Take BTC out off Binance
- Thread starter BlackMickey
- Start date
italianstarman
Power Member
- Feb 7, 2019
- 606
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D
Deleted member 1333509
Guest
Binance has been hacked for $50M 2 years ago, and not only paid back every single cent to users quickly and without fuss, but then also set up a HUGE insurance fund called (comically) the SAFU Fund which ensures that any kind of hack or loss will be easily covered by them in the future. How many other platforms have that unbelievably awesome feature? (hint: fuck all).
The fees for BTC and ETH are expensive across the board right now, not just at Binance. Try using Metamask to make a simple swap - $70 I was quoted the other day. Any ETH-based DeFi platform, hundreds to stake and hundreds more to unstake.
Binance applies slightly more expensive fees to ETH withdrawals because they are in direct competition with them and trying to grow Binance Chain and Binance Smart Chain. You can send crypto via BSC for less than $0.40, way cheaper than ETH.
Binance is the only platform in the crypto market that I pretty much whole-heartedly trust with my money. If you knew the kind of person I am, you'd understand how much of a big statement that is.
Calling Binance a scam while platforms like Bithumb, HitBTC and Bitmex are still operational today is a big joke tbh.
BlackMickey
Newbie
- Mar 14, 2021
- 38
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biopy
Regular Member
- Nov 25, 2020
- 241
- 58
Not only doge, you can use litecoin too
sugarfreelobster
Newbie
- Mar 12, 2021
- 19
- 3
how the hell is binance a scam
sugarfreelobster
Newbie
- Mar 12, 2021
- 19
- 3
Nothing to be afraid of if you understand the markets
Larry Igna
Power Member
- Nov 25, 2016
- 663
- 717
Even smarter, Nano and Iota have zero fees (I already said that before in this thread), if you move to a place/thing/wallet that's supporting these, you've got yourself a free lunch.
andyframpton
Senior Member
- Nov 18, 2014
- 865
- 1,380
If your homie says it then it must be true. Does your homie offer proof of this?
ritsbd93
Junior Member
- Sep 18, 2019
- 145
- 43
That is true but i have little knowledge about it and may be that makes me...........
sugarfreelobster
Newbie
- Mar 12, 2021
- 19
- 3
VET FTW
lentilmental
Regular Member
- Aug 29, 2020
- 232
- 71
I can sympathize. People so often say "learn nutrition" or "understand economics". And it's like... how? I understand the internet is a wealth of information but it's also endless misinformation and info overwhelm that its easy to go "Where the heck do I even start and who do I listen to?".That is true but i have little knowledge about it and may be that makes me...........
Best of luck figuring it out haha.
deadjack
Junior Member
- Jun 30, 2018
- 112
- 59
Not your keys, not you coins, and Binance is not an wallet its an exchange, you go in exchange/trade and you go out.
D
Deleted member 1333509
Guest
Binance will not steal your crypto and they will cover everything lost in a hack. It’s safer than most wallets where you’re in control of your priv key because if your wallet gets hacked you will probably get jack shit.
Not your keys, not your coins is a cute catchphrase but you have to apply critical thinking to it as well.
deadjack
Junior Member
- Jun 30, 2018
- 112
- 59
Its not a cute catchphrase, its a fact. and I never said that Binance gonna steal your coin, I personally use them, they are one of the best exchanges out there.
Binance will only compensate your coins if there system got hacked, not if YOU got hacked, very big difference.
if you compare the pros and cons, I very much prefer I have control over my coins.
pavan
Elite Member
- Mar 30, 2008
- 2,462
- 685
if you are still able to access and transfer your money then how is it a scam
you can't transfer without paying the fees however you can take the seed phrase and load it in some other wallet however binance will still have access to your funds if that's your concern
you can't transfer without paying the fees however you can take the seed phrase and load it in some other wallet however binance will still have access to your funds if that's your concern
- Mar 30, 2018
- 12,091
- 14,355
Move to electrum good wallet fees yes, but you can set your own fees so try it