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Author Topic: Are keeping 10 BTC on 10 different online exchanges is a good idea?  (Read 631 times)

nCONsfOR

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I want to buy 10 BTC on binance, and want after purchase transfer every BTC on another exchange likes on every continent in my diversification strategy: coinbase, aex, bitbank, and several smaller exchanges.

What do you think about my strategy? I want to keep BTC a minimum 3-4 years, I think also about hardware wallet, but I often travel and don't have space to keep a hardware wallet. I want to keep btc in several exchange, because probably 2-3 from this exchange will hacked in future and probably I can't recovery this btc.
 

tranduong123

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Re: Are keeping 10 BTC on 10 different online exchanges is a good idea?
« Reply #1 on: April 30, 2020, 12:25:03 PM »
It's a bad idea, keeping BTC in multiple exchanges only increases your risk of losing money, instead why not deposit it in many different hardware wallets, and keep them in a safe place. The fact that you are traveling does not matter because you hold BTC for 2-3 years.

50Sat

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Re: Are keeping 10 BTC on 10 different online exchanges is a good idea?
« Reply #2 on: April 30, 2020, 01:31:09 PM »
I agree, hardware wallet - the best option. On exchange somebody can hack you. Also, exchange can be not honest
Don't put all your eggs in one basket...

bigcash2011

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Re: Are keeping 10 BTC on 10 different online exchanges is a good idea?
« Reply #3 on: April 30, 2020, 11:33:04 PM »
Well keeping bitcoin on exchanges is risky, still if you think that you have no other option then i will suggest you to only store on top reputed exchanges like binance, huobi, okex etc only.

ansi

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What the point of doing that?
I personally see no benefit or good reason for that, actually there is like couple good / trusted / with strong security exchanges, stick with them & that's all, why you need " 10 exchanges " in the first place lol?
If you're willing for long term investment, it's better buying a Hard Wallet, it's the safest wallet you can even get.

OluwaTosin10

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I want to buy 10 BTC on binance, and want after purchase transfer every BTC on another exchange likes on every continent in my diversification strategy: coinbase, aex, bitbank, and several smaller exchanges.

What do you think about my strategy? I want to keep BTC a minimum 3-4 years, I think also about hardware wallet, but I often travel and don't have space to keep a hardware wallet. I want to keep btc in several exchange, because probably 2-3 from this exchange will hacked in future and probably I can't recovery this btc.

It is a terrible idea to keep your funds on any crypto currency exchange platform.
It is unethical, it is unsafe and can be frustrating for you later in the future.

Keep your funds only in your paper wallet, and trezor wallet or other cold storage

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nCONsfOR

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Hey Again

Thanks for all replies.
OK keep BTC on the online exchange is a stupid idea.

I have two question:

#1
I think about paper or hardware wallet, what is better? I see that in web popular trezor wallet, what do you think about this wallet? I need wallet which supported per 5 years, trezor is support? I can buy two trezor and have this same wallet?

#2
About paper wallet for BTC is recommend https://bitcoinpaperwallet.com/, for ETH which paper wallet is popular?

Blueblade

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I think exchanges wallets are not safe for long term holding but hardware wallets are more secure wallet for long-term holding ledger s nano is safest and smallest hardware wallet.

Redix

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If you keep your Bitcoins on top or trusted exchanges, it is not a too bad idea. However, I never did the strategy as you said above. For me, it is too complicated and not really needed. I prefer to choose some best exchanges, maybe around 4 exchanges to keep that Bitcoins. Binance, Indodax (my local exchange), OkEx, & Kraken/Bittrex are the best options in my view.

nCONsfOR

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@Blueblade, @Redix
Thanks for reply! I have three idea:
- keep several btc on top10 exchange
- keep btc on trezor, but this  wallet is safe?
- I also thinking about paper wallet, but paper wallet is very risk yes?

What do you think about this strategies?

xqanxxx

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Re: Are keeping 10 BTC on 10 different online exchanges is a good idea?
« Reply #10 on: May 12, 2020, 03:32:21 PM »
You know they might get hacked in the future and you still want to risk? The way to go about this situation is hardware which you've stated won't be a good idea, I will suggest you further into other secure alternatives like Atomic Wallet. These kinds of wallets are non-custodial and anonymous. Available on mobile devices which you can download a copy on your phone to manage your BTC

nCONsfOR

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Re: Are keeping 10 BTC on 10 different online exchanges is a good idea?
« Reply #11 on: May 12, 2020, 08:47:12 PM »
@xqanxxx, atomic wallet is safe? Trezor is better? What do you think?

nCONsfOR

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Re: Are keeping 10 BTC on 10 different online exchanges is a good idea?
« Reply #12 on: May 16, 2020, 02:47:36 PM »
Hey,

xqanxxx, can you response me?

Zen10

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Re: Are keeping 10 BTC on 10 different online exchanges is a good idea?
« Reply #13 on: May 16, 2020, 03:11:44 PM »
Only put funds in exchanges when you plan to trade, do not use their wallet as storage regardless if it is a top exchange or not. The idea here is to be 100% responsible for the security of your funds.

You should probably avoid bitcoinpaperwallet.com too. It was sold in 2018 and I have read some posts that coins generated from the wallet has been stolen.

Hardware wallets such as Trezor and Ledger are great. Make sure to buy them from the official websites or authorized reseller to avoid getting scammed. Both wallets are secure but the safety still depends on you.

Legder Nano S is 50% off right now by the way if you want to buy one.

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