Have you moved your assets from Bittrex?

By Bala | Bala | 2 Dec 2023

In the last few years ever since I joined this crypto world, I have seen several good times and several bad times. Bittrex is one of the first exchanges from which I used to trade. It is now very sad to see them stop their services globally. This announcement was made on the 20th of November about the decision made by them. The inconvenience that it is causing to the users is just one side of it but for them personally this would have been one of the biggest decisions that they have ever made.

On the same date, we also saw another announcement saying that CZ will no longer be the CEO of Binance and a new CEO will be appointed. They also had to pay a lot of compensation to the SEC. A similar issue happened for Bittrex too in the US. There were mixed reviews about CZ stepping down saying that it is good for Binance and some people said it will be bad for Binance. But finally, the market did not get affected too much by this. That's anyway a good sign I would say.

In the last few years ever since I started my crypto journey, I have been holding some cryptocurrencies on Bittrex. The sad thing is that I wanted to hold them long term but since they are shutting down their operations, I had to withdraw all the funds. Some of those were in a very bad condition. The reason was because I had been holding them for a very long time and had not booked my profits. BAT token was one among them. I had to convert the tokens to USDT and then convert them all to Hive to withdraw them to my wallet without any huge transaction fees.

In the process of converting the BAT tokens and BTC to USDT, I did lose a lot of value. I guess the overall loss in these transactions would be close to 20$. The market is also in a very bad state right now. But I'm glad that I was able to withdraw my funds at the right time before the deadline.

I had done KYC on the exchange. Now I'm wondering what would happen to the KYC I had done. There is no mention of that or maybe they have the details written somewhere. I don't have the patience to go and read their policy. I'm going to just let them go as I have my funds in the wallet now. I was able to withdraw all the funds in the form of a Hive to my Hive wallet. Now I'm wondering if I should be purchasing those tokens and coins back on other exchanges or just let me book the loss alone. I will think about it for some more time. But for now, the funds are fully moved from Bittrex and I would recommend the same to others who have their funds on exchange wallets. It is always said not to have funds in exchange wallets. "Not your keys, not your funds" is the common saying in the crypto world. Having the funds in the wallet is the best thing to do.

I'm now starting to wonder what would be the future of exchanges. Some of the government parties and regulatory bodies are trying to attack the exchanges one by one and trying to get them down. There are still decentralized exchanges available which would become the future of the cryptocurrencies. People might start using the decentralized exchanges to do P2P trading which will soon become the biggest facility and all these centralized bodies will have to be under the control of government and regulatory bodies and that will not be the case with DEX. Let's wait for the future to happen.

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