Are people still holding cryptocurrencies on exchanges?
Mt.gox mistake

Are people still holding cryptocurrencies on exchanges?


 

About 30% of HIVE is on the exchanges. Is this an exception?

 

Looking at the data that @penguinpablo provides on his blog https://ecency.com/@penguinpablo about HIVE tokens on exchanges we see an interesting thing. A huge percentage of people still hold their cryptocurrencies on exchanges. What am I writing? They are not theirs anymore!

You can see below how the number of HIVE tokens on all exchanges changed in 2021.

TLDW:

HIVE on crypto exchanges

 

People from South Korea have the most confidence in cryptocurrency exchanges. Upbit is the only exchange with more and more HIVE every month.

 

This is what the total HIVE held on exchanges looked like:


Total HIVE

 

In recent days we have seen increased interest in blockchain HIVE so the last 100 million HIVE tokens can evaporate quickly.

 

HIVE Price

https://www.coingecko.com/en/coins/hive

 

The HIVE price has reached ATH at over $2.40 and there are BIG THINGS ahead like SPK Network! Read more about it on the https://ecency.com/@spknetwork blog.

 

Over 7 years ago, the bitcoin exchange Mt.Gox collapsed.

Mt.Gox

https://en.wikipedia.org/wiki/Mt._Gox

 

Last week, more than 31% of all HIVE tokens were on cryptocurrency exchanges. This is strange because holding HIVE on a personal wallet gives benefits like about 10% ROI from voting on hive.blog posts. However, the most important advantage is that the cryptocurrencies held in your wallet are yours and no one can block them. When you hold them on an exchange they can block them for maintenance or when they think they can't pay you out because you don't meet AML / KYC requirements. Also, at any time a cryptocurrency exchange can go down or a hack or a rogue employee can steal the funds. Such things have happened many times before.

In 2014, the largest bitcoin exchange Mt.Gox collapsed. People will only receive a refund of PART of their funds in the coming months. They had been waiting for over 7 years! Other people were not so lucky and lost everything after hacking attacks on poorly secured exchanges.

Is it only HIVE holders who hold 30% of their money on crypto exchanges? The largest bitcoin wallets belong to exchanges.

 

BTC wallets

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html


Exchanges don't keep everything in one wallet for security reasons so it's definitely not all cryptocurrency exchange wallets. As we can see o lot of cryptocurrencies belong to exchanges. Yes - belong because they are the ones who have the keys. Until you withdraw crypto to your wallet you can not say that you have so and so much Bitcoin, Ethereum or HIVE.

I suspect there are a lot of new people in the cryptocurrency market who don't remember the Mt.Gox collapse. It's worth reading about it so that similar drama doesn't happen to you.

https://en.wikipedia.org/wiki/Mt._Gox

 

Thumbnail picture from Pixabay:

https://pixabay.com/illustrations/mistake-404-error-computer-website-3085712/




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