Coin Swapping Conundrum: Exchange vs. Private Wallet

Orpichukwu

sr. member

Activity: 658

Merit: 387

Quote from: Plaguedeath on August 09, 2024, 08:26:23 AM

You experienced a good thing, but what if the exchange delist the meme coins and you can't withdraw it? AFAIK Binance did this for Monero, they suspended Monero withdrawal.

This is also a good point to consider, but on the other hand, unless the exchange is out there, scammers will always send email warnings about tokens that they want to delist and the time that customers have to be able to withdraw their tokens from the exchange.

Like Bitmart Exchange sent me mail about the tokens that they are about to delist this August and the time that customers are allowed to withdraw their coins, it will be very foolish of the person to see such an email and ignore it, unless he is the type that doesn't visit their email on a regular basis.

Plaguedeath

hero member

Activity: 854

Merit: 663

You experienced a good thing, but what if the exchange delist the meme coins and you can't withdraw it? AFAIK Binance did this for Monero, they suspended Monero withdrawal.

There's always pros and cons especially if you hold unpopular coins, the developer might ask to bridge the old coins to the new ones.

Better to keep a track of the coins you hold, either you joined the telegram or discord.

MAAManda

hero member

Activity: 1652

Merit: 772

Take a look at my merits, It's lucky number

Store it in Exchange or Non-Custodial Wallet, It's up to you after you buy coins or tokens, if you feel it is safer to store them on an exchange because you don't need to bother looking at updates that occur on the project, you can choose to store them on the exchange. But as a responsible buyer or investor, no matter where you keep it, you should always pay attention to what is happening in the project, it helps you understand more about the project.

Orpichukwu

sr. member

Activity: 658

Merit: 387

In terms of coin swapping, what method do you think is best for someone to use? I know that it's very good to move tokens or coins out of an exchange immediately after purchase in order for you to have total control over the asset, but due to how some projects swap their coins from one network to another, holding them in your private wallet without proper follow-up on the project might lead to losing them all compared to holding them in an exchange where the token or coin will automatically be swapped to the new one.

I'm holding a meme token, which I purchase sometimes early these days. I took some profit from it and left about $3 worth of it in my wallet. I just decided to visit my wallet today and notice that the project has done an automatic swap for those who hold it in exchange, and news for non-custodial holders swapping will be released, with the current price now what I hold is worth a fortune.

Topic: Coin Swapping Conundrum: Exchange vs. Private Wallet (Read 54 times)