Binance outage serves as a gentle reminder
Where do you keep your crypto?
Binance has been undergoing a day of server maintenance and database synchronising, leaving traders waiting. As of now, the service is planned to be up and going at 4 a.m. UTC on February 9.
This should serve as a gentle reminder to cryptocurrency investors that private keys must be stored in a wallet under the user's direct control in order for one to have possession of one's currency. Currencies stored on Binance, or any other exchange, are vulnerable to outages, hacks, and theft. Instead, store your currencies on a hardware wallet, a paper wallet, or even a hot wallet, which is at least more secure than an exchange, in that you control the private keys.
Having said that, this does not appear to be anything more than an unplanned outage due to issues with the database synchronisation process. Binance has been in constant communication with customers throughout the outage and has even proven that the Binance wallets are indeed safe by revealing the wallet addresses of the exchange for anyone to examine for themselves. Nonetheless, traders have been unable to take advantage of today's market movements and have been expressing frustration at the surprise maintenance process.
It should be interesting to see the market's response once Binance is back up and running. A few coins are heavily traded on Binance in particular, such as Tronix, so volumes of such coins ought to spike once things are back to operational. Of course, high volume doesn't necessarily equate an increase in price. In fact, the opposite could happen if people are drawn to competing currencies and instead liquidate their Tronix as it has remained relatively stagnant during the broader market recovery. I'm guessing we will see a good jump in Tronix activity with a bit of a pump in price due to recent social media PR activity from Justin Sun and Tron.
Other newly added currencies such as Steem and Nano (formerly Raiblocks) may also see a boost in activity once things are back up and running. These coins have also experienced substantial volume in trading on the Binance platform.
*This is not professional trading advice - it's just my opinion!
If you found this article helpful or interesting, please consider donating to...
BTC: 1FadQUp6PxQcbt1sicLRDE3f7v2kQPpVBq
BCH: 13Gb1p2m9evD6jaR2ZEs1dyVPRWojKFEfY
ETH: 0x3edfc32dd4d8daf4ec31663d7b90911127b35d9f
VTC: VeipQV2i8bzcecTo8MghDrb63L6MhmjRWM
Tips are greatly appreciated!
If you're interested in trading cryptocurrencies, check out Binance by using my referral link and sign up today! Well, when things are back in service, anyway!
https://www.binance.com/?ref=16702963
image source:
https://thenextweb.com/hardfork/2018/02/08/binance-cryptocurrency-trading-users/
I'm glad Binance was very communicative with their customers with proof that everyone's balances were intact.
Don't fall for the FUD too much. These days, almost any news can be turned into FUD with the state of the market.
It's true, @rayven1lk, the market is currently very fragile and vulnerable to FUD. I suppose that gives us better buying opportunities...
I liked your post. I too trade on Binance and NEVER leave my crypto on their wallets, unless for the amounts I'm currently trading.
As you said, it will be interesting to see what happens in the market when the site is up and running again. I'm in two minds as far as Tron, honestly I don't know if it can go lower than what it is, it's really oversold.
I suppose we'll just have to wait and see.
Looking forward to your next post.
I agree, @aussiepip, Tron is in an interesting position. The fact that it was fairly stagnant for the last couple days of recovery leaves me thinking it's at a bottom of sorts. I expect there to be a bit of a jump, but it might wind up being a little underwhelming.
So there was a jump, and then a return to reality. Kind of a blah Saturday. not unusual for Saturdays, I suppose...
This is a reason to never leave too much money on a trading exchange. Also, you should migrate your BTC to Segwit ;)
I still cannot access their site. Is it back up or still down ?
Seems to be still down...
It is still down... If you check trading volume of currencies on Binance, you can see that the volume on Binance is currently zero.
Edit
The site at binance.com is down due to a DDOS attack, apparently. Instead, you can go to us.binance.com or kr.binance.com, according to this tweet, retweeted by Binance: https://twitter.com/cz_binance/status/961888554224726017
us.binance.com does work. Thanks
Thanks for confirming, @rusko. The regular www.binance.com service is now working normally, too.
Thanks for the reminder!
Resteemed your article. This article was resteemed because you are part of the New Steemians project. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch