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@ croxroadnews
2024-04-19 02:15:06Table Of Content
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Content
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Conclusion
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FAQ
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You May Also Like
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External Links
WHY SHOULD I WITHDRAW MY BITCOIN FROM AN EXCHANGE?
You don't really own anything if you need someone else's permission to utilize it. not your keys, not your money. Heard that one before? Yes, really. Bitcoin private keys give you access to your digital currency, but you have no control over your funds until you make a withdrawal. When you leave your bitcoin on an exchange, you are putting a lot of faith in that service.
WHAT ARE BITCOIN PRIVATE KEYS?
Private keys on the Bitcoin network function similarly to passwords on other networks. The private keys are required to transmit or spend bitcoin. If you don't have these keys, it's probably because an exchange like Coinbase or another third party is keeping them safe for you.
Using a third party as a custodian for your bitcoin exposes you to a number of extra threats. If you store your bitcoin with a custodian, you will need their approval before you can spend "your" bitcoin. It's like asking a friend to keep track of the code to the family safe.
WHAT ARE THE TRADE-OFFS WITH LEAVING YOUR BITCOIN ON AN EXCHANGE?
To put it simply, if you lose access to your bitcoin, you lose access to everything that makes bitcoin unique. Its censorship resistance has been broken. Sending and spending money is now restricted. In a liquidation scenario, your bitcoin may be sold without your consent. It is possible to halt or even cancel your financial transactions. Your bitcoin wallet might be frozen at any time. Trusting and putting your bitcoin on an exchange exposes you to numerous big risks:
A user's faith in an exchange's commitment to not rehypothecate bitcoin is essential.
You are placing your faith in the exchange to safely store your bitcoin.
You have to believe that the exchange you're buying bitcoin from has the coins they're offering you.
Confidence in an exchange's lack of fractional reserves is essential.
You have to have faith that the exchange you choose will not lend your bitcoins to day traders.
You have to believe in the reliability of an exchange to fulfill your withdrawal requests.
For your transactions to remain private, you must have faith that your exchange is not collecting and selling this data.
You are taking a risk if you deposit bitcoins on an exchange in the hope that they will not be liquidated if the exchange goes bankrupt.
YOU MUST USE BITCOIN TO FULLY APPRECIATE IT
When you get your hands on this new technology, you'll see its value in ways that aren't obvious from reading about it. An in-depth knowledge of bitcoin requires more than just reading about it.
The Bitcoin network may be used in several fashions. Make a little Bitcoin purchase. Disseminate them to the people around you. Bring all your UTXOs together. Create a link in the lightning network. Find out how to make a new transaction and announce it to the network.
For more clarification, let's use an example: It doesn't matter how much someone studies automobiles or how well they understand how an engine works; if they've never driven before and are expected to do so, there's a good probability they'll have trouble getting from point A to point B.
HOW TO WITHDRAW YOUR BITCOIN FROM AN EXCHANGE:
Depending on the platform you're using, you may or may not be able to withdraw your bitcoin from the exchange. We've compiled a list of the most prominent Bitcoin exchanges, along with withdrawal guides for each:
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Coinbase: https://help.coinbase.com/en/prime/trading-and-funding/withdrawing-crypto-assets
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CashApp: https://cash.app/help/us/en-us/3106-bitcoin-withdrawal-instructions
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Binance: https://www.binance.com/en/support/faq/115003670492
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FTX: https://help.ftx.us/hc/en-us/articles/4409213996311-How-to-Withdraw-Crypto
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BlockFi: https://help.blockfi.com/hc/en-us/articles/4416344067092-Requesting-a-Withdrawal-Crypto-
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Robinhood: https://robinhood.com/us/en/support/articles/cryptocurrency-wallets/
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KuCoin: https://www.kucoin.com/support/900005758426-How-to-Withdraw-Crypto
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Revolut: https://www.revolut.com/help/wealth/cryptocurrencies/withdrawing-cryptocurrencies
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BitStamp: https://www.bitstamp.net/faq/how-to-withdraw-cryptocurrency/
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Swan: https://help.swanbitcoin.com/hc/en-us/articles/360058709153-How-do-I-withdraw-my-Bitcoin-from-Swan-
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River: https://river.com/support/knowledge-base/articles/bitcoin-withdrawal
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CoinCorner: https://support.coincorner.com/hc/en-us/articles/360001956794-How-do-I-send-Bitcoin-
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BitFlyer: https://bitflyer.com/en-us/faq/16-18
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CoinBerry: https://help.coinberry.com/hc/en-us/articles/4539555681041-How-to-Withdraw-Crypto
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BitMex: https://support.bitmex.com/en/support/solutions/articles/13000094250-how-to-withdraw-crypto
Conclusion
The current suffering is genuine. Having one's trust broken must be an excruciating experience. It's important to remember that all of your negative emotions, such as regret, guilt, wrath, melancholy, and fury, have a common origin. For so long, Bankman-Fried was able to get away with his falsehoods because "crypto" is based on a lie: what claims to be a revolution is in fact merely the fiat system par excellence. Because everyone on the network shares the same information, Satoshi Nakamoto's novel system eliminates the possibility of double counting. When some thought crypto might disappear, this didn't.
FAQ
Where does FTX stand now? As scandal-plagued FTX filed for Chapter 11 bankruptcy protection earlier this month, founder Sam Bankman-Fried resigned from his position as CEO. Once worth $32 billion, FTX's market cap plummeted in a couple of days when the CEO of Binance, a competitor exchange, said that Binance would sell its FTT tokens.
What exactly is Bitcoin's function? Does bitcoin serve any useful purpose? Bitcoin was designed specifically for online monetary transactions. The idea behind the digital currency was to provide an alternate payment system that could function independently of any one authority while otherwise being completely functional as a currency in its own right.
What's the purpose of Bitcoin? It is FTX.US's claim that all assets and client data on the platform are protected by basic security procedures. One such safety measure is the opportunity to use a different password for cash withdrawals.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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