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#1 2023-02-08 11:07:23

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Warning: Don’t leave your funds on an exchange/crypto service

I know so many of us here already know about this, so i am posting it for those who do not know and for newbies who come into uTalk everyday.

Many crypto enthusiasts erroneously think exchanges are crypto banks, they are not, they are created specifically for crypto trading, your funds should be in your own wallet, remember that if it is not your keys, it is not your coins. Many cypto exchanges and services have collapsed in the past one year, such as: 3AC, Celsius, Voyager, Blockfi, Genesis, Terralabs, Ftx…

Take control of your funds, and don’t lose it to an exchange when they either collapse, go bankrupt, are breached or carry out an inside job.

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#2 2023-02-08 19:19:54

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,843

Re: Warning: Don’t leave your funds on an exchange/crypto service

Not your keys; not your coins. This is one of the most important advice for a crypto holder and should not be taken lightly at all.

Exchanges are for that, exchanging your funds, you do not need to keep funds in them longer than is needed to convert them to your desired currency. Use a good wallet that gives you full custody and keep your funds there.

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#3 2023-02-08 19:43:48

Detroit
Member
Registered: 2022-12-27
Posts: 1,637

Re: Warning: Don’t leave your funds on an exchange/crypto service

I'm glad someone finally made a thread on this type of topic. It is one if the most important part of cryptocurrency people ignore or see as basic knowledge everyone should have.
Thanks for your time,  this will help a lot of newbies.

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#4 2023-02-08 20:23:39

Vastextension
Member
Registered: 2022-11-19
Posts: 2,118

Re: Warning: Don’t leave your funds on an exchange/crypto service

Camavinga;5085 wrote:

I know so many of us here already know about this, so i am posting it for those who do not know and for newbies who come into uTalk everyday.

Many crypto enthusiasts erroneously think exchanges are crypto banks, they are not, they are created specifically for crypto trading, your funds should be in your own wallet, remember that if it is not your keys, it is not your coins. Many cypto exchanges and services have collapsed in the past one year, such as: 3AC, Celsius, Voyager, Blockfi, Genesis, Terralabs, Ftx…

Take control of your funds, and don’t lose it to an exchange when they either collapse, go bankrupt, are breached or carry out an inside job.

The idea Satoshi had when he introduced the first cryptocurrency was people being their own Bank not using the cryptocurrency exchange as their bank. If we look into the name they are called an exchange, not a bank i.e people should go there and trade/buy/sell cryptocurrency there and move out their crypto.
Anyone that does make use of cryptocurrency exchange like this can only blame himself if he the consequence.

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#5 2023-02-08 20:59:25

Kelechi
Member
Registered: 2022-12-25
Posts: 2,463

Re: Warning: Don’t leave your funds on an exchange/crypto service

This is a rookie mistake if actually anyone is doing it, never leave your funds on an exchange, not you wallet not your coin never forget that.

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#6 2023-02-08 21:29:37

full
Member
Registered: 2023-01-06
Posts: 1,427

Re: Warning: Don’t leave your funds on an exchange/crypto service

Kelechi;5173 wrote:

This is a rookie mistake if actually anyone is doing it, never leave your funds on an exchange, not you wallet not your coin never forget that.

It is not always about rookie mistakes because I learn that in the cryptocurrency sphere, some people easily trust influencers, especially those who are doing well with the government. Could you believe despite what happened with FTX some crypto investors still keep their investment in Binance because the exchange is doing good now?

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#7 2023-02-09 05:58:13

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,843

Re: Warning: Don’t leave your funds on an exchange/crypto service

full;5182 wrote:

It is not always about rookie mistakes because I learn that in the cryptocurrency sphere, some people easily trust influencers, especially those who are doing well with the government.

That of itself is another rookie mistake that no one should be making.

Influencers would market anything that favors them. If an exchange paid them to talk about them and get their followers to use the exchange, they likely would. If a project came to them with a huge offer to shill them, they would also.
If you are into crypto, you should learn to make informed decisions and not simply trust a "big influencer"

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#8 2023-02-17 19:42:10

CrytoCynthia
Member
Registered: 2022-11-19
Posts: 2,562

Re: Warning: Don’t leave your funds on an exchange/crypto service

Many cryptocurrency users has been guilty of the offense of leaving their coin on an exchange and even if some has managed to do it without any harm doing so leaves your cryptocurrency at risk.

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#9 2023-02-21 23:32:05

thrive
Member
Registered: 2023-01-04
Posts: 2,178

Re: Warning: Don’t leave your funds on an exchange/crypto service

Lanistergame2;5209 wrote:
full;5182 wrote:

It is not always about rookie mistakes because I learn that in the cryptocurrency sphere, some people easily trust influencers, especially those who are doing well with the government.

That of itself is another rookie mistake that no one should be making.

Influencers would market anything that favors them. If an exchange paid them to talk about them and get their followers to use the exchange, they likely would. If a project came to them with a huge offer to shill them, they would also.
If you are into crypto, you should learn to make informed decisions and not simply trust a "big influencer"

I still don't consider that as a rookie mistake. For the record, almost 80% percent of crypto enthusiast like what CZ is doing in the crypto sphere through building more relationship for crypto and the government so are you telling it's rookie mistake if i believe in him based on what he's doing?

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#10 2023-03-07 17:20:02

CrytoCynthia
Member
Registered: 2022-11-19
Posts: 2,562

Re: Warning: Don’t leave your funds on an exchange/crypto service

I have a friend who lost up to two BTC all by his carelessness. He left his btc on an exchange and then the exchange has some mixup and froze his asset it’s best to never leave your coin there.

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#11 2023-03-09 23:45:02

thrive
Member
Registered: 2023-01-04
Posts: 2,178

Re: Warning: Don’t leave your funds on an exchange/crypto service

CrytoCynthia;5291 wrote:

I have a friend who lost up to two BTC all by his carelessness. He left his btc on an exchange and then the exchange has some mixup and froze his asset it’s best to never leave your coin there.

I could say this is a rookie mistake because one of the number tips for making a good investment in cryptocurrency is to never keep your crypto on CEX for the long term even if it's Binance since it's operated by humans and they can change their terms and condition any moment.

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#12 2023-03-15 07:36:31

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Warning: Don’t leave your funds on an exchange/crypto service

CrytoCynthia;5291 wrote:

I have a friend who lost up to two BTC all by his carelessness. He left his btc on an exchange and then the exchange has some mixup and froze his asset it’s best to never leave your coin there.

Sorry to your friend for losing that much money because of a very bad mistake he should not have made. These days many people buy crypto because of other people are buying, so they do not try to get knowledge on what they are buying and how to keep it properly, how can a person who has around 2 bitcoins not have a hardware wallet, that is a terrible mistake that would not have happened if the victim was knowledgeable.

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#13 2023-03-15 13:42:21

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,843

Re: Warning: Don’t leave your funds on an exchange/crypto service

thrive;5300 wrote:

never keep your crypto on CEX for the long term even if it's Binance since it's operated by humans and they can change their terms and condition any moment.

They do not even need to change anything on their terms and condition as it already gives them the authority to use your funds as they seem fit, this includes restricting access to it for reasons best known to them and requesting additional personal information whenever they want it.

You would not want to be at the mercy of a third party when you can hold the funds securely yourself.

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#14 2023-03-15 14:10:30

Detroit
Member
Registered: 2022-12-27
Posts: 1,637

Re: Warning: Don’t leave your funds on an exchange/crypto service

Camavinga;5085 wrote:

I know so many of us here already know about this, so i am posting it for those who do not know and for newbies who come into uTalk everyday.

Many crypto enthusiasts erroneously think exchanges are crypto banks, they are not, they are created specifically for crypto trading, your funds should be in your own wallet, remember that if it is not your keys, it is not your coins. Many cypto exchanges and services have collapsed in the past one year, such as: 3AC, Celsius, Voyager, Blockfi, Genesis, Terralabs, Ftx…

Take control of your funds, and don’t lose it to an exchange when they either collapse, go bankrupt, are breached or carry out an inside job.

Many newbies are guilty of this habit.  They don't care to know the rules of exchanges. I think webinars and seminars should be done to enlighten beginners to avoid making such mistakes.

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#15 2023-03-15 18:05:41

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,843

Re: Warning: Don’t leave your funds on an exchange/crypto service

Detroit;5548 wrote:

Many newbies are guilty of this habit. They don't care to know the rules of exchanges. I think webinars and seminars should be done to enlighten beginners to avoid making such mistakes.

Lack of information is not the issue in most cases but the lack of desire to want to be their own bank. Most want the exchanges to handle the custody of their cryptocurrency while they trust them to not lose their funds and grant them access when they want to spend it, similar to the banking system which they are used to.

If they have not changed their mindset despite the numerous hacks on centralized exchanges then webinars and the likes would not make much difference.

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#16 2023-03-15 18:24:31

Detroit
Member
Registered: 2022-12-27
Posts: 1,637

Re: Warning: Don’t leave your funds on an exchange/crypto service

Lanistergame2;5551 wrote:
Detroit;5548 wrote:

Many newbies are guilty of this habit. They don't care to know the rules of exchanges. I think webinars and seminars should be done to enlighten beginners to avoid making such mistakes.

Lack of information is not the issue in most cases but the lack of desire to want to be their own bank. Most want the exchanges to handle the custody of their cryptocurrency while they trust them to not lose their funds and grant them access when they want to spend it, similar to the banking system which they are used to.

If they have not changed their mindset despite the numerous hacks on centralized exchanges then webinars and the likes would not make much difference.

When an individual lacks knowledge or doesn't fully understand the concept of something or information,  they can take full responsibility if it.  For instance, A man who properly understood the intricacies of owning a business including the benefits and losses will likely go ahead with building a business provided the advantages outweighs the disadvantages.

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#17 2023-03-15 18:30:47

Cat
Member
Registered: 2023-03-11
Posts: 153

Re: Warning: Don’t leave your funds on an exchange/crypto service

Detroit;5557 wrote:

When an individual lacks knowledge or doesn't fully understand the concept of something or information,  they can take full responsibility if it.  For instance, A man who properly understood the intricacies of owning a business including the benefits and losses will likely go ahead with building a business provided the advantages outweighs the disadvantages.

and often people do not understand this and blame the "universe" for everything

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#18 2023-03-17 18:53:15

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Warning: Don’t leave your funds on an exchange/crypto service

Detroit;5548 wrote:

Many newbies are guilty of this habit.  They don't care to know the rules of exchanges. I think webinars and seminars should be done to enlighten beginners to avoid making such mistakes.

Who is going to organize webiners for this purpose, nobody wants to doxx themselves and everyone is trying to keep their lives and crypto involvement private, so it is going to be very hard to find a person that is willing to do this. There are so many materials on the internet that people can read and learn about how to handle a crypto wallet and where they should not keep their crypto, but a lot of people do not read it, they just want crypto to give them money, so they end up losing the one they have.

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#19 2023-03-17 19:53:50

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,843

Re: Warning: Don’t leave your funds on an exchange/crypto service

Detroit;5557 wrote:

When an individual lacks knowledge or doesn't fully understand the concept of something or information, they can take full responsibility if it. For instance, A man who properly understood the intricacies of owning a business including the benefits and losses will likely go ahead with building a business provided the advantages outweighs the disadvantages.

This would apply if people truly lacked the knowledge or understanding on how it works, but many today fully understand it but chose to rely on centralized means of storage cause that offers less responsibility and you do not have to be your own banks.

There are also many resources one can use to learn if they are interested in doing so, but many are not.

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#20 2023-03-17 20:48:46

Detroit
Member
Registered: 2022-12-27
Posts: 1,637

Re: Warning: Don’t leave your funds on an exchange/crypto service

Lanistergame2;5834 wrote:

This would apply if people truly lacked the knowledge or understanding on how it works, but many today fully understand it but chose to rely on centralized means of storage cause that offers less responsibility and you do not have to be your own banks.

There are also many resources one can use to learn if they are interested in doing so, but many are not.

What are the ways people can learn how to be thier own bank?
I still believe that if they have the knowledge and also fully understand their roles and responsibilities there will be better outcomes in the result of people who are willing to become their own bank.

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#21 2023-03-18 07:52:09

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Warning: Don’t leave your funds on an exchange/crypto service

Detroit;5859 wrote:

What are the ways people can learn how to be thier own bank?.

It is very easy to learn how to be your own bank, that is if the person truly understands the responsibilities in it, because even when you are your own bank you can still lose your money if you do not know how to protect it well. Being your own bank means you must use a non custodial wallet to hold your funds, and whenever you trade on an exchange, you move it asap to your non custodial wallet. One is their own bank if they have keys to their funds.

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#22 2023-03-18 12:26:25

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,843

Re: Warning: Don’t leave your funds on an exchange/crypto service

Detroit;5859 wrote:

What are the ways people can learn how to be thier own bank?
I still believe that if they have the knowledge and also fully understand their roles and responsibilities there will be better outcomes in the result of people who are willing to become their own bank.

By doing a bit of research. Getting to understand how custodial and non custodial wallets function and which gives them access to their private keys. This is a simple check that anyone can do and be ready to set up their non custodial wallets within minutes.

You are allowed to have different opinions from others, but for me I would say the dependence on the banking system has made people reliant on such a setting and not willing to change despite obvious reasons to.

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#23 2023-03-18 17:02:48

Detroit
Member
Registered: 2022-12-27
Posts: 1,637

Re: Warning: Don’t leave your funds on an exchange/crypto service

Lanistergame2;5946 wrote:
Detroit;5859 wrote:

What are the ways people can learn how to be thier own bank?
I still believe that if they have the knowledge and also fully understand their roles and responsibilities there will be better outcomes in the result of people who are willing to become their own bank.

By doing a bit of research. Getting to understand how custodial and non custodial wallets function and which gives them access to their private keys. This is a simple check that anyone can do and be ready to set up their non custodial wallets within minutes.

You are allowed to have different opinions from others, but for me I would say the dependence on the banking system has made people reliant on such a setting and not willing to change despite obvious reasons to.

You totally have a point there. But you will agree with me that organizing some social gathering examples seminars and webinars would elevate or improve the chances of people being thier own bank.

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#24 2023-03-18 17:30:25

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,843

Re: Warning: Don’t leave your funds on an exchange/crypto service

Detroit;5977 wrote:

You totally have a point there. But you will agree with me that organizing some social gathering examples seminars and webinars would elevate or improve the chances of people being thier own bank.

I guess there is no harm in trying. Even if just one person is convinced to act as their own banks as a result of such an event, then it is totally worth it.

Whoever would organize it would need to be well grounded on how to act as your own bank, including best security practices and privacy methods.

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#25 2023-03-18 18:51:44

Detroit
Member
Registered: 2022-12-27
Posts: 1,637

Re: Warning: Don’t leave your funds on an exchange/crypto service

Lanistergame2;5978 wrote:
Detroit;5977 wrote:

You totally have a point there. But you will agree with me that organizing some social gathering examples seminars and webinars would elevate or improve the chances of people being thier own bank.

I guess there is no harm in trying. Even if just one person is convinced to act as their own banks as a result of such an event, then it is totally worth it.

Whoever would organize it would need to be well grounded on how to act as your own bank, including best security practices and privacy methods.

I guess that's why forums like this are created. To share ideas and support each other but I'm the internet and outside the internet which also includes coordinating ourselves and helping those who need it both intellectually and in every other aspect as much as we can.

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