Topic: Would you still do business with them? - page 3. (Read 685 times)
While we can't completely disregard centralized exchanges, it is advisable not to store significant funds on them. Due to liquidity concerns and the wider availability of trading pairs, centralized exchanges offer easier trading options. However, for security purposes, it is always preferable to utilize decentralized exchanges (DEX). Personally, I continue to use Binance for trading purposes, but I refrain from storing large amounts of funds there. In the past, I used Bittrex as my initial centralized exchange, and it's disheartening to hear about their potential bankruptcy filing.
On May 8th the crypto community was greeted with the news that Cryptocurrency exchange Bittrex filed for bankruptcy. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
. https://www.thestreet.com/investing/cryptocurrency/big-crypto-exchange-goes-bankrupt#:~:text=Besides%20FTX%2C%20platforms%20Celsius%20Network,BlockFi%20went%20bankrupt%20in%202022.
I have not used bittrex before, however there is a big difference between a disorganized bankruptcy, like the one the FTX exchange went through, and one were the business in question sees that things are not going in the right direction and they let their customers know beforehand what is going on, in this case I think bittrex has shown that they do care about their customers, and the owners behind it have earned enough good will that I think its global exchange will still remain in business for a long time. Quote
In April, Bittrex told its U.S. customers to withdraw their funds by Apr. 30, when the company shut down its operations, according to its website. For customers who didn’t withdraw by the end of last month, Bittrex said on Apr. 8 that their funds "remain safe and secure” and that its top priority is to ensure that they are made whole.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
. https://www.thestreet.com/investing/cryptocurrency/big-crypto-exchange-goes-bankrupt#:~:text=Besides%20FTX%2C%20platforms%20Celsius%20Network,BlockFi%20went%20bankrupt%20in%202022.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
(.....)
I remember before when I just starting to explore cryptocurrency, Bittrex is one of the many exchanges I am using, it's just sad to hear this.(.....)
For me, it's all good as long as they are transparent to their customers and all funds are still accessible and users can still withdraw them. This is somehow difference on what happened on FTX Exchange.
I also see how Bittrex first introduced its service. I think I am one of the pioneer users of that exchange until I shifted to another exchange. It is really sad to hear that Bittrex is shutting down. I wouldn't compare Bittrex to FTX because Bittrex had been honest to their client unlike FTX where they siphon the fund of their user through backdoor. Aside from that they were not involved in any scandalous activity until they declared their bankruptcy.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
(.....)
I remember before when I just starting to explore cryptocurrency, Bittrex is one of the many exchanges I am using, it's just sad to hear this.(.....)
For me, it's all good as long as they are transparent to their customers and all funds are still accessible and users can still withdraw them. This is somehow difference on what happened on FTX Exchange.
Not to really have that discriminative kind of approach or conclusion of things but peoples mindset and behavior or the reaction would really be most like be in lined on what i have said earlier.
Once trust is broken then it cant really be taken back no matter how hard they would try on getting those trust once again but still it cant really be ever be the same which lets just
face up the reality. There might be those solid supporters or users who would really be looking back and giving out the chance but sooner or later they would really be still announcing on closing
down their doors just because they arent really that getting much users or simply not that sustainable at all.
Companies and trends do really come and go and for those who do fall down into the path of being hacked or bankrupted or does have some serious issues in the past will really be
remaining that kind of taint forever and not something that could be forgotten which we know that trust is mainly been affected on here.
I haven't been in business with them before now because I trade using Binance, but normally I won't trade with them if they come back to the limelight only I was interested in a coin later and it is only traded with them.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
(.....)
I remember before when I just starting to explore cryptocurrency, Bittrex is one of the many exchanges I am using, it's just sad to hear this.(.....)
For me, it's all good as long as they are transparent to their customers and all funds are still accessible and users can still withdraw them. This is somehow difference on what happened on FTX Exchange.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
(.....)
I remember before when I just starting to explore cryptocurrency, Bittrex is one of the many exchanges I am using, it's just sad to hear this.(.....)
For me, it's all good as long as they are transparent to their customers and all funds are still accessible and users can still withdraw them. This is somehow difference on what happened on FTX Exchange.
Bittrex US declare its bankruptcy due to unfriendly sentiment within the country and mainly because of the SEC complaint[1]. On the other hand, FTX, Celsius, Voyager Digital, and other things you mentioned are simply bankrupt due to mismanagement of funds and subpar risk management.
Those two cases are on another level, besides, as other have mentioned, Bittrex Global are still operating. With that said, Bittrex might still doing fine while the others should be avoided if they even dare to reopen.
[1] https://www.sec.gov/news/press-release/2023-78
Those two cases are on another level, besides, as other have mentioned, Bittrex Global are still operating. With that said, Bittrex might still doing fine while the others should be avoided if they even dare to reopen.
[1] https://www.sec.gov/news/press-release/2023-78
No. I'm done with centralized crypto exchanges and I won't be using a centralized crypto exchange(unless I have no other choice).
Respect for Bittrex for staying legit and paying all the funds to their customers. I guess that they weren't some exit scam and they didn't have any insolvency, which means that they simply weren't making enough money from trading fees. The centralized crypto exchange market niche got too crowded, because the trading volumes went down and many people stopped using centralized exchanges. It's normal for some crypto companies to leave the market, since they don't make enough money to cover their operational costs.
Using centralized exchange is not a bad thing, not to me at least. Aside from the fact that you can't maintain complete anonymity and relatively higher transaction fees, centralized exchanges are not evil. The problem lies when you store your assets on those centralized exchanges. Respect for Bittrex for staying legit and paying all the funds to their customers. I guess that they weren't some exit scam and they didn't have any insolvency, which means that they simply weren't making enough money from trading fees. The centralized crypto exchange market niche got too crowded, because the trading volumes went down and many people stopped using centralized exchanges. It's normal for some crypto companies to leave the market, since they don't make enough money to cover their operational costs.
Some centralized exchanges make it more convenient when you want to trade, so I can just keep the amount I want to trade at the moment on the centralized exchange I use, that way if anything happens to the company or your assets, you'll only be losing a small part of it.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
"Trust" is not the word id use, because if I trusted them I would have kept my assets with them, but I'd still do business with them. The fact that they even gave people time to withdraw their assets should be commendable. 
On May 8th the crypto community was greeted with the news that Cryptocurrency exchange Bittrex filed for bankruptcy. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.
If they can able to return 100% funds of all of their costumers then why not? For announcing this it indicates that they don't have plan to scam their costumers so if they decide to go back on business then for sure I will trust them again since they don't do shady exit just like what other big exchange which turn scam. But its still people's preferences if they could trust them again since maybe there comeback is different so for this its good not to trust any of them and have vigilant consciousness to know the latest updates and other things going around them to avoid any scam issues.
What you give is not entirely correct. Bittrex has filed for bankruptcy because of accusations and pressure from the SEC, which has nothing to do with their business. They don't go bankrupt the way FTX did. And they have also said that this does not affect Liechtenstein-based Bittrex Global, which means we can still use their service without any problems. But anyway, using centralized exchanges is still not recommended, so use them for the proper purpose, never use them to store your assets.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
I think the most important thing we should learn from the bankruptcies of these big exchanges is to never leave large sums of money at them. It's fine to trade on them regularly, but once we accumulate 1,000 USD worth of cryptos and more we should be transferring them to a more secure wallet. Even with the high fees we are facing today it's important to keep our coins save. Better to pay 20 USD in fees than to lose a large sum of it due to a bankruptcy. As for using companies again that have failed in the past I don't think it's a problem as long as they have always been honest with the customers. It's a big difference if a company is failing because they scammed their users out of a lot of money, or they were running a ponzi scheme, or they didn't charge enough fees compared to their operating expenses. Bankruptcies are part of modern society and a well restructured company can succeed. Pepsi for example went bankrupt two times before they succeeded and people are still drinking their sodas today.
I would not Trust and do business anymore with a crypto-currency exchange that has gone bankrupt, I won’t do business with a centralized exchange because I don’t believe in the centralized system.
It is okay not to use an exchange that has gone bankrupt again, but not doing business with centralized exchanges is not a smart decision for me. For your information, there are many people throughout the world who use centralized exchanges, and they have invested a lot of money into them, particularly Binance, as evidenced by the 24h volume. This does not imply that they have concentrated all of their funds. We are all aware that centralized storage of funds was not secure. That is why you must have a personal wallet in which you hold the private key and transfer your funds into it after using a centralized exchanges especially if you're going to hold an asset for a long time. 
I would still trust them because they allow users to withdraw all of their funds. According to the quoted text above, they did not defraud individuals and instead declared bankruptcy. But it doesn't mean I won't utilize their service again if Bittrex goes out of business. This type of occurrence will not occur on a regular basis, so it would be prudent to use other top-tier exchanges such as Binance. However, I believe Bittrex will not be able to run again in the future because they knew it would fail. It would be preferable to create a new exchange site to attract more users.
They allowed all users to withdraw their funds until they don't, the next time it fails. Just because they didn't block withdrawals doesn't mean that people didn't lose money due to the exchange. Would you lend money to a broke person? Probably not; then why would I risk my money on an exchange that has already failed once? What's stopping it from failing again in the future, and what kind of guarantee do I have for my funds? None; why should I bother then when it's simpler and safer to just move on and use another service? Thankfully, there are plenty of exchanges, centralized or not, that can do the job without issues; there's absolutely no reason to take such a risk.Personally, I wouldn't bother ever again; trust is like broken glass; it can't be glued back together. No matter what they do, they will always be stigmatized and will never fully recover their reputation.
Yes I will still do business with them, the issue about KYC and being a centralized exchange only applies is only risky for me if i were doing some shady things which i refuse others to know. However, maybe this time I will be more cautious not to put all my funds to them so that if something like this repeat, then I won’t have to deal with regrets from losing huge amount. I know Bittrex was very stable way back then, but still it’s safer not to put all in. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.
Actually they were kind enough to tell people to withdraw their funds from the exchange but this goes to still repeat that it’s very risky to leave your funds on exchange, sad to see an exchange filling for bankruptcy but what’s the reason for bankruptcy going by the way FTX went bankrupt and the mismanagement of funds it draws attention also to this case.
It wasn't being kind but it was the proper procedure. Whenever an exchange have to end its service, it should notify its client or customer to withdraw the funds and give deadline until when. They should also allow their client some extension if they failed to comply with the notice.
I would not Trust and do business anymore with a crypto-currency exchange that has gone bankrupt, I won’t do business with a centralized exchange because I don’t believe in the centralized system.
If you are not going to trust any crypto-currency exchange then where would you transact your business? You can trust them for their service but obviously, it is not right to make them a stash where you store your BTC and other cryptocurrency.
I would still do business with them if there is a need but I wouldn't leave my idle coins in their exchanges.
Actually I will still do business with them especially the paxful most especially because of the users interface and friendliness and more over, before they went out of market, they also gave their customers the opportunity to withdraw their funds and at some points, I had to wonder why they had to go off business and though Paxil had a sister app (noones ) which is more of a copy and paste of painful, i think I will still prefer they go back to the original paxful and I will forever still trade with them and though I was scammed on the p2p market option, I had to accept that it was my fault but kept dealing with them, not until the change and switch was done.
I will trust most of the exchanges if they get back to business more better especially those of them that gave their customers the opportunity to withdraw their funds before finally shutting down.
I also want to know what might happen to persons that don't redeem their coins before the dead lines especially those that invested in bitcoin for long term and never got the notification to withdraw their funds, I wish to know of they will still have access to their funds after a period of let's say 1 year or after 2 years or even more?
I will trust most of the exchanges if they get back to business more better especially those of them that gave their customers the opportunity to withdraw their funds before finally shutting down.
I also want to know what might happen to persons that don't redeem their coins before the dead lines especially those that invested in bitcoin for long term and never got the notification to withdraw their funds, I wish to know of they will still have access to their funds after a period of let's say 1 year or after 2 years or even more?
On May 8th the crypto community was greeted with the news that Cryptocurrency exchange Bittrex filed for bankruptcy. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
. https://www.thestreet.com/investing/cryptocurrency/big-crypto-exchange-goes-bankrupt#:~:text=Besides%20FTX%2C%20platforms%20Celsius%20Network,BlockFi%20went%20bankrupt%20in%202022.
For a company to genuinely fill for bankruptcy and ask there customers to withdraw the funds they have on there exchange, this mean that the company is honest in what they do and they don't want any legal issues with government or there customers which is a polite way to do business. This is a good company that is trusted and they know what they are doing not like FTX that took customers funds away without any hope of them getting there money back in the future. I think I people will kind use this kind of exchange if they eventually come back for operation. Quote
In April, Bittrex told its U.S. customers to withdraw their funds by Apr. 30, when the company shut down its operations, according to its website. For customers who didn’t withdraw by the end of last month, Bittrex said on Apr. 8 that their funds "remain safe and secure” and that its top priority is to ensure that they are made whole.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
. https://www.thestreet.com/investing/cryptocurrency/big-crypto-exchange-goes-bankrupt#:~:text=Besides%20FTX%2C%20platforms%20Celsius%20Network,BlockFi%20went%20bankrupt%20in%202022.
I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
I've never personally used the exchange and I'm not sure how it is but I know that it was one of the top exchanges back in the day, of course. But even if it's facing issues and is struggling, it has paid its users the money that it owned and didn't just shut down the services without prior notice or eaten the funds of any of its members which is a positive thing.About using it again if it comes back up, I think people will probably move to another alternative right after the shutdown and no one would really change their exchange if they are not having any issues even if the old exchange that went off once comes back again.
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On May 8th the crypto community was greeted with the news that Cryptocurrency exchange Bittrex filed for bankruptcy. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.
It is commensurate with the prohibition against storing assets on centralized exchanges and sometimes we are too pushy not to pay attention to the security of the assets we have. Luckily when Bittrex notified its customers to withdraw funds and if it was not notified then many people would suffer huge losses as happened in other exchanges that went bankrupt.We've seen exchanges go bankrupt in the last few years and they also have quite a reputation, so this is an important warning that many people need to be aware of and we need to be solutive in choosing a safe place to store assets.
Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.
Maybe when their reputation recovers there will still be people trading there, but it will be a reminder that any exchange is not a place to store assets, so vigilance and caution is needed to avoid losing the assets we have. Jump to: