bayu7adi
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January 06, 2024, 01:18:10 PM |
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I keep it in three different wallets, and one of them is an exchange wallet. It's true that I don't have full control over my balance there, but I still use the exchange service for a small amount of BTC that I own, allowing me to instantly sell and buy BTC.
For most hodlers, what I'm doing might seem a bit stupid, but I also hodl BTC in two of my private wallets (the amount is bigger than BTC in exchange wallet). So, I'm prepared for the consequences of my actions. Besides, for now, what I need is something only I know, so even though some people might see it as a mistake, it still feels right for me.
Everyone has their own individual needs, and everyone should understand and respect that.
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BABY SHOES
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HODL - BTC
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January 06, 2024, 04:13:36 PM |
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I did DCA by purchasing through the exchange of course some of the BTC is still on the exchange because of the withdrawal constraints with high fees so I let keep it there until the withdrawal is normal again.
Why do I do that, because it's a shame if you have to spend a lot of money on withdrawals, the money is still meaningful and it's better to keep it than withdraw it, I know the risk of storing on the exchange but it's not too much because the ratio is greater in a larger non-custodial wallet than the exchange.
I believe what others have said about the risk of storing BTC on exchanges, when something bad happens to the exchange where your assets are stored then immediately withdraw, but so far the exchange is still safe.
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avikz
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January 07, 2024, 03:24:59 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
I usually do not support keeping your Bitcoins in the exchange wallets, but with the current surge in transaction fees forced me to keep a specific amount in my exchange wallet. I simply cannot afford to make multiple transactions with such high fees. While this practice is not encouraged but sometimes we need to be practical as well. Ensure that your exchange login credentials are difficult to guess and also ensure that you have two factor authorisation enabled.
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Rikafip
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January 07, 2024, 03:52:16 PM |
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Up until December 21st I usually had few hundreds of dollars worth of bitcoin on Binance as I used their debit card. Since card is not working anymore, I withdrew remaining bitcoin to my hardware wallet meaning 100% of my crypto is now there.
Unless you are day trading or using one of the the other exchanges debit card, there is absolutely no need to have any crypto on the exchange but unfortunately many people don't understand that until they get rekt, and some not even then as I know some that have money stuck on both Celsius and FTX while they still hold large amounts on other centralizedexchanges.
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8rch7
Sr. Member
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Vave.com - Crypto Casino
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January 07, 2024, 03:57:39 PM |
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Some time dilemma when saving or holding bitcoin in wallet face problem with high transaction and take more than several days for withdrawing or deposit on exchange wallet, but another side when holding bitcoin assets in exchange wallet get worry until how long exchange site keep trusted before collapse such as many exchange have been scam like FTX. But I have trust with my local exchange although many time get problem with maintenance but I think most trusted to hold bitcoin assets for long term.
But not all my bitcoin assets hold in local exchange but also I put around 40% of my bitcoin fund in Binance exchange, I trust this exchange and have been seven years hold and trade cryptocurrency with Binance exchange.
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AbuBhakar
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January 07, 2024, 04:05:00 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
Leaving Bitcoin on exchange is just like trusting your future investment to random guy that has a risk to run your money since you don’t hold it personally. The only time I deposit my Bitcoin on exchange is when I seriously selling my holdings to take profit but besides that I only store my Bitcoin on Electrum since I’m not always using it for regular payment or trading purposes. I have different wallet allocated for my trading altcoins and leave Bitcoin on my Electrum no matter what happened on the price or fees. I’d rather hold WBTC on non custodial wallet rather than hold my Bitcoin on exchange since I can immediately react to sell my WBTC if there’s something wrong on its pegged while there’s no saving once exchange collapse.
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| | | . Duelbits│SPORTS | | | | ▄▄▄███████▄▄▄ ▄▄█████████████████▄▄ ▄███████████████████████▄ ███████████████████████████ █████████████████████████████ ███████████████████████████████ ███████████████████████████████ ███████████████████████████████ █████████████████████████████ ███████████████████████████ ▀████████████████████████ ▀▀███████████████████ ██████████████████████████████ | | | | ██ ██ ██ ██
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BTC_Dragon (OP)
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January 07, 2024, 05:14:18 PM |
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This community and thread has inspired me to finally take the leap, and instead of over-thinking it (like I do everything), I just calmly followed the instructions and set up my TREZOR over the course of about 15-20 mins. I did a small amount test send of BTC from CoinBase to said Trezor, and it worked. It may sound dumb but I was scared of losing SATS or being confused about the address, etc. I've never done this before so that was literally my first time, despite stacking BTC for over a year on CB. Thank you, BTC peeps ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) . Another newbie question: do larger sums take longer to transfer over, etc.? Thank you all in advance for helping me along and secure my keys and thus coins!
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sokani
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January 07, 2024, 05:17:54 PM Last edit: January 07, 2024, 09:01:29 PM by sokani |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
There's a popular slogan in the crypto space "Not your keys, not your coins", which simply means you're not in complete control of your coin except it's stored in your personal wallet. So I wouldn't advise you to store your Bitcoins on exchange because it could be frozen by the exchange, you could lose it if the exchange go bankrupt or get seized by the government. My advice is that you get a reputable open source software or hardware wallet and store your funds, by so doing you're in custody your asset. However, one reason you can keep some of your assets on exchange is if you're a daily trader.
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BTC_Dragon (OP)
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January 07, 2024, 05:43:57 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
There's a popular slogan in the crypto space "Not your keys, not your coins", which simply means you're not in completely control of your coin except it's stored in your personal wallet. So I wouldn't advise you to store your Bitcoins on exchange because it could be frozen by the exchange, you could lose it if the exchange go bankrupt or get seized by the government. My advice is that you get a reputable open source software or hardware wallet and store your funds, by so doing you're in custody your asset. However, one reason you can keep some of your assets on exchange is if you're a daily trader. Totally! Finally took the plunge and set up my Trezor just now. Feels awesome!
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EFS
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Crypto Swap Exchange
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January 07, 2024, 06:31:26 PM |
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If I don't actively trading, I don't leave my coins in central exchanges. That should be the norm for all people. Not your keys, not your coins. Simple but true. I'd say %10 if I have to give a number, I wouldn't trade for more than %10 of my coin portfolio. And that rarely happens, for a very short time-frame.
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aylabadia05
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January 07, 2024, 07:49:16 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
The exchange functions as a place to trade, sell and buy. The wallet functions as a place to store assets. Exchanges do not provide seed phrases, only passwords and other security for login access. When transaction fees are expensive, the percentage of people leaving Bitcoin on exchanges may be there, but since Bitcoin transaction fees are already low, I believe the percentage of people leaving Bitcoin on exchanges is very small.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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BitcoinsGreat
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January 07, 2024, 07:53:15 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
There is not anything as a ratio like to keep 20% in exchanges or 80% in the personal wallets but it usually depends upon the position size of the trade that you will take on the exchanges and the funds that you will need to move that amount in the exchange. I will usually move the coin back the my personal wallet if i bought it in a spot market. If you are trading in a future market, then there is not any option but to keep those coins on the exchange till the trade is finished.
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Crypto Library
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January 07, 2024, 07:57:35 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
I think it is not good to discuss your financial matters openly like this. But if I have to say I usually try to keep 0% of my holding bitcoin amount in centralized exchange. However, due to the congestion situation of memepool, the withdrawal fee from the centralized exchange has skyrocketed so that currently some amount of bitcoins from my regular bitcoin adoption have to be left on the centralized exchanger to avoid this withdrawal fee. But I'm not so stupid as to use a centralized exchanger for long-term holding, I believe in "not your keys, not your wallet". I am always using decentralize wallet for holding and will suggest everyone to use decentralize wallet for holding and if there is an opportunity to use hardware wallet is better.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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highalch
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January 07, 2024, 08:03:24 PM |
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I agree with the idea that you should diversify the custody risk. It's fairy tale you tell yourselves that your hardware wallet or laptop is completely safe. The millions of lost bitcoins tell a different story. It would never happen to you - until it does.
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darkangel11
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Don't let others control your BTC -> self custody
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January 07, 2024, 09:00:11 PM |
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I agree with the idea that you should diversify the custody risk.
Not really. You can store it all at one place with multisig. It's literally impossible to access 2 or 3 wallets, especially if they're hardware wallets held in 2 different locations. Many richest people hold millions of dollars this way and so far it hasn't failed them. In my case it's 0% bitcoin on exchanges. I have 80% in an offline wallet that I don't access at all. OI only check if the addresses are untouched using blockchain explorers. I also have 20% in my desktop wallet for easy access. I'd never keep any coins in a custodial service like an exchange or a staking site. Even when I gamble I send money I want to use for betting to the casino each month and if I win I withdraw everything (unless I want o make another bet in a short period of time).
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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BitcoinPanther
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January 07, 2024, 09:12:04 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
No I do not leave my BTC on the exchange. If I send my BTC to an exchange, that is to convert it to fiat money in order to cash it out to use for my financial needs or to trade it with other coins. After all the trades and exchanges, I make sure that I will withdraw the fund that is not needed to trade since I always make sure to keep the idle cryptocurrency into my non-custodial wallet. It is not that I do not trust the exchange but I am just doing these things to avoid possible problems.
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famososMuertos
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LE ☮︎ Halving es la purga
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January 07, 2024, 09:13:50 PM |
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There are users who leave their BTC in some exchange just for the fact of not paying the withdrawal fee (exc+red), even with knowledge about Cex, anyway, I use exchanges for strictly what they are, to carry out operations, WR: 9:1, but, never1:10.
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hatshepsut93
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January 07, 2024, 10:52:45 PM |
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I have zero coins on exchanges even though I'm selling them from time to time and it would have been beneficial to keep some larger amount there instead of sending smaller amounts more frequently and having to spend more on fees. But I think the risk of storing any significant amount of coins on exchanges is just too big, they get hacked all the time, they can pull an exit scam or start having problems with authorities. So better to spend an extra on fees just to be on a safer side in the long run.
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komisariatku
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January 07, 2024, 10:59:31 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
As many other members have said, if we plan to hold bitcoins for the long term then it is best to use our own wallet and the best is to use a hardware wallet. Exchanges are not safe for the long term because we see many exchanges closing or going bankrupt so we cannot store our assets on the exchange, use the exchange as intended i.e. only to convert our bitcoins to other coins or to fiat.
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nakamura12
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January 07, 2024, 11:09:02 PM |
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Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?
That's not a good practice to do leaving a percentage of btc in an exchange. As you have known, it is not a wallet but an exchange which it is used to buy and sell cryptocurrencies that you want to buy and sell so that means it is not meant for storing your crypto unless it is a wallet that lets you buy and sell at the same time. My answer to your questions is no, I don't leave BTC in an exchange at all and you shouldn't leave any BTC at all too.
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