I don't believe you

[DanWalker]

Whether we like it or not, centralized exchanges are safe-ish and convenient to use, which are the main reasons they'll continue to be in business. You can avoid using CEX by switching to DEX platforms such as Bisq, where your funds always remain in your wallet.

We cannot claim that centralized exchanges are secure. But it is a fact that, like it or not, they will still exist and are an integral part of the cryptocurrency industry, and we will still use them to a certain extent. I believe there are still some people who don't use CEX, and they may be bitcoin maximalists. But the rest, those are trying to prove that they hate CEX, but I believe they are quietly using CEX daily, especially if they invest in altcoins or they are traders. How do traders make profits without using CEX? How do investors invest in altcoins and shitcoins without using CEX?

[mvdheuvel1983]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

Public sentiment.
Public sentiment is the reason that makes me sure to deposit bitcoin to an exchange. Public sentiment is so strong it is almost like herd movement. Along as it is positive, I'll deposit for quick transactions. Secondly, company's image and interaction with the public. People want to company to take on a human persona. That's why they have social media pages where they can interact directly with customers or customers can see the company making updates and all.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

Experience.
Yes, over time my bitcoin always arrives safely. I know it will. And even if it doesn't as long I the problem is not from my end, I know that I can simply report it and the issue will be resolve. It has happened before.

Anyways treat exchanges with caution. Leave only very little amount of yours there for quick transactions other than that, get yourself a custodial wallet.

[Alpha Marine]

For someone like me with trust issues, I don't think there's anything that can convince me that my coins are safe in an exchange or that my money is safe in a bank. It doesn't matter how big that bank or exchange is. This doesn't mean I don't use a bank or a centralized exchange, I do, but I have it at the back of my mind that as long as my money is with someone else that is a human being, it's not 100% safe.
It is because of this I usually don't keep a large amount of money in exchanges.
The only money I use for daily expenses is in my bank account. Sometimes I keep savings that I want to use for something in the bank. It is usually a short-term saving, a maximum of four months.
It's not a common thing for Banks to go bankrupt in my country, especially the big banks, but the inflation will most likely eat up any savings you leave in the bank for a long term before bankruptcy.

[Ultegra134]

Same with the exchanges, we put our assets in some trustful exchanges where we could ensure it wouldn't crash based on their performance in a long run. But still it's a good question for people in this thread to answer.

How do you "ensure" that an exchange would not crash, the fact that an exchange has been operating for a long time does not mean that it cannot crash, mind you that most of the exchanges that have crashed lately were all operating/functioning for a long time, yet it didn't stop them from collapsing once they became insolvent. Thus do not put your assets into any exchange because you think they are trusted.

Simple: you don't. You have to take their word for it. Binance supposedly has a Secure Asset Fund for Users (SAFU) in place and also provides their wallet addresses, which contain millions of dollars' worth of coins, from Bitcoin to BNB and the stablecoins USDT and TUSD. Their SAFU is supposed to be an emergency fund funded by a percentage of trading fees in order to protect users' funds. Does that guarantee that your finds will be secured if things take a turn for the worse? Probably not; as I previously mentioned, you need to take their word for it.

The issue with DEX exchanges is that, so far, they haven't proven to have any significant advantage over CEX, apart from being decentralized.

[Eternad]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

Exchange owner is public like CZ and SBF but knowing who owns it change everything in case they runaway? FTX customer funds still locked despite their previous CEO is already sued or in jail since they will just replace it with another CEO.

The reason why CEX is red flag for me is they are operating overseas on country with a lousy law when it comes to crypto frauds. They can runaway anytime and put the blame on someone else as their proxy.

same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

Banks offers FDIC insurance but if your cash is greater than the insured money from FDIC then bank is a red flag. Investing on blue chip stocks or Bitcoin is sill the best to hold huge amount of money.

[LocalMonero]

However, I have a remark: at least in EU, at least for funds under 100k EUR, the money in the banks is protected by law (if the bank goes bankrupt the national bank or an agency will reimburse you).
And somehow I think that some of those mindlessly (sorry, but this is the truth in a vast majority of the cases) keep their money in exchanges' custody expect something similar for their money (which in most cases won't happen).

Very well marked. Not so long ago I was browsing the forum and came across a similar idea (although I can't remember the name of its author).

A false sense of security arises especially among older people, and they can be understood as the entire cryptocurrency niche is closely intertwined with the traditional banking system (with the only difference being that companies in this niche have almost no obligations to their customers). The Binance insurance fund that was mentioned in this thread will not be a lifeline in the event of a collapse, since their disclaimer has hundreds of thousands of characters that are ordered so that in the event of a lawsuit, they would not leave customers a single chance.

[ajiz138]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

Most of us know bitcoin exchange owners because they are publicly known, making their deposits easy to exchange for trading.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

Actually, this is still in doubt, we know how the FTX case is, we trust the owner, but in the end, bitcoin was taken away by him with his own interests.
It's better not to put too much faith in the exchange.

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

Banks usually always have insurance of a certain nominal value, if you are still unsure, just leave the bank, but believe me, some banks will not go bankrupt at the same time.

[Gozie51]

If you are thinking of having doubts about entering money into an exchange, why would you enter money into that platform if you have doubts about that exchange? Just for example in Binance, we know that CZ is its owner but we don't know him personally.

That is the reason we have to compare a bank and centralized exchange. IMO, keeping coins in exchange that is centralised is riskier than using bank for the sake of ownership. At least you know the bank is under the control of your government with regulation. If the critism for banks is that they are under the control of government, the centralised exchange is also under the control of someone whom you don't know and tracing is an herculean task. For instance with what is happening in binance now, if more trouble comes up, CZ may not be easily traced by an individual except by collective effort or court processes.

Afaik, banks are more solid financially than centralised exchanges because the government has eyes on it and will not allow it to be liquidated. They support banks through merger regulation, outright acquisition from other financially stable banks and with that customers data and funds are retained. Keeping your coins in centralized exchange is more risk no doubt but we only trade in the part of caution.

[jrrsparkles]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

Banks can go bankrupt but there will always a minimum guaranteed amount you will get back if that happens because the banks are regulated by the central bank in that way.

Well, it's not same as bank with exchange that is why we should never use to store our cryptocurrencies there, its meant for buying and selling so when its done its wise to move the funds to your own custody which is called a wallet.

Honestly why I trusted a site because most people who used their service said its legitimate so I have to take that chance and try if it's true and yes it is, I don't remember I had any issues with exchanges in the recent days but I am strong with the basics which is not your keys not your cryptos.

[m2017]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

Who said I don't know the owner? The owner of Binance is Changpeng Zhao, and FTX is Samuel Banckman-Fried.
Although, wait, Banckman is no longer the owner of FTX and this exchange no longer exists.
/sarcasm off

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

Probably stupidity, naivete, greed and a desire to shift the responsibility for storing bitcoin to exchange other people who will undoubtedly take advantage of it with pleasure.

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

I didn’t always think so, but for a long time, I also believe that if we consider systematically, then exchangers and banks practically don't differ.

If bitcoin was originally opposed to banks, then keeping btc in banks is direct blasphemy, if may say so.

[petulino]

If you are thinking of having doubts about entering money into an exchange, why would you enter money into that platform if you have doubts about that exchange? Just for example in Binance, we know that CZ is its owner but we don't know him personally.

Now, the question is, why are we still putting money into the Binance exchange to buy Bitcoin when we don't know its owner personally? That's because many traders do trading on the Binance platform because of their trust and belief in Cz's management, that is, the trust we feel is what dictates why we still put money into it to buy Bitcoin.

Currently, binance is the top exchange among all the crypto exchanges, but in the current situation, people's trust in binance is decreasing,because every little while there is some bad news about binance exchange. We don't know the owner of binance personally, but if there is any bad news about him, we always worry about our capital invested in binance.

The reason is that if there is any bad news about CZ's, it affects the binance exchange and the price of bnb token, which is binance's own token. The difference between binance and Bitcoin is that Binance exchange has an owner that can influence its exchange after any scandals, whereas Bitcoin has no owner, making it an independent coin.

This is the main reason why Bitcoin is by far the most reliable crypto currency in the digital platform and the best choice for investment.

[BIT-BENDER]

Well is not that easy to thinks you can just wake up and decide to elope with someone or your customers funds, if it was easy the everyone would be doing it. I don't know how it's done in your country but take for example banks in my country, there is a particular huge money the central Bank of my countries demands banks to pay as guarantee and you can't function without it, many bank couldn't so the folded or merged with other banks. this are part of the regulations to prevent such instances you made from happening.

In terms, of exchange we have seen with the FTX case that some owners are actually dishonest but they would always face the law and get charged when they act like thieves, but the threat is still there. One way to limit your risk is don't keep your funds in an exchange when you not using the funds.

[summonerrk]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

I think we can trust to bitcoin received from managers who from here on the forum. These are "clean" bitcoins that we receive reasonably and can easily prove why we receive them. Since all information is stored in spreadsheets and all transactions are transparent and open.
But, if you receive bitcoins from anonymous people, for example through P2P, then this bitcoin may have a bad history in which drugs, mixers and the like are involved. And after receiving such a cryptocurrency, the yuirzhi may refuse to accept such a bitcoin, or there will be questions from police investigators.

[stompix]

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

Experience.
Yes, over time my bitcoin always arrives safely. I know it will. And even if it doesn't as long I the problem is not from my end, I know that I can simply report it and the issue will be resolve. It has happened before.

So did people think of MtGox, Cryptopia, Bitconica, Thodex, Quadriga, Celsius, FTX,  and the list can go on and on and on
Your experience is meaningless, all you know is that things have worked in the past, it's not a guarantee that it will work in the future also, this is not learning to drive or learning to hunt, this is blindly trusting someone to honor its part of the agreement and there is no way to know for sure when it will top doing so!

Furthermore, and this is actually funny, to whom will you report?
For example let's say Biannce will shut down and disappear, to what authority will you report?
Do you know where Binance is registered or licensed?
You have to know something, you're the perfect gullible victim material!

But, if you receive bitcoins from anonymous people, for example through P2P, then this bitcoin may have a bad history in which drugs, mixers and the like are involved. And after receiving such a cryptocurrency, the yuirzhi may refuse to accept such a bitcoin, or there will be questions from police investigators.

So this means you know by heart the full bio of every coin and banknote in your wallet from the moment they exited the mint? Right?

[summonerrk]

~

So this means you know by heart the full bio of every coin and banknote in your wallet from the moment they exited the mint? Right?

What do banknotes and coins have to do with it? Why do you put them on a par with cryptocurrencies?
There is no way to trace the entire path of the cash currency in your wallet. While through Big Data, government IT specialists can easily find out which way bitcoin has passed in your electronic wallet. I explain how this happens in bad cases: they detain people who violate the law and pay with bitcoins. After that, they look at which addresses the coins went to. And if your address is there, then having established you as the owner, they will have questions for you.
Thats what I mean.

[imamusma]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

None, but most people trust centralized exchanges because of reputation. In my opinion, @Darker45 has pretty well explained how things are, but it also doesn't make many people realize that an exchange is not a safe place to store assets long term.

So that's why you should consider this advice: Reminder: do not keep your money in online accounts

[Oilacris]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

This is why its never been ideal on keeping your coins on exchangers for too long, we cant really be able to tell on what would gonna happen in the future. We arent that dumb and fool not to see those

exchange issues that we do have in the past on which some of them had closed their doors, stealing up their users funds and ran way and there are some which faces up regulation issues on which

it did really result into losing up money or been locked up or you can really make a withdraw with your assets which the only thing that you can do is to wait up on what would be their decisions.
This is why if you do bother yourself just because of the fees on making those withdrawals then it is really just that worth on having that way rather than on putting up all the risks
on the line with your coins which you would really be having the plans on making these exchanges as your main wallet which is really that a bullshit idea.

[Y3shot]

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

So many people don't even care if they know the owner of the Exchange or not but they still just flow making use of an exchange as far as it is mostly used by majority and I have a good reputation in the past. I think people shouldn't be so comfortable using an exchange just because it is well recognised and also used by majority of cryptocurrency investors and traders.

Do not trust an exchange because it has good reputation but the reason why you shouldn't Trust an exchange no matter the good reputation it has in the past is that so far as you don't have a key over your coin it is not 100% safe.

[molsewid]

We know the owner, it's CZ, that's

Because Binance is the biggest and popular, they have been around for 6 years and they have SAFU to protect all users money

Honestly if people are only use centralized exchange to buy or sell Bitcoin and don't mind about KYC, Binance is a good choice. But people don't want to withdraw their money to their wallet because the fixed fee withdrawal from Binance is big and they don't want to lose any money.

Me too, I only use well kwon exchange so that I dont have a time to have e doubt and being problematic about my assests, deposit only to those exchange who you trust and been in the industry for long time, that even though they always have some issues they can correct it and they can change what is wrong with them.

[PX-Z]

Well, i hope everyone has the same thinking as you. But, nah, some or most of the people here trust these kind of exchange ^{(e.g binance, poloniex, Gemini, coinbase)} than trusting their selves when holding large sum of money, and taught it will be at risk if they are the one holding it. As lazy as what they are doing to their money to banks, then unfortunately suffer when times comes to very worst.