Some say Bittrex and Poloniex Dying
I tend to agree that Bittrex and Poloniex Dying on the vine.
I recommend that you move your trading funds to Binance from Bittrex and Poloniex.
You do not see much volume or activity on Bittrex or Poloniex.
Even though Circle bought Poloniex, it has been a royal nightmare. Thousands of accounts are frozen due to their inefficient KYC documentation process. The traders are not happy. The consumers who use exchanges to store their cryptocurrencies are locked out of their accounts with no recourse. Isn’t that illegal somewhere on this planet?
Many of you are aware of my stance on storing cryptocurrencies on exchanges. The bottom line is “Don’t do it!” If you aren’t a trader, there is absolutely no reason for you to allow a 3rd party centralized exchange to own your cryptos.
Get a real wallet here.
Right now as I type, here is what’s happening.
Poloniex BTC Volume: $ 25,720,419 USD =3,908 BTC
Bittrex BTC Volume: $ 48,403,443 USD = 7,388 BTC
Binance BTC Volume: $1,394,096,379 USD = 211,746 BTC
As you can see above, Binance is almost 20 TIMES both Poloniex and Bittrex combined.
In my experience, when bitcoin volume decreases on an exchange, that means there are less trades. In turn, the exchange struggles to generate revenues while their maintenance costs remains stable. This means their bottom line profits take a beating. As a result, there is a high potential that the exchange may delay withdrawals or server downtime occurs as it is with Poloniex at this time.
My saying Bittrex and Poloniex dying is based upon hard numbers. You be the judge.
I am not insinuating tht Poloniex and Bittrex will delay your funds or lock your cryptocurrencies wallets, but why take that chance? They wouldn’t be the first exchanges that have gone out of business.
Be careful in the crypto-sphere!
Do you believe Bittrex and Poloniex dying? Talk about it in the comments below.
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Until Next Time…
Faith Sloan “QueenWiki”
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