Quote from: philipma1957 on Today at 10:07:53 PM

Quote from: Rikafip on Today at 08:47:39 AM

Quote from: MiliMil on Today at 04:26:38 AM

I am in the process of purchasing a Ledger Nano offline wallet and it got me thinking about why people store their digital assets on crypto exchanges.

Some to get measly return via staking, some simply due ignorance, thinking that exchanges are sort of banks and that they funds are "safu", some are simply too afraid to hold their own coins and would rather put that responsibility in someone else's hands. Neither of these reasons make any sense, but that's people.

Quote from: MiliMil on Today at 04:26:38 AM

What would happen if Binance got hacked tomorrow and lost the majority of its cryptocurrency? Would they be able to reimburse customers or would they become insolvent?

Since their "safu" fund is allegedly 1 billion and Binance is in control of tens of billions of dollars, you can imagine what would happen and whether they would be able to reimburse everyone.

Quote from: MiliMil on Today at 04:26:38 AM

I asked my close group of friends how many store their assets on exchanges and only 1 out of 6 uses an offline wallet.

In the early days bitcoin attracted mostly people who were heavily into privacy, freedom, believed in "be your own bank" thing, but majority of bitcoiners nowadays don't really care about any of those things exepct numbers going up, so this example of yours doesn't surprise me one bit.

Quote from: Hamnajaved on Today at 06:23:40 AM

They store because they want higher exchange rates in future.

And how exactly you get "higher exchange rates" by storing your crypto on the exchange? Exchanges are for trading (exchanging) currencies, not for storing.

Okay put 100000 Doge you own on an exchange.

Set 3 sale points

33,333 at 29 cents
33,333 at 49 cents
33,333 at 69 cents

set it and forget it.

doge was 0.2 cents in 2020

doge peaked at 70 cents in 2021

So the above is doable.

or was possible to do.

At the moment I have Zil on an exchange it is from merge mining etc and zil

I sell all the etc and list the zil at 10 cents 20 cents and 30 cents.

I also do this kind of strategy. Putting my cryptocurrency on sell order and leaving it until the order is fulfilled. It is already doable because we had done successful trade using this strategy. But still, I is not advisable to leave all our funds in an exchange. We do this because we can afford these coins during the time of order placement since the price of the coins is too cheap and we are hoping that it will moon and fill our sell order.