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

[irhact]

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.

Centralized wallets and exchanges that you don't have your private keys are not good options to safe your coins. We have so many wallets that are decentralized that you can download on your laptop or other devices that you use that'll give you complete control over your coins and they're the best options to be used. Storing your private key online is also wrong as hackers can get access to them.

There's not one centralized service that can't be breached, all are vulnerable and that's why we are advice not to make use of them for storing of our coins. As well built as google is, they have security breaches somethings and data are been lost to hackers too.

[isaac_clarke22]

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.

Mine might not be crypto-related, but this is also to say to people using an e-wallet even if it does not hold crypto. Recently here in my country, there has been incidents of people getting locked into their e-wallet and having some unauthorized bank transfers/transactions. If anyone is curious or residing here in the Philippines, I am pretty sure ya'll know what GCash is.

You'll never know the inconvenience of not being able to access your wallet unless you encounter it as well. I did not really need the money, but I was like paranoid on how would my money be cashed out or how would I put my money to safety. Good thing in crypto, I almost never use an web wallet unless I tend to use their services such as paying bills or buying me a prepaid credits.

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.

Most of us gotta be honest that it is quite a bit tedious sometimes to move your funds to a decentralized wallet. The waiting time or process to do it. Sometimes I even kind of thinking of writing a script to move my funds automatically to my preferred wallet depending on if I way buying or selling crypto coins.
Well I don't use Binance for now, so I guess I am far away from worries......for now.

[Japinat]

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.

As the year goes by, people especially the investors will get wiser each time because we cannot avoid such times that there will be some investors that will be sampled for the sake of many. Like what happened these past few years, it will be a warning to us and for all those who are planning to make their move towards cryptocurrency, it may be redundant to hear these words but we need to hear it or read it from time to time so that we can be cautious and will be reminded about the do's and don'ts.

[LogitechMouse]

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.

The comparison doesn't make any sense though we can understand what you're trying to say to us.

I know that putting your coins in an exchange, and storing it there isn't advisable, but still there are some who are doing it because they have their own reasons why they're doing it, and I'm pretty sure that they know what they're doing. Those newbies who don't know the risks of putting their coins in an exchange are the ones who are at risk here, but I've also stored some of my coins in Binance way back a few years ago, and the reason why I did it is because I want my coins to earn instead of just sitting there, and doing nothing.

On the other hand, why would I give my coins to war victims? People who are undernourished? Why should I give my coins to them? I mean this doesn't make any sense at all. I know that giving isn't bad, but you're analogy is out of this world TBH. Anyway, I know what you're trying to say to us OP, and you're correct. Anyway, I'm not affected at all because all of my coins are in a wallet where I have my private keys with it. Well, I just hope that there will be one or two users out here who will learn something on what you said to them because this simple quote can save you big time.

[RockBell]

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 love the fact that you remember us of not your keys not your coin, most new folks might be finding it difficult to understand what that means so nice one op,  that is why exchanges are not be trusted so we all should avoid keeping our money in exchanges before what happened to FTX repeates it self, better you have the keys to lock than allow another folks keep the key for you, so its  actually a good advice coming from op, wallet is more secured to store your funds.

[Not your key not your BTC]

On the other hand, why would I give my coins to war victims? People who are undernourished? Why should I give my coins to them? I mean this doesn't make any sense at all. I know that giving isn't bad, but you're analogy is out of this world TBH. Anyway, I know what you're trying to say to us OP, and you're correct. Anyway, I'm not affected at all because all of my coins are in a wallet where I have my private keys with it. Well, I just hope that there will be one or two users out here who will learn something on what you said to them because this simple quote can save you big time.

Its better than give your money to owner exchange

[yudi09]

~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.

IMO, regarding the Ledger firmware update, I think we need to wait for further information from the dev and further check the response that appears, such as the clarification that was conveyed by Charles Guillemet as Ledger chief technology officer.

... ... -snip- Guillemet states that the wallet’s firmware, or OS, is “an open platform” in the sense that “anyone can write their own app and load it on the device.” Before being allowed on the Ledger Manager software, apps are first evaluated by the team to make sure that they aren’t malicious and don’t have security flaws.

According to Ledger, even after an app is approved, the OS does not allow it to use the private key for a network it isn’t made for. The company raised the example of Bitcoin apps not being allowed to use the device’s Ethereum private keys and vice versa for Ethereum apps and Bitcoin keys. In addition, every time a private key is used by an app, Ledger says the OS requires users to confirm their consent to use the key. This seems to imply that third-party apps installed on Ledger shouldn’t be able to use a person’s private key without the user first consenting to its use.

Regarding the Ledger Recover feature, it's up to the user to ignore it and I think that's understandable.

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.

Hardware wallets from the experience of many users do provide good security, but with the wrong use they can go wrong and this is what I want to say.
The seed phrase, the private key must be properly stored and it is an important record.

[Mr. Magkaisa]

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.

      -   There are other communities here on this forum that trust top exchanges like binance more than other platforms. In short,
each individual's choice in this industry depends on each other's beliefs. But still, of course, we still need to be careful so that we don't end up in a situation that we don't want to happen to us.

Maybe it's different that we know how to be careful and know what to do with these things when it comes to the platform we enter to place our assets that will be taken here in cryptocurrency.

[Kakmakr]

I have learnt that lesson when one of the forum member stored their keys in the cloud a few years ago and someone hacked their account and found his/her keys. Now I see Ledger created a "online" storage feature for the "Seed" or "Private keys" and I see storm clouds gathering for a shit storm!

I will also plead with people not to trust 3rd party services with their keys, not even if it is a regulated Exchange. Use the service to trade (buy and sell) but do not keep it on there for long periods. 

[Victorik]

You can say that again. Personally, I don't save my password, key phrases any on line, no matter the temptation. It is usually very tempting to save those important information online just for easy access, but it is way too dangerous to even give in to that temptation.
It is safer to write on a book and keep out of reach than save on line.

[maydna]

You can say that again. Personally, I don't save my password, key phrases any on line, no matter the temptation. It is usually very tempting to save those important information online just for easy access, but it is way too dangerous to even give in to that temptation.
It is safer to write on a book and keep out of reach than save on line.

Storing personal things online does not guarantee that they will be safe because many bad incidents have happened to the server where they are stored, causing a lot of important customer data to be hacked. This raises particular concerns for the owners of these data because they submit their personal data to the online storage area, and the online storage area should be responsible for ensuring that the place is always safe even though it is not possible. And I agree to always write in a book and keep it away from curious people. Indeed, the old ways sometimes always work better than the new ways

[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.

As the year goes by, people especially the investors will get wiser each time because we cannot avoid such times that there will be some investors that will be sampled for the sake of many. Like what happened these past few years, it will be a warning to us and for all those who are planning to make their move towards cryptocurrency, it may be redundant to hear these words but we need to hear it or read it from time to time so that we can be cautious and will be reminded about the do's and don'ts.

That is really the case in which there are really people that got scammed, and even worse, they lose it all, and then we will realize that it is not good to invest or put money into it. I mean, before, there were really people saying that if you don't own your keys, you don't own your assets, but we really don't care about it as we see that those exchanges are really legit, and we don't think of that they went bankrupt or what, but again, we learn lessons in hard times, so that happened, and investors now know of it.

[Obito]

Much as like to believe you, most of my crypto is staked so I don't really have any choice but to use exchanges to store my crypto, it's not like they're going to steal everything and most of them are too obsessed with reputation that they're frantic and paranoid of their security and taking care of my coins, maybe this would be a big deal if I have aroun a 1000 bitcoins but no, I only have a fraction so it don't matter to me if they steal my meager stash.

[Ziskinberg]

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.

As the year goes by, people especially the investors will get wiser each time because we cannot avoid such times that there will be some investors that will be sampled for the sake of many. Like what happened these past few years, it will be a warning to us and for all those who are planning to make their move towards cryptocurrency, it may be redundant to hear these words but we need to hear it or read it from time to time so that we can be cautious and will be reminded about the do's and don'ts.

That's what I saw, they're getting smarter over time due to some failures they've made in the past and totally the saying is right, experience is the great teacher. If we heard someone had lost their money as they put their money on the exchanges thinking that that was their storage wallet, I could say they are new in the crypto space and they need such a moment in order to see what they did which is absolutely wrong. And from time to time, scammers will be getting tired of finding ways to scam people and in the hope that they will be totally ripped off in the crypto space.

[MoonOfLife]

Much as like to believe you, most of my crypto is staked so I don't really have any choice but to use exchanges to store my crypto, it's not like they're going to steal everything and most of them are too obsessed with reputation that they're frantic and paranoid of their security and taking care of my coins, maybe this would be a big deal if I have aroun a 1000 bitcoins but no, I only have a fraction so it don't matter to me if they steal my meager stash.

In general, we should not deposit and store too much money on centralized exchanges. But if you want to make profits like staking or trading, you have no choice but to use them. And not all will be scams or will fail like FTX and Mt.gox. For example, Coinbase was founded in 2012 and is still doing well to this day, so not every exchange is going down.

[Victorik]

You can say that again. Personally, I don't save my password, key phrases any on line, no matter the temptation. It is usually very tempting to save those important information online just for easy access, but it is way too dangerous to even give in to that temptation.
It is safer to write on a book and keep out of reach than save on line.

Storing personal things online does not guarantee that they will be safe because many bad incidents have happened to the server where they are stored, causing a lot of important customer data to be hacked. This raises particular concerns for the owners of these data because they submit their personal data to the online storage area, and the online storage area should be responsible for ensuring that the place is always safe even though it is not possible. And I agree to always write in a book and keep it away from curious people. Indeed, the old ways sometimes always work better than the new ways

Yea, when it comes to keeping these kind of information, the old way appears to be the surest way. I seen cases where someone lost all his token because his wallet was hacked and there was absolutely nothing he could do about it.

[Hypnosis00]

I have learnt that lesson when one of the forum member stored their keys in the cloud a few years ago and someone hacked their account and found his/her keys. Now I see Ledger created a "online" storage feature for the "Seed" or "Private keys" and I see storm clouds gathering for a shit storm!

I will also plead with people not to trust 3rd party services with their keys, not even if it is a regulated Exchange. Use the service to trade (buy and sell) but do not keep it on there for long periods. 

We should have not given them full responsibility for our coins but rather we have to do it instead. Exchanges are just for trading, though we can put our capital there but must not keep it there for a long-time. If we have profit, it should be withdrawn and transferred to our personal wallet for safe keep as these exchanges never guarantee that they will give us back our money if there is something that happens to them (like hacking). In order to avoid worries, therefore, it should have been kept where we think it was safer than these 3rd party wallets. Offline wallets is ideal when holding a lot of Bitcoin or any crypto.

[Ebede]

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 of the things that makes some people to lost their bitcoin it because of this online storage of the keys of your wallet because people can be easily fine your private key online and if they have access their private key that means your bitcoin does not belong to you any longer it belong to people that knows the private key because they can be easily removed from one particular wallet to another wallet without the knowledge of the rightful owner of the Bitcoin

[Not your key not your BTC]

For example, Coinbase was founded in 2012 and is still doing well to this day, so not every exchange is going down.

Maybe not yet, they waiting us off guard.

[jeraldskie11]

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 of the things that makes some people to lost their bitcoin it because of this online storage of the keys of your wallet because people can be easily fine your private key online and if they have access their private key that means your bitcoin does not belong to you any longer it belong to people that knows the private key because they can be easily removed from one particular wallet to another wallet without the knowledge of the rightful owner of the Bitcoin

Well, I have been using a online wallet but there's no issue's found since the first time I used it. The wallet I used was Electrum, and according to them that both private key and seed phrase is encrypted to protect user's privacy so I think there's no need to worry that much. I think your funds will only be at risk if you let your investment stay in the exchange since you don't have the key and they can control your account if they want. However, I didn't experienced such cases that lost of funds in Binance exchange which is the best exchange out there, but still you must not over confident because it's still possible.