putting btc on exchange

[leen93]

What's the risk of putting for example 10 btc on an exchange like kraken.com with 2 factor authentification?
What's the chance I can withdraw them without any problems in 2 years? 90%, 99%, 99.9%, 99.99%, 99.999%, 99.9999% ?

[silvestar]

What's the risk of putting for example 10 btc on an exchange like kraken.com with 2 factor authentification?
What's the chance I can withdraw them without any problems in 2 years? 90%, 99%, 99.9%, 99.99%, 99.999%, 99.9999% ?

You may lose your bitcoin if the exchange goes belly up like what mtgox did.

It is hard to make a good estimation of the chance, and different people are having different confidence level in the exchange. For me, I would prefer to keep the bitcoin in my own wallet, instead of trusting the site and hoping it will do well for a long time.

[omega33]

Putting btc is very dangerous as exchanges may blow up like mintpal or mtgox.
Then you would have a difficult time to get your btc back.

[Coinshot]

Keep there only if you are trading. Otherwise use something like Blockchain where you are in control of the Private key and do not have to sync.

Else use an Electrum wallet.

[DannyHamilton]

What's the risk of putting for example 10 btc on an exchange like kraken.com with 2 factor authentification?

You have 3 significant risks:

• Risk 1: The exchange is hacked and the bitcoins are stolen.  The exchange is not insured.  You cannot get your bitcoins back.
• Risk 2: The exchange is operated by a con-artist or thief. Eventually greed and impulsiveness get the better of them and they vanish with your bitcoins.
• Risk 3: The exchange is operated by people that are incompetent.  They permanently lose access to the bitcoins and you cannot get your bitcoins back.

What's the chance I can withdraw them without any problems in 2 years? 90%, 99%, 99.9%, 99.99%, 99.999%, 99.9999% ?

Well, if we look at history using the total number of services that allowed users to turn control of their bitcoins to the service, and the number of them that resulted in users permanently losing access to bitcoins, I'd estimate that the change of being able to access all of your bitcoins after 2 years is probably somewhere around 10% or so.

[El Emperador]

There is a huge risk to put that amount on an exchange, because there aren't 100% safe exchanges.

Deposit only if you're gonna trade with altcoins.

[jjacob]

What's the risk of putting for example 10 btc on an exchange like kraken.com with 2 factor authentification?
What's the chance I can withdraw them without any problems in 2 years? 90%, 99%, 99.9%, 99.99%, 99.999%, 99.9999% ?

Put 10 BTC in cold storage and store the private key in a bank locker. The change that you will face problems with withdrawals in 2 years is ~0%,

[ARadzi]

Correct me if Im wrong but it seems you are thinking of depositing 10 btc on an exchange site, hence you are asking your chance of withdrawing after a couple of years. I would suggest not to do such. Keep only a minimal amount on exchange site you use for trading. They are good only for what they are called, i.e. an exchange site. For safe keeping, better use an offline or paper wallet.

[Tilleary]

Exchanges are in full control of your coins if you deposit in the exchange. They can run away with your coins at anytime just like what happened to mtgox.

[leen93]

Yes, but I'm not talking about mtgox or other doubtful exchanges like btc-e. I'm talking about an exchange like kraken

You have 3 significant risks:

Risk 1: The exchange is hacked and the bitcoins are stolen.  The exchange is not insured.  You cannot get your bitcoins back. -> Kraken holds most btc in cold storage so this can't happen
Risk 2: The exchange is operated by a con-artist or thief. Eventually greed and impulsiveness get the better of them and they vanish with your bitcoins. -> owners are known
Risk 3: The exchange is operated by people that are incompetent.  They permanently lose access to the bitcoins and you cannot get your bitcoins back. -> no other exchange is as incompetent as mtgox if you are refering to that.

I don't have a safe or a bank locker and don't think it's worthy to get it for an amount of a few 1000$. But if i just keep it at home i think the chance is bigger it's get stolen than that something goes wrong with kraken, or if i would keep it on my pc i think the chance my computer breaks down is too big

[lamaze]

What particular exchange?

[grosminer]

Why don you want to store your bitcoins on an exchange.. ? There's not interest or any good reason to store them online..

[leen93]

Why don you want to store your bitcoins on an exchange.. ? There's not interest or any good reason to store them online..

it's easy to access them 
are there other places to store bitcoins online but not on an exchange?

[DannyHamilton]

it's easy to access them  
are there other places to store bitcoins online but not on an exchange?

Yes.

https://blockchain.info/wallet

Much, much, safer than an exchange, or any other service where you turn over your bitcoins to someone else's control.

Just make sure you set a strong password, don't access your wallet from a computer that is infected with malware, and remember to store a backup of your wallet in a secure place.

[BeginToMine]

It is better to keep them in blockchain.

[leen93]

it's easy to access them  
are there other places to store bitcoins online but not on an exchange?

Yes.

https://blockchain.info/wallet

Much, much, safer than an exchange, or any other service where you turn over your bitcoins to someone else's control.

Just make sure you set a strong password, don't access your wallet from a computer that is infected with malware, and remember to store a backup of your wallet in a secure place.

is 2FA possible there? Just a password doesn't look safe enough, 5 btc have already been stolen from me and don't want to have the same problem

[DhaniBoy]

of course when we put our bitcoin on the stock market, it would be many consequences that we will get, which is obviously a risk that we will get is the advantages and disadvantages that we will get, in investing course, one day we should be ready with the loss will we get, with the rise and fall of bitcoin prices could cause this to happen, I suggest for now is better to save your bitcoin in your wallet ... 

[newflesh]

I'd be wary of storing that much btc on an exchange for a few days, let alone 2 years. circle.com provides 'insurance' on deposits if you're determined to keep you bitcoin online, blockchain.info is a decent alternative.

[Belikov]

I had some bitcoins in btc-e and mintpal and after Alex Green's (aka Moolah) scam I still waiting my coins fron mintpal. And of course I withdrawed my coins from btc-e to avoid another scam.
Do not use any exchange as a storage! Use your own wallet or blockchain!

[snappa4ever]

Make sure that you are careful leaving coins on exchanges this is one of the first rules, if you do not have it in your wallet you do not own it.