tread93
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January 07, 2024, 11:39:53 PM |
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My exchange to wallet ratio is 1 to 99% lol. Don't keep any of your money on exchanges for long periods of time. Do what you are set out to do and do it all in one shot IMO. you don't want to risk getting hacked and losing everything. That is generally my rule of thumb, there is no use keeping anytihng on exchanges you just don't want that kind of stuff to happen to you! Have heard enough from crazy stories.....
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BitMaxz
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January 07, 2024, 11:59:41 PM |
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In my case I diversify or bring other coins/tokens to other exchanges if ever the one exchange that I used is down/hacked I still have some coins/tokens on other exchanges I think 5%-10% is enough ratio so that it's not hurt if the exchange is down.
People who do not trade usually move their money/tokens/coins right away from the exchange even me, even when I always move them to the wallet that I fully control just like what I experienced from exchanges before like Cryptopia where until now no coins are being refunded. So if you don't want to risk your crypto and want to hold them for a long time better use a wallet that you have full control of.
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Marvelman
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January 08, 2024, 01:08:02 AM |
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I never keep any of my bitcoin on an exchange platform. You shouldn't either if you can avoid it. Leaving crypto on an exchange defeats the purpose of being your own bank with this technology. Exchanges are meant for buying and selling, not storage.
So to answer OP's question directly - no, I don't think it's wise to keep a percentage of your BTC holdings on an exchange and theres too much risk something happens to the funds while they are in the exchange's control instead of your own crypto wallet. We've seen too many examples of exchanges getting hacked over the years.
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davis196
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January 08, 2024, 07:08:19 AM |
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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?
My current ratio is 100% in cold wallet and 0% in crypto exchange. Several years ago, when I was a crypto noob, I used to store almost all my BTC in my Localbitcoins account. Luckily, I never got scammed by Localbitcoins(LBC was legit). I also stored small amounts of BTC on other crypto exchanges like HitBTC and Trageogre without getting scammed. I was ignorant back then. Now, I would never trust a centralized crypto exchange to store my coins in the long term. Maybe by leaving small amounts of crypto on the exchange you are "flying under the radars" and you won't get scammed. Try leaving big amount of crypto on a centralized exchange and see what happens. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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rodskee
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January 08, 2024, 08:02:28 AM |
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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?
depend on the situation , I tend to leave some funds in exchange when there is a plan of usage in the coming days but mostly i maintain my funds inside my decentralized wallets or off line wallets in which I know Im safe and my money will be for long having no issues at all. and I may add to never let big amount inside the exchange even how big or popular this exchange are as they are commonly the target of hacking and cheating.
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libert19
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January 08, 2024, 09:47:21 AM |
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I have all funds in my wallet. I don't trade on centralized exchanges anymore, as almost all of them ask for kyc ('almost' word used just in case there may be exceptions). So to trade I use instant exchanges, DEXes and for leveraged trading I use perp DEXes, only con there being of smart contract hacks, otherwise decentralized alternatives just as good.
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pinggoki
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January 08, 2024, 09:59:44 AM Last edit: January 09, 2024, 05:39:14 AM by pinggoki |
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I would say about 1:10 ratio so around 10% for emergency money that I can exchange quickly for fiat and I store it in Binance since that's where a lot of people in my country use as an exchange and the P2P there seems to be much easier for me. I can't really remember the exact as that rationing of bitcoin was around 2020 and I have since then increased the bitcoin that I'm hodling so that's probably around 1:20 now or 1:30, I got to check up on my Binance account, it's been a long time since I've logged in on it, I might edit this to for the accurate ratio or percentage.
Edit: I've got about 4% in my Binance of my total that I'm hodling right now.
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bonkbullet
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January 08, 2024, 11:05:00 AM |
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I would recommend you to have most of your Bitcoin on a self custody wallet. So to be the closest to 100% on a wallet.
But I you want to do some trade some time, you can have 10% on exchanges.
What happen to FTX last year is a good example of why you should not have much BTC on exchanges but mainly have the self custody of your Bitcoin.
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michellee
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January 08, 2024, 12:14:38 PM |
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I keep most of my BTC in my wallet. I still have some BTC left on the exchange because I sometimes trade when market conditions are good. And when there are bigger profits, I send those BTC to other wallets and collect them there.
Don't store large amounts of your BTC on exchanges because you don't know what will happen later. If you store your BTC in a wallet, you should pay attention to the security of that wallet. Only keep as much BTC as you can afford on the exchange.
Storing BTC in Trezor is recommended by many people and besides Trezor there are Ledger and others that you can use. Congratulations to you who have finally used Trezor to store your BTC.
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sheenshane
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January 08, 2024, 01:57:52 PM |
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Storing BTC in Trezor is recommended by many people and besides Trezor there are Ledger and others that you can use. Congratulations to you who have finally used Trezor to store your BTC.
If I'm not mistaken, there are a bunch of reports about wallet hacks on Trezor. So therefore, I might consider this Ledger wallet as a good hardware wallet than Trezor. It has a lot of security features that you can trust or can countermeasures against attacks. I use exchange when I want to convert my crypto into fiat and nothing else, but I didn't let my coins sleep on exchange for the long term. It should be your coins stored on the wallet that you have full control over, never trust SAFU at all on the exchange because IMO, that's only a marketing strategy that people have their trust.
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BTC_Dragon (OP)
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January 08, 2024, 04:59:58 PM |
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Storing BTC in Trezor is recommended by many people and besides Trezor there are Ledger and others that you can use. Congratulations to you who have finally used Trezor to store your BTC.
If I'm not mistaken, there are a bunch of reports about wallet hacks on Trezor. So therefore, I might consider this Ledger wallet as a good hardware wallet than Trezor. It has a lot of security features that you can trust or can countermeasures against attacks. I use exchange when I want to convert my crypto into fiat and nothing else, but I didn't let my coins sleep on exchange for the long term. It should be your coins stored on the wallet that you have full control over, never trust SAFU at all on the exchange because IMO, that's only a marketing strategy that people have their trust. From my admittedly-limited understanding, it's not as easy to hack Trezor as people may appear to think it is. This doesn't preclude the issue, of course. My eventual plan is to have a few separate wallets; nothing ever all in one place.
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so98nn
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January 08, 2024, 06:10:56 PM |
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Nah not at all. Im storing all of them on my ledger. Now considering the security bugs and continuous upgrade releases I am thinking to switch to another hardware wallet or maybe newer version from the ledger series. I do not like exchanges for another reason than custodial one. For example, in our country anything that is traded on crypto exchanges will get 1% TDS and 30% flat tax post selling. The TDS is applicable to all type of volumes whether its crypto to crypto exchange Or it is a crypto to fiat. Just imagine the taxes that we need to pay. Anyways, as far as second reason is considered then that would losing control our coins and tokens. For me, I am selling the bitcoins to friends overseas who then transfer me WISE payments or other type of payments that get here easily. We can always mark this as advertising funds or others to reduce the taxes on them. So long story short I am good with hardware wallets rather than exchanges.
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doomloop
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January 08, 2024, 08:14:22 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 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. Not to be harsh but the slogan itself already says it all. So there is no need for you to define it again. Also, when it comes to crypto wallets, we have two kinds here. That is custodial and non-custodial. So simply saying to store coins in a personal wallet compared to the exchanges may still not be valid. Better to be clear. OP says a percentage of BTC only. The first thing that came in to my mind is these are only small amounts, which are not life-threatening even when lost. There maybe a reason on why someone will do that. It could be that they can earn an incentive for doing so. But it was the traders are mostly the ones who can do that.
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Agbe
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January 08, 2024, 09:11:48 PM |
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Many people were using Electrum wallet and other Bitcoin wallets to store their coins but base this recent hike of fee made most people to send there coins to exchange and use exchange wallets to do their investment and trading so the percentage people have in the exchange is very high now but after now when the fee goes down to it normal position then they would go back again to there wallets again. Lolz!! People disregard " Not your key, Not your coins" phrase these days and saved their coins in exchange and use it to survive for the period. Because they can't pay the high fee to exchange and before making transaction to others in the p2p. So instead they just keep it in the exchange and do all their transactions without fee if within the exchange to the exchange.
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coolcoinz
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January 08, 2024, 09:33:35 PM |
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My current ratio is 100% in cold wallet and 0% in crypto exchange.
That's what I like to see. IMO acceptable ratio is anything below 10% on exchanges, but currently I also have 0. I see no point in holding money on exchanges, unless you're either a day trader, or own very little. People who don't do any of that and still hold significant amounts must be lazy or scared to learn self-custody. It's a huge risk nobody should be willing to take. 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.
Then don't make multiple transactions until the fees go down. Group them, use lightning, or keep risking the money. There's always a choice.
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GeorgeJohn
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January 08, 2024, 10:03:16 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?
This question is contradictory because I don't know if a wallet address do absorbed or extract it own fees, but in exchange they can only have their own percentage whenever a transaction is been done and their percentage sometimes come from the both parties both seller and the recipient or buyer, so exchange percentage is not really obvious
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Assface16678
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January 08, 2024, 11:53:35 PM |
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Well, it depends on the BTC I have or what kind of investment I make with my assets. If the coins or assets are for holdings, then I would leave them in a crypto currency wallet so that I would not use them or what, but if the assets are for trading or anything involving using the coins frequently, then I would put the assets in an exchange platform to avoid frequent transfers of coins and the fees, as today the transaction fees are high. Well, it's safest and better to store your assets in a crypto wallet because we never know when you might accidentally place a trade or swap on the exchange platform, and also to avoid hackers who are targeting the exchange platform to find a victim.
I personally prefer this ratio of 50/50 in exchange and crypto wallet to ensure the balance of funds and a more dynamic way of storing the funds or assets.
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GreatArkansas
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January 09, 2024, 01:46:15 AM |
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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 only have a small percentage compared to my personal Bitcoin wallets. These small percentages are my accumulated bitcoins that tend to sell at a specific price or time when it comes, it's likely taking profits off to this. And these small percentage are stored in multiple exchanges.
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kro55
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January 09, 2024, 03:48:27 AM |
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Many people were using Electrum wallet and other Bitcoin wallets to store their coins but base this recent hike of fee made most people to send there coins to exchange and use exchange wallets to do their investment and trading so the percentage people have in the exchange is very high now but after now when the fee goes down to it normal position then they would go back again to there wallets again. Lolz!! People disregard " Not your key, Not your coins" phrase these days and saved their coins in exchange and use it to survive for the period. Because they can't pay the high fee to exchange and before making transaction to others in the p2p. So instead they just keep it in the exchange and do all their transactions without fee if within the exchange to the exchange.
In addition to transaction fees becoming our nightmare, we can also see bull season approaching, bitcoin is approaching the $50k level. So I really don't think people will continue to keep their bitcoins in non-custodial wallets like many are saying. As I said before, the collapses of Mt.gox or FTX will quickly be forgotten when bull season arrives. And the fact that people keep coming back to use and store money on exchanges will continue because everyone wants to make a lot of money, everyone wants convenience...that's why exchanges will never disappear. I believe that in these days people are using exchanges to store their assets more than using non-custodial wallets.
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MusaMohamed
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January 09, 2024, 04:11:52 AM |
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Many people were using Electrum wallet and other Bitcoin wallets to store their coins but base this recent hike of fee made most people to send there coins to exchange
If they can broadcast transactions from Electrum wallet or other wallets, they already accept to pay on chain fee. I believe what you said is they changed receiving addresses from Electrum wallet to exchange account address, to save on chain fee. Because the senders will pay fee and they as receivers don't have to spend any on chain fee to deposit on exchange. Lolz!! People disregard " Not your key, Not your coins" phrase these days and saved their coins in exchange and use it to survive for the period.
If they don't have big money and need to deposit to exchanges to cash out, it's not bad choice. They just need to change to use their non custodial wallets again when transaction fee becomes cheaper.
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