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Author Topic: Using Poloniex just for processing bitcoin transactions?  (Read 457 times)
AdolfinWolf
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July 18, 2017, 10:31:15 AM
 #1

So i was wondering if this was allowed.

Poloniex only charges 0.0001BTC per tx, and it usually confirms in the next block, which is pretty fast considering i'm only paying 0.0001BTC.

thus not only is it decent for trading, but it could be used to sent tx's extremely fast with low fees aswell.

I know that there are some trading/gambling sites which wants you to trade 80% or so of your total deposit before you can withdraw again, but this doesn't seem the case with poloniex.
Do they have any rules against this or is it allowed to do?



What are the disadvantages of doing this? ( Ofcourse i know polo has risks and that some people consider it a scam, and that i not actually "own" my bitcoin in their wallet, but is there anything else i'm missing?)









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July 18, 2017, 10:35:26 AM
 #2

And how would you use Poloniex?

As a wallet: low fees, but high risk of having your coins stolen or simple not allowing you to withdraw. Remember that Poloniex support sucks and they may keep your withdraw request as "Pending" as long as they want.

Any other reason to benefit of the 0.0001 fee?


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July 18, 2017, 11:27:57 AM
 #3

And how would you use Poloniex?

As a wallet: low fees, but high risk of having your coins stolen or simple not allowing you to withdraw. Remember that Poloniex support sucks and they may keep your withdraw request as "Pending" as long as they want.

Any other reason to benefit of the 0.0001 fee?



Well basically just as a hot wallet to collect dust in from advertising income from some sites that i have, and to then make small transactions really fast <50$.

Bitcoin tx fees are really stacking up on small transactions lately, that's why.

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July 18, 2017, 11:54:57 AM
 #4

And how would you use Poloniex?

As a wallet: low fees, but high risk of having your coins stolen or simple not allowing you to withdraw. Remember that Poloniex support sucks and they may keep your withdraw request as "Pending" as long as they want.

Any other reason to benefit of the 0.0001 fee?



Well basically just as a hot wallet to collect dust in from advertising income from some sites that i have, and to then make small transactions really fast <50$.

Bitcoin tx fees are really stacking up on small transactions lately, that's why.
If only for hot wallet reasons above doesn't apply.
You can do that, but keep in mind that you can always loose this fund because of poloniex. Its a 3rd party that is not required.

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July 18, 2017, 03:12:06 PM
 #5

If I were you I would not use POLOfor anything. They are not to be trusted again until they get their supooort in order.
[
Myself and many others have had issues withdrawing a few hundred dollars to a thousand dollars worth of ANY crypto coin. It took them over 35 days or so for mine... and I could have lost it because it was being withdrawan to another exchange wallet. Exchanges sometimes change your address to deposit to and I am lucky they didn't becuase I would have lost it all.



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July 18, 2017, 04:39:37 PM
 #6

If I were you I would not use POLOfor anything. They are not to be trusted again until they get their supooort in order.
[
Myself and many others have had issues withdrawing a few hundred dollars to a thousand dollars worth of ANY crypto coin. It took them over 35 days or so for mine... and I could have lost it because it was being withdrawan to another exchange wallet. Exchanges sometimes change your address to deposit to and I am lucky they didn't becuase I would have lost it all.

If only for hot wallet reasons above doesn't apply.
You can do that, but keep in mind that you can always loose this fund because of poloniex. Its a 3rd party that is not required.


Hmm. I guess bittrex does the same thing, so i'll try them out aswell.

It seems that a lot of people have issues some times with withdrawing coins from polo.

I personally haven't had any issues with them regarding the deposits/withdraws but i'll keep them in mind.

Does anyone know if poloniex changes the unique deposit adress of a user? I have never seen that happen but you'll never know...?

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July 18, 2017, 06:19:22 PM
 #7

what is the difference between any wallet and a wallet in polo?
Just use ur own wallet and pay same fee.

AdolfinWolf
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July 18, 2017, 06:24:32 PM
 #8

what is the difference between any wallet and a wallet in polo?
Just use ur own wallet and pay same fee.
That's the point. If i use the wallet from poloniex, i only pay 10k satoshi in fees no matter how big the tx.

If i make the transaction through electrum, it's usually x10/x5 that amount for a prioritized transaction.

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July 18, 2017, 09:56:49 PM
 #9

So i was wondering if this was allowed.

Poloniex only charges 0.0001BTC per tx, and it usually confirms in the next block, which is pretty fast considering i'm only paying 0.0001BTC.

thus not only is it decent for trading, but it could be used to sent tx's extremely fast with low fees aswell.

I know that there are some trading/gambling sites which wants you to trade 80% or so of your total deposit before you can withdraw again, but this doesn't seem the case with poloniex.
Do they have any rules against this or is it allowed to do?



What are the disadvantages of doing this? ( Ofcourse i know polo has risks and that some people consider it a scam, and that i not actually "own" my bitcoin in their wallet, but is there anything else i'm missing?)











I have used poloniex for several months without problems or restrictions. The main function of polo is exchange with nice additional features of trading and lending. So its far away from scammy trading services or gambling sites.
But to hold your cryptocurrencies over August, 1th, you should use your own wallet with private key. That is the savest way to keep your cryptovoins.
For cheap and fast transfers of btc, polo is also for me the best.




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July 18, 2017, 10:00:53 PM
 #10

well the transfer fee of polo is indeed small comparing to other sites. But, as many have pointed out, poloniex has a problem with support and they have some withdraws than aren't happening or are taking too much time. So you have to be careful with how much you put there because you can lose your coins. 
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July 19, 2017, 11:00:57 AM
 #11

You have to be very careful always double checking minimum deposit requirements etc. That's where most people start having trouble with poloniex screaming in all forums it has stolen their 0.005 ETH Smiley I also found it not so accomodating for my needs as it doesn't have many coins I use, Bittrex is better in that sense.
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July 21, 2017, 09:16:22 AM
 #12

You have to be very careful always double checking minimum deposit requirements etc. That's where most people start having trouble with poloniex screaming in all forums it has stolen their 0.005 ETH Smiley I also found it not so accomodating for my needs as it doesn't have many coins I use, Bittrex is better in that sense.


Poloniex has a minimal deposit??
I've never seen anything like that before in the case of depositing -bitcoins- on their site.

I know that they have a max daily deposit of ~2000$. Where do you got that information from? I can't find their minimum deposit anywhere lol.

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July 21, 2017, 09:23:53 AM
 #13

Also depends on how much you want to send you may be limited with Polo. It only lets you withdraw up to $2000 per day unless verified.
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