I ended up using the Binance Exchange more by chance than good management.
Let us take a step back in time to the heady days of the 2017 gold rush.
It was near impossible to get an account registered with an exchange, as the demand for their services was over whelming the limited resources they had at their disposal. And if you could get an account registered, it could take for ever to get it verified and operational.
I was lucky to get a Bittrex account up and running just before they stopped taking new registrations. So I stuck with them for awhile. But was not very happy with having to comply with the KYC requirements.
The Binance Exchange
I became aware of the Binance Exchange, when a friend told me he had been using it and as long as you did not withdraw more than 2 BTC, you only needed an email address. That suited me down to the ground, so transferred our assets from Bittrex to Binance.
It was in 2017 that Binance came on the crypto scene. It was created by Changpeng Zhao (CEO of Binance, Founder of BijieTech and Co-founder of OKCoin).
My Trading Experience
I continued to trade BTC/ALT coin pairs through till late 2018. It was trading through a falling market and most of my trades ended up stranded on the ALT coin side.
It had been about six months since my last trade was successfully executed. I didn't like leaving assets on an exchange and preferred the safety of the Ledger Nano S. I was starting to feel uneasy and decided to withdraw the assets in May 2018.
I had only just started the process and suddenly all withdrawals were suspended. My worst fears were being realised in front of my eyes. Oh No!!!! This was going to be Mt Gox all over again.
Binance Exchange had been hacked and 7,000 Bitcoin had been stolen. Worth roughly $40 million at the time.
Luckily Binance said that it would cover the incident “in full” and no users’ funds would be affected. It didn't take long before the withdrawals were enabled and I was able to transfer all the remaining assets to our wallet.
My Binance Pet Hates
- you could not trade the full balance of your wallet and you always ended up with dust left in your wallet.
- Binance Coin (BNB). Sorry I don't like exchange coins or even the Atomic Wallet coins for that matter. They don't serve any real purpose other than to print themselves a lot of money. It just irks me on principal.
What To Do With The Publish0x Payments
BAT is not a problem, that just goes to our wallet for long term storage.
With the LRC and DAI, I ended deciding to send them to Binance and trade them for BTC and then trade the BTC/POWR BTC/MANA and BTC/STORJ pairs. BTC, POWR, MANA and STORJ are all on our accumulation list.
Decided against using the Atomic Wallet exchange feature due to needing ETH in the wallet to cover gas.
Ended up downloading the Atomic Wallet for my entry in the Publish0x Atomic Wallet Writing contest.
I did find a use for the Atomic Wallet, as we needed another Tezos (XTZ) wallet address to receive XTZ from the Tezos Foundation Faucet and Global Hive Fountain for my wife.
We ended up with 110 AWC-986. 80 AWC from the contest and the rest for being a good boy. Which I haven't been able to do anything with, as we don't have any BNB in the wallet. I suppose this is to cover gas fees, since it is on the Binance mainnet.
So I thought I could exchange the latest amount of DAI sent to Binance for some BNB and then on to Atomic Wallet to allow us to Stake the 110 AWC-986.
Back To Binance And What I Learned Tonight
Now Binance would not let me trade the BNB/DAI pair, as the amount of DAI was under the threshold amount needed. So if I wait another week and another Publish0x payment, there will be enough DAI in the wallet to execute the trade.
Then tonight I noticed on the Spot Account page next to the Hide Small Balances. Convert to BNB.
It allows you to convert the dust to BNB. In fact any thing under 0.001 BTC can be converted to BNB. You are allowed one conversion per 24 hours. Sweet. Converted the Atom tonight and will do the COMP, XLM and maybe some DAI in the next few days.
Putting aside my principals, we are now the proud owner of 0.00059418 BNB.
So there we go, a convoluted story. And hopefully it has a happy ending.
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