Hehe, I think many people are in the same boat as you. ^^
The tokens that thousands of different users of one exchange see in their respective log-in interfaces are in reality all belonging to one wallet owned and controlled by the exchange. For instance, you can see all the HIVE tokens held on Binance in their Hive wallet here https://peakd.com/@binance-hot/wallet
That's why everyone on Hive who wants to move their tokens to Binance all sends it to the same Hive account name: @deepcrypto8, but with a unique memo to tell the exchange which user on the exchange should receive the tokens.
This is why a lot of people insist that if you want true ownership of your cryptocurrency, you should not hold them on exchanges but instead have them in your own safely kept wallet, like your Hive account.
Ouff, yeah that's the ugly irony. It can backfire when one is trying so hard to keep it safe that one locks themselves out. I learned that @ramta cannot access his 354,580 HIVE tokens and the same amount of STEEM after his house burned down last year... As if those damages weren't harsh enough.
I'm, really, sorry to hear it, @ramta (it puts my loss in perspective). My family house burned down, nearly two decades ago and we lost a great deal, so I can imagine your suffering... Wishing you healing and recovery of your finances, too. In solidarity, yahia
Hehe, I think many people are in the same boat as you. ^^
The tokens that thousands of different users of one exchange see in their respective log-in interfaces are in reality all belonging to one wallet owned and controlled by the exchange. For instance, you can see all the HIVE tokens held on Binance in their Hive wallet here https://peakd.com/@binance-hot/wallet
That's why everyone on Hive who wants to move their tokens to Binance all sends it to the same Hive account name: @deepcrypto8, but with a unique memo to tell the exchange which user on the exchange should receive the tokens.
This is why a lot of people insist that if you want true ownership of your cryptocurrency, you should not hold them on exchanges but instead have them in your own safely kept wallet, like your Hive account.
Thanks, friend, for that elaboration. That’s why my wife keeps savings in cold storage, I learned.
I learned how safe Hive wallet is the hard way, when I lost my password & still cannot access $5,000!
Oh, well, here I am, starting again & trying to be safer.
My pleasure :).
Ouff, yeah that's the ugly irony. It can backfire when one is trying so hard to keep it safe that one locks themselves out. I learned that @ramta cannot access his 354,580 HIVE tokens and the same amount of STEEM after his house burned down last year... As if those damages weren't harsh enough.
I'm, really, sorry to hear it, @ramta (it puts my loss in perspective). My family house burned down, nearly two decades ago and we lost a great deal, so I can imagine your suffering... Wishing you healing and recovery of your finances, too. In solidarity, yahia