Quote from: shield132 on February 08, 2021, 06:18:38 PM

Wanted to transfer 0.7 Bitcoin and electrum wallet was warning me that the recommended fee would be higher than 5.7% of the initial amount. I guess 5% of 0.7 bitcoin isn't small and it's a pretty good profit in USD if we consider the amount. I think it's illogical to pay that much fees and some exchanges somehow don't accept SegWit transfers (that's another embarrassment). The idea of this thread is not to push people to leave their funds on exchanges. I just want to find the "Golden Ratio" (sweet spot).

You don't have to necessarily use the "recommended" fees by whatever wallets. In the first place, wallets are mostly notorious for recommending unnecessarily high fees. You can pay as much as a few cents worth of transaction fees if you don't need the funds ASAP.

Quote from: shield132 on Today at 08:15:02 AM

What's the long term in this case? What if I just deposited bitcoins and plan to store it for two days but tomorrow exchange got hacked and my funds are stolen? Once your bitcoins are gone, they are lost. Crypto isn't a bank's payment service where funds are under their control and if hack happens, they are easily able to get the money back, that's why exchanges need the highest security standards and well-written codes.

So, from the moment you send your cryptos to exchange, there is a risk that you may lose it.

The trick is to minimize the time of parking your funds on exchanges. Not planning on using it yet? Then don't deposit it yet.

And again, trading in itself is subjective. So if you don't like the risk of leaving a small amount of your funds on exchanges, then don't risk it. On the other hand, some people are totally fine with it as long as they can make as much money and withdraw the profits as much as possible.

Quote from: shield132 on Today at 08:15:02 AM

But I have a question, why the f do I have to worry about that? If exchange got hacked, it's their fault, not mine and they should pay for any financial loses. That's why I think that PayPal and other top companies will come over current exchanges.

Because when exchanges are totally cleaned out, even if they wanted to cover the lost funds of their users, they wouldn't be able to afford to do so.

As for PayPal, yea, assuming they're holding real BTC(and not CFDs) then there's also the possibility of them losing the bitcoin of their users. It might just be the case that they have A LOT more money to cover losses compared to other far smaller exchanges.