Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Binance => Topic started by: squadus on October 01, 2023, 12:05:31 AM
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On Binance, you may not need to first deposit fiat before buying bitcoin like you explained in the YouTube video, you can also buy bitcoin directly using the Binance P2P option, or use third party to buy bitcoin directly. I mean pay with card. Both options to buy bitcoin on Binance are available.
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On Binance, you may not need to first deposit fiat before buying bitcoin like you explained in the YouTube video, you can also buy bitcoin directly using the Binance P2P option, or use third party to buy bitcoin directly. I mean pay with card. Both options to buy bitcoin on Binance are available.
I usually do the most common way which is to use fiat to buy USDT, then use USDT to DCA BTC during the crypto winter. Buying BTC directly through OTC or P2P doesn't make me feel secure and I'm worried about transaction fees. In addition, Binance provides an auto-invest feature for users to automatically DCA BTC weekly or daily without spending too much time making purchase orders for many months or up to 2 years. My friend and I are both using this feature, in addition, holding USDT also generates a profit of 6% per year, quite attractive during DCA BTC in long-term.
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Buying BTC directly through OTC or P2P doesn't make me feel secure and I'm worried about transaction fees
Buying and selling bitcoin and other cryptocurrencies in my country on Binance is of zero (0) fee. Isn't it like that in your country? Also is the fee for one coin to another differs on P2P? This is new and strange to me.
My friend and I are both using this feature, in addition, holding USDT also generates a profit of 6% per year, quite attractive during DCA BTC in long-term.
I will prefer not to DCA on Binance. If the bitcoin on-chain fee is high, I can still prefer to use lightning network until I have accumulated enough on different lightning network wallets. I can not leave my coins on exchanges no matter how attractive they are. Little amount of money is required to moved coins like USDT and USDC, but I will use several wallets for the lightning network.
Although, there is nothing batter than on-chain.
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In addition, Binance provides an auto-invest feature for users to automatically DCA BTC weekly or daily without spending too much time making purchase orders for many months or up to 2 years. My friend and I are both using this feature, in addition, holding USDT also generates a profit of 6% per year, quite attractive during DCA BTC in long-term.
I agree with Charles-Tim. You shouldn't be lured by the fact that Binance is a big exchange, even FTX was a big exchange, look at where it is today. If Binance goes bankrupt, you'll lose your bitcoin. If Binance gets confiscated by the government, you'll lose your Bitcoin. If the timing you selected with Binance comes to an end, I'd suggest you stop. Get yourself a good personal wallet and continue with your DCA.
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I agree with Charles-Tim. You shouldn't be lured by the fact that Binance is a big exchange, even FTX was a big exchange, look at where it is today. If Binance goes bankrupt, you'll lose your bitcoin. If Binance gets confiscated by the government, you'll lose your Bitcoin. If the timing you selected with Binance comes to an end, I'd suggest you stop. Get yourself a good personal wallet and continue with your DCA.
I agree with you because I was also of the mentality that Binance would go nowhere, as in my view, the CEO of Binance CZ is a smart guy and he plays by the rules and also above the rules too, he challenges every authority, but it is sad for me to see how he got caught up in all this fud. Yeah, I call it fud because the US wants it out of the USA to cover more taxes, to maintain more regulation and manipulation of course. But still, I don't think Binance will bankrupt.
Even after paying the $4 billion fine, which is a hell lot of money by the way, but I guess the money is looking short in the front of ETF's volume and profits that it is generating for these big companies. Besides ETFs, people love diversification and I can see big companies like ARK transferring their dollars from BTC future ETF to Coinbase and their own ETF on the spot. If the Binance would still be in the market then I think all this money would be going there, or maybe some part of it.
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In addition, Binance provides an auto-invest feature for users to automatically DCA BTC weekly or daily without spending too much time making purchase orders for many months or up to 2 years. My friend and I are both using this feature, in addition, holding USDT also generates a profit of 6% per year, quite attractive during DCA BTC in long-term.
I agree with Charles-Tim. You shouldn't be lured by the fact that Binance is a big exchange, even FTX was a big exchange, look at where it is today. If Binance goes bankrupt, you'll lose your bitcoin. If Binance gets confiscated by the government, you'll lose your Bitcoin. If the timing you selected with Binance comes to an end, I'd suggest you stop. Get yourself a good personal wallet and continue with your DCA.
If you are going to hold your assets for a long time then you should have to transfer this in your personal wallet preferably those non-custodial wallets because only the owner has a full control of your funds. I didn't say that custodial wallet are not safe, I'm just saying that this type of wallet is the safest. Crypto exchanges like Binance are safe because whales and institutions are also using this exchange but if ever the Binance or any other CEX shutdown you will not recover your funds.