Post
Topic
Board Bitcoin Discussion
Re: More secure ways of storing bitcoin?
by
fuguebtc
on 21/10/2023, 08:29:53 UTC
Many here are suggesting that they do not keep anything on exchanges. I doubt this. They must be having good amount on exchanges. They operate with huge amounts and must be involved in trading crypto also. It will not make much difference to their net worth even if they loose funds on one exchange due to hack. They keep the risk versus reward ratio in mind before taking such decisions. Keeping the money idle in hardware wallets or paper wallets will give them no returns at all.
Well, I also feel like what you've said.

Even if someone says that one shouldn't keep your balances on exchanges, you may see them have some of their stash deposited there for whatever purpose they are doing. Like in interest accounts and earns passively there but they know the risk I guess.

So wherever you're keeping them, you're aware of the risk that you're taking upon keeping it on exchanges. It's not just the newbies that does it and yes also likely the ones that suggests don't keep it there.

Many people also say to stay away from centralized exchanges and only use decentralized exchanges and I don't believe what they say either. I have the feeling that many people are trying to lie to please someone to gain merit rather than telling the truth. It is true that people do not store bitcoins on centralized exchanges because everyone is aware of its risks. But those who say they do not use and do not have any accounts on centralized exchanges are blatantly lying. I bet you that people who say so are also secretly using them because they are almost a necessity in the market and that is why CEX still exists in the market.