Re:Crypto: The Good, the Bad and the Ugly
by mcnichol on Thursday January 06, 2022 @02:19PM
(#29828513)
I can send money from a cold wallet to any address I want.
An exchange is merely a full node with a user interface.
To operate as an exchange there are certain KYC/AML rules they must follow.
Setting up a node takes about 20 minutes and then letting it sync for a couple hours to a day depending on your internet.
You can send crypto with as high or low as a fee as you want...it's just a manipulation of the queueing metric and which transactions miners add to the chain. With exchanges they set that for you.
An exchange is merely a full node with a user interface.
To operate as an exchange there are certain KYC/AML rules they must follow.
Setting up a node takes about 20 minutes and then letting it sync for a couple hours to a day depending on your internet.
You can send crypto with as high or low as a fee as you want...it's just a manipulation of the queueing metric and which transactions miners add to the chain. With exchanges they set that for you.