We the Bitcoin Enthusiasts, How can we Safequard our Holdings in Turbulent Times

[ebookshelves]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

[dzungmobile]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps can individuals take to safeguard their investments in such situations?

Don't store your coins on centralized exchanges, in exchange accounts because you don't own keys and if those exchanges have problems, seizure, scam exit, collapse, bankruptcy, you will lose your coins.

Reminder: do not keep your money in online accounts

I'm thinking about closing my key positions for the time being.

If you feel your positions are not good, you should close them and find draw exits or minor losses. Protecting your capital is key as a trader and investor.

[SamReomo]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps can individuals take to safeguard their investments in such situations? I'm thinking about closing my key positions for the time being.

It will affect their confidence very badly because many of the traders will give up on crypto-currencies when the exchange like Binance is close down. But, I don't think that Binance is going to shut down anytime soon because the CEO of Binance CZ is quite capable to handle big problems and the current issue with Sec is also almost fixed. There were some chances that the exchange will take exit from United States, but now the things are in favor of Binance and Sec have made the agreement to work together and the Binance won't be freezing the assets.

Let's suppose if Binance was to shut down then in that case many investors of the crypto-market would lose their confidence of all crypto-currencies and its markets. Thousands of investors would give up on it for rest of their life and they would also promote some negative news about the market by calling it "Ponzi scheme," and etc. Social influencers do everything to earn bread and butter, and they would promote fake news regarding Bitcoin and crypto-market. However, the prominent Bitcoin enthusiasts would still favor Bitcoin and crypto market even if Binance takes an exit the won't be disappointed form Bitcoin and its features.

[Oshosondy]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

Investment or trading funds?

You can use your noncustodial wallet for your investment. If the amount as grown big, buy hardware wallet like passport or Trezor for it if you can not use airgapped wallet for it.

As for trading, I will say you should not still panic.

Know that binance.com is not affected.

According to what I am reading on news, Binance.us may not be affected, or at least for now, until tomorrow June 15. But if you are from US, close your positions and move your fund out of Binance.us until the judgment is declared. The judgement may favour or unfavour Binance. If Binance asset is frozen, that would likely be the end of Binance.us.

[Nrcewker]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

Why are you panicking dude? Bitcoins doesn’t depends on Binance. Yes I know that Binance is one of the popular exchanges, but it doesn’t mean that, if it shuts downs, then the Bitcoins will collapse. Your investment is safe, as far as you have stored the coins in a hardware wallet. Yes there might be a price drop due to this Binance and Coinbase lawsuits, but after few months, everything will be back to normal. So just don’t panic and I will suggest you to hold your coins also for long time.

[Z-tight]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

The only reasonable thing to do in order to protect your funds is to make sure it does not stay in the exchange, it is not so hard to know that. Even if Binance wasn't going through all these troubles, it is still unsafe to store your funds in their wallet that they control, they can lock it without your permission or lose it in one of their trades or investments, because they function through a fractional reserve system. As for investors confidence, i don't feel too many people should be shocked if another exchange bites the dust after all the recent events of the last months with centralized exchanges and services.

[Oshosondy]

[Yes there might be a price drop due to this Binance and Coinbase lawsuits, but after few months, everything will be back to normal. So just don’t panic and I will suggest you to hold your coins also for long time.

The price drop that many investors are waiting for  . This will push the price back up.

Price increase and price drop would be a blessing, just that investors should not sell their bitcoin. Some people may see the price falling and sell. That is wrong, they should not sell but be happy that more people will buy at lower price. All-time-high is coming.

[Tytanowy Janusz]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

The recent events targets binance.us not binance as whole. Binance.us has only 35 mln daily volume what is a f.king joke compared to binance.com with $5B daily volume on spot and $25B on futures. So the recent FUD relates only to 1% of binance volume. The bigger problem for crypto market is SEC calling altcoins a securities ... but it only affect altcoins (mostly POS after ICO) as bitcoin (POW without ICO) is already clasified as commodity. So all this fud is bullish for bitocoin.

[Nwada001]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

It's certain that the closure of crypto exchanges will largely affect the price of Bitcoin and other crypto coins in general, especially those exchange coins, whose value might be reduced to zero. But those will just be a temporary movement in price; real investors and Bitcoiners won't have to worry about those price differences.

If you are not certain of what will become of the market when you suspect any large crypto exchange is about to be shut down, the best thing for you to do is to convert all your holdings into stable coins so you do not have high blood pressure over how the market might turn your holdings into. Then,  after the market price has dropped to a level where you think it will not go down again, you can try buying back your holdings. But in such a process, there is the possibility of you not getting equal to what you were holding before or getting more.

[Eternad]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

This commotion on Binance is good event to give lesson to crypto holders especially newbie to avoid using any centralized exchange as wallet to hold their funds for a long time. Use a non custodial wallet or much better hardware wallet to implement maximum security on safeguarding your assets.

I'm thinking about closing my key positions for the time being.

This is a good idea since we don’t know what’s gonna happened in the future for the Binance case. Much better to use other service rather than stay on exchange with issue.

[Rockstarguy]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

You can safeguide your hodling by taking off your coin from Exchange to a non custodial wallet. having it in a non-custodial wallet is better even if the fall of an exchange becomes a serious effects on the price of the market, it is better of when you have your coin to yourself in a wallet you alone and nobody else have access to the seed phrase and by holding it it will definitely hit to a good value.

 If banance is to be no more today and your Bitcoin is in the right wallet no matter how the price is being affected it does not mean you have automatically lost your Bitcoin, but you can still get it back by hodling.

I don't trust any exchange because anything can happen to an exchange at any time but I think the matter on ground concerning binance exchange it is something that's can be solved by Binance.  Binance will not be easily shut down, they will look for every means to resolve their presents challenge

[salad daging]

The news refers to the Binance.us exchange, not Binance.com, so don't panic, especially since we are not citizens of the United States, what you need to know is to take your investment off the exchange because this is not a good suggestion, considering that there are now many news that will corner the exchange. and most importantly you save investment assets in your own wallet.

Actually I didn't panic with this news because I never saved there, maybe there will be a lot of worries after this news incident, of course there is a lot of panic, but if your investment assets are not on the exchange why should you panic, just relax and bitcoin will not be affected by any suit.

[CryptoHeadlineNews]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

According to "coinmarketcap" Binance is rated to be the number one best crypto exchange in the whole world, with over 385 coins and an 24hrs trading volume of over $5billion, of which I think any attack or effect on it, will literally affect the morale of all crypto users across the globe and likewise affects the price of Bitcoin and all other coins. But due to the decentralized nature of Bitcoin, it's paramount that it's value will always fall back on track, which is why it's always good to safeguard your funds in a non custodian wallet such as Trezor or Electrum for mobile users, because with the look of things, Bitcoin is currently at $25k and there is a high probability it's price is likely to fall to $20k before it bounces back.

[Hyphen(-)]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

Prominent Bitcoin investors do not save their coins in exchanges; instead, they use the exchanges to trade and then send their coins back to wallets they control, such as Electrum.

It is usually suggested not to store our Bitcoin in centralized exchanges due to such situations involving Binance and the SEC, as well as in some cases of exchanges being defrauded or running with customer funds.

The simplest tip is to send your Bitcoin to a personal wallet where you have kept your private key.

I'm thinking about closing my key positions for the time being.

If you can avoid centralized exchanges and only invest in Bitcoin, you will have nothing to worry about because Bitcoin has a bright future ahead of it.

[mvdheuvel1983]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

Currently, the FUD and all the pressure is on Binance I think what would actually happen to bitcoin if the world's largest cryptocurrency exchange Binance goes down which hopefully won't happen but you never know so firstly keep your coins off of custody platforms as best you can just in case because why wouldn't you it's written all over the walls that that's the best practice to have.
Should anything happen to Binance, there's lots of other centralized exchanges that would be happy to service all the people.

[utybbas2]

two words: open source. open source wallets are good for now, electrum and others. this binance thing is just a wave getting rid of the last things holding crypt back imo, good thing await.

[avikz]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

No one can be 100% secure to be honest. But in order to increase the chance of not loosing your hard earned bitcoins, you can follow the below steps.

1. Use cold storage to store your coins. There are multiple options available in the market.
2. If the above is not possible, use wallets with 2FA authentication. Which means any transaction will require a separate authentication before moving out of the wallet.
3. Avoid keeping your bitcoin in any exchanges

This will increase your chance of not getting hacked.

[Ojima-ojo]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

I'm thinking about closing my key positions for the time being.

This incidence of exchange closure have only a temporary impact on the bitcoin price and how investors perceived bitcoin most especially if the concern of the investor is just on the price of bitcoin and not that his funds were confiscated in the exchange if it is the former and that the investors have their bitcoin stored in their own personal wallet which have it private keys saved then all that is left for that investor is to wait for the price recovery after the bad news of exchange closure.


But if your balance is held in an exchange wallet and it becomes closed, that means that you may not have access to that fund and since you don't own the private keys to the wallet.

[kryptqnick]

I think the best strategy is to mitigate the risks. The first risk is obvious: centralized platforms can mismanage funds, be hacked, have their assets frozen, etc. Solution: use a non-custodial wallet. As a bonus, if your money isn't on an exchange, you're less inclined to engage in panic-selling because it's now much more effort to sell your BTC than when it's already on Binance or something. The second risk is, IMO, safeguarding access to your wallet, while also ensuring you don't lock yourself out of it. Here, opinions can differ, and one needs to assess what feels right to them regarding the storage of the passphrase.

[aylabadia05]

How might the closure of a prominent cryptocurrency exchange like Binance affect investors confidence in the broader crypto market, and what steps do you think enthusiasts can take to safeguard their investments in such situations? Please share tips.

Investors who invest in Bitcoin will be safe even if Binance has to be closed in some countries as long as investors don't keep Bitcoin on the Binance exchange.
Other types of crypto assets chosen as crypto assets will also be safe if you store them in an open source multi-coin wallet.

It seems that the most effective strategy in protecting investments in various situations is to store assets in wallets that are included in the list of recommendations.
It is very true that exchanges are not really the answer for anyone to protect investments.