People are giving too much importance to exchanges

[Bazzu]

with a decrease in the value of savings does not mean that the value of our bitcoins decreases because 1 btc = 1 btc.
As long-term BTC investors, of course we won't care about things like that, and in my opinion if an exchange collapses it certainly won't make long-term BTC investors panic and collapse.
because later btc will also soar high again and if there is a decline in the price of btc it is commonplace in the crypto world so just enjoy our investment
passionately,
and if the btc price goes down we can buy btc again.

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[BALIK]

Like it or not, centralized exchanges will be part of the cryptocurrency market, and they will play an important role even if many exchanges collapse.
Investing in bitcoin or cryptocurrencies is risky because of their volatility, don't try to blame exchanges when your investment depreciates. If you stay in this market long enough, you will find that there are a lot of things that will mess with investors' minds and not just Fuds around CEX, so we need to adapt and stay calm. News about binance is causing the market to panic, and I see more opportunity than fear.

[xSkylarx]

Exchanges are really making the price of bitcoin go up, not only because of the bad news for those exchanges, but also because people are going into it and buying or selling on that platform because it is easy, like they can just install it, and it is very interactive. It is easier than the traditional one, and people also prefer to transact there. You can't really remove exchanges, but people are having caution on it, like those who are holding their crypto; they should have the private key and not only the username and password. With this current problem in Binance, the price of Bitcoin will be affected.

[Solokan]

In this case there are always people who panic and like it or not, in my opinion the exchange is part of cryptocurrency and of course the exchange also provides many advantages and conveniences for those who buy and sell bitcoin and crypto.

but indeed if there is bad news there is always a decline in the price of btc and the cause is because many people are affected by the mentality eventually people panic selling their crypto but in my opinion in this case we must
can take advantage of the situation because with the decline in btc it is a good opportunity to take advantage of by buying using the dca system.
and today also I have bought btc little by little because in my opinion the falling price of btc means that there are opportunities that we must take advantage of.

[irhact]

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

Centralized exchange getting attack by the SEC will always affect the price of Bitcoin because they're seen as a intermediate in the industry. Individual anticipate the market crashing as they get sued or collapse therefore they want to safeguard their investment by selling to stablecoin to avoid losing and this affect the the market as it give the signals of the market dipping which triggers other to sell thereby crashing the market.

This is a temporary crises and tou don't have to be worried as a long term Bitcoin holder, the market will recover again in the future. FTX, Binance exchange are just companies in the industry and they won't last forever so we have to stop associating them with Bitcoin growth.

[avp2306]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

This became a trend since many think about that if something bad happen to exchange the price if BTC will follow that's why panic selling is happening since no one wants to sold last or experience huge decline on value of their holdings. If those investors could just relax their balls  provably this decline will never happen and the one we can see is competitive price of bitcoin or other crypto.

[m2017]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

If your savings are in bitcoin, why should you worry? As you had NBTC, you still have NBTC left.

The current rate of bitcoin (how much $ is given for btc) will always change and depend on the news background, because depending on this, people will buy and sell it. Which, in turn, will change the current rate. That's how the cryptomarket works.

The problem lies not in the exchangers and it's not in FTX or Binance, against the background of the events associated with which btc fell in price. That fluctuations in the price of bitcoin are very sensitive to the news background. Until btc is strong enough as a currency, most likely it will continue to do so.

What upsets you and devalues your virtual money (until you sell btc, your losses are fictitious, and the exchange rate numbers mean nothing until the moment of sale) provides opportunities for traders and speculators who make money on these fluctuations. So whether this is good or bad depends on how you evaluate and use it.

[michellee]

BTC has been going up and down ever since. People who already know this are not panicking but are happy because they can buy Bitcoin cheaply. And if your savings go down because the price of Bitcoin goes down, that's okay because the price of Bitcoin goes up again.

If the government issues a large exchange, that's normal because, as usual, the government wants to implement regulations that benefit the government. So once again, don't worry because everything will be fine.

And with the decline in Bitcoin this time, we are given another opportunity to buy Bitcoin at low prices. And if Binance does eventually go away, there will surely be other exchanges that will take its place. It will continue like that.

[bayu7adi]

I am certain this is due to fud. People are selling off due to.fear of the unknown and this in turn is putting pressure of the price of BTC. But they fail to understand that even if Binance falls today, that will not be the end of crypto. I hope they understand this and stop this unnecessary panicking

People believe that all the BTC in that exchange wallet will be used for a dump by hackers, causing the price to drop. So, in order not to miss out on the opportunity and to minimize potential losses, many individuals will sell first. It's almost like experiencing FOMO.

Public concerns about unsafe cryptocurrencies will escalate, leading to panic. Since this significantly affects the cryptocurrency's fundamentals, the exchange's position can also influence the price.

[Smack That Ace]

BTC has been going up and down ever since. People who already know this are not panicking but are happy because they can buy Bitcoin cheaply. And if your savings go down because the price of Bitcoin goes down, that's okay because the price of Bitcoin goes up again.

If the government issues a large exchange, that's normal because, as usual, the government wants to implement regulations that benefit the government. So once again, don't worry because everything will be fine.

And with the decline in Bitcoin this time, we are given another opportunity to buy Bitcoin at low prices. And if Binance does eventually go away, there will surely be other exchanges that will take its place. It will continue like that.

Even, I am very happy with this news because I just bought some bitcoins for quite cheap compared to the previous days. Before that, I was worried the market won't fall back because if the market recovers quickly, bitcoin goes up too fast, and I'll buy bitcoin at a higher price, I don't like that. We're investing in bitcoin, not Binance or FTX, so I think there's no reason for us to bother with them. We can take advantage of bitcoin's drop to fill our pocket with bitcoin instead.

[tabas]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

As much as I don't want to see the fall of Binance because of how vast the users of it, there will be a lot of users that will be affected definitely. But you're right that these exchange debacles shouldn't be affecting the market but that's it. We can't do anything about it when the community and market reacts and that's why for every news that comes out negatively then there it goes, the market reacts negatively. And as opposite, when there are some good news that's happening to these exchanges then the market will react opposely, positively. I guess that this is the permanent thing on this market and space, we get to see debacles after debacles and market movers and influences that touches and moves the price of Bitcoin.

[YUriy1991]

I remember, After the FTX dilemma, some have asked What is next for Binance? maybe when it sounds funny and impossible. Yes, in the crypto world nothing is certain. Indeed, these two entities exist as separate entities within the cryptocurrency world. While the exchange serves as a platform for trading various digital assets, Bitcoin (BTC) stands as a distinct and well-known cryptocurrency within this vast ecosystem.

I personally agree, especially for BTC, I don't think there is any potential concern that it will disappear, even though currently Binance as one of the leading cryptocurrency exchanges is having problems with the SEC.

[Flexystar]

The first failure to the bitcoin came when exchangers or more specifically centralized platforms were introduced as medium to transact the Bitcoin. We already know, Bitcoin was successful transferred from wallet to wallet without any efforts back in pizza days, but people failed to recognize the importance of the same.

Someone took the opportunity to turn this into a business and now we see hundreds and thousands of exchangers whether small to giant platforms disrupting millions to billions of dollars in revenue every year. That business model led the authorities towards extensive check on the enterprises running crypto exchanger business and here we are, saving ourselves from the failure of others. 

Wish exchangers would not have evolved so far and we had only one P2P option to work with Bitcoin.

[Zilon]

This two are major exchanges with high trading volumes and majority of their customers are BTC holders so once volume any thing happens to this exchange negatively it will reduce trading volume which intern reduce price. Remember supply and demand is what moves the market of any asset. It is not as if Bitcoin has any affiliation with exchanges but the volume traded and market capitalisation play big role in price and value of an asset.

[Cryptmuster]

There is nothing to be surprised here, the cryptocurrency market has always reacted to big news, and this is a normal phenomenon. If you are a BTC holder and do not hold your coins on exchanges, then you have nothing to worry about. Today the price has fallen, tomorrow it will rise - this is a normal process that has been repeated many times, this is the manipulation of those who know how to benefit from it.

[danskgraes]

Well, it seems like the only consistency here is that whenever something goes wrong with an exchange, BTC takes a hit. Maybe BTC should consider therapy to break free from its co-dependency with exchanges.

[EarnOnVictor]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

This is because you don't know the economics around Bitcoin itself, the coin can't stand in isolation, particularly when it has been inculcated into the mainstream of the financial market.

Also, have you thought of the impact of exchanges on crypto and how it makes it relevant today? One thing with people is that they always think that decentralization could do it alone, but they are wrong. I don't care if anyone agrees, Bitcoin got the prominence it has today due to exchanges, and that was why the first holders strived to get it listed because they know the importance.

Bitcoin can't flourish and be relevant this much without demand and supply and this couldn't be known except it is listed, thankfully, it was listed by the exchanges. Also, exchanges make the payment, trading and investment of bitcoin to be easy and even built and help build a business around it.

So, I wonder why it is strange to you that Binance which is the largest exchange in the world will ever have effects on all cryptocurrencies, not only Bitcoin.

[jokers10]

...
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

It's just because you are "giving too much importance" to USD and its rate to BTC. 1BTC is always 1BTC. So it doesn't matter which are the rates to any fiat currency at the moment. And if you worried about the rates then you are definitely giving enough importance to exchanges because they form these rates in fact.

Do I care if a totally KYC demanding CEX will lose this game? Not so much. But I'm aware that it will definitely impact on rates if that CEX is big enough. And Binance is really big.

[Lida93]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

It's quite clear that there's a big difference between bitcoin and exchanges but there's an interdependency that between these two different highlights and that interdependence can not be overlooked based on sentiment or emotions. Having a self custodial wallets rather than an exchange is wisdom in cryptocurrency but you can't do trades on self custodial wallets except through exchanges and that's where their quintessential comes into play. All we can do is avoid keeping your asset on exchanges except when you needed to trade afterwards you push back your coins into your self custodial wallet.

The diminishing of BTC will not cause an end to an exchange like binance neither will that of binance cause an extinction to BTC despite their interdependency for usage. It's all a matter of choice about which platform you want to use for your crypto business as their are numerous means of transactions and trades out their.

[Games.Bitcoin]

In the world of cryptocurrencies, there seems to be an excessive emphasis on exchanges. While exchanges play a crucial role in facilitating the buying, selling, and trading of digital assets, it is essential to remember that they are just one component of the broader ecosystem. The true essence of cryptocurrencies lies in their decentralized nature and the empowerment they provide to individuals to manage their own funds. By solely relying on exchanges, we risk compromising the core principles of blockchain technology, such as decentralization and financial sovereignty. It is crucial for users to educate themselves about the importance of personal wallets, private keys, and secure storage practices, as they hold the key to maintaining control and security over their digital assets. By reducing our dependency on exchanges and embracing the fundamentals of self-custody, we can better align with the ethos of cryptocurrencies and foster a more resilient and independent financial system.