BINANCE AS HOLDER

[snuffman8]

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an adress that will not be violated?

[Potato Chips]

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an adress that will not be violated?

You mean in our bitcointalk profile? technically, there is no rule that you can't add your deposit address from exchanges but I personally like adding address that I fully control and not directly associated with my personal information -- since identity verification is mandatory in binance.

If you wanna follow the same thing I do, you would need a non-custodial wallet like electrum.org

More on wallets:
1. https://bitcoiner.guide/wallet/
2. https://bitcoin.org/en/choose-your-wallet

[JeromeTash]

Currency exchange is not the right board for such a post, that's why you haven't got that may responses. You could move it to Beginners and help board. You can put any address you want in that field but if you want to use it to sign Bitcoin messages in the future like proving ownership of the account then using an address derived from Binance exchange is not a good idea. You have to generate an address from a noncustodial wallet where you have control over the private keys or seeds.

Open source noncustodial software wallets like Electrum, Sparrow, unstoppable wallet etc. are the one of the best to get a usable address from

[Stalker22]

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

You can basically put whatever you want in that field. there is no rule as to which type of Bitcoin wallet you must use.
Just remember that the deposit address Binance (or any exchange) gives you isnt technically your wallet.  You dont own that address; Binance lets you use it as part of its service and  so if you ever need to prove you own that address, like if someone hacks your account, youre out of luck.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an adress that will not be violated?

I suggest you direct this question to the Beginners & Help board, you will get more specific answers there. But for starters, I suggest you read this topic where everything is nicely explained: [General] Bitcoin Wallets - Which, what, why?

[rat03gopoh]

Recommended address which is:

• You own the private key/seed phrase.
• Not the main address where you hold the majority of your bitcoin portfolio.
• It isn't a known address belonging to a banned user

[Lucius]

@snuffman8, I personally see no reason why anyone should have a BTC address in their profile, unless they hope to one day receive a generous donation from a secret admirer. I used to have a BTC address in my profile in the past, but it became completely meaningless to me a long time ago - because people don't put their bank account numbers in their social network profiles, do they?

In addition, if you put your address from a centralized crypto exchange, someone could send a "donation" that could only cause you problems, because CEX does not really like coins related to gambling, mixers and anything suspicious according to their criteria.

[snuffman8]

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an adress that will not be violated?

You mean in our bitcointalk profile? technically, there is no rule that you can't add your deposit address from exchanges but I personally like adding address that I fully control and not directly associated with my personal information -- since identity verification is mandatory in binance.

If you wanna follow the same thing I do, you would need a non-custodial wallet like electrum.org

More on wallets:
1. https://bitcoiner.guide/wallet/
2. https://bitcoin.org/en/choose-your-wallet

Thank you for your contribution.
Yes, the profile thing is just an example, lets say that i would buy coins somewhere out of the exchanges or gonna withdraw at some casino, is it a problem to use the binance adress?

[Fiatless]

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an address that will not be violated?

I assume that some person add a Bitcoin address to their profile to receive donations or as a form of security. Somebody who wants to maintain privacy might send you some funds without having any form of contact through the wallet in your profile. Regarding security, you might be asked to sign a message from the address you put in your profile if you have any issues with your bitcointalk account. I think using an exchange address is not advisable because you don't have total control of the wallet. Your exchange account might be frozen or access can be restricted. It will be better to use a decentralized wallet that you have full control over.

[snuffman8]

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an address that will not be violated?

I assume that some person add a Bitcoin address to their profile to receive donations or as a form of security. Somebody who wants to maintain privacy might send you some funds without having any form of contact through the wallet in your profile. Regarding security, you might be asked to sign a message from the address you put in your profile if you have any issues with your bitcointalk account. I think using an exchange address is not advisable because you don't have total control of the wallet. Your exchange account might be frozen or access can be restricted. It will be better to use a decentralized wallet that you have full control over.

Could you please suggest any safe wallet i can use in my phone? i took a look over Electrum, but i see some people saying the taxes are too high and the UX is not that good.

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an address that will not be violated?

I assume that some person add a Bitcoin address to their profile to receive donations or as a form of security. Somebody who wants to maintain privacy might send you some funds without having any form of contact through the wallet in your profile. Regarding security, you might be asked to sign a message from the address you put in your profile if you have any issues with your bitcointalk account. I think using an exchange address is not advisable because you don't have total control of the wallet. Your exchange account might be frozen or access can be restricted. It will be better to use a decentralized wallet that you have full control over.

Thats why im asking, i know  it can be frozen or i can take high taxes when withdrawing. Anonimity isnt my goal, i just want the coins to be safe now im going to invest on it.

@snuffman8, I personally see no reason why anyone should have a BTC address in their profile, unless they hope to one day receive a generous donation from a secret admirer. I used to have a BTC address in my profile in the past, but it became completely meaningless to me a long time ago - because people don't put their bank account numbers in their social network profiles, do they?

In addition, if you put your address from a centralized crypto exchange, someone could send a "donation" that could only cause you problems, because CEX does not really like coins related to gambling, mixers and anything suspicious according to their criteria.

Not that i want to receive any donations but, when i saw it this came to my mind: WHAT is my btc adress? My TRC adress? I can only find then in binance and dont have any other wallet i can really trust, so thats why im here to find a better solution. And im actually feared to make any transactions and binance take the coins and disapear with it.

Recommended address which is:

• You own the private key/seed phrase.
• Not the main address where you hold the majority of your bitcoin portfolio.
• It isn't a known address belonging to a banned user

Can you please tell me more about what is my private key/ seed? And how do i make more than 1 wallet to hold different volumes?

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

You can basically put whatever you want in that field. there is no rule as to which type of Bitcoin wallet you must use.
Just remember that the deposit address Binance (or any exchange) gives you isnt technically your wallet.  You dont own that address; Binance lets you use it as part of its service and  so if you ever need to prove you own that address, like if someone hacks your account, youre out of luck.

So, for a totally newbie, what app, website, source code, anything. What should i do to have an adress that will not be violated?

I suggest you direct this question to the Beginners & Help board, you will get more specific answers there. But for starters, I suggest you read this topic where everything is nicely explained: [General] Bitcoin Wallets - Which, what, why?

Thanks, the post is redirected. Im gonna read carefully the post you sent.

[rat03gopoh]

Can you please tell me more about what is my private key/ seed?

This: https://bitcointalk.org/index.php?topic=5375540.0
https://www.ledger.com/academy/private-key-and-seed-phrase-whats-the-difference

And how do i make more than 1 wallet to hold different volumes?

If so, you need electrum. https://bitcointalk.org/index.php?topic=5240594.0
This wallet allows generating multiple bitcoin addresses from one seed phrase.

[Ever-young]

Thank you for your contribution.
Yes, the profile thing is just an example, lets say that i would buy coins somewhere out of the exchanges or gonna withdraw at some casino, is it a problem to use the binance adress?

It’s not always advisable for you to receive any form of payment directly to an exchange address it’s at a high risk level, you should always consider the security and privacy before doing that, Binance is a centralized exchange and they are against so many things you never can tell if the address which will be used to pay you from where ever you want to withdraw from is safe enough or if binance won’t mark it as bad address.

To be on the safer side always have a nine custodia wallet where you can receive all your deposit and if you want to exchange it to any currency of your choice you can either use dex exchange that don’t need KYC but if you are not good with that and if you want to use binance only send what you want to exchange and don’t send more than that for security reason and to be on the safer side.

[snuffman8]

Can you please tell me more about what is my private key/ seed?

This: https://bitcointalk.org/index.php?topic=5375540.0
https://www.ledger.com/academy/private-key-and-seed-phrase-whats-the-difference

And how do i make more than 1 wallet to hold different volumes?

If so, you need electrum. https://bitcointalk.org/index.php?topic=5240594.0
This wallet allows generating multiple bitcoin addresses from one seed phrase.

Im gonna install it on my phone and give a try.

Thank you for your contribution.
Yes, the profile thing is just an example, lets say that i would buy coins somewhere out of the exchanges or gonna withdraw at some casino, is it a problem to use the binance adress?

It’s not always advisable for you to receive any form of payment directly to an exchange address it’s at a high risk level, you should always consider the security and privacy before doing that, Binance is a centralized exchange and they are against so many things you never can tell if the address which will be used to pay you from where ever you want to withdraw from is safe enough or if binance won’t mark it as bad address.

To be on the safer side always have a nine custodia wallet where you can receive all your deposit and if you want to exchange it to any currency of your choice you can either use dex exchange that don’t need KYC but if you are not good with that and if you want to use binance only send what you want to exchange and don’t send more than that for security reason and to be on the safer side.

Thanks. So instead of using binance, using a descentalized exchange onyl for withdrawing purposes and electrum to hold is the best way in this case

[Helena Yu]

It’s not always advisable for you to receive any form of payment directly to an exchange address it’s at a high risk level, you should always consider the security and privacy before doing that, Binance is a centralized exchange and they are against so many things you never can tell if the address which will be used to pay you from where ever you want to withdraw from is safe enough or if binance won’t mark it as bad address.

To be on the safer side always have a nine custodia wallet where you can receive all your deposit and if you want to exchange it to any currency of your choice you can either use dex exchange that don’t need KYC but if you are not good with that and if you want to use binance only send what you want to exchange and don’t send more than that for security reason and to be on the safer side.

You're exaggerating, when did Binance block gambling funds? I know they're centralized and have a power to froze someone's funds, but it's too far. Remember, even you receive the coins in your wallet first, then pass it to Binance, it's not mean you've hide the source. It's concealing, nothing different whether you directly or indirectly receive the coins.

Since the @OP don't mind with privacy, as long as gambling isn't illegal in your country, it's okay to use CEX.

[dzungmobile]

Please guys, i didnt find any topic about it. When i was updating my profile, it has a field to add our btc adress. So, i took my deposit adress from binance and added there. But i know this is not the right thing.

If you don't want to have bad things for your privacy, don't show your public address everywhere. I guess it is your worry by saying "not a right thing".

So, for a totally newbie, what app, website, source code, anything. What should i do to have an adress that will not be violated?

But beyond it, to choose a good Bitcoin wallet to use and store your bitcoin, you must prioritize open source and self custodial wallets like Bitcoin Core, Electrum.

Electrum is a SPV wallet and you don't need to have big storage space to use it. It does not require much syncing time.

Verify your Electrum.

[Potato Chips]

OP. I've read your replies and will try to answer as much as I can!  

For starters, I highly recommend reading bitcoin basics

1. bitcoiner.guide
2. bitcoin.org
3. learnmeabitcoin.com - it's currently down but this is too good not to mention, try to access the archived pages through web.archive.org in the meantime

2nd, about taxes, well, it differs per country but most places don't tax people for merely holding their coins. Try to see if your country is included in koinly's guides, see: https://koinly.io/guides/ or if you don't mind mentioning your place, I'll try to find one or two guides for you -- if there is, that is.

3rd, exchange1 to exchange2 transfers are generally okay but I'd draw the line at gambling to exchange transfers since exchanges can be hostile with gambling platforms. Binance did not mention gambling on their terms of service which may be a good sign but I'd play it safe and not deposit directly.

It's worth mentioning that custodial exchanges such as binance should not be used as a storage. You are right that exchanges such as binance could withold your funds if they deemed so, hence long term storage should be in a wallet you fully control.

We typically suggest hardware wallets for long term storage as it has a nice balance of security and convenience. For this, see some sources below:

1. Open Source Hardware Wallets
2. https://bitcoiner.guide/wallet/hardware/

As for mobile wallets, if it is a hot wallet (connected to the internet) and something I carry around everyday. I'd treat it as a secondary wallet at best -- for day to day transactions for instance.

Bitcoiner.guide also has a good list of mobile wallets, see: https://bitcoiner.guide/wallet/mobile/

[Ever-young]

It’s not always advisable for you to receive any form of payment directly to an exchange address it’s at a high risk level, you should always consider the security and privacy before doing that, Binance is a centralized exchange and they are against so many things you never can tell if the address which will be used to pay you from where ever you want to withdraw from is safe enough or if binance won’t mark it as bad address.

To be on the safer side always have a nine custodia wallet where you can receive all your deposit and if you want to exchange it to any currency of your choice you can either use dex exchange that don’t need KYC but if you are not good with that and if you want to use binance only send what you want to exchange and don’t send more than that for security reason and to be on the safer side.

You're exaggerating, when did Binance block gambling funds? I know they're centralized and have a power to froze someone's funds, but it's too far. Remember, even you receive the coins in your wallet first, then pass it to Binance, it's not mean you've hide the source. It's concealing, nothing different whether you directly or indirectly receive the coins.

Since the @OP don't mind with privacy, as long as gambling isn't illegal in your country, it's okay to use CEX.

I never said binance block deposit coming from gambling platforms the Op used gambling for example and that does not mean that the op will only be getting deposit from gambling sites, he can also be in a deal or contract which he can get a crypto deposit which the payment might be coming from an unknown source, which the op can tell the legitimacy of the fund sender in such a case what if the deposit is from an already blacklisted address what do you think will happen to that deposit.

Yes depositing in another address before sending into an exchange does not remove the link to what ever the address might be attached with but it reduces the possibility of the fund getting frozen directly and immediately, let’s just take what is happened between the seized mixer signature participants those who receive directly with their binance account and those who receive on a normal address before sending to binance.

[Porfirii]

If I understood it right, there are a few misunderstandings that were left unanswered:

- What OP calls "taxes" are in reality "fees". Binance has relative high fees, Electrum doesn't.

- You can't hold different coins in a BTC wallet (apart from forks). If you want to hodl different coins/tokens, you have to install different apps in your smartphone, one app that contains them all, or better buy a hardware wallet instead.

Unpopular opinion: if you have little funds and you are used to Binance, keep using Binance until you plan to have more funds and understand how the wallets above work.

[dzungmobile]

- What OP calls "taxes" are in reality "fees". Binance has relative high fees, Electrum doesn't.

Binance is a centralized exchange and OP can use bitcoin stored on Binance for trading. OP can not trade bitcoin stored in Electrum wallet.

If OP wants to withdraw Bitcoin from Binance, the exchange will charge expensive withdrawal fee and they use part of it for tramsaction fee.

With Electrum wallet, OP will only have to pay on chain transaction fee. Extra fee is only OP uses 2FA for Electrum and the extra fee will go to Trusted coin.

[BitMaxz]

Thank you for your contribution.
Yes, the profile thing is just an example, lets say that i would buy coins somewhere out of the exchanges or gonna withdraw at some casino, is it a problem to use the binance adress?

It’s not always advisable for you to receive any form of payment directly to an exchange address it’s at a high risk level, you should always consider the security and privacy before doing that, Binance is a centralized exchange and they are against so many things you never can tell if the address which will be used to pay you from where ever you want to withdraw from is safe enough or if binance won’t mark it as bad address.

There's no problem sending crypto from Casino to Binance they don't have a regulation about that, unlike Coinbase. Withdrawing my funds from casino to Binance it works just fine.

However, I agree that it is risky since Binance deposit addresses are always changing every few months and we don't know maybe they also implement a regulation in the future to accept funds from Casino or block all funds that came from Casino just like what happened to Coinbase. He should have another wallet(Have full control) to receive these funds before he sends them to the Binance wallet to avoid this issue.

[SatoPrincess]

Could you please suggest any safe wallet i can use in my phone? i took a look over Electrum, but i see some people saying the taxes are too high and the UX is not that good.

Electrum is a good wallet to use. The pros are greater than the cons. You can use coin control feature to regulate the fees. This can be helpful especially in times like this when bitcoin fees are high. Their RBF feature can be useful when you have an unconfirmed transaction and you want to increase the fees to speed up confirmation.

Thats why im asking, i know  it can be frozen or i can take high taxes when withdrawing. Anonimity isnt my goal, i just want the coins to be safe now im going to invest on it.

If you’re just going to hodl, I suggest you use Electrum or Blue wallet for small amounts of bitcoins. In time, as you increase your investment, you can consider buying a hardware wallet.