Bitcoin Forum

So binance are Now one of the biggest.
And its easy to use also have debit card option.
And many People Move there eveyday.

If something happens with binance its end of crypto.
And also Nice pumps and dumps wich crypto People love it.
Also the Good option for uk and eu banks to trasfer in and out.

So my question is what backing binance if binance Holding so big responsebility who or what is behind them to Back it Up?

Also its a Good time for binance to think about insurance if they dont have one.


So to speak People use services whats easy fast and simple
Ye all those wallets like electrum wallet for btc are safe but hey....  People dont like those People Go Where things are simple
I have tried the hard wallets like electrum and im just a regular simple guy I like When things are simple and this hard wallets not my type.


As we Know the crypto Exchangers have become our new banks and binance have done Something what is Holding Up whole crypto.

There are also the coinbase...  But Why need coinbase if binance is all around well known.
There is also the  kraken but nobody Can't beat the simolicity and quality.


To be honest me and many others are in crypto Only becouse binance are in crypto.

So I Hope Long life for binance becouse binance is our crypto center.

Not correct, probably you meant biggest exchange.

Absolutely wrong, Binance was even hacked in 2019. If anything happens to binance, nothing will affect cryptocurrencies especially the decentralized ones like Bitcoin.

Binance make money from trading fee, transaction fee, some percentage gain from profit from money people lend to borrowers.

Not that wallets like electrum are only safe, they also bring privacy to certain level, and you have the private key to your coin which guarantee you to have full control over your coin.

Not your key not your coin, how crypto is designed, noncustodial wallets should represent the bank, while exchanges should represent trading platforms where people can buy and sell cryptocurrencies. After buying, the cryptocurrencies should be moved out of the exchanges into noncustodial wallet, cold wallet storages are the safest.

There are some countries not supporting Binance, like USA, Coinbase is the dominant trading platform.

Exchanges are important to buy and sell, while noncustododial wallets are important for storage. Exchanges will not let you have the full control over your coins, the exchanges do have the full control that can override yours, you do not have the coin on blockchain, Binance (exchanges) do. Always have in mind that so far you do not have the private key to a coin, it is like it is not your coin as it is not yours on blockchain.

Binance.us is support by USA, and they have Decentralized exchange where you can buy/sell directly to your own wallet (binance.org)

To trasfer out of exhangers and in we pay high fees.

There should be non fees transfer option for users.


Not your keys not Ur coins dont sound like safe.
Who Ever Say this is justifying thiefs.
I would say not your money dont take it.
We have FBI Police CIA mossad mi6
Thts their Job to hunt down terrorist criminals and thiefs.
If Exchanger Will take your money its stealing, period!

For example someone Will lose
Huge ammount of money....  I dont think he or She Will Ever use crypto Again.

So things are how they are.

So Now binance are very important so whats the Second option?  Kraken?  But they dont have even the debit card using option.

Coinbase well for Some Reason their rep is not good. There is rumours but People want things whats top quality working 100% always good and Give them easy option to use it.

Mt GOX was one of the best back in the day. People trusted it a bit too much and everyone knows what happened. Binance got hacked as well but CZ made the right move to recover the funds, anyway you can't trust online wallet to "stake" your funds and keep them there. One thing is for sure, it makes the life easier for those who found out about crypto just now and want to dip their toes in tho the crypto sea, with other words t's good for mass adoption!
I wonder when they will enforce the KYC thing.. it's still open up to 2 btc withdraw per day.. which is over 100K compared to the 2btc ~ 40K back in 2017.

Not your key not your coin means you are not having the coins on blockchain, what proves the true ownership of a coin is to have the private key to unlock the coin on blockchain. Exchanges has the coin on blockchain and that is why they have the control, not you that have coins with them.

Blockchain is always available, but exchanges can disable withdrawal. You can withdraw anytime you want on noncustododial wallets like electrum, but exchanges can be under maintenance in which no one at that time will be able to withdraw.

Exchanges can be hacked, there are some that were hacked in the past that users lost their coins.

Due to some reason, exchanges can freeze your coin, in that period, the price may be falling, and the person will lose before releasing the coin

There are many cases someone will send wrong tokens to another token address, but supported by the same private key. Like sending TWT to coinbase, in this case you might lose the coin, but because you have the private key to the coin on noncustodial wallet, you will only import the private key on a wallet that support the coin and you will see your coin.

There are many inconveniences that can be from exchanges, but that does it mean they are not the best for buying and selling and trading generally, but like I ones commented, your coins should be stored on noncustododial wallets, cold wallets are the safest.

We all know CZ's ambitions for the cryptocurrency space are enormous.  I agree with the maturity that Binance has incorporated into this crypto world with the best reputations, good plans with liquidity by the largest exchange, and the potentially remarkable direction for BSC.  However, it is possible that Binance is an important part of the market but not quite all, and there will be great dependence here.  There will be other ingredients urged to grow and match.  Binance has converted its status  to the “Top 3” markets and that is good faith, but personally I will not put all and trust in Binance or BNB.

But Exchanger are fastest way to exhange.
Specially stable coins.
Yes You can transfer out usdt but look at the prices of  erc20 tokens Transactions fees...
Its grazy nobody dont want to pay so high fees.


And There is no reason to compare our new world with Mt gox kind of things.

Binance is Holding Up People trust and whole crypto.
If binance out the whole crypto is done!

For making this statement, you have a lot to learn. Know that cryptocurrencies are beyond ban. Also know that if binance is gone, crypto will still be alive. Crypto are not exiting because of binance, but binance is existing because of crypto. It means binance is nothing but depends on crypto for surviver while crypto do not depend on binance.

@Charles-Tim - I'm not aware that Binance was hacked in 2017, maybe you meant 2019?

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Binance was established in 2017 though and then just takes over as the top crypto exchange that we have seen right now.

And as far as the Binance hack, they said they are SAFU (Safe Asset Fund for Users) isn't it?

I also don't think it will be the end of crypto, there are a lot of exchanges out there, it's not like that we have just a single biggest exchange like Mt. Gox, that when it's hack back then crypto was cripple. Now we have other options: Coinbase, Kraken, Huobi and others.

No, it is not.

Bitcoin and Altcoins were there much before Binance. Binance was founded in 2017, and it wasn't a big deal until 2018. So we have about 2,5 years of binance being the biggest. There is some competition now, Coinbase, FTX, Bitstramp, Kraken... there are some other good exchanges out there.

Also, centralization and monopolies are not good for anyone.



Competition is always good. Exchange centralization is terrible. Don't you know Mt. Gox history?

Mt. Gox had over 90% of the volume. When it was hacked, it was nearly the end of bitcoin. That is not the case now, and binance doesn't own so much of the total market volume.

Never mind that, it was in 2019, that corrected already. Binance was created in 2017 while the hack was in 2019. But, that does not change the fact that it was hacked.

The same thing happens to every reputable exchange we have not Binance only and the last time I check some people never feel comfortable using Binance due to its centralized system even when use their P2P exchange.

If nothing to crypto market than just a flash dump in price of the market when China banned Bitcoin nothing will also happen to the crypto market if Binance have an issue and if you can the history of the exchange it was once attacked by online theft.

Binance any crypto market responsibility, it only holds the responsibilities of their users and staffs.

They claimed to use SAFU to prevent user's funds from lost.

Not everybody does that but crypto traders have 2 or more accounts with different exchange footing the features they provided.

So to ask Same with crypto....
What would be the stocks without the stock Exchanges??

So If anyone can say Exchangers are not important well....

First of all, I believe the OP needs to learn about the concept of the cryptocurrency market and the decentralization aspect of it because nothing makes an exchange to be the godfather of the crypto market because it the leading exchange site. Besides, every crypto exchange site was guilty of fake volume and illusion liquidity creation just like coinbase was recently accused of.
This reminds the naiveness of some crypto users which believe China control the Bitcoin market either


Almost every open-source wallet that's its source code is checked and confirmed as virus/backdoor flaw free are safe, still need to be verified before using it but that doesn't mean it totally safe though if human error is not prevented.
I wonder why you consider electrum to be a hard wallet but I will advise you to make wallet security level your top priority not the easy to use of it.

People don't say exchanges are not important if you read and understand their point but exchange are a business company and they do not have any chance the godfather of crypto market and the last time I check they only benefit from the crypto user.

I have yet to hear someone say they've entered crypto because Binance exists. You've been around for more than 6 months - it's almost impossible not to learn how Electrum works. In fact, Electrum is almost as simple as it can be. A newbie-friendly wallet is a wallet that has just the very basic Bitcoin functions such as spending and receiving. We could have a very basic Electrum version for newbies, but that would remove a lot of the features Bitcoin exists for.

Binance was here after crypto. They do some good when it comes to adoption, but on the other hand they hurt the environment by letting P&Ds and trying to monopolize the industry in their hands.

Back in 2017-18, Bittrex, Poloniex and Cryptopia was the banks of most crypto users and now cryptopia is shutted down as well as other two exchanges don't have that much users like before. So it's just about time for users to change their favor. BTW, onething should be remembered, "Not your Keys, Not your Cryptos".  :D


Binance was founded back in 2017 and fully launched in 2018, so what about those who were in crypto before 2018 or 2017. Basically, OP can say that binance helped a lot for those who were entered into this market back in 2018 or 2019 as it's always been so much innovative from it's begining. But it's not true that we're in crypto because of binance. If anyone believe that like a blind fan of any exchange, than people will say in future that we're in crypto because of FTX exchange as it's now being so much innovative than others.

Most of the traders trust Binance and love to trade on Binance without any hesitation. If you think like this you can not trust on any exchange. To date, hackers hacked many times many coins from the exchanges. For me, a hardware wallet is best to store the coins unless you want to sell them on exchange. Even Binance also hacked in 2019 and did you see the end of crypto at that time my answer is no. Nothing will change if hackers hacked any exchange I agree it's a big exchange and millions of traders holds their coins on Binance to trade So we have to keep trust and should not be pessimistic.

Numbers do the talking.
Let's look at the volume in binance the users and daily actvity.
Its a crypto center and many People Will get use to that binance are like bank for them.
Reason is simple its handy

I think usdt should be insurance for Exchangers.
No matter of Hacking or loss the usdt Will refund it.

Thts other point
The crypto Exchangers are Here to Stay many People have find their new Job as crypto trader.
And Exchangers can play big part of that

Binance have slowly progressed and has now taken position as the largest cryptocurrency exchange. Earlier more other cryptocurrency exchanges were into usage, but something made them lag in service. Now Binance has got its own platform and more apps are being developed over it. BNB have added more value to it, and the success of Binance began through its launch platforms of different projects.

Binance improved on some certain features in the crypto space, true been told, Binance as largest exchange deserves it because, it contains and carries more of volume and volatility into the crypto market

I could understand much from from this, over some time sago, Binance were acquiring different crypto companies, gaining trust an now exploding, Binance itself is a investment platform too, becaau it had some features of saving and locking your coins for certain number of period.

That doesn't make any sense.  You're interested in cryptocurrency because of Binance?  Me brains can't handle that kind of motivation, and you're saying many others share the same motivation.  Bizarre.

And by the way, the success or failure of bitcoin (or crypto in general) does not depend on Binance or any exchange.  There have been many big exchanges that have failed, and the most those failures have caused were bumps in the road of bitcoin's success.  Having said that, I hope Binance doesn't fail--they're an awesome exchange, even if I'm unable to use them myself.  They survived that massive hack a year or so ago and it would have killed weaker exchanges.  That says a lot about them, IMO.

That's because it's a bizarre thing to say.

You could say this but many people who is not well sophisticated as you are prefer binance over anything as they have binance like their own bank
And Even me Don't Know how to use those ledger nanos or electrum exodus Kind of wallets.
I Trust More Exchanger then myself I like someone to take care of my stuff.
So crypto Exchangers are Our new banks

What you are elaborating is that people should only use Binance because everything is there. As much as most of us like to use it and it is the most preferred crypto exchange, you have said that there are others.

We mostly see suggestions when someone asks what exchange should a beginner must use and the answer would always be Binance.

But based from your words how we should binance as the only exchange to use, you are probably off with that, crypto isn't just all about them.

If you like someone else caring about your stuff, then you're not in crypto for the sake of cryptocurrencies but strictly for speculation. There's no way someone cannot understand how to use a Ledger Nano S. I don't think the process can be any more straight-forward than that. You literally have all instructions on the internet or in your delivered package.

There are so many things wrong in this statement... banks =/= exchanges

Later on, if something happens to his funds owed to the exchange, he will change his perspectives. Still it is best to have full control of your funds. That means, you have your own keys. Though for example, binance is a trustworthy exchange, still having your own wallet is much better than storing it to the exchange. I hope the OP will not encounter any prob by storing his assets to an exchange. He should know better already, with all the hacking incidents and other illegal activities, at some point, these exchanges will be vulnerable to these acts.

Yes its a New way of banking
Look binance have Nice card You Don't need bank or anything.
Just trade and cash out Ur profits from ATM.

I Don't Know if its crypto or what Ever They call it
But I like things useful practical and Simple.
There is newbies who choose binamce their first Step in crypto.

I will not change I will just grab the neck of Exchange owmer and little squeeze until there is answer Where is the money.
Are You really Think?  I Trust You with my hard earned money?  And You just telling me after?
No money?  I Don't accept this attitude!
But if Something happens.. With Exchangers specially binance its a chaos.
Many people will lose trust in crypto.
So Let's not even Think about like this.
Its a 2021 year the Exchangers are well developed
And well watched and owners are known.
For me it Sounds like a end of the World if Something like this would happening.