I don't believe you

[Not your key not your BTC]

LMAO, so where do you keep your money if not in the Bank?

I don't keep the fiat. All my fiat just converted to btc.
I am save.

[1714623245]

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[freedomgo]

Those are the right questions. And the answer to both is: nothing. There's nothing that guarantees us that our funds are safe in centralized exchanges. This SAFU thing is a big joke. The truth is that once you let go of your coins, it is not safe anymore. Once you lose control of your coins, you can no longer assume that they're safe.

Indeed, banks and centralized exchanges are no different from each other. They're using their depositors' money for something else. They risk and invest and even give away and spend money they don't own. Supposing each and every depositor decides to withdraw all that they have in their accounts right now, they will all end up short.

Even reputable exchanges cannot guarantee the safety of our coins, same with the big banks in our country. So the moment we let it out from our own hands, then we are not its owners anymore, but everything belongs to the centralized exchange or bank that we have trusted. As we’ve often said, not your keys, not your coins. So never put everything you have in a centralized exchange. They may be trusted for now but we never know in the future. Just use a centralized exchange if you are planning to trade, but you can never put your coins there for long term hodling. Have your own hardware wallet or non-custodial wallet wherein you are the only one holding your keys.

[Paul Pogba]

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've had real experience that the assets I saved in Kucoin were lost, in 2018 I was active on the Kucoin exchange, then early 2019 until the end of 2021 or more than 2 years I was inactive but still left some altcoins like the MCO Monaco Card which is now changing to CRO, ETH, BTC and so on, when I want to log in again access is denied, then when I contact the service they can complete it and can log in, but when I log in all assets are lost and the deposit address has changed, beware if we store in exchanges.

[Not your key not your BTC]

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've had real experience that the assets I saved in Kucoin were lost, in 2018 I was active on the Kucoin exchange, then early 2019 until the end of 2021 or more than 2 years I was inactive but still left some altcoins like the MCO Monaco Card which is now changing to CRO, ETH, BTC and so on, when I want to log in again access is denied, then when I contact the service they can complete it and can log in, but when I log in all assets are lost and the deposit address has changed, beware if we store in exchanges.

This is a lesson for someone who still keep it on exchange.
Thanks for sharing

[uswa56]

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've had real experience that the assets I saved in Kucoin were lost, in 2018 I was active on the Kucoin exchange, then early 2019 until the end of 2021 or more than 2 years I was inactive but still left some altcoins like the MCO Monaco Card which is now changing to CRO, ETH, BTC and so on, when I want to log in again access is denied, then when I contact the service they can complete it and can log in, but when I log in all assets are lost and the deposit address has changed, beware if we store in exchanges.

It was something unexpected and not many people experienced it so that until now the exchange is still trusted, the same goes for other things, be it banks or trust exchanges, many people are very influential for other people to follow.
In fact, I once lost money when depositing at the bank, but because it was a small amount, I was reluctant to extend this problem and the bank remained indifferent and did not care about it, but even so, it did not make me lose confidence because many other people still believe and what happened to I am a mistake that can be made by humans.

[Halime Anatolia]

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

When you use Bitcoin, it is quite safe and difficult for the owner to snatch it. Blockchain technology makes everything transparent and secure. Every transaction is logged, so you can see if your Bitcoins reach you. The fancy crypto stuff ensures the transaction is legit. Well, what you need to do is make sure you use a secure wallet and keep your private keys safe that way, you are in control of your Bitcoins, and no one can mess with it.

[19Nov16]

There have been many examples and cases about losing money if we save in Exchanges, I have also lost money in several exchanges, this is because I am also not active for almost 3 years because I saw the red market from 2018 until 2021, if in the total value now maybe I Loss of about $ 1000, some exchanges closed service such as Livecoin, Coinxchange, etc.

[minairia3]

There have been many examples and cases about losing money if we save in Exchanges, I have also lost money in several exchanges, this is because I am also not active for almost 3 years because I saw the red market from 2018 until 2021, if in the total value now maybe I Loss of about $ 1000, some exchanges closed service such as Livecoin, Coinxchange, etc.

So is this your fault or the exchange's fault? I am also a market participant before 2018, but I don't even know about the 2 exchanges you are referring to. How can you put your money on exchanges that don't have any reputation when we have so many other big exchanges at that time, like Coinbase, Huobi, OKEx, and Binance? All of them exist to this day.

[erep]

So is this your fault or the exchange's fault? I am also a market participant before 2018, but I don't even know about the 2 exchanges you are referring to.

The first mistake was that the market participant had placed assets with a third party for long-term asset holding and the second mistake was that he did not regularly review the reputation of the exchange to withdraw funds when the exchange had identified suspicious acts and irregularities in asset management.

How can you put your money on exchanges that don't have any reputation when we have so many other big exchanges at that time, like Coinbase, Huobi, OKEx, and Binance? All of them exist to this day.

The review of exchange reputation factors is not to convince us to keep long term assets in any exchange because you can never be the owner can control the private keys of your assets and you have to seek approval from the exchange for the withdrawal of your personal assets, the risk of asset security is not guaranteed due to the exchange can be hacked then the user's assets can be lost permanently unless the exchange team replaces from the reserve fund to cover the users losses. So you have to be wise in managing assets in your personal wallet and whenever you can use these assets without being related to exchanges and anyone.

[Cling18]

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

When you use Bitcoin, it is quite safe and difficult for the owner to snatch it. Blockchain technology makes everything transparent and secure. Every transaction is logged, so you can see if your Bitcoins reach you. The fancy crypto stuff ensures the transaction is legit. Well, what you need to do is make sure you use a secure wallet and keep your private keys safe that way, you are in control of your Bitcoins, and no one can mess with it.

In the blockchain technology, you're the one who is in control of accessing your funds as long as you alone have the access on it and if you're storing them in a safer wallet. You can actually track your transaction if you're having doubts. If you seek assurance, when it comes to storing, you better keep your funds in a safer wallet and not on exchanges because you still don't know the possible things that might happen. You can use your personal blockchain wallet or a hard wallet to assure that your assets are safe. Even huge and reputable exchanges are still prone to hacking so you must be wise to rule your funds.
Putting funds in exchanges will only be safe for a short term period or for transaction purposes only especially if you're doing trading. Exchanges these days have strong security systems but we shouldn't be too confident because scammers and hackers are also getting smarter each day.

[Gulttam2a2]

Bankruptcy is not easy. A bank can get permission from the government and then open a bank. It's not like you go and open the bank. Bitcoin is different. Bitcoin is an online platform. We know what or who created Bitcoin. Bitcoin has been around for many years and many people have invested in it and own a lot of wealth. If you have doubts in your mind you can withdraw it and put it in the bank after investing. But what if the bank goes bankrupt. In my opinion you must have faith in your mind there will be no doubt.

[Not your key not your BTC]

Bankruptcy is not easy. A bank can get permission from the government and then open a bank. It's not like you go and open the bank. Bitcoin is different. Bitcoin is an online platform. We know what or who created Bitcoin. Bitcoin has been around for many years and many people have invested in it and own a lot of wealth. If you have doubts in your mind you can withdraw it and put it in the bank after investing. But what if the bank goes bankrupt. In my opinion you must have faith in your mind there will be no doubt.

Yes but i often to hear bank hold your money, cant witdraw and do transactions

[Texac]

Bankruptcy is not easy. A bank can get permission from the government and then open a bank. It's not like you go and open the bank. Bitcoin is different. Bitcoin is an online platform. We know what or who created Bitcoin. Bitcoin has been around for many years and many people have invested in it and own a lot of wealth. If you have doubts in your mind you can withdraw it and put it in the bank after investing. But what if the bank goes bankrupt. In my opinion you must have faith in your mind there will be no doubt.

Yes but i often to hear bank hold your money, cant witdraw and do transactions

Does that mean you've only heard from others and have never been in that situation?  to be honest, I have been using the bank for more than 30 years and have not had any problems with the bank, such as stopping withdrawals or being unable to transact...Maybe it will happen to some banks but not all, and have you ever wondered?  if banks hold people's money and can't withdraw or steal our money, why do many people still use banks?  we should have fair comparisons and analysis between bitcoin and banks instead of focusing on smearing one to enhance the other.

[bayu7adi]

The reflection of our immense trust in entrusting our funds to an exchange lies within our reputation. Let us consider Binance, a prime example of a cryptocurrency exchange with a substantial transaction volume. Its proprietor, CZ, remains highly engaged on Twitter. Binance itself has triumphantly emerged as the most popular exchange, earning the trust of millions across the globe. Countless monetary resources have been entrusted to this exchange, and thus far, it has proven to be a secure haven.

If one remains distrustful of others and insists on hoarding their own wealth, they shall remain oblivious to the risks. However, it is crucial to acknowledge that risk is a fundamental prerequisite for personal growth.

[Oneandpure]

Looks the OP not really trusted with exchange market for saving his assets, but don't blame about important function from exchange market how to make your assets it worth and has valueable, I don't have ideas for selling Bitcoin or altcoin without get cryptocurrency exchange service. Exchange market like placed for us interaction each other between seller and buyer for selling our cryptocurrency assets, but when we blame with exchange function and claime there is not safing place for holding assets how to make our crypto become cash assets or withdrawing to the Bank.

Its true not all exchange are safe, but be selective when holding cryptocurrency assets in which one most trust and safe exchange market.

[salad daging]

I don't keep the fiat. All my fiat just converted to btc.
I am save.

Then what about your daily life and other needs, of course it requires fiat?
So all savings funds are converted to BTC?

The reflection of our immense trust in entrusting our funds to an exchange lies within our reputation. Let us consider Binance, a prime example of a cryptocurrency exchange with a substantial transaction volume. Its proprietor, CZ, remains highly engaged on Twitter. Binance itself has triumphantly emerged as the most popular exchange, earning the trust of millions across the globe. Countless monetary resources have been entrusted to this exchange, and thus far, it has proven to be a secure haven.

The Binance exchange has had quite a lot of trust from these millions of users because their reputation is constantly increasing given the large volume and whales also use Binance as a repository for their assets, but the sense of security for them on this exchange does exist but not in my opinion, because how even bitcoin assets must be kept private and may not be put on the exchange we will never know a worse event will happen to avoid that then don't ever store assets on the exchange for a long time.

[STT]

Theres a balance between the profits available from honest exchange and fees derived from that and not keeping all the funds available.   What usually happens is fractional reserve which in crypto is a type of failure because it means the exchange cannot as easily honor all the rightful demands on its allocated funds.   This outcome is far more likely that outright theft I think as its a condition which can and has been seen before exist for years, gaining ongoing fees while not actually doing the full job promised is apparently repeatedly tempting.  

[dothebeats]

Bottomline is, only keep what you are trading in exchanges and the rest, keep it yourself on your own wallets. Not your keys, not your coins, and it's obvious what this message wants to deliver since it has been uttered in this forum. No matter how trusted or how reputable the exchange is, no one knows when they will screw up and mess with others and keep their funds. One notable example is QuadrigaCX, with its CEO just suddenly dying in some faraway country with most of the money missing. That could happen at any time without us knowing, especially if we keep our funds in exchanges for a long time.

[lepbagong]

actually I also think like you, but because all of this is based on trust and this is with the aim of mutual benefit, it is likely that the recipient will not be disappointed for those who deposit. because they know that they too can walk and benefit from the best possible trust, between the recipient and the depositor.
but for banks it might be different, because banks usually get permission from the state to operate so that it can be ascertained that if there is abuse, then the state will be responsible. [in my country it is like that].

[lunnatic]

There have been many examples and cases about losing money if we save in Exchanges, I have also lost money in several exchanges, this is because I am also not active for almost 3 years because I saw the red market from 2018 until 2021, if in the total value now maybe I Loss of about $ 1000, some exchanges closed service such as Livecoin, Coinxchange, etc.

So is this your fault or the exchange's fault? I am also a market participant before 2018, but I don't even know about the 2 exchanges you are referring to. How can you put your money on exchanges that don't have any reputation when we have so many other big exchanges at that time, like Coinbase, Huobi, OKEx, and Binance? All of them exist to this day.

It's ironic that there are so many exchanges that have a good reputation and can be trusted but still choose exchanges whose reputation is even questionable,
never take a risk without a basis and it's important to remember,
as much as possible to minimize risk.