If an exchange can disappear anytime, where should we really consider keeping our coin?
Should we leave exchange completely and switch to a non custodial wallet?

If an exchange can disappear anytime, where should we really consider keeping our coin?
Should we leave exchange completely and switch to a non custodial wallet?

I get your point, mate. But I was responding to a post where the writer said that let all the exchanges collapse and even die. The case of FTX and Mt Gox is different because they collapsed without warning. Meanwhile, the current ones are not collapsing but winding up. They didn't just suspend withdrawals like FTX and others but gave users time to withdraw their funds. But you and I know that if all exchanges collapse, it wouldn't be good for the crypto industry. The shutting down of BitMart and BitMEX is no big deal since they are not major exchanges.

Why should Bitcoin holders worry about something that has nothing to do with Bitcoin? Exchanges aren't called exchanges for nothing, they're places where you trade your assets, not where you permanently store them.

Some crypto exchanges have been shorting down lately
Exchanges like BitMart, BitMex.......
They have been around for some years now but somehow they shutdown
This got me thinking about people that keep their bitcoin on exchanges

If you buy and keep bitcoin on an exchange, you trust them to keep your bitcoin safe and let you withdraw anytime you want to withdraw
But what happens when they shutdown?

You might have problem getting your bitcoin back depending on what's happening with the exchange
It also made me wonder if it is the current market condition that's making some of the exchanges struggle. When people are not really trading, making enough money to keep the business running can be hard

Am not saying it's the market condition that's making the exchanges shutdown, there could be other reasons too but for people that want to hold bitcoin for a long time it raises an important question

If an exchange can disappear anytime, where should we really consider keeping our coin?
Should we leave exchange completely and switch to a non custodial wallet?

Was there a time it have ever been best to keep your coins/tokens in an exchange before? That made you want to ask a public question between switching over from storing in a centralised exchange and a self-custody wallet. Self-custody has always been the best; centralised exchanges don’t give you full access. This is not even a question.

From the name you should already know that exchanges weren't built for holding coin but for simply exchanging them, so while it's easy to buy coins in exchanges and even trade them for people who trade, it definitely wasn't built for long term holding so while newbie bitcoin investor can use exchanges to start holding bitcoin they shouldn't make the mistake of ultimately leaving their asset on an exchange because the truth is that they can shut down at any time.

If you buy and keep bitcoin on an exchange, you trust them to keep your bitcoin safe and let you withdraw anytime you want to withdraw
But what happens when they shutdown?

You shouldn't be suprised mate, that account is a newbie account and from his statement i don't think he's well knowledgeable about Bitcoin cause first off he won't be worried about those exchanges shutting down if he's a holder, expect he's trading with any of them. Real investors would never want a third party to have access to their coins and would use wallets that gives them self custody, well from the response he's got i believe he'll learn, i expect him to.

I could see that you are not a crypto person, otherwise, you would have known that "Not Your Keys, Not Your Coins." Centralised system is the wrongest place to trust with your money, and it gets worse in crypto environment because they can treat you most unfairly since they can hide under the cover of the internet, as they are weakly regulated. Is that where you want to keep your coins and relax? If at all you want to take that risky step, you should go for the top-rated ones only, but still don't hold big money there.