the owner of these online services will not dare claim that these deposits are theirs except if they put it on their terms and condition that any deposit to the platform is considered theirs like what happen to Celsius network and their depositors.  So it is important to also read the terms and condition of a platform where we might deposit our BTC.

It is true that it is not a wise move to trust our funds to exchanges and other online platform, but it is exaggeration when we say that depositing them to online platform is like giving away our funds.

[Bazzu]

In my opinion, if our assets are donated, of course the money we give will not be able to return to us again, the point is that we will definitely lose.
but if we put our assets on the stock exchange, of course we can say that there will be no loss or loss as long as they are stored on a trusted exchange.

so here's the comparison, if you donate it, it's clear that you will lose, but if you put it on the stock exchange, you won't necessarily lose.

but if investing for the long term in btc
the safest still is that it should be kept in a hardware wallet.

[petulino]

Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

I appreciate your suggestion. Placing your key or any password online means that you are giving it away. Also, after many people's Gmail are hacked, the private keys and passwords stored in them are easily obtained by hackers. I think people have to be more careful about this. The best way is to always write down your key and password on a piece of paper.

As far as the exchange is concerned, If you have capital in the exchange, You are only given a password to access your account. it is not under your control. it is better to keep it in your personal wallet and if you do trading as needed, keep only that money in the exchange, and we have to tell people connected to this platform to always keep their assets under their control.

[KiaKia]

There are still crypto investors that keep their assets on centralized exchanges like Binance, Crypto.com, and Coinbase, this is something that I have witnessed with my eyes, and when you tell them what they are doing wrong they will think something else, they should learn their lessons the hardest ways.

There is nothing you can do to people that are not ready to learn, their arrogance always gets in the way they do things, and that will eventually lead them to their end.

Crypto wallet private keys and recovery seeds need to be protected at all costs, this is the only thing keeping your funds safe from bad actors and if you don't do the needful you are simply risking your funds.

Centralized exchanges like Binance, Coinbase or Crypto.com can fail at any time, if you have your funds on them they will go down the drain with your money and the chances of getting your money back is very slim.

[yudi09]

The OP provided a nice reminder message for anyone viewing and reading.
Not your key, not your coin is a familiar reminder message to those involved in the crypto space. Keeping coins other than in a wallet is stupid.
The Exchange is not a place to store, but a place to buy and sell.
Keeping coins on the exchange for a long time is the same as giving money to them.

-snip-

but if investing for the long term in btc
the safest still is that it should be kept in a hardware wallet.

Hardware wallets if we can't maintain and use them properly will have bad consequences too.
When we use a hardware wallet, then we also have to be willing to spend money to buy a seed phrase storage device to avoid fires and other incidents.

[traderethereum]

In my opinion, if our assets are donated, of course the money we give will not be able to return to us again, the point is that we will definitely lose.
but if we put our assets on the stock exchange, of course we can say that there will be no loss or loss as long as they are stored on a trusted exchange.

so here's the comparison, if you donate it, it's clear that you will lose, but if you put it on the stock exchange, you won't necessarily lose.

but if investing for the long term in btc
the safest still is that it should be kept in a hardware wallet.

Why do you think if you donate, we will lose?
If you donate your wealth to those in need, social institutions, war victims, and people who are undernourished, you will get something other than wealth, such as health and others.
I don't feel that donating will cost us anything but can give us a way to gain something else.
Indeed, the amount of money we have will decrease, but the decrease in money is due to good deeds that will also have a good impact on us.
And if you place or store your assets on an exchange, you don't know how safe your assets are and it's better for you to keep your assets in a private wallet.

[Aikidoka]

~snip~
Hardware wallets if we can't maintain and use them properly will have bad consequences too.
When we use a hardware wallet, then we also have to be willing to spend money to buy a seed phrase storage device to avoid fires and other incidents.

Hardware wallets are generally considered safe for storing bitcoin securely but let's just exclude Ledger company because of the recent concerns that have been raised regarding Ledger's firmware update. It has been alleged that this update sent private keys/seed phrases to third-party entities which make the user in a risk that his wallet could be leaked.

Generally, using a hardware wallet is really safe only if you know exactly how to use it because I have noticed where some people mistakenly treat a hardware wallet as a hot wallet by storing their seed phrase in an insecure manner, such as saving it in a .txt file on their computer. This practice compromises the security offered by the hardware wallet itself.

[posi]

But people are too lazy, aren't they? Wouldn't they want the option that is most easiest for them? Sadly there are lots of people that think "managing" their own bitcoin is more complicated then managing their fiat currency. They find the concept of keys and backups something hard to understand. So they end up using centralized services that makes things "easier for them". Unfortunately, they don't realize that exchanges and wallets are more vulnerable to hacks and there is always a chance the wallet/exchange might disappear one day. Since they don't have access to their own keys, they can never recover their coins. No matter how much a service claims they are "best", they aren't. Better to hold your own keys if you want to be the real owner of your coins.

Some are lazy and choose CEX for convenience. But some do not believe in themselves, they think that they protect their assets not well, and there are too many risks when they have to protect their own assets. I have a friend who is in a similar situation, he doesn't believe in his ability to keep his private keys or cold wallet, he thinks he is terrible at managing his assets, and he came to Binance. Although he is well aware of the risks of depositing funds in CEX, he says they are safer than his own. I really don't have any advice for people who are not confident in themselves, like my friend.