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Author Topic: Best Practices for sending to exchange  (Read 180 times)
sheenshane
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January 23, 2021, 05:00:16 PM
 #21

Thanks for all of your thoughts. To those bemoaning my paranoia I say that my paranoia is of the healthy sort. I trust my local process and I trust the exchange I am using, but these processes have risk. I'm not worried about copy/paste issues or exchange fraud. I am worried about program crashes, errors stemming from my own ignorance, and especially things out of one's control after sending, etc. If you read the t's & c's of any exchange they acknowledge this risk and disavow responsibility. Of course the probability is low, but something could happen despite one's best preparation. For anyone working with transactions an individual feels is "high value" some paranoia is warranted IMHO.

I understand your sentiment and you're not alone here, I feel the same as yours when every time I have a transaction from exchange to my main Bitcoin wallet, I'm always careful and it should always have have double or even triple check on the Bitcoin address destination.  So far, I didn't have any problem because I carefully doing this to ensure my funds are safe and not to have errors which we know that the crypto transactions are irreversible or we can't undo what we have done.

Good to see people like you asking even this basic question rather than those people asking for help because they'd stuck their transaction due to ignorance.  IMO, knowledge has a great advantage to avoid possible errors and mistakes that can't revoke.

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January 23, 2021, 05:44:56 PM
 #22

First of all, I will ask you which exchange have you been using? Are you sure that is a reputed exchange and it will not scam you after sent the funds? Sending the whole amount at a time doesn't matter, but the matter is where are you sending funds. If you know the exchange is reputed and you aren't visiting phishing link or your devices isn't affected then test with a small amount and that's what I have been doing. When everything is fine then I make a large deposit there. Make sure you are copy-pasting the right way and everything is fine. BTC is an irreversible cryptocurrency, so it wouldn't be recovered once a transaction is broadcasted in the blockchain.

Just keep in mind, transferring your bitcoin to a centralized exchange means you are losing access to your funds although it's your own account. Because it's just an account, not your custody.

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