What can we do, should do, or not do as Bitcoin supporters at this time?

[TimeTeller]

But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

With everything that has happened since 2022, which is why the Bitcoin price is still below everyone's predictions, and the recent actions of several exchanges, I believe it is time to say goodbye to centralized exchanges.

Many customers trust Binance to the point where they leave their funds in their custody, however with this example, some people are losing trust in Binance exchanges and centralized exchanges in general.

At this point, let centralized exchanges do their job of trading and purchasing Bitcoin and not hold our currencies within the exchange since, as the adage goes, "not your keys, not your coin."

It has been advised that do not store your coins to any centralized exchange, binance or other exchange.
So this is not the first time we are hearing such warning. Because it is always best to secure your fund in your own wallet.
But of course, if you do need to trade, you still need to use the services of these centralized exchanges.
However, as much as possible, once you finished your trading, get your funds out as soon as you can.
You can't do so much if you are just a regular user. But if you have large following in any social media network, you can always post tips to everyone.

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[Finestream]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

Isn't it an old adage though? even if there is no Binance/Coinbase vs SEC, we shouldn't put our money on exchanges as that is a bad practice. It's just more magnify now as there is a case that is being brought to exchanges.

Regarding your question on what we should do, the best thing is still to accumulate at this price range, still very cheap and discounted price. Doesn't mean to buy 1 BTC right away. Just do whatever suits you, DCA or just buy when you have capital with you. The end game is still to save and stack sats as much as you can before the block halving next year as it will be the catalyst for the next bull run, regardless if there will be another exchanges that will file bankruptcy or another witch hunt from SEC.

Centralized exchanges are certainly bound to fall, it’s just that some are reputable enough that it may took hard time before they are doomed. So there’s nothing really new about this news. However, regardless of bankruptcy issues, the best thing to do is to maximize our bitcoin accumulation if we have the means to do that, otherwise DCA is the key. And for high security, withdraw all your bitcoin in a centralized exchange and transfer it into your non-custodial wallet. That way, your bitcoins will be free from being lost or stolen anymore as long as you’re totally responsible of its security.

[Issa56]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

Even if you keep on saying avoid centralized exchange, that's also a support, lot's of people are still holding their bitcoin in a centralized exchange, I can say higher percentage are still holding their bitcoin on exchange, so if you keep on saying that am sure some people might end up listening to you one day and they will withdraw their bitcoin from exchange to their wallet, that's also a support.

Also you can keep on advising people to continue holding their bitcoin, with the current way bitcoin price is moving and the current news we are having currently, some people will be discouraged and might end up selling their bitcoin, if you keep on encouraging people to hold, that's also a support for bitcoin.

[Ndabagi01]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect.

This is just another instance of the government and exchanges clashing. Many like this have happened in the past, and we have all seen the results. This scenario may not be any different from others; the crisis will pass, and bitcoin will continue to be the best digital asset to possess. We don't have to be terrified of holding and selling bitcoin because we're afraid the price will drop and never rise again.

But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

Every bitcoin supporter is aware of the consequences of holding bitcoins on exchanges; we've seen how many people have lost money due to ignoring the adage "not your keys, not your coins." Anyone who has suffered a loss of funds due to exchanges has seen and prepared for his arrival because they are all aware of the consequences. What needs to be done now is to continue sharing information about the risks of storing bitcoin in exchanges. And also buy and hold more bitcoin for preparation of the coming bull run.

[Bananington]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

As people who know about cryptocurrency and bitcoin we should be able to speak in favour of bitcoins saying that bitcoin will remain even if the exchanges that are presently the big players in the exchange industry go down. Even if the value of bitcoin is affected by to the legal actions that the SEC has taken against binance and coinbase, it will only take a while for bitcoin to bounce back up just as it always does. What you should do at this time is to keep a watchful eye down for the news and make sure  that you do not become a victim of closure in case any of these exchanges shuts down.

[lalabotax]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

In my opinion, This will have a big impact on crypto, whether there will be big drops like before when what happened to FTX or not. In this case, as Bitcoin supporters, especially small investors, maybe we can't do much with them. What we can try is not to add negative news about Bitcoin, not to feel panic which then makes us emotional and panic sell. Or make various stupid gang decisions because of panic over this problem. It would be better if we can be more calm and ready for the various risks, moreover, we monitor first what might happen.

[Yatsan]

We can be patient whenever the market price of Bitcoin is falling. Most of us are either thrilled or worried during a crash because it is an opportunity to invest more at a huge discount. Being patient on waiting for the right entry point would more likely yield to profit.
We should be calm even if there are possible FUDs especialy recently, again regarding exchanges, to avoid panic and FOMOs. May people sold their holdings recently because of what they have heard about Binance being sued. They might had such response in fear of FTX issue before and this should be stopped.
And we should not be encouraging people in this industry for the purpose of profit. This is a common mistake wherein non-investors are having huge expectations that profit would be easily earned, but it is totally not.

[GiftedMAN]

do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

The only thing we should do aside sitting down is to stop spreading false information and putting more fear on bitcoin believes especially those that are new so they won't end up being hurt. Secondly, avoid storing your coins in exchanges so you don't get affect should something go wrong or Incase they go bankruptcy. Thirdly I think we should be calm and keep promoting bitcoin and disregard any false information and threaten from the government because it will only discharge us from investing when we should and lastly never stop buying bitcoin no matter how small.

[milewilda]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

Actually there's nothing we can do because if you do tend on doing something, then just like what? There's no way that you could make out some interference in between those things because you would rather
be putting yourself into trouble instead. There's no need for you to do something because this kind of market condition is really just that normal on which it would really be just that sooner or later which these issues
would really be just going down and would normalize on which these events are really just that common about suing there and suing everywhere on which the government does really like on doing so.
As BItcoin supporters or crypto enthusiast then its just really that that right on just sit tight and relax and if ever the price would be going down then this is the best time for you to accumulate more.
Dont mind yourself get stirred up with the issues around because there's nothing we can do about it since it do talks about legal issues which there's nothing we can do about it.

[hatshepsut93]

Merely withdrawing coins from centralized exchanges is not enough, you should also stop using them at all if you want Bitcoin to be unaffected by regulations and bans on exchanges. But the same goes for decentralized trading too - in the long run it can too become a subject of government attention. They can order banks to carefully monitor unusual p2p transfers that look like Bitcoin trading. So the true solution is to go 100% Bitcoin, never buy or sell it, just earn Bitcoin and spend Bitcoin.

[jeraldskie11]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

This is not new at Binance because a lot of claims and accusations have been placed on that exchange since then and nothing has happened. All we've noticed is that the values of all cryptocurrencies have dropped but have quickly recovered. That's why it's sometimes tough to believe that unfavorable news about Binance is genuine, because most of the time it's a manipulation. However, this does not imply that you must leave your asset in Binance. It is a creative approach to avoid asset loss by withdrawing it.

[n0ne]

Do's

• Spread the word about bitcoin
• Teach the reality and don't hype
• Do support bitcoin in real time usage
• Don't get panic looking the charts
• Believe, and allow it to grow

Don't

• Don't fall for scams
• Observe the market closer
• Don't be greedy, understand the market
• Prioritise investing into bitcoin
• Don't wait to invest

[ChiBitCTy]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

"The message all over the internet is 'withdraw your bitcoin from exchanges.".. as it should be.  No one should ever have their bitcoin or coins of any type for that matter sitting on an exchange.  I don't know how people haven't learned that by now, especially after the FTX debacle, but many haven't.

Just keep supporting bitcoin.  Buy it, then immediately move it off the exchange.  No one needs to leave their coins on exchanges in order for bitcoin to succeed.

[Bushdark]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

There is nothing we can do because that would not make any impact. The sec had been fighting against so many crypto projects which I don't really know why. Yesterday it was Coinbase, today it is Binance, we don't even know what is wrong with the sec trying to lay accusations on exchanges maybe that is the only way they can reduce the numbers of cryptocurrency investors because of fear of what might be the outcome of the sec. Many coin projects are deciding on leaving the US because things are becoming tough for there business because of the so much power of the . government.

[suzanne5223]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.'

CEX bankruptcy doesn't concern us, it will only open doors for a new downtrend in price to buy low before the halving effect take place and for the SEC.
The current Chairman is doing a some ridiculous job than the good one and he needs to slow things down or else he will force cryptocurrency trading into offshore and P2P.

Despite this apparent attack, Bitcoin's price remains fairly stable.

Did you just say "fairly stable"? The market downtrend from $$28K a month ago to $25K and you call that stable.

It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

As a Bitcoiner, buy more BTC and move it out of CEX or use built-in exchange used by hardware wallets to escape possible high transaction fees.

[coinremitter]

Should Do:

Educate: Continuously educate ourselves and others about the benefits and responsible use of cryptocurrencies, including Bitcoin.
Promote Adoption: Encourage businesses and individuals to consider cryptocurrency payments, showcasing the convenience and security they offer.
Advocate Regulation: Support sensible and transparent regulations to ensure the long-term viability of cryptocurrencies.

Should Not Do:

Engage in Illegal Activities: Avoid any involvement in illegal activities or promote unethical use of cryptocurrencies.
Ignore Security: Neglect security measures; prioritize safe and secure handling of crypto assets.

Can Do:

Innovate: Keep innovating in the crypto payment space to offer better services and solutions.
Collaborate: Collaborate with other crypto enthusiasts and businesses to strengthen the cryptocurrency ecosystem.
Spread Awareness: Use social media and other platforms to raise awareness about Bitcoin and crypto payment gateways like https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks


Remember, responsible advocacy and adherence to ethical standards are essential to support Bitcoin and the broader crypto community effectively.