Re:Temporary pause of Bitcoin withdrawals on Binance
by matt_s on Monday June 13, 2022 @10:36AM
(#31726230)
Are there really legal protections for crypto exchanges?
Use an exchange to on/off ramp it, then put it into your own wallet for holding.
Re:Temporary pause of Bitcoin withdrawals on Binance
by yunohn on Tuesday June 14, 2022 @01:06AM
(#31734944)
Sure, that’s technically feasible if you’re willing to pay all the greedy fees.
Here’s how it looks for me using Coinbase:
- On-ramp (fiat to CEX-fiat): 0.15€ flat
- Conversion (CEX-fiat to CEX-crypto): ~4%
- Self-custody (CEX-crypto to wallet-crypto): Depends on coin, average ~10€ flat
And if I want to off-ramp, I need to follow all these steps in the opposite order.
Meanwhile, atleast in the non-US countries I’ve lived in, all fiat transactions are free. I can top-up my bank account, send digital money to others, withdraw fiat, etc etc with ZERO fees.
I’m sorry, what?
A CEX /should/ be comparable to a brokerage like Charles Schwab or even Robinhood. This comes with legal protections - they can’t gamble with my unused money or invested stocks.
Also, and this is the most disingenuous part - how do you buy crypto with fiat? Literally everyone I know uses a CEX to on/off-ramp, and sadly this is widely seen as an acceptable evil.