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Author Topic: Which seed should i choose?  (Read 380 times)
Zubi99
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June 11, 2024, 11:36:56 AM
 #21

For a Bitcoin wallet, a seed phrase (also known as a recovery phrase) is typically generated by the wallet software itself to ensure security. You should use the provided seed phrase and store it securely. Do not create your own seed phrase, as it may compromise the wallet's security.
Ruttoshi
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June 11, 2024, 12:34:16 PM
 #22

Which exchange? It's the wrong mindset that our funds aren't SAFU with CeX. I have been using Bitget for a long time now and keeping my funds there cause I see they have the transparency and proper security arrangements to safeguard user's assets. They review their wallet from time to time and the valuation of their Reserve Fund in addition to the User Protection Fund which is another layer.
It is better for you to move your funds from Bitget exchange to a noncustodial wallet like Electrum or blue wallet, where only you have the private keys for the safety of your coins.

You might think that your coins are safe with them, but they own your private keys and can freeze your assest anytime or hackers can hack the exchange and your funds will be gone, if the exchange crashes. You saw what happened to Luna and FTX. Exchanges should be treated like market place and not like bank. Bitcoin have given you the opportunity to be your own bank, why not accept such freedom.

Not your keys not your coins.

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Zanab247
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June 12, 2024, 02:46:16 PM
 #23

Quote from: Suman1
Which exchange? It's the wrong mindset that our funds aren't SAFU with CeX. I have been using Bitget for a long time now and keeping my funds there cause I see they have the transparency and proper security arrangements to safeguard user's assets. They review their wallet from time to time and the valuation of their Reserve Fund in addition to the User Protection Fund which is another layer.
Never you store your coins in exchange market, when you know you are not selling your coins at the moment, because your coins are not safe  there, and many people has loss their coins in exchange because they leave the coins for a long period of time.

Any wallet that you know that is safe for your coins, I will advise you to continue using it to store your coins, and it will make you to have peace of mind anywhere you are because your coins are not in the exchange market.

I believe you have seen or heard about electrum wallet before, you can also try to add it to your wallets to hodl your BTC because it hard for scammers to scam your BTC from the wallet.


Assface16678
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June 12, 2024, 11:19:23 PM
 #24

Quote from: Suman1
Which exchange? It's the wrong mindset that our funds aren't SAFU with CeX. I have been using Bitget for a long time now and keeping my funds there cause I see they have the transparency and proper security arrangements to safeguard user's assets. They review their wallet from time to time and the valuation of their Reserve Fund in addition to the User Protection Fund which is another layer.
Never you store your coins in exchange market, when you know you are not selling your coins at the moment, because your coins are not safe  there, and many people has loss their coins in exchange because they leave the coins for a long period of time.

Any wallet that you know that is safe for your coins, I will advise you to continue using it to store your coins, and it will make you to have peace of mind anywhere you are because your coins are not in the exchange market.

I believe you have seen or heard about electrum wallet before, you can also try to add it to your wallets to hodl your BTC because it hard for scammers to scam your BTC from the wallet.


Or OP could use a cold wallet that they called or physical wallet, I know there are a lot of that product in the market and so far those physical or cold wallet are safe, I dont want to mention any product because I dont promote them, But I think that is a good product to use, yes you will need to buy it but its just a small thing in order to protect and store your assets other than storing it in an exchange which is not a good idea because there's a posibilit that it would be co.primised and your assets could be stolen, so yeah I recommend cold wallets, but you need to keep it with care because it is physical so if you lose or broke it then there will be a problem, anyway everything has its disadvantage but I think its more efficient and convinient to use that in an exchange platform.

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June 12, 2024, 11:29:49 PM
 #25

Which exchange? It's the wrong mindset that our funds aren't SAFU with CeX. I have been using Bitget for a long time now and keeping my funds there cause I see they have the transparency and proper security arrangements to safeguard user's assets. They review their wallet from time to time and the valuation of their Reserve Fund in addition to the User Protection Fund which is another layer.

You do not understand the point of Bitcoin. NYKNYC

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AmoreJaz
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June 12, 2024, 11:40:51 PM
 #26

Which exchange? It's the wrong mindset that our funds aren't SAFU with CeX. I have been using Bitget for a long time now and keeping my funds there cause I see they have the transparency and proper security arrangements to safeguard user's assets. They review their wallet from time to time and the valuation of their Reserve Fund in addition to the User Protection Fund which is another layer.

You do not understand the point of Bitcoin. NYKNYC

He will understand it later on if something happens to that exchange. Even if we say, there's SAFU in that exchange like in binance, if there will be a hack, definitely you can't have access to your funds right away. It means, you may need to wait for them to resolve the situation before you can access to your funds. What if you badly need such funds? You don't have the time frame when will you get it. And that for sure is like waiting in vain. So it is always advisable to store your coins where you have full control of your funds.

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