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Keep your bitcoin and ethereum on Exchange platform.

  • Thread starter Thread starter ahmedo24
  • Start date Start date
I think that it can be a bit risky to have large amounts but at the same time, I have come to realize that it is a very good option when you need to conduct transactions or to trade with them.
 
Niftyyem said:
I think that it can be a bit risky to have large amounts but at the same time, I have come to realize that it is a very good option when you need to conduct transactions or to trade with them.
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Since you'll be converting your Crypto coins to your local currency in the end it is practically advisable to hold 60% of your coins on exchange platform
 
ahmedo24 said:
Bitcoin and Ethereum are fast growing coins at the moment but the transaction fee for these coins is not favourable especially to many small Investors. The best in my opinion is for you to hold these coins on Exchange platforms because they have very little to no transactions or swapping fee.
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Transaction fee for Ethereum and Bitcoin are insanely high. I have noticed that whenever the price of coin rises, their transaction fee also rises but this may not always be the case. Bitcoin Cash is a popular crypto and it has good value but its transaction fee is very, very low. That's why I prefer Bitcoin Cash over other crytos like Ethreum and Bitcoin.
 
ahmedo24 said:
Bitcoin and Ethereum are fast growing coins at the moment but the transaction fee for these coins is not favourable especially to many small Investors. The best in my opinion is for you to hold these coins on Exchange platforms because they have very little to no transactions or swapping fee.
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Another thing is you wouldn't have to worry yourselves in copy and paste of your altcoin address. you will sell instantly after your willingness.
Quote for today!
Cherish watever you have today and don't wish bad luck for your neighbor, because they have what you don't av.
 
Dowenship said:
Another thing is you wouldn't have to worry yourselves in copy and paste of your altcoin address. you will sell instantly after your willingness.
Quote for today!
Cherish watever you have today and don't wish bad luck for your neighbor, because they have what you don't av.
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You are right, it very safe to sell using an exchange platform as you are free from charges and also the extra carefulness of not copying wrong address especially if you are selling huge amount of funds
 
Keeping your Bitcoin and euthereum in wallet is the best option. This is because trading these crypto currencies is quite challenging but one can allow it to just appreciate value naturally and still make profit from it.
 
But isn't it said that "Not your keys, not your coins"?

On exchanges, it is believed that we are more prone to attacks than using a private wallet. Even with the added advantage of low swapping fees, is it worth it?
 
ahmedo24 said:
Since you'll be converting your Crypto coins to your local currency in the end it is practically advisable to hold 60% of your coins on exchange platform
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It turns out that I ended up doing same because it is way easier to use exchanges that support the p2p trading feature. Like you rightly said, it is the most practical thing to do.
 
Niftyyem said:
It turns out that I ended up doing same because it is way easier to use exchanges that support the p2p trading feature. Like you rightly said, it is the most practical thing to do.
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Yeah, we will continue to learn more about how to minimize losses in Crypto currencies then optimize earnings. P2P from Binance is more secure than the normal withdrawal.
 
ahmedo24 said:
Yeah, we will continue to learn more about how to minimize losses in Crypto currencies then optimize earnings. P2P from Binance is more secure than the normal withdrawal.
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Yeah , P2P is scure but i have seen many apps that provide persom to person service and most of them are really not secured especially Okex . So binance is best for that.
 
ahmedo24 said:
Bitcoin and Ethereum are fast growing coins at the moment but the transaction fee for these coins is not favourable especially to many small Investors. The best in my opinion is for you to hold these coins on Exchange platforms because they have very little to no transactions or swapping fee.
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This is true , however this is concern on the safety of the coins placed in an exchange site . Many exchange sites we're hacked in 2020 and users funds stolen . This is the only challenge I have with storing my coins in an exchange site .
 
Josemendez said:
This is true , however this is concern on the safety of the coins placed in an exchange site . Many exchange sites we're hacked in 2020 and users funds stolen . This is the only challenge I have with storing my coins in an exchange site .
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That's a strong point you have made, I guess site lien Binance is trying her best to prevent such attack and most times the members are usually compensated.
 
I do not leave my cryptocurrency on the wallet or exchange in platform. The reason is that the cryptocurrency availability. With a few minutes, your total investment can you depreciate drastically in cryptocurrency. Once my investment has reached the existing price I have in mind, I am going to withdraw all my cryptocurrency.
 
kayode10 said:
I do not leave my cryptocurrency on the wallet or exchange in platform. The reason is that the cryptocurrency availability. With a few minutes, your total investment can you depreciate drastically in cryptocurrency. Once my investment has reached the existing price I have in mind, I am going to withdraw all my cryptocurrency.
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I guess if that strategy works for you, then, good. However, what if the bull run now starts at the exact amount you had in mind? You would wait, right? That is exactly what I would do in such situations.
 
kayode10 said:
I do not leave my cryptocurrency on the wallet or exchange in platform. The reason is that the cryptocurrency availability. With a few minutes, your total investment can you depreciate drastically in cryptocurrency. Once my investment has reached the existing price I have in mind, I am going to withdraw all my cryptocurrency.
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In other word you're still leaving your crypto assets in the wallet or exchange platform based on your target and that is what everybody does, everybody you see investing in cryptocurrency today has a target and once that I get is hit they convert their money into Fiat currency and then probably reinvest later.
 
ahmedo24 said:
That's a strong point you have made, I guess site lien Binance is trying her best to prevent such attack and most times the members are usually compensated.
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Not in all cases . There has been cases where the users fund were not fully paid back . The best strategy is to move to exchange site when you are ready to trade your coins and return to decentralized wallet afterwards .
 
Josemendez said:
Not in all cases . There has been cases where the users fund were not fully paid back . The best strategy is to move to exchange site when you are ready to trade your coins and return to decentralized wallet afterwards .
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That's a good suggestion though not all wallets has the ability to convert one's funds into USDT except we opt for litecoin or bitcoin cash option because of the low transaction fees when depositing on Exchange platforms
 
If I decide or intend to save my money on cryptocurrencies platform, is because I believe that with time , the money is supposed to appreciate over time because of the nature of cryptocurrency.
 
Yes you are absolutely right, transferring or swapping either bitcoin or ethereum charges is very high this days, I think is because of the sudden rises of the coin. As for I chose Binance as my favourite exchanger to buy and keep or swap to any coin of my choice there cause there is little or no fees for doing that.
 
Normally, I use my bitcoins and ethereum to buy products and services. However, after bitcoins and ethereum began growing big I started holding my bitcoins and other crypto currencies on my coinbase account.
 
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