I don't believe you

[Swordsoffreedom]

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?

I really don't believe what OP says unless OP is from El Salvador, where bitcoin is recognized as legal tender. In addition, no country has yet to use bitcoin as an official currency or method of payment, most countries have accepted bitcoin as an asset and commodity. There have also been a few people claiming they don't use fiat money, don't use banks and their entire assets are bitcoin, but no one has provided any proof.

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.

Admittedly, Binance is a reputable and secure exchange so far. But it is not correct to consider it a safe haven for bitcoin, there is always a risk when handing our bitcoins over to a 3rd party to manage. I do not agree to trust and hand over all bitcoins to binance.

[mamesso]

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.

No one can guarantee that our funds will arrive safely at centralized exchanges. Although no crypto exchange is completely safe, we can rest easy on the oldest crypto exchange that has been running the longest, and has the most users, the security policy on the website is a reference for us to trade there.
It is very important to choose centralized exchanges under the supervision of a crypto asset trading regulator as it can help address many concerns about asset safety. Choosing centralized exchanges that are supported by regulators will create a very healthy, efficient, effective and transparent crypto ecosystem climate for crypto investors.
Keep in mind, we are only limited to exchanging there, not to store assets.

[southerngentuk]

Everything is always risky; you cannot be sure whether holding your assets on current major exchanges like Binance or Coinbase is safe or not. But because they are current exchanges and have had a fairly long history compared to the history of cryptocurrency, they are preferred by everyone. In addition, the rewards or bonus programs are also what attract many users to it. It is true that many things are attractive, but looking at the past, when a certain exchange encountered FUD, the problem of massive users withdrawing money from the exchange was quite painful. In addition, there may be delays in payments, user accounts may be banned, and assets may be lost. I have come across such cases with Binance assets. So while it may be good, don't put all your money on the exchange.

[Finestream]

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.

You don’t need to deposit your bitcoin in an exchange all the time. Crypto exchange is only useful if you want to do some trading, but if you are just hodling your bitcoin for long term, then stay away from trusting exchanges as they can steal your bitcoin when you least expect it. The reason why we have to trust our own bank by creating non custodial wallet, that way no matter how long we intend to keep our bitcoin, as long as we never disclose our seed phrase, our funds will forever be safe.

[Vaculin]

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.

You’re on point. Exchanges can never be trustworthy for everyone here since they just want to take advantage of our  funds and make them the most benefited ones while leaving us at risk of losing. And I hope those horrible events with big exchanges will be an eye opener to all of us that they can never be trusted in the long run. Yes, they might be here for long now and have become reputable, but as long as we pass them our funds, that will never belong to us anymore but already in their own possession.

[yohananaomi]

Everything is always risky; you cannot be sure whether holding your assets on current major exchanges like Binance or Coinbase is safe or not. But because they are current exchanges and have had a fairly long history compared to the history of cryptocurrency, they are preferred by everyone. In addition, the rewards or bonus programs are also what attract many users to it. It is true that many things are attractive, but looking at the past, when a certain exchange encountered FUD, the problem of massive users withdrawing money from the exchange was quite painful. In addition, there may be delays in payments, user accounts may be banned, and assets may be lost. I have come across such cases with Binance assets. So while it may be good, don't put all your money on the exchange.

that's right, friend, don't trust all the exchanges too much by keeping all the assets you have there, because no one will know what will happen to the exchange, even though they are well known and very reliable, but no one can guarantee whether the assets deposited on the exchange it can be safe apart from placing it in a separate wallet. I agree that everything we are going to do is very risky and it is better to always place assets on the exchange for a certain time and not leave onwards and entrust it to the exchange.

[Mr.right85]

Eventually at OP, that's the way things are in most cases within this cryptospace. Most things aren't done out if certainty but because of the little faith or trust in a system your using.

There could be several obstructions on the way as addresses could be swapped by a bug in your system or device and without having these addresses of hand but depending on a few key characters for recognition, you Goulding as well transfer coins to a wrong address.

Depositing on centralised exchanges is you indirectly leveraging your coin to the will of those who run the system. You might have access but that doesn't mean you have access to your original coin nor the assurance that there can't be any errors on the way.

[Uruhara]

Everything is always risky; you cannot be sure whether holding your assets on current major exchanges like Binance or Coinbase is safe or not. But because they are current exchanges and have had a fairly long history compared to the history of cryptocurrency, they are preferred by everyone. In addition, the rewards or bonus programs are also what attract many users to it. It is true that many things are attractive, but looking at the past, when a certain exchange encountered FUD, the problem of massive users withdrawing money from the exchange was quite painful. In addition, there may be delays in payments, user accounts may be banned, and assets may be lost. I have come across such cases with Binance assets. So while it may be good, don't put all your money on the exchange.

Only use such Exchanges for buying and selling. and when finished in trading. then it will be better for us to withdraw our assets back to our private Wallet. And it's much safer to do.

I have a very satisfied experience with an exchange like Binance. everything always runs smoothly. but still won't entrust my assets to be stored there. i only believe in trading and nothing more.

because no matter how good the reputation of a stock exchange is, it is still not safe from the risk of bankruptcy. or from a hacker attack or something like that. Those earlier in this forum know how shocked they were when MT.Gox suddenly crashed. although I didn't experience it. But I took a lesson from the history.

[Viscore]

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.

Precisely my point. Use an exchange only if you are going to trade a portion of your coins and the rest of it should be stored in your own non-custodial wallet for higher safety and security. That is to prevent some uncontrolled losses especially if that exchange suddenly face a serious dilemma that may lead to an exchange’s bankruptcy and closure. Exchanges can always be trusted as long as it’s functioning well, but as soon as serious problems arise, not only the exchange will suffer but obviously all our deposits too so never be confident putting bigger funds in any reputable exchange.

[BitcoinPanther]

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?

It is just a risk taking move to trust the exchange while being hesitant because it is the only service where I can do my crypto trading activity.  But come to think of it, nothing just blindly trying whether they are reputable enough to deliver their services.  And I agree with the previous replies that we need not to make these exchanges our cryptocurrency stash/vault.  It is better to just use the exchanges on the service it offers and not use them to keep our cryptocurrency since there is a possibility of losing the fund if the exchange got hacked or goes rouge.

[icalical]

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.

There is nothing could guarantee that your bitcoin or even the exchange itself will be just gone after you deposit your bitcoin, but there are some stuff that you can consider to pick the exchange that will less likely to just steal your bitcoin. Something like Reputation and Testimonials about certain exchange are everywhere around the internet, including this forum. I will feel a lot safer to trade my bitcoin in the top coinmarketcap exchange rather than some random exchange that I have never heard of it. Tho after what happened to FTX you will still be worry, but it just like picking the least risky exchange.

[Xampeuu]

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?

It is just a risk taking move to trust the exchange while being hesitant because it is the only service where I can do my crypto trading activity.  But come to think of it, nothing just blindly trying whether they are reputable enough to deliver their services.  And I agree with the previous replies that we need not to make these exchanges our cryptocurrency stash/vault.  It is better to just use the exchanges on the service it offers and not use them to keep our cryptocurrency since there is a possibility of losing the fund if the exchange got hacked or goes rouge.

it would be better to store our crypto assets in personal wallet, and the exchange is used only as an exchange not to store our assets in the long term. this is indeed risky, we don't know what will happen in the future, and we can't sue, therefore this kind of knowledge is what bitcoiners should know at first, so they don't regret later because of a scam on the exchange. I too have experienced it, and in the end we ourselves have to move on from this situation

[zaim7413]

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.

Without using the services provided by a centralized Exchange, you cannot convert crypto assets into fiat. I think you are one of the many people here who are using centralized exchanges to convert crypto assets into fiat. The centralized exchange is only used as a transit place, after making a transaction there, immediately withdraw all your funds. I have never kept my assets there, so far I have only used them as a medium of exchange, after which I immediately put them in a safe place in my opinion.

[Wildwest]

Actually in making a transaction we already know which market is safe for us to use, and this is indeed something that is always felt by every user, so by using a market like Binance we are sure that every transaction that occurs oasti will run safely and there are also several other markets that we can indeed rely on, Every transaction we make must have the same risk as the bank, both use the network and when there is a problem we know where to make a report so that our assets do not just disappear.

[rachael9385]

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 don't have the right answer to those questions but there's only one thing that investors do, you as an investor you must risk what every you can afford to gain or get what you want.
Before becoming an investor you must have the mind to risk what you can afford same as gambling people do risk what they think they can just for fun.

[ringgo96]

This is indeed a lot of people who think about this problem, so in this case we must first learn how transactions occur on a market and whether the market is feasible for us to use as our bitcoin transactions, because currently there are very many markets present so we have to choose a market that is already relied on by many people such as Binance, Kukoin and others have long been present in the crypto world, so by using the market we are safe and no longer think about negative things and this is the same as using bank services that are currently in each of our respective countries.

[Tony116]

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.

Without using the services provided by a centralized Exchange, you cannot convert crypto assets into fiat. I think you are one of the many people here who are using centralized exchanges to convert crypto assets into fiat. The centralized exchange is only used as a transit place, after making a transaction there, immediately withdraw all your funds. I have never kept my assets there, so far I have only used them as a medium of exchange, after which I immediately put them in a safe place in my opinion.

It is true, if we do not use centralized exchanges, converting to fiat will be very difficult. I agree with you, I believe the people who are criticizing centralized exchanges, they still use CEX silently, I only believe what they do, and I don't believe what they say. Like many banks always protested and slandered bitcoin daily, but then many banks claimed to have invested in bitcoin or started offering bitcoin services to customers. It's hard to trust anyone in this market, we should only believe what we see. Use exchanges for trading purposes, convert crypto assets to fiat, and as long as we never use them to store assets, there is nothing wrong.

[Not your key not your BTC]

I agree with you, I believe the people who are criticizing centralized exchanges, they still use CEX silently,

I didn't offend you to judge them hypocritical, but not all, maybe 40:60.

[Learn Bitcoin]

It is true, if we do not use centralized exchanges, converting to fiat will be very difficult. I agree with you, I believe the people who are criticizing centralized exchanges, they still use CEX silently, I only believe what they do, and I don't believe what they say.

It will be hard where Bitcoin is banned or if there are not too many Bitcoin users. It will be hard, but still not impossible. Yes, people criticize centralized exchanges and they still use them because of the unavailability of selling or buying options! You can take me for example. I don't day I like centralized exchanges because it's changed the concept of bitcoin.

Yet I use centralized exchanges because I don't know any bitcoin in my area where I can sell my bitcoin or I can buy from someone. So, I am kinda forced to use centralized exchanges even though I don't want to use them.

[Dr.Osh]

When a trusted CEX was set up I believe they had quite a lengthy procedure to comply with. even today, some authorities are still checking and analyzing popular CEXs, for example binance. Because of this, I believe in keeping the bitcoins that I have there to trade. however, I also don't think about keeping it for a long period of time either.
Anyway, that is one of the reasons I have. Basically, almost everything we do with investing on the internet is at risk. that's why many governments advise not to invest in this investment. It's just that, even though this is risky, it has paid dividends year after year. it is very difficult to describe why we believe in this, but only from the exchange we can change the assets we have safely.