Some crypto exchanges are shutting down, should bitcoin holders be worried?

[Rockstarguy]

Its not new for exchanges to shut down there are many exchanges are closed before now it does not make any specific  difference to Bitcoin and Crypto markets but this thing became anaxious for new traders specially for those traders who keep their money in exchanges rather then wallets and mostly new users make this mistake .

When an exchange shuts down, there will definitely be victims who will lose their assets, as this occurs because they have chosen not to be in control of their assets but depend on the exchange. Some of the people who have been victims of lost assets as a result of the shutdown of exchanges are aware of the risks of using an exchange, but it was just a comfort zone that they never resisted.

One thing about the shutdown of exchanges is that it is always unpredictable, and this is why people need to act fast and do the right thing to prevent unknown circumstances that can take place in the future.

[Humblevirus]

Should we leave exchange completely and switch to a non custodial wallet?

Yes. That is just the right thing to do. Because it's more safe and secure then keeping our fund's on an exchange. Remember, that not your keys not your coin. This is not just for talking sake, but the actual fact as long as Bitcoin assets is concerned. Non custodial wallet is the way out take it or leave it.

If we are not going to use the exchange, that makes no sense of keeping our money in them.

So, choose to keep it to ourselves with non custodial wallets. It helps us avoid the risk of having our funds involved in a potential hack.

We become our own bank and despite that we've been hearing that, others should start to realize the beauty of it.

If we see some people saying that they are holding a large amount of Bitcoin on an exchange, I’m always surprised. Why are they holding their Bitcoin on an exchange when they are aware of what is happening to exchanges as they continue to collapse?For some people, I think it’s a lack of knowledge about privacy. Some people don’t even know the difference between a custodial wallet and a non-custodial wallet, so they just feel that keeping their Bitcoin on an exchange is safe.But anyone who has knowledge about privacy will likely try to move their coins off an exchange, unless they want to make use of the exchange for a specific purpose.

[PVequalNRT]

If we see some people saying that they are holding a large amount of Bitcoin on an exchange, I’m always surprised. Why are they holding their Bitcoin on an exchange when they are aware of what is happening to exchanges as they continue to collapse?For some people, I think it’s a lack of knowledge about privacy. Some people don’t even know the difference between a custodial wallet and a non-custodial wallet, so they just feel that keeping their Bitcoin on an exchange is safe.But anyone who has knowledge about privacy will likely try to move their coins off an exchange, unless they want to make use of the exchange for a specific purpose.

I don't think people will stop exchanges as their custody because people trade and for that too happen, they need to keep their coins on the exchange to continue to trade. Some people even open positions for some period of time, all these warrant people to trust the exchange to keep their money with them. The only thing I can rule out is people that don't trade and yet they keep their coins on the exchange especially the ones that hold Bitcoin when they can make use of their custodial wallet.

[jossiel]

If we are not going to use the exchange, that makes no sense of keeping our money in them.

So, choose to keep it to ourselves with non custodial wallets. It helps us avoid the risk of having our funds involved in a potential hack.

We become our own bank and despite that we've been hearing that, others should start to realize the beauty of it.

If we see some people saying that they are holding a large amount of Bitcoin on an exchange, I’m always surprised. Why are they holding their Bitcoin on an exchange when they are aware of what is happening to exchanges as they continue to collapse?For some people, I think it’s a lack of knowledge about privacy. Some people don’t even know the difference between a custodial wallet and a non-custodial wallet, so they just feel that keeping their Bitcoin on an exchange is safe.But anyone who has knowledge about privacy will likely try to move their coins off an exchange, unless they want to make use of the exchange for a specific purpose.

If they trade there very often, that's okay and easy to understand.

But if their sole purpose is to use the exchange as their personal wallet, maybe they don't even know it yet the risk that it has got.

Once these exchanges gets hack and collapses, that's when they will realize the risk of it.