[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 17 KB, 240x232, E1CA1DD8-1D71-4C7B-89F9-FFDFBC375B09.jpg [View same] [iqdb] [saucenao] [google]
7094113 No.7094113 [Reply] [Original]

I have coins worth 3k on bitfinex. Am I a retard for trusting an exchange more then a desktop or hardware wallet?

>> No.7094334

3k is almost nothing
Maybe put in a hardware wallet once you have 10k+

>> No.7094501

>>7094334
Well you can always lose/damage your hardware wallet. If bitfinex or Binance get hacked they would pretty much be done. Dosent this mean they have a interest in keeping my coins safe?

>> No.7094535

Depends on how much you value that 3k. If you plan on buying and holding then put it into a wallet. If you don't want to miss the opportunity cost of trading/going from coin to coin then keep it on the exchange until your balance gets larger.

>> No.7094574

>>7094113
On one hand, the exchange is probably a lot more competent than you to prevent hacks and other fuckups. On the other, people have a lot more incentives to try to hack the multi million dollar exchange wallet than your's. It's also possible that the exchange goes bankrupt, gets shutdown or exit scams. If you only have small amounts of coins that you keep day or swing trading, not matter what some people say I don't think it's the end of the world to keep it on an exchange.

That said, if you have some coins that you want to hold for long periods, I'd still learn how to use a desktop or hardware wallet correctly and do that.

>> No.7094597

>>7094574
Cold wallet>exchange>hotwallet

>> No.7094614

I lost 2 bitcoins on an exchange (about $2000)
wallet that shit fucker
only good advice ill ever give you, everything else I say is shilling.
wallet it

>> No.7094790

>>7094597
Makes sense, thanks, With all the FUD surrounding some hardware wallets recently, it makes it difficult to trust anything. Most of my coins are on one of the major exchanges, but I also have around 3k that I'm trying to grow. Whenever I have enough to start holding long term, I'll look into the various cold wallets.

>> No.7095260

>>7094614
What are you using? For example the Ledger Nano S dosent support all of my altcoins.