Six Reasons To Withdraw Your Bitcoin From Exchanges
Here’s why you need to hold the keys to your own bitcoin and never store large amounts on exchanges.#1 – If your coins are on an exchange, you need permission from the exchange to spend them. In your own custody, you can do whatever you want and pay whomever you want, whenever you want, at the fee you want.You will understand this if you’ve ever wanted to move your bitcoin from an exchange and you were blocked because you needed to provide more identification documents or prove your source of income. You may have been blocked because you reached a 24-hour limit of value you are permitted....
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Why should I withdraw my bitcoin from an exchange?If you have to ask permission to use what’s yours, it’s not truly yours. Have you ever heard the phrase “Not your keys, not your coins”? It’s true. If you do not withdraw, and hold your bitcoin private keys, you are not in control of your own money. ...
The latest update on the BTCXchange website states: "Please imperatively to withdraw money from BTCXchange.ro platform. We currently do not have access to the server!" Update (18th December 03:30 GMT): Updated with comment from Coinzone. BTCXchange, Romania's only order-book bitcoin exchange, has issued a statement encouraging all users to withdraw funds from the platform by Friday, 19th December. Exchange users were asked to withdraw funds denominated in both bitcoin and US dollars due to unspecified "security reasons". Further, it remains unclear whether the exchange plans to shut down....
There are various reasons why you should withdraw your bitcoin and utilize self-custody.
During times like these, conspiracy theories are never far away. Yesterday was not a good day for the bitcoin ecosystem, that much is certain. Not only did the PBOC impose new AML regulation on Chinese exchanges, but several exchange platforms experienced outages as well. To some people, this looks like one big conspiracy to avoid significant financial losses when the price crashes. It is rather unusual to see so many bitcoin exchange platforms suffer from issues on the same day, though. Although a lot of people are focusing on the Chinese bitcoin exchanges, they are not the only ones....
Needless to say, as it stands today and has stood since the first bitcoin exchange was launched, your bitcoin is not safe on the exchanges.