Getting Charged For Inactivity On Crypto Exchanges
Speaking of tough times, the bear season is becoming extremely tough for the crypto industry. People are reducing the way they trade because they don’t want to lose money, and lots of these crypto exchanges make money off trading. So where will the money be coming from if they don’t trade? It cost money running a crypto exchange, but then, these people will like to make a lot of profit for running a crypto exchange. Bitstamp became the first crypto company to charge its inactive users who have less than $200 in their account. If you have a bitstamp account and you are inactive, you will be charged £10 monthly.
But if you have above $200 and you are still inactive, the monthly fee doesn’t apply to you. This is another way of making the poor poorer, kinda, this means that if you have $120 in a bitstamp account, after 12 months you will have no money in your account. Inactivity includes not depositing, withdrawing or trading. This time they are encourage that users have some activity on the platform, at least stake it. Well, if you want to HODL in peace you can just send your coin to a DEX wallet where no one will charge you anything for being inactive.
This is going to encourage activity and at the same time encourage more use of DEX wallet by users who have less than $200. Etoro has also done something similar where they charge accounts who haven’t logged in in 12 months. All these still screams, use DEX wallets or cold storage wallets. Trading is expected to keep going lower as long as the bear run keeps running, people are scared, they rather leave their assets in StableCoins.
Sit And Watch
This is the best time to watch because there is nothing you can do to the market, you can either sit watch and learn or distract yourself and come back when the storm is over. I am currently spending my time looking for how to utilize my time this period being a cryptoneur whose life revolves round crypto.
Grateful for Hive for giving us the opportunity to interact with one another in this bear run and talk about how we feel. We just have to hold on tight and keep hanging there.
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