Topic: BINANCE AS HOLDER (Read 576 times)

Yes. It's not a big problem if you just enter the Bitcoin address in that section. He or anyone else may be free to delete and insert Bitcoin addresses from anywhere.
I think when I read the OP's topic, he was really serious about asking that because there were already 2 pages of responses that came before our post.

I do not see it. It was only after reading this post that I saw it and you are absolutely right.

This what I have in mind but since many have said it I believe he has learn allot. is not necessary to advertise your personal account number in the public even if you have all it take to secure it. Your wallet is your account number, holding password and key phrase is not enough because scammers are very funny, you must be smart and use wisdom.

it's just a Bitcoin address he put in the account profile. Actually, it's not a big problem I think. he just needs to delete it or replace it with another address. it should be that simple he did it and there was no need to make this thread.

just look at OP's current account details. some neutral tags are there. and now I'm using OP to stay on the forum with his account. unless he's going to change his reputation.

If it is correct in that field that you mean, then you can use the Bitcoin address that you got from the wallet you are using.
If you use the Bitcoin address that you use as a receiving address, it would be better if you use another address that you don't use as a receiving address.
If you want to take an address from the Binance exchange or from another exchange, that's your right.
What you need to remember is that the address you use is from an exchange, so you don't have the seed phrase and private key.
That's their address and not yours.

None of these wallets above is a custodial wallet, they are all non-custodial wallets, but they are all closed source wallets and you should not use closed source wallets, so i would not recommend any of these wallets. Atomic wallet was also hacked recently and their customers are still in the dark about what happened, so avoid using it.
Then you need a non-custodial and offline wallet and not a custodial or hot wallet. Get yourself a hardware wallet, and back up your seed phrase in a safe location.

You, having a lot of experience, described my thoughts absolutely accurately and in detail.
I remember a case with an unsuccessful indication of Ethereum adress, because of which the airdrop flew to the stock exchange, and as a result was lost. A long time ago, my friend participated here on the forum in the distribution of AETERNITY tokens and indicated the address either on Poloniex or on Bittrex. As a result, a generous airdrop was visible at the address of the exchange, but the support from the exchange refused to help my friend in any way. And in the end, he only sadly watched the ghost of his tokens.

Centralized exchanges don't give users private keys or mnemonic seeds from which users can get private keys. They only credit public addresses to user accounts and it is different than non custodial wallets.

With non custodial wallets, like you use Metamask wallet to store your ETH, any token on Ethereum blockchain ERC20 will be seen in your wallet, if they were sent to your wallet by project (airdrop), bounty distribution.

If you use a centralized exchange account's public address, you will have to pray that exchange will list the token on their exchange for trading. If they don't list the token, you can not do anything.

Some bounty managers even remind that bounty hunters should not use exchange wallet address for receiving.

Previously, when there were ICOs and not only BTC was given here on the forum for completing tasks, but also different tokens, then it was impossible to specify the address of the exchange as the address for their rewards. For example, you used the address of the exchange to receive Ethereum, and if you were credited with tokens, then you could not brand them, since you did not own the keys of this address. Now, if you specify the BTC address from the exchange, then this is also bad, because you can be banned, and the exchange will not give you the keys to such an address.

I've been on the forum for many months now and I leave that BTC address field empty, it's not a must to insert your BTC address, and also that address from Binanace exchange that you are talking about isn't really yours, it belongs to Binance exchange.

You have no control over that Bitcoin address so don't use it, instead create your own Bitcoin wallet, you can go for Electrum wallet and keep your recovery seed safe, don't repeat mistakes that many people have made in the past, mind you, Binance exchange have changed their wallet address twice in the last two years, just so you know, the address can be different when next you visit the exchange.

There is no problem if you have an address war from Binance exchange but I don't like creating a wallet with your identity. I don't like Mon Wallet which can be controlled by third party. I recommend you to use mycelium wallet so that you can get the facility to deposit and control it yourself.

You are a programmer then the technical thing is not a problem. Yes you can set your electrum on your VPS as long you can secure it lock Port 22 and just log in using Certificate key.

However, if I were you Im gonna setup 2 Wallet Hot Wallet and Cold Wallet the Hot wallet is a wallet that you are gonna do transactions daily so put 10-20% of your portfolio and cold wallet is wallet with additional security like hardware wallet and use it as hold wallet.

For the Metamask no need for VPS to run it you can directly setup on a phone and browser extension and use it as a hot wallet. and you good to goo

That's right, as say from dzungmobile above. Just make easy OP, normal like everyone else, don't be too vulgar by displaying things that are deemed unnecessary because that can attract other people's attention.

This is true, but the only place I see using a binance address as bitcoin wallet on profile is that the person can’t be able to prove ownership of the address if anything happens to the account and there is need for verification to be signed in using there staked address or an address added on there profile since the person don’t have private key to the address and the address is only meant for receiving of payment and binance have full access over it.

I'm sorry about that but the next thing shouldn't be going to a wallet that's more vulnerable to attack than the desktop wallet.
About the hack that happened to you, are you able to find out how it happened so you won't make the same mistake again.
According to what you said I will advise you to go for a hardware wallet instead of a mobile and desktop wallet and never use the same operating system you use for crypto activity to visit untrusted websites or links and don't use free things, especially anti-virus.

Yes, this has became the forum for the entire crypto forum and not just for Bitcoin. And if you've been really happy with that, we're also happy that you've found a new home and you're already doing the discussion lively. Because many of the newbies when they're like this, they never go back into discussions and forget about what they've started but that's fine. All you need to do is to keep on learning and don't get discouraged by just some few things. Keep that enthusiasm that you've got.

I've experienced that. My binance account has some years and indeed it changed some adressess. Thank for the hospitality.



Im willing to use a mobile wallet because my computer got hacked once and all my passwords had been exploited. Im afraid it happens again. Thanks for explaining the fee. Thats exactly what i meant.


I loved this AirGap idea. Yes i have an old phone that is android 5 or more, that will work perfectly. Thanks!

Save your wallet recovery seed carefully. Don't make a mistake, it could make you regret it in the future.

Regarding the exchange wallet you use, sometimes the exchange changes the receiving address on your exchange account. Before making a deposit, it is better to check first whether the address is still the same or has changed. Sometimes people just copy their wallet from their last transaction. and it could be a delay in funds entering your exchange account.

welcome to the forum. nice to see your enthusiasm. I hope you get what you are looking for in the forum. If you have difficulty, you can ask here.

If you are talking about the slot to add a Bitcoin wallet address that's available on this forum user profile. It's not a must you add your wallet address and adding an address on your profile does not violate the forum rules but using a self-custodial wallet is always the best for crypto holding.

Firstly, mobile wallet are prone to attack but if you must use a mobile Bitcoin wallet, Electrum wallet is still the best for newbies. For the tax (I believe you mean transaction fee) is base on the congestion level of the BTC network.

Yeah, speaking of the type of device with the highest security, airgapped devices should be the safest and they can be used as primary asset storage. Since you prefer mobile, I found open source software that allows your unused android/iphone to become an offline wallet. Read the review here if you're interested https://bitcointalksearch.org/topic/airgap-wallet-self-custody-made-simple-and-secure-protect-your-crypto-offline-5342004.
Or if you have a lot of bitcoin (say 1BTC or more), you should be able to afford a dedicated hardware wallet. https://thebitcoinhole.com/hardware-wallets

I've been seeing that this forum its not only about btc and cryptocurrencies itself and this is making me really happy to learn from here. Thanks!

You're welcome, friend! I hope that you'll learn a lot here and you won't be distracted with many things while you have been focusing on some things. But that's fine, learn this and that at the same time since the forum is fully loaded with great people that we're all learning from and sharing their knowledge to everybody. And as for saving money and learning how to invest, it's part of your growth here and as well as your personal life. That's what I've learned in the long run when I've stayed on this community and while I am invested in Bitcoin. It's like a requirement that you'll have to learn the basics of finance and economy as Bitcoin expands to those subjects and categories as well.

Yes you are right. I just want a wallet where i can put everything there and do not touch so soon. Im gonna try electrum at first and make 2 or 3 wallets. In the meanwhile, im gonna reasearch cold wallets that i found out with the help here that its the best option in this case.

you can choose to empty it or fill it with a wallet address from a custodial wallet such as safepal, trustwallet, or atomic wallet, because filling in the wallet address from the exchange is not recommended because at any time it can change and storing your assets on the exchange does not allow you to freely manage it. so it's better for you to use the wallet address from the custodial wallet. moreover, you plan to become a holder, right? custodial wallet is the best choice.

Thank you my friend! Yes, im learning a lot here and really want to know more about this world, save some money and invest.


Yes im still learning about wallets and crypto. Im gonna try to use everything on my phone, because i got my computer hacked one or two times, so im not safe to use for it.
Btw, i think i saw somewhere that you have how to make a physical and offline wallet, so maybe thats gonna be my research from now. For now, thanks for your contribution.


Youre perfectly right. I had to receive some non recurrent payments so i used binance, swapped to my currency and thats it. But now, i want to learn more because im in a new job that is paying me in crypto, USDT. And i want to learn and save them (swap to BTC of course).


Im a programmer and i have a VPS, so you think i can put something there instead of using a virtual machine at my own computer?

You've just spoken my mind. It is pointless putting btc address on BTT profile. Because it means nothing and moreover it is coming from a newbie. Even signature campaign btc address is only used in applying for campaign in the campaign thread and if they are hired by the manager they receive payment without including their btc address on their profile. Just like you said no one would put his account number in social media. The only people who are supposed to put such wallet adres are organisation that receives payment from across the world. Like multinational company, schools, social media page of orphanage home, and maybe organisation seeking for mass domination from people of free will. This are organisation that need to include Bitcoin wallet address on their profiles.

For bitcoin you can Use electrum and for EVM or Ethereum Virtual Machine you can use metamask and save all the private key + Optionally add a hardware wallet to give more security on your wallet.

Metmask is flexible with any EVM chain Layer 1 and Layer 2 including top chain like bnb matic and other. + if you are using metamask never approve suspicious contract and you will be safe. yes, using binance as holding wallet is somewhat dangerous.

Take it easy, one step at a time.  Start by getting familiar with some basics about the different kinds of cryptocurrencies out there and  (I saw you asked before whats the difference between a BTC address and TRC address - questions like those are a good place to start).  Learn about the different types of wallets, what private keys, public keys and public addresses are.  Check out how transaction fees work and how they are calculated.  Getting that foundation will pay off so you dont make some costly mistake down the line.

Theres no one perfect approach for everything, a lot depends on the specific situation.  For instance, using a deposit address from a centralized exchange like Binance isn't necessarily bad if the circumstances line up right.  Lets say you just need to receive a one-time payment from someone and you dont plan on holding the coins long-term, you want to swap them.  Centralized exchanges have their downsides no doubt but that doesnt mean they cannot also have some upside too, especially for someone just getting their feet wet with all this.

Well, go ahead. Read the text under my avatar.
It's a good idea to first learn more about the technical side of Bitcoin, especially choosing the most risky and recommended devices for wallets, how to store keys safely. All the links provided by Potato Chips are very good for you.
Don't rush for great changes. I assume you're still in the early stages of becoming your own bank.

No problem as everyone is saying but be careful of attacks like dust attacks as snowpega and with that I mean, try to read about what that means
What Is a Crypto Dusting Attack?
And other than that, keep on learning from the forum and don't hesitate to ask new questions that's making you curious.

Thanks for the advice. Im going to remove it from now on.


Yes yes not a problem here at the forum, just about the adress of the exchange itself. Thanks for the advice!

Dear, I would suggest you to share here a separate wallet address because using your personal wallet address to get payment from a public source is not recommended at all because some days ago I was reading a topic in which I learned about the dusk attack which works like someone will send you a very mini amount in your wallet and when you open the transaction details your wallet will be compromised so use a sperate wallet is my recommendation for you.

If you're referring to your Bitcointalk profile here then there's nothing to worry about, it belongs to you and you have the right to modify any changes to it, what you put in there doesn't violate any rule as long as it's ethical enough to reason with, there's never a time you will be required to update anything on your profile if not that you're ready and willing to do so. Welcome to Bitcointalk.

Electrum is a good wallet to use. The pros are greater than the cons. You can use coin control feature to regulate the fees. This can be helpful especially in times like this when bitcoin fees are high. Their RBF feature can be useful when you have an unconfirmed transaction and you want to increase the fees to speed up confirmation.

If you’re just going to hodl, I suggest you use Electrum or Blue wallet for small amounts of bitcoins. In time, as you increase your investment, you can consider buying a hardware wallet.

There's no problem sending crypto from Casino to Binance they don't have a regulation about that, unlike Coinbase. Withdrawing my funds from casino to Binance it works just fine.

However, I agree that it is risky since Binance deposit addresses are always changing every few months and we don't know maybe they also implement a regulation in the future to accept funds from Casino or block all funds that came from Casino just like what happened to Coinbase. He should have another wallet(Have full control) to receive these funds before he sends them to the Binance wallet to avoid this issue.

Binance is a centralized exchange and OP can use bitcoin stored on Binance for trading. OP can not trade bitcoin stored in Electrum wallet.

If OP wants to withdraw Bitcoin from Binance, the exchange will charge expensive withdrawal fee and they use part of it for tramsaction fee.

With Electrum wallet, OP will only have to pay on chain transaction fee. Extra fee is only OP uses 2FA for Electrum and the extra fee will go to Trusted coin.

If I understood it right, there are a few misunderstandings that were left unanswered:

- What OP calls "taxes" are in reality "fees". Binance has relative high fees, Electrum doesn't.

- You can't hold different coins in a BTC wallet (apart from forks). If you want to hodl different coins/tokens, you have to install different apps in your smartphone, one app that contains them all, or better buy a hardware wallet instead.

Unpopular opinion: if you have little funds and you are used to Binance, keep using Binance until you plan to have more funds and understand how the wallets above work.

I never said binance block deposit coming from gambling platforms the Op used gambling for example and that does not mean that the op will only be getting deposit from gambling sites, he can also be in a deal or contract which he can get a crypto deposit which the payment might be coming from an unknown source, which the op can tell the legitimacy of the fund sender in such a case what if the deposit is from an already blacklisted address what do you think will happen to that deposit.

Yes depositing in another address before sending into an exchange does not remove the link to what ever the address might be attached with but it reduces the possibility of the fund getting frozen directly and immediately, let’s just take what is happened between the seized mixer signature participants those who receive directly with their binance account and those who receive on a normal address before sending to binance.

OP. I've read your replies and will try to answer as much as I can!  

For starters, I highly recommend reading bitcoin basics

1. bitcoiner.guide
2. bitcoin.org
3. learnmeabitcoin.com - it's currently down but this is too good not to mention, try to access the archived pages through web.archive.org in the meantime

2nd, about taxes, well, it differs per country but most places don't tax people for merely holding their coins. Try to see if your country is included in koinly's guides, see: https://koinly.io/guides/ or if you don't mind mentioning your place, I'll try to find one or two guides for you -- if there is, that is.

3rd, exchange1 to exchange2 transfers are generally okay but I'd draw the line at gambling to exchange transfers since exchanges can be hostile with gambling platforms. Binance did not mention gambling on their terms of service which may be a good sign but I'd play it safe and not deposit directly.

It's worth mentioning that custodial exchanges such as binance should not be used as a storage. You are right that exchanges such as binance could withold your funds if they deemed so, hence long term storage should be in a wallet you fully control.

We typically suggest hardware wallets for long term storage as it has a nice balance of security and convenience. For this, see some sources below:

1. Open Source Hardware Wallets
2. https://bitcoiner.guide/wallet/hardware/

As for mobile wallets, if it is a hot wallet (connected to the internet) and something I carry around everyday. I'd treat it as a secondary wallet at best -- for day to day transactions for instance.

Bitcoiner.guide also has a good list of mobile wallets, see: https://bitcoiner.guide/wallet/mobile/

If you don't want to have bad things for your privacy, don't show your public address everywhere. I guess it is your worry by saying "not a right thing".

But beyond it, to choose a good Bitcoin wallet to use and store your bitcoin, you must prioritize open source and self custodial wallets like Bitcoin Core, Electrum.

Electrum is a SPV wallet and you don't need to have big storage space to use it. It does not require much syncing time.

Verify your Electrum.

You're exaggerating, when did Binance block gambling funds? I know they're centralized and have a power to froze someone's funds, but it's too far. Remember, even you receive the coins in your wallet first, then pass it to Binance, it's not mean you've hide the source. It's concealing, nothing different whether you directly or indirectly receive the coins.

Since the @OP don't mind with privacy, as long as gambling isn't illegal in your country, it's okay to use CEX.

Im gonna install it on my phone and give a try.


Thanks. So instead of using binance, using a descentalized exchange onyl for withdrawing purposes and electrum to hold is the best way in this case

It’s not always advisable for you to receive any form of payment directly to an exchange address it’s at a high risk level, you should always consider the security and privacy before doing that, Binance is a centralized exchange and they are against so many things you never can tell if the address which will be used to pay you from where ever you want to withdraw from is safe enough or if binance won’t mark it as bad address.

To be on the safer side always have a nine custodia wallet where you can receive all your deposit and if you want to exchange it to any currency of your choice you can either use dex exchange that don’t need KYC but if you are not good with that and if you want to use binance only send what you want to exchange and don’t send more than that for security reason and to be on the safer side.

This: https://bitcointalksearch.org/topic/what-is-the-difference-between-seed-phrase-and-private-key-5375540
https://www.ledger.com/academy/private-key-and-seed-phrase-whats-the-difference

If so, you need electrum. https://bitcointalksearch.org/topic/guide-how-to-safely-download-and-verify-electrum-guide-5240594
This wallet allows generating multiple bitcoin addresses from one seed phrase.

Could you please suggest any safe wallet i can use in my phone? i took a look over Electrum, but i see some people saying the taxes are too high and the UX is not that good.


Thats why im asking, i know  it can be frozen or i can take high taxes when withdrawing. Anonimity isnt my goal, i just want the coins to be safe now im going to invest on it.



Not that i want to receive any donations but, when i saw it this came to my mind: WHAT is my btc adress? My TRC adress? I can only find then in binance and dont have any other wallet i can really trust, so thats why im here to find a better solution. And im actually feared to make any transactions and binance take the coins and disapear with it.

Can you please tell me more about what is my private key/ seed? And how do i make more than 1 wallet to hold different volumes?


Thanks, the post is redirected. Im gonna read carefully the post you sent.

I assume that some person add a Bitcoin address to their profile to receive donations or as a form of security. Somebody who wants to maintain privacy might send you some funds without having any form of contact through the wallet in your profile. Regarding security, you might be asked to sign a message from the address you put in your profile if you have any issues with your bitcointalk account. I think using an exchange address is not advisable because you don't have total control of the wallet. Your exchange account might be frozen or access can be restricted. It will be better to use a decentralized wallet that you have full control over.

Thank you for your contribution.
Yes, the profile thing is just an example, lets say that i would buy coins somewhere out of the exchanges or gonna withdraw at some casino, is it a problem to use the binance adress?

@snuffman8, I personally see no reason why anyone should have a BTC address in their profile, unless they hope to one day receive a generous donation from a secret admirer. I used to have a BTC address in my profile in the past, but it became completely meaningless to me a long time ago - because people don't put their bank account numbers in their social network profiles, do they?

In addition, if you put your address from a centralized crypto exchange, someone could send a "donation" that could only cause you problems, because CEX does not really like coins related to gambling, mixers and anything suspicious according to their criteria.

Recommended address which is:

• You own the private key/seed phrase.
• Not the main address where you hold the majority of your bitcoin portfolio.
• It isn't a known address belonging to a banned user

You can basically put whatever you want in that field. there is no rule as to which type of Bitcoin wallet you must use.
Just remember that the deposit address Binance (or any exchange) gives you isnt technically your wallet.  You dont own that address; Binance lets you use it as part of its service and  so if you ever need to prove you own that address, like if someone hacks your account, youre out of luck.


I suggest you direct this question to the Beginners & Help board, you will get more specific answers there. But for starters, I suggest you read this topic where everything is nicely explained: [General] Bitcoin Wallets - Which, what, why?

Currency exchange is not the right board for such a post, that's why you haven't got that may responses. You could move it to Beginners and help board. You can put any address you want in that field but if you want to use it to sign Bitcoin messages in the future like proving ownership of the account then using an address derived from Binance exchange is not a good idea. You have to generate an address from a noncustodial wallet where you have control over the private keys or seeds.

Open source noncustodial software wallets like Electrum, Sparrow, unstoppable wallet etc. are the one of the best to get a usable address from

You mean in our bitcointalk profile? technically, there is no rule that you can't add your deposit address from exchanges but I personally like adding address that I fully control and not directly associated with my personal information -- since identity verification is mandatory in binance.

If you wanna follow the same thing I do, you would need a non-custodial wallet like electrum.org

More on wallets:
1. https://bitcoiner.guide/wallet/
2. https://bitcoin.org/en/choose-your-wallet

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an adress that will not be violated?