Secrets of Bitcoin Exchanges By Truthraider.com
There are many excellent exchanges on the internet. I would say my two preferred ones are Kucoin and Binance. I am excluding Coinbase, as I do not use it as frequently these days There is a dark underbelly of Bitcoin markets that needs to be exposed for all to see. When you deposit your Bitcoin into a bad exchange, you are risking your investment. Most of us are using smaller exchanges in order to buy an Alt Coin. I am a believer paying for services rendered. However, most exchanges are screwing us big time by lack of transparency. I will explain a few ways that we are getting ripped off across this space. Most of this tricks, of the Bitcoin Exchange trade, cater to Bitcoin and cryptocurrency newcomers. I was not immune to Bitcoin Exchange tricks.
Withdrawal Fees Are Crazy!
The fees vary depending on the exchange you are using. I posted a screenshot of my account to show you one exchanges charges fees of .001 Satoshis to withdraw your BTC. That is insane! It adds up to over $10 just for that transaction. If you withdraw an Altcoin, they take an enormous amount of your asset too. The exchanges will tell you about this when registering. I am sure it is legally in the small print somewhere. They basically assume that it is your own fault for depositing Bitcoin into their exchange. As far as I know, we don't have a registry for transaction fees for the hundreds of exchanges. We need this service to protect us from bad business practices. We need something like when you set up a 401K and they basically tell you up front what to expect. A one pager, if you will.Exchanges Set a Minimum Bitcoin Withdrawal Amount.
The second ridiculous part of Bitcoin exchanges that they have minimum amounts of Bitcoin that you can withdraw. In this case you must own 1 Bitcoin and the fee is .001. So, I have BTC left over in my account that I can't trade and/or use without continuing with their service. If you times this issue by millions of new users that don't understand Bitcoin and exchanges, we have a serious issue.Lost Bitcoin Due to Account Access Problems.
The most recent Bitcoin exchange saga has been with HitBtc. Their high fees and security issues even enraged Bitcoin pioneer, John Mcaffee. He set Twitter on fire with the public fight regarding the exchange's business practices. One user's mom still couldn't get access to her account after providing every possible identification possible. Three months trying to get access is insane.
One user hasn't been able to get his account back since 2015. He lost 18 Bitcoin. You would think a billion dollar company could solve this issue. I was even locked out of Coinbase for a few months. during the last surge. I had to put in over a dozen telephone and written complaints to finally get my account unlocked.
- Bitcoin Security.
Overall, there are many issues, with the Bitcoin exchange security measures, in place today. According to some estimates online, anywhere from 2-4 million Bitcoin have already been lost or stolen. If you do the math that equates to $32,716,000,000, potentially lost to date. We need to crack down on markets security protocols. We must embrace future technology to prevent hackers from getting into accounts.
Stay tuned for more articles on Bitcoin in the near future!
Truthraider.com