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Using Binance.US as a wallet

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Niku-Sama

Member
Joined
Jan 13, 2005
any harm in doing this or should i get more dedicated wallets for my shiz?

lately i've been taking $100 a paycheck and buying some stuff after researching it, so far its working out. i'm up 60 bucks on a little over $200 invested

Right now i only have VET/VTHO and DOGE

i have used it to deposit some "mined" VET/DOGE. I put that in quotes because i am using the unminable app since you cant mine VET but i get paid out in that for mining what ever it is i am mining. I feel like its not very efficient when it comes to mining, it get a few more MH/s out if it when it minimized for what ever reason
 

stompah

Deep Pain Senior Member
Joined
Apr 16, 2001
Personally I go back and forth on this. Coin in a wallet is more secure in a wallet versus parked in an exchange. But moving coin in and out of wallets create fees.

I mine directly to my Gemini exchange account because I was getting hit with about 10% in fees when I moved coin to my exchange.

I am sure ZL1 will chime in with more solid solutions. He has much deeper knowledge.
 

ZL1

Senior Crypto Caretaker
Joined
Oct 24, 2003
thanks stompah :)

imo, there is no harm in holding a bit of crypto directly on a reputable exchange (binance, coinbase, gemini are all strong exchanges). I always do, myself, but I also like trading so thats why I do it, otherwise I prefer local wallets (electrum for pure btc, exodus for mix, daedalus for ada), and as of late blockfi for the interest

mining, well you should get into pure mining, as in mine eth with a dedicated miner, its more efficient because eth is the most profitable, so even with trading fees included youd still get more of the coin you want to keep long term
 
OP
Niku-Sama

Niku-Sama

Member
Joined
Jan 13, 2005
ok, i was just wondering because i was reading a alot on the subject and some people seemed to think that in the larger exchanges you didnt really seem to own the crypto in it per say, but at the same time they didnt mention any place in particular. it didnt seem that way but it did raise questions.

as far as mining i am still trying to figure out that part, when i use the unminable thing i only run it for a day or so at a time. some day i'll figure the real deal out
in the mean time it has been profitable