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Topic: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly! - page 7. (Read 13557 times)

member
Activity: 314
Merit: 17
They can seize your funds without giving any reason or warning.
They warn you in their ToS or FAQ. Cheaters ignore rules and try to cheat. They know what they break and which restrictions or suspensions on their accounts because of fraudulent attempts.

Quote
You will find many people who lost their coin and got pause their account for KYC reason or using multiple accounts, even they failed to recover their account by contacting with the support, cause most of the exchanges are providing worst support service.
You can not try to cheat companies and ask for support and generosity from them when they caught you.

Create multiple accounts to cheat gambling sites and when their account is frozen, terminated, they create scam accusations and try to make deal to withdraw cheated money. It is unacceptable.

Very good points. ToS are seldom customer friendly and almost every centralized service has legal points in their TOS that make it virtually possible for them to seize anything on any arbitrary season. Watch out for "we reserve the rights to" and "at our own discretion".

Bitamp wallet, use it at your own convenience, use our code if you want! We won't and can't stop you!
hero member
Activity: 1722
Merit: 801
They can seize your funds without giving any reason or warning.
They warn you in their ToS or FAQ. Cheaters ignore rules and try to cheat. They know what they break and which restrictions or suspensions on their accounts because of fraudulent attempts.

Quote
You will find many people who lost their coin and got pause their account for KYC reason or using multiple accounts, even they failed to recover their account by contacting with the support, cause most of the exchanges are providing worst support service.
You can not try to cheat companies and ask for support and generosity from them when they caught you.

Create multiple accounts to cheat gambling sites and when their account is frozen, terminated, they create scam accusations and try to make deal to withdraw cheated money. It is unacceptable.
member
Activity: 314
Merit: 17
What's the difference between a crypto exchange and a crypto wallet?

They actually both have a completely different purpose — while an exchange does also have a function to store crypto, you give up the most unique benefit of owning crypto: financial sovereignty.

Using an exchange to keep your crypto is no different from keeping your money in a bank or in a service like PayPal. You may very well need an exchange service but if you want full guarantee that you and only you control your funds, leave storage to a proper non-custodial crypto wallet like Electrum or Bitamp.
full member
Activity: 1428
Merit: 129
The first decentralized crypto betting platform
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Unfortunately, "Not your keys, not your coins". Even if you open an account, and have a real bitcoin address to receive your bought bitcoin, if you don't control private key of that wallet, it is not your bitcoin. You can not withdraw it from that account if your withdrawal request is rejected. You can lose it if that exchange is shut down, hacked, scam exits.

Not the only reason for losing your coin is the exchange shut down or hacked. They can seize your funds without giving any reason or warning. You will find many people who lost their coin and got pause their account for KYC reason or using multiple accounts, even they failed to recover their account by contacting with the support, cause most of the exchanges are providing worst support service. This is a perfect example of "Not your keys, not your coins".
hero member
Activity: 1722
Merit: 801
Exactly! They never get you actual private keys, they never transfer the bitcoins to a wallet you own, they never do anything really useful to the cryptocurrency. If you want to buy Bitcoin, you need to buy real Bitcoin on an exchange.
Even if you buy your Bitcoins with Paypal, there's no transfer from Paypal that will mean you have Bitcoins that can only be used on the platform itself.
When you buy bitcoin on exchanges, marketplaces, merchants, you can get real bitcoin or only a credited figure that represents the amount of bitcoin you bought.

Unfortunately, "Not your keys, not your coins". Even if you open an account, and have a real bitcoin address to receive your bought bitcoin, if you don't control private key of that wallet, it is not your bitcoin. You can not withdraw it from that account if your withdrawal request is rejected. You can lose it if that exchange is shut down, hacked, scam exits.
legendary
Activity: 1484
Merit: 1355
But here’s the thing: buying Bitcoin on Paypal or most other types of services doesn’t actually put any REAL Bitcoin in your ownership.
Why not try downloading an actual Bitcoin wallet like Electrum or Bitamp, and then go localbitcoins or some other p2p and buy REAL BTC?

Exactly! They never get you actual private keys, they never transfer the bitcoins to a wallet you own, they never do anything really useful to the cryptocurrency. If you want to buy Bitcoin, you need to buy real Bitcoin on an exchange.
Even if you buy your Bitcoins with Paypal, there's no transfer from Paypal that will mean you have Bitcoins that can only be used on the platform itself.
member
Activity: 314
Merit: 17
How do I buy Bitcoin from PayPal?

It should be quite apparent to you on your Paypal dashboard if it’s enabled for you. If it isn’t, then your jurisdiction or account (more likely the former) isn’t allowed to buy it yet.

But here’s the thing: buying Bitcoin on Paypal or most other types of services doesn’t actually put any REAL Bitcoin in your ownership.
Why not try downloading an actual Bitcoin wallet like Electrum or Bitamp, and then go localbitcoins or some other p2p and buy REAL BTC?
member
Activity: 314
Merit: 17
Can you stake Bitcoin?

These days, there are plenty of Bitcoin staking apps that allow you to “stake” your BTC in order to earn some kind of other incentives.

Technically though, you are only putting it up as collateral. Bitcoin network works on a Proof-of-Work algorithm, not a Proof-of-Stake algo which many altcoins including Ethereum are now transforming into.
member
Activity: 314
Merit: 17
What's the easiest and fastest way to store Bitcoin?

Get your own wallet. That really is the easiest! With Bitamp, you can get your own non-custodial Bitcoin wallet in seconds — no one else can access it, and anyone anywhere it the world can start using it instantly. Sovereign money, it’s a great concept!
member
Activity: 314
Merit: 17
Why are they called Bitcoin miners?

Actually mining wasn’t the original term given to it, but because the process of securing the network, and validating and verifying transactions needs computer work, the network decided to reward these nodes/validators with new coins generated as rewards for every new block found.
In other words, they were mining new units of bitcoin. Might not be called miners once 21M is nearly reached;)
member
Activity: 314
Merit: 17
Can I deposit ANY crypto into Coinbase?

No. A Coinbase wallet is actually a specific crypto wallet belonging to a company called Coinbase. If it has a Bitcoin wallet, then you can deposit Bitcoin. If it doesn’t have a particular wallet for a particular network, then you can’t deposit it.
Learn to use your own non-custodial crypto wallet! Be safe in the knowledge that only you can access your own funds and they can never be taken away from you.

Start with Electrum or Bitamp for Bitcoin and experience financial sovereignty as it was meant to be:)
full member
Activity: 1428
Merit: 129
The first decentralized crypto betting platform
What kind of Coinbase account should a business set up to start accepting Bitcoin?


Why not take control of your own destiny and set up a free account to accept Bitcoin on your own, setting your fees and everything on your own. Take a look at open source BTCPayServer — just like owning Bitcoin, you should always control your keys.
Not your keys, not your coins!


Coinbase doesn't provide private keys to their user. I've seen a lot of users who has lost their access on Coinbase for sticky KYC process. Wallets those are 100% custodial like Coinbase/Freewallet etc are able to stop your account at any time without showing any reason, they can stop withdrawal request, seize funds and lock account at any time.
Resentlly I've seen this post and it will makes me scare: FreeWallet locked even Elon Musk. I still don't trust them.
So, we should use those platform who gives us private Keys and full control instead of using custodial wallet.
member
Activity: 314
Merit: 17
My funds manager denied me access to my wallet and has changed my password, please how can I recover my Ethereum and bitcoins?

This is why you always need to follow the principle of self responsibility in crypto. Crypto for the first time allowed us to be solely in charge of our monies. Many crypto users don’t realize that they’re giving control of their funds to companies and exchanges and brokers when they sign up and store crypto on website services.

By all means use a funds manager, but always keep your BTC on your own wallet like Electrum and Bitamp, and cold storage for significant funds if you don’t need to use them.
member
Activity: 314
Merit: 17
What kind of Coinbase account should a business set up to start accepting Bitcoin?


Why not take control of your own destiny and set up a free account to accept Bitcoin on your own, setting your fees and everything on your own. Take a look at open source BTCPayServer — just like owning Bitcoin, you should always control your keys.
Not your keys, not your coins!
member
Activity: 314
Merit: 17
People say that having your crypto in exchange wallets isn't safe, however if you use a crypto wallet app and the company deletes the app don't you also lose your crypto?

The full story is: don’t store your crypto in a service that you need to trust and rely on and this includes apps that control your crypto.
A non-custodial wallet or app is the correct solution, so only you control the private keys. Electrum and Bitamp are two examples. Even if Electrum is never developed again or Bitamp website closes down, you can always access your BTC with the private keys you generate from either wallet.
member
Activity: 314
Merit: 17
it depends on which time, if the transaction overload, the normal fee will be a long time to confirm by mempool. Bitcoin transaction fees (in sats/kb). Sunday, Saturday is best to move BTC, better to wait and see or do with a low fees on weekends.

This all presumes you're using exchanges that will conduct your transactions soon after you submit it. Binance probably does it very fast if not almost instantly from the hot wallet but still, you can't control how much they'll actually pay as a real fee for your transaction. It's happened often enough in the past that exchanges use too low fees not even equal to what they charge you.
member
Activity: 314
Merit: 17
Someone requested our answer to this question on Quora.

How do I use a paper wallet to store keys? Do I have to store separate keys each time I buy more coins?

Just as you would a regular digital wallet. Paper simply means it’s stored — literally, on a piece of paper. The idea is, keeping the keys away from a digital presence so hackers won’t be able to get to them.
You never need the keys for more coins, just the public key (address). Each wallet has many addresses you can use, and giving those out won’t jeopardise your keys.
legendary
Activity: 2352
Merit: 2049
How to avoid Binance fees? 50,000 satoshi per withdrawal!

Get your own wallet, set your own fees. Any time you use online services, you'll pay the fees they set for you. Get an Electrum or a Bitamp, and use the network when the load's not high and you'll find txs can cost as little as a few cents.

But what happen? Does the transaction will go faster if we choose to select those wallet who offer lower fees? Or we will just go on the normal process where it takes long time before it will land on our personal wallet? Since if that's the case we'll I think I'd rather go with fast even if it cost much higher fees.

But anyways will explore to use this option since Exodus cost me a lot of bucks for every transaction.
it depends on which time, if the transaction overload, the normal fee will be a long time to confirm by mempool. Bitcoin transaction fees (in sats/kb). Sunday, Saturday is best to move BTC, better to wait and see or do with a low fees on weekends.
legendary
Activity: 2002
Merit: 1255
Logo Designer ⛨ BSFL Division1
Can I deposit any crypto in Coinbase wallet safely?

No, and I wouldn’t advice you too, anyway. Coinbase “wallets” are really just wallets that belong to Coinbase, and are assigned to you. Like most exchanges, notice that when you deposit crypto into these wallets, the actual addresses get emptied out (swept out)?

That means you don’t actually own any funds, except the balances credited to you in Coinbase accounts. No different from having a bank account, where withdrawals and transactions are at the mercy of the account managers.

One more problem is that they are overloaded and they can go offline at anytime like they often did during Bitcoin ATH periods.

Since you are mentioning Coinbase exchange, can you update us with some news about Bitamp exchange and Lightning support?
How exactly is Bitamp exchange going to work?
member
Activity: 314
Merit: 17
Can I deposit any crypto in Coinbase wallet safely?

No, and I wouldn’t advice you too, anyway. Coinbase “wallets” are really just wallets that belong to Coinbase, and are assigned to you. Like most exchanges, notice that when you deposit crypto into these wallets, the actual addresses get emptied out (swept out)?

That means you don’t actually own any funds, except the balances credited to you in Coinbase accounts. No different from having a bank account, where withdrawals and transactions are at the mercy of the account managers.
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