How [Why Its So Hard] To Get Your Crypto Off Of Cryptocurrencies Exchanges? Inspired By : Crypto Casey
We've all been there when that ideal cryptocurrencies exchange offered some interesting crypto stuff for signing up. So you did. Then you are met will transfer fees and minimum withdrawal rates higher than what you know is necessary. So you decide to deposit your own money above the minimum and still you find it hard to get your money withdrawn. When I was in this situation, I personally used the KUCOIN and COINBASE as well as BINANCE as my personal cryptocurrencies vault. I amounted up a few hundreds all while I was figuring out a way, everyday to get my cryptocurrencies off of these exchanges. My case was different because I couldn't use the bank, I needed pure Cryptocurrencies moves. To eat, to live, to get around, all that. Bitrefill came to the rescue and later recovered my bank stuff and got with the exchanges that got my crypto into dollars, euros and pounds. It was an interesting journey, one that I've shared a little, ha?!
Why Do Exchanges Hold On To Your Crypto So Tight?
The reason is simple, hundreds of thousands of crypto wallets and users use the same wallet. What this means is that all these crypto wallets and users are having their own respective balances that is actually shared. Meaning that the Balance you see in your wallet is not yours alone and if all the wallets were to withdraw all their cryptocurrencies, there would not be enough for everyone! Yes, pure scarcity mindset and set up these exchanges have. Now we understand why people and establishments don't like exchanges.
Ethical? Maybe not, it is certainly workable. I had a thought about this on how it can be that fees are so high and there's so many users but the exchanges are still what they are, until I listened to Crypto Casey's explanation video. She's good! Give her a follow and a like!
How To Get Your Crypto Off Of Cryptocurrencies Exchanges
For those who don't like videos that much , here's a narration. You simply create a wallet and transfer the crypto off of the exchange. It sounds so simple,in actuality it's a daunting task. When you create your exchange wallets, there's 12 password recovery phrases that are generated to guard your crypto. You are advised to keep these safe, preferably in a physical vault because hackers get smarter and more efficient by the day. Using these 12 password recovery phrases you can then get a wallet software or application from the app store or online or wherever you get your staff the wallet will most likely have two options where one is to create a new wallet and the other option is to recover a wallet or something in that like just second to creating. You opt for recovery and you'll be prompted to provide your 12 password recovery phrases. After doing so, like in trust wallet, you should be able to see your balance. You'll then be able to make the transfer to whichever wallet you'd like to transfer to without them crazy charges. Make sure that the cryptocurrency you are sending is the same as that which you are receiving. Don't send your Bitcoin to Ether addresses, just don't. Trust wallet got them crazy BnB charged too y'all, maybe try metamask, if you are running from charges. And there you have it.
What other way to store your cryptocurrencies other than online, where everything can happen? Choose cold storage like a ledger, nanoledger from the real nanoledgers.com should be fine. Make sure it's fresh,cold and original. No second hand ladgers, rather keep it hot (online) because hackers can reprogram the LEDGER and tingle with your crypto.
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There's a Forbes Top Crypto exchanges
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Love n light Always
Hermitworldwide
