Binance is a monster, it would be very hard to bankrupt. But it’s a possibility. What I fear of wallets is the transactions costs. Sometimes because of the fees you get trapped into them.
trapped into a monero wallet because of high transaction fees? I think you should experiment and play with cake wallet. Your way over-estimating monero fees.
If you want to use monero your going to be paying the low gas fees anyway.
Binance has always been fractional reserve and has trouble satisfying crypto withdrawls, so not a great place to keep your assets.
Thank you for your suggestions. What i mean with trapped it happened to me with other cryptos, but you are right, Monero fuel fees are very low. That is crucial to make it popular. Even more with poor sectors, who are whipped constantly with unfair taxes. My only concern left is that is not a stable coin, so it can easy drop in price like any other crypto. But it doesn’t sound like a coin for savings or investing, more like for transactions.
Keep in mind that since it is designed for transactions it is actually decently stable because it has actual usage and not just HODLers. By being used to actually buy things the price discovery happens more often and a solid floor price is established. The lowest i have seen it so far is $126 while the highest i have seen it was $180. Sure, thats a 30% total range, but that has always taken months to happen. You don’t wake up one morning to a 30% drop.
Binance is a monster, it would be very hard to bankrupt. But it’s a possibility. What I fear of wallets is the transactions costs. Sometimes because of the fees you get trapped into them.
Monero is designed for low transaction cost. You will not get stuck in a Monero wallet. It iscalled digital cash for a reason.
trapped into a monero wallet because of high transaction fees? I think you should experiment and play with cake wallet. Your way over-estimating monero fees.
If you want to use monero your going to be paying the low gas fees anyway.
Binance has always been fractional reserve and has trouble satisfying crypto withdrawls, so not a great place to keep your assets.
Not your keys, not your money
Thank you for your suggestions. What i mean with trapped it happened to me with other cryptos, but you are right, Monero fuel fees are very low. That is crucial to make it popular. Even more with poor sectors, who are whipped constantly with unfair taxes. My only concern left is that is not a stable coin, so it can easy drop in price like any other crypto. But it doesn’t sound like a coin for savings or investing, more like for transactions.
It’s digital cash. You shouldn’t hold large amounts of cash as a investment anyway.
But it’s no different if you hold monero in binance vs a wallet. The price still goes up and down
Ofc xmr can be volatile. But don’t see it as an investment to make money. Use it.
And get your fucking funds off binance there is no legitimate reason to have it on there.
@Unkn8wn69 @nyakojiru :puffsmiley: Never put all your eggs in one basket.
Keep in mind that since it is designed for transactions it is actually decently stable because it has actual usage and not just HODLers. By being used to actually buy things the price discovery happens more often and a solid floor price is established. The lowest i have seen it so far is $126 while the highest i have seen it was $180. Sure, thats a 30% total range, but that has always taken months to happen. You don’t wake up one morning to a 30% drop.
Yes that makes sense. And also more accurate with the original philosophy cryptos should have had.