There seems to be a common problem revolving around cryptocurrency exchanges. Leftover fractions of coins that just sit unspent. These coin scraps can really add up if you trade many different coins on a daily basis. So, what options are out there for us?
Yeah, sure, you could just hodl them and hope they appreciate highly over time. Or do what we all end up doing, deposit more of that specific coin and hope that there is no remainder leftover after a purchase. But that never works out. Those are really our only options.
When will these exchanges start to recognize this and alter their platforms for us to be able to have full control over all of our funds. Instead of always making us leave a fractional amount behind. Most all exchanges already solicit fees from every transaction we make on them. And I really don't want to give them all of my scraps too.
We need an exchange available to us that is able to convert those fractions into other coins so we can keep hold of ALL of our funds and not just the majority. For example: the BNB coin is the house coin for the crypto exchange Binance. I feel like a good option would be to offer people free transfers of "scraps" into their BNB coin wallet. Now that would be cool. Same can be said about the KBS coin, the Kucoin exchanges official coin. Any crypto exchange that has their own currency should be giving us the option to trade in our leftover scraps of coins into their currencies. That's just my opinion, though.
I know this seems to only be an issue for those of us that are new, or fairly new, to crypto. Any established whales could care less what happens to .05 cents worth of ETH. But for a noob, every fraction counts. And I for one am tired of seeing these small amounts just sitting there, doing nothing. I would rather be seeing those fractions converted into BNB and gradually accumulating into something of value.
Does anyone else have any suggestions for what to do with your scraps? Leave a comment down below. Thanks!
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STOPIt definitely is a common issue. Good write up. I myself have a lot of scraps lying around in the many exchanges I use. I have been checking out what COSS does. Coss has a reward program for its coss shares holders where you get tiny amounts of the coins transacted. and if you see your dashboard, there's an option to convert some of them into eth. I haven't tried it yet because I don't have many accumulated scraps on that exchange. Do write a post if you figure a way to efficiently monetize these scraps. Cheers!
I will have to look in to COSS. I hadn't heard of it before but if they do in fact let you utilize some scraps, then I am all for it.
I will definitely post again with an answer to this problem. Here's to hoping it's soon.
Thanks for your comment. Cheers!
"You can distribute the Ethereum-based currencies that you are entitled to, or convert the non-Ethereum-based ones into Ethereum for distribution"
I would definitely recommend signing up to COSS. It's not only an exchange but also a payment gateway and remittance platform. They will soon have pre paid cards with Mastercard pos. Pretty cool website too. Check it out
Signing up right now. Thanks for the heads up. Enjoy your day!