Best way to save your crypto !!!

[CryptoBuds]

As exchanges doesn't protect our anonymity any more !

Has there ever been a time when exchanges were protecting our privacy? Centralized exchanges have always been regulated, and they need to abide by the rules of regulators. 

Yes, years ago you could use exchanges like bybit, mexc or kucoin without KYC requirement. However, there will be certain limitations, for example you can only withdraw $10,000-$50,000 or < 2BTC per day. But things have changed completely in recent years as governments have increased their regulation of crypto, forcing exchanges to comply with regulations. Most require users to KYC before use.

You advice more Trezor then Ledger ?

Trezor, because it is an open source wallet while Ledger is closed source, and closed source wallets are not recommended because they are not transparent.

[Hazink]

Has there ever been a time when exchanges were protecting our privacy? Centralized exchanges have always been regulated, and they need to abide by the rules of regulators. 

Yes, years ago you could use exchanges like bybit, mexc or kucoin without KYC requirement. However, there will be certain limitations, for example you can only withdraw $10,000-$50,000 or < 2BTC per day. But things have changed completely in recent years as governments have increased their regulation of crypto, forcing exchanges to comply with regulations. Most require users to KYC before use.

There are still few centralized account exchanges which offer such a service. I have been using the XT exchange for a long time now without KYC, and their daily limit for withdrawal without KYC is around $200k, but you can do any form of transaction that requires fiat deposit and withdrawal. Maybe this is why some regulators are after the XT exchange. 

[Oshosondy]

Has there ever been a time when exchanges were protecting our privacy? Centralized exchanges have always been regulated, and they need to abide by the rules of regulators.

Yes, years ago you could use exchanges like bybit, mexc or kucoin without KYC requirement. However, there will be certain limitations, for example you can only withdraw $10,000-$50,000 or < 2BTC per day. But things have changed completely in recent years as governments have increased their regulation of crypto, forcing exchanges to comply with regulations. Most require users to KYC before use.

There are still few centralized account exchanges which offer such a service. I have been using the XT exchange for a long time now without KYC, and their daily limit for withdrawal without KYC is around $200k, but you can do any form of transaction that requires fiat deposit and withdrawal. Maybe this is why some regulators are after the XT exchange.

Some people said MEXC told them to get verified, but I have not been verified on the exchange. Only what I am not able to do is to convert from crypto to fiat and from fiat to crypto like through P2P and other means, but I can be able to withdraw up to 10 BTC daily. That is over $1 million daily withdrawal without KYC on the exchange.

[Aanuoluwatofunmi]

As exchanges doesn't protect our anonymity any more

Have they been by any chance before, oh maybe the decentralized exchanges acts in the best of interest on this, but definitely not with the centralized exchanges

and they are being more and more regulated

This is one of the most annoying part you may never escape or do without from the use of a centralized exchange, so let everyone using any always be at alert.

I was thinking on going on cold wallet as Ledger and stack on protocols like lido or rocket.
I want to know your opinions !

If you want to maintain high standard and level of privacy, ledger may not be the sure plug for this, you may try with other hardware wallets, but definitely not on ledger for that same privacy reason.

[tabas]

It's better to buy Trezor than a Ledger hardware wallet. Few reasons is that it's closed source and then you might get into their ledger recover for allowing them to know your keys. They're saying that it's encrypted and you even have to pay for that so no.

yes its been widely reported that Trezor trumps Ledger in terms of wallets
and the OP is definitely on the right track with staying clear of exchanges and taking
full custody of their coins.

Right, he's doing a good job in here and also asking the community's tip for that. Because other newbies don't do that very often and they just lean on their research which is fine but not at all times they research everything that clears their decisions.

Just think of it that the majority of the exchanges are asking for verification(KYC). If there are those that don't ask on it anymore, later on they'll have to do it. We've seen it how binance became like that.

There are still crypto exchanges that pride themselves in being decentralized. I heard that dYdX an ethereum based exchange is one of if not the best decentralized exchange out there. Maybe because the government hasn’t heard of them yet that’s why it’s still decentralized but for now there are still such exchanges.

I think that it's been so long for me since I've stopped using any of these ERC20 based decentralized exchanges. But if they're still around and they're giving that decentralization that the users want, the volume might just sufficient for a few trades. And not just them that are offering decentralization and still remains to be a non-kyc exchange as obvious being a dex, and for those CEX that are still non-kyc, soon they'll be one to ask for docs.

[OcTradism]

I think that it's been so long for me since I've stopped using any of these ERC20 based decentralized exchanges. But if they're still around and they're giving that decentralization that the users want, the volume might just sufficient for a few trades. And not just them that are offering decentralization and still remains to be a non-kyc exchange as obvious being a dex, and for those CEX that are still non-kyc, soon they'll be one to ask for docs.

Why do you only say about ERC20-based decentralized exchanges?

Altcoins are mostly copies from Ethereum and many altcoin blockchains are not much different from ERC20 chains. So decentralized exchanges with smart contracts are mostly similar to ERC20-based decentralized exchanges, hence they have nearly similar risks.

When using such DEX, you must use your Web3 wallets and connect them to those exchanges, approve smart contract access and so on there are risks of compromisation on your wallets.

There is warning about this risk as well as recommendation to revoke smart contract approval.
How to revoke token approval.
How to revoke token access.

[@nn@_pen9]

The whole point of crypto was to stay decentralized and free from unnecessary control. Cold wallets are definitely the best move if you care about security and privacy. Personally, I keep most of my coins offline and only leave a small portion on exchanges for trading. Unless you're trading, exchanges shouldn't be where your coins are kept. As for staking, Lido and Rocket Pool are great but remember that even decentralized protocols come with smart contract risks.

It seems like the OP wants to multiply his assets this way. There's nothing wrong with that, but it's best to only use a portion of your assets, for example, 20 percent, which I think is sufficient. Indeed, cold wallets are often used and are the best option for many Bitcoin investors for long-term crypto storage, away from the internet, making them highly vulnerable to hacker attacks.

[tabas]

I think that it's been so long for me since I've stopped using any of these ERC20 based decentralized exchanges. But if they're still around and they're giving that decentralization that the users want, the volume might just sufficient for a few trades. And not just them that are offering decentralization and still remains to be a non-kyc exchange as obvious being a dex, and for those CEX that are still non-kyc, soon they'll be one to ask for docs.

Why do you only say about ERC20-based decentralized exchanges?

It's because he's said about dydx as ethereum exchange and so that I have specified it for erc20.

Altcoins are mostly copies from Ethereum and many altcoin blockchains are not much different from ERC20 chains. So decentralized exchanges with smart contracts are mostly similar to ERC20-based decentralized exchanges, hence they have nearly similar risks.

When using such DEX, you must use your Web3 wallets and connect them to those exchanges, approve smart contract access and so on there are risks of compromisation on your wallets.

There is warning about this risk as well as recommendation to revoke smart contract approval.
How to revoke token approval.
How to revoke token access.

Yes, there's no question about that most of these new networks or chains that have been taken out or referenced to Ethereum/ERC20. And I agree, DEX needs those web3 wallets like metamask for users to connect which others don't find it convenient. I guess today people have been specific calling it as web3 wallets but before, we just say that it has to be connected to metamask or we need to use wallets like mew.

[CoolHashOps]

how much trust should I place in staking platforms like Lido for long-term savings? are there any major risks I need to be aware of?

[BALIK]

how much trust should I place in staking platforms like Lido for long-term savings? are there any major risks I need to be aware of?

You need to distinguish between saving and investing, and saving in crypto is not the right decision. Because cryptocurrency is volatile and risky, it is not as safe and insured as banks, and rewards are not guaranteed.

Cryptocurrencies are suitable for investment and investing is risky, so you should only invest money that you can afford to lose. Don't use your life savings or money you can't afford to lose and think you can earn steady rewards by investing your savings in crypto.

Regarding Lido, although it is a relatively safe choice, it is not absolute, it can still be hacked, code errors can also lead to loss of assets. Not to mention the reward you get will be ETH. So another risk you will face is that the price of ETH will drop and you will not make any profit.

[Hyphen(-)]

how much trust should I place in staking platforms like Lido for long-term savings? are there any major risks I need to be aware of?

Why stake your coin with decentralized body when you can hold?

The disadvantage of staking is that when you are about to sell or when you are in need of urgent money, you need to wait for the agreed duration of the staking reward before you can have access to your money, unlike holding your coin in a decentralized wallet when you can withdraw at any moment you wish.

Staking is the same thing as give some people control over your wealth for some time just to earn additional rewards which most times isn’t worthy of your time.

My personal advice for you is to avoid staking platforms, just buy and hold your Bitcoin for long.

[Uhwuchukwu53]

Well if I understand correctly, talking about exchange not being a safer place to save or stock our crypto, exchange can never be such a place because is more less a market place where different buyer operates saving your crypto there is more risky than any thing else, that is main reason any one who have intentions to stock crypto for long term must see self custodian wallet, as the first protection need given to such stocking.

[Jubilee58]

While investing in cryptocurrency, your topmost interest should be the security of your investment, and once the security of your asset is compromised, you will likely loose  all your money.

Keeping your cryptocurrency in a centralized exchange is risky, because sometimes an exchange can decide to shutdown in a country for one reason or the other, and once an exchange closes operation in a country you are likely to loose your cryptocurrency.

Storing your cryptocurrency in decentralized exchanges is the best, there are decentralized cryptocurrency exchanges that you can store your cryptocurrency, such as metamask, uniswap, trust wallet etc, this cryptocurrency exchanges and wallet can help secure your money appropriately, all you have to do is just to keep your private keys safe to avoid loosing you wallet

There are still some cryptocurrency exchanges that incorporated cold wallet inside of them , that is an advantage for investors making use of such exchange.

[Z-tight]

This is one of the most annoying part you may never escape or do without from the use of a centralized exchange, so let everyone using any always be at alert.

There are a lot of people who do not trade in centralized exchanges. So on that note, it is very possible to avoid using them, i understand that most people do, because of convenience and liquidity, but there are p2p options. And this is a good place to find them: https://kycnot.me/

If you want to maintain high standard and level of privacy, ledger may not be the sure plug for this, you may try with other hardware wallets, but definitely not on ledger for that same privacy reason.

The problem with Ledger is not so much of a privacy one. I understand that they have at one point lost their customer database. But i believe the biggest problem with them is that they are closed source and they introduced ledger recover (opt-in service), a feature that has no place in a hardware wallet.

[X-ray]

Can we stack big amount for years on lido ? And still be unworried ?

Hard question to answer but LIDO already outlined their risk, there's smart contract security risk, slashing, and depegging risk.

Basically your coin is in custody when you're staking and also, LIDO doesn't accept BTC, so I'm wondering if you're actually asking about altcoin question.