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Temporary pause of Bitcoin withdrawals on Binance

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Re: Temporary pause of Bitcoin withdrawals on Binance

#21

Post by dhsysusbsjsi »

rvz wrote: post #9
wfhordie wrote: post #5

Earlier quoted context omitted.

Crypto is user hostile then? Got it

Nope. The point is you store your crypto on a non-custodial software wallet (Metamask) or a hardware wallet (Ledger Nano) and not on an exchange, so it cannot be 'held hostage' . It is not your keys, not your coins if it is on an exchange which uses custodial wallets, but doesn't apply if it is on a non-custodial wallet.

This statement bugs me because it is a large source of confusion for new people.

Your funds are spendable by your private key. Your private key is stored on Metamask, Ledger or a piece of paper.

It’s an important distinction to make. Your hardware wallet is just a custodian of your private key.

Re: Temporary pause of Bitcoin withdrawals on Binance

#22

Post by namaria »

rvz wrote: post #9
wfhordie wrote: post #5

Earlier quoted context omitted.

Crypto is user hostile then? Got it

Nope. The point is you store your crypto on a non-custodial software wallet (Metamask) or a hardware wallet (Ledger Nano) and not on an exchange, so it cannot be 'held hostage' . It is not your keys, not your coins if it is on an exchange which uses custodial wallets, but doesn't apply if it is on a non-custodial wallet.

You either have a healthy ecosystem or you don't.

Re: Temporary pause of Bitcoin withdrawals on Binance

#24

Post by mhluongo »

shawabawa3 wrote: post #15
edf13 wrote: post #7

Earlier quoted context omitted.

Didn’t read his next message? > This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.

But BTCB (Bitcoin on BSC/BEP-20) is not Bitcoin To actually withdraw Bitcoin like this, you'd have to bridge your BTCB to WBTC on Ethereum, and from there bridge it back to BTC (using a custodial bridge, AFAIK there are no WBTC/BTC decentralised bridges) You'd eat 2 sets of fees along the way plus gas, probably costing you 0.3% or more

No post body was provided.

Re: Temporary pause of Bitcoin withdrawals on Binance

#25

Post by naraga »

viraptor wrote: post #18
caslon wrote: post #11

Earlier quoted context omitted.

I dislike cryptocurrency, generally, but plenty of people hold their own keys. It's rarer, now, but that's because mass consumers are generally stupid, not because the technology is flawed. If you can do the correct thing, and you choose not to (or just are ignorant enough to not do the correct thing), it's kind of your fault. I still think we should legislate it, but let's be honest: Most people who lose, here, kind…

This doesn't have much to do with people being stupid. If you want to trade more than once a month, you pretty much have to keep the funds on an exchange. Otherwise transfer fees would kill any profit you made. If you're not trading often, you may still want to take the risk due to free in-exchange transfers.

so, either trade on exchanges with Lighntning or pick the one at least in jurisdiction that gives you some kind of protection like if you held money for any other service / broker.

Re: Temporary pause of Bitcoin withdrawals on Binance

#26

Post by ParksNet »

shawabawa3 wrote: post #8
wfhordie wrote: post #3

So what exactly is the point of holding BTC if it can be held hostage like this? Crypto continues to fail at its most basic premises.

You should be asking "what exactly is the point of holding BTC on Binance"

We should be asking "what exactly is the point of holding BTC"

Re: Temporary pause of Bitcoin withdrawals on Binance

#29

Post by theIV »

artemonster wrote: post #28
jmoak3 wrote: post #20

You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it

What is moxie?

Moxie is a who. Probably referencing this blogpost, https://moxie.org/2022/01/07/web3-first-impressions.html.
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