Next scheduled rescrape ... never
Version 2
Last scraped
Edited on 02/06/2025, 01:47:30 UTC
It is hard to understand you correctly but If I get you right, you are advising me to keep accumulating Bitcoin in exchange UpTo $500 before I can send to my private wallet? If that is what you mean, then it will be good. It will save me the cost of transaction fee because I learnt that if I continue buying and sending to my private wallet it will cost me a huge transaction fee. But accumulating $500 in my exchange wallet before sending to my private wallet will be a nice idea. But to achieve that, it will take a little time maybe 12 months. And the private wallet I used the last time was electrum wallet. Maybe I will stick to it.
It is not wise to keep your Bitcoin in an exchange, because it involves a third party, and if we can remember Bitcoin was not created to have a third party system, therefore it is risky keeping your coins in an exchange, and even if it's necessary it's should be a very small quantity that if denied access will not affect you. It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
It is not wise to keep your Bitcoin in an exchange, because it involves a third party, and if we can remember Bitcoin was not created to have a third party system, therefore it is risky keeping your coins in an exchange, and even if it's necessary it's should be a very small quantity that if denied access will not affect you.
It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
Keeping your Bitcoin in an exchange is really an unwise thing to do because if anything happens to that exchange in question, like hacking or internal theft, or like in the case of FTX, just know that you asset is gone, that's why it's advice to store your Bitcoin in a self custodian wallet like electrum where only you have access to, and one funny thing is that, most investors have heard of this statement before which is not your key, Not your coin, but they really don't understand what that statement mean, but in essence of all am trying to say is that keeping our Bitcoin in an exchange is a terrible mistake we should avoid by all means because once that exchange goes down, at that moment, your asset are gone. It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
both of you are saying the same thing and not paying attention. according to jjg in his statement he is trying to let you guys know that if bitcoin.com97 keeps on buying $10 each week from exchange and sending to his or her private wallet that he will have nothing left in that wallet due to UTXOs. there is likelihood that the $10 will not arrive. because the minimum deposit of btc to most wallet should not be less than $20 otherwise it will lost forever. so it is better to stack them in the exchange wallet till a tangible amount is accumulated before sending to the private wallet to avoid UTXOs. i could remember a brother that was sent $19, it couldn't reflect to his wallet due to this same issue. but on checking the block explorer it shows that it arrived at the wallet. am afraid that most guys may be buying bitcoin each week and sending to their private wallet without knowing it didnt arrive.
For example this are two different exchanges kucoin and binance. From the image you can see that the minimum deposit and withdrawal of each of them is 0.0002BTC which is equal to $21 in current rate except for the lightening network which the minimum is 0.00002BTC but apart from that it is obvious that you can't even send less than $10 or deposit less than $10 meaning thesame thing is applicable in the private wallet. The transaction fee is $4 which implies that if you even manage to be sending $30 every week, you will be losing $4 to transaction fee multiply by how many weeks you have sent to your private wallet then you are on a losing streak. So it's Best you allow your Bitcoin to stack up in your exchange despite the risk you may have atleast 6 months intervals each in a Year to send to your private wallet if you are Afraid of exchange hack.
Version 1
Edited on 26/05/2025, 02:17:29 UTC
It is hard to understand you correctly but If I get you right, you are advising me to keep accumulating Bitcoin in exchange UpTo $500 before I can send to my private wallet? If that is what you mean, then it will be good. It will save me the cost of transaction fee because I learnt that if I continue buying and sending to my private wallet it will cost me a huge transaction fee. But accumulating $500 in my exchange wallet before sending to my private wallet will be a nice idea. But to achieve that, it will take a little time maybe 12 months. And the private wallet I used the last time was electrum wallet. Maybe I will stick to it.
It is not wise to keep your Bitcoin in an exchange, because it involves a third party, and if we can remember Bitcoin was not created to have a third party system, therefore it is risky keeping your coins in an exchange, and even if it's necessary it's should be a very small quantity that if denied access will not affect you. It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
It is not wise to keep your Bitcoin in an exchange, because it involves a third party, and if we can remember Bitcoin was not created to have a third party system, therefore it is risky keeping your coins in an exchange, and even if it's necessary it's should be a very small quantity that if denied access will not affect you.
It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
Keeping your Bitcoin in an exchange is really an unwise thing to do because if anything happens to that exchange in question, like hacking or internal theft, or like in the case of FTX, just know that you asset is gone, that's why it's advice to store your Bitcoin in a self custodian wallet like electrum where only you have access to, and one funny thing is that, most investors have heard of this statement before which is not your key, Not your coin, but they really don't understand what that statement mean, but in essence of all am trying to say is that keeping our Bitcoin in an exchange is a terrible mistake we should avoid by all means because once that exchange goes down, at that moment, your asset are gone. It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
both of you are saying the same thing and not paying attention. according to jjg in his statement he is trying to let you guys know that if bitcoin.com97 keeps on buying $10 each week from exchange and sending to his or her private wallet that he will have nothing left in that wallet due to UTXOs. there is likelihood that the $10 will not arrive. because the minimum deposit of btc to most wallet should not be less than $20 otherwise it will lost forever. so it is better to stack them in the exchange wallet till a tangible amount is accumulated before sending to the private wallet to avoid UTXOs. i could remember a brother that was sent $19, it couldn't reflect to his wallet due to this same issue. but on checking the block explorer it shows that it arrived at the wallet. am afraid that most guys may be buying bitcoin each week and sending to their private wallet without knowing it didnt arrive.
For example this are two different exchanges kucoin and binance. From the image you can see that the minimum deposit and withdrawal of each of them is 0.0002BTC except for the lightening network which the minimum is 0.00002BTC but apart from that it is obvious that you can't even send less than $10 or deposit less than $10 meaning thesame thing is applicable in the private wallet. The transaction fee is $4 which implies that if you even manage to be sending $30 every week, you will be losing $4 to transaction fee multiply by how many weeks you have sent to your private wallet then you are on a losing streak. So it's Best you allow your Bitcoin to stack up in your exchange despite the risk you may have atleast 6 months intervals each in a Year to send to your private wallet if you are Afraid of exchange hack.
Original archived Re: Buy Buy Buy or Sell Sell Sell?
Scraped on 26/05/2025, 01:47:21 UTC
It is hard to understand you correctly but If I get you right, you are advising me to keep accumulating Bitcoin in exchange UpTo $500 before I can send to my private wallet? If that is what you mean, then it will be good. It will save me the cost of transaction fee because I learnt that if I continue buying and sending to my private wallet it will cost me a huge transaction fee. But accumulating $500 in my exchange wallet before sending to my private wallet will be a nice idea. But to achieve that, it will take a little time maybe 12 months. And the private wallet I used the last time was electrum wallet. Maybe I will stick to it.
It is not wise to keep your Bitcoin in an exchange, because it involves a third party, and if we can remember Bitcoin was not created to have a third party system, therefore it is risky keeping your coins in an exchange, and even if it's necessary it's should be a very small quantity that if denied access will not affect you. It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
It is not wise to keep your Bitcoin in an exchange, because it involves a third party, and if we can remember Bitcoin was not created to have a third party system, therefore it is risky keeping your coins in an exchange, and even if it's necessary it's should be a very small quantity that if denied access will not affect you.
It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
Keeping your Bitcoin in an exchange is really an unwise thing to do because if anything happens to that exchange in question, like hacking or internal theft, or like in the case of FTX, just know that you asset is gone, that's why it's advice to store your Bitcoin in a self custodian wallet like electrum where only you have access to, and one funny thing is that, most investors have heard of this statement before which is not your key, Not your coin, but they really don't understand what that statement mean, but in essence of all am trying to say is that keeping our Bitcoin in an exchange is a terrible mistake we should avoid by all means because once that exchange goes down, at that moment, your asset are gone. It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.
both of you are saying the same thing and not paying attention. according to jjg in his statement he is trying to let you guys know that if bitcoin.com97 keeps on buying $10 each week from exchange and sending to his or her private wallet that he will have nothing left in that wallet due to UTXOs. there is likelihood that the $10 will not arrive. because the minimum deposit of btc to most wallet should not be less than $20 otherwise it will lost forever. so it is better to stack them in the exchange wallet till a tangible amount is accumulated before sending to the private wallet to avoid UTXOs. i could remember a brother that was sent $19, it couldn't reflect to his wallet due to this same issue. but on checking the block explorer it shows that it arrived at the wallet. am afraid that most guys may be buying bitcoin each week and sending to their private wallet without knowing it didnt arrive.