Post
Topic
Board Bitcoin Discussion
Re: Why do people store their cryptocurrency on exchanges?
by
Oasisman
on 07/01/2023, 13:23:17 UTC


Why do people store their cryptocurrency on exchanges?



Simple, It's either they don't have any idea about the danger of the exchange (not your keys, not your Btc)  or they are traders. Majority of the most experienced people in crypto who's storing crypto in an exchange are traders 100%. It is necessary for them to always have their assets ready for any price actions so they could trade it immediately once they see an opportunity. Time and timing is critical for traders.
Now, as for the newbies who find it more convenient to just store their Btcs to an exchange, maybe they have not experienced losing their asset due to an internal incidents happened with the exchanges. Like, hacking and system failures.
Well, most of the newbies don't have that much of an asset stored in an exchange anyway. Unlike the traders who are most likely having a massive amount stored in their account.
So, to answer this question, people store their crypto on an exchange simply because they are trading regularly.