Re: Will it affect you in any way if Binance completely shuts down ?
Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.
If your context is exchanges shutting down or getting hacked, the simple solution is not to use that exchange as a wallet which several people have done before and the habit has not changed yet. Only keep funds that are locked up in trades over there and do review those trades in case they are keep unfilled for long.Once you are trusting a centralized exchange with your money you have no other option. Its a necessary evil and yet it will affect many people if a exchange like Binance shuts down.
I will be sure to buy BTC at a discount when that happens.
