Recovery Seed Backup Devices

HitBTC won't let people withdraw Dogecoin

HitBTC won't let people withdraw Doge

You really need to trust your Centralized Exchange if you are going to let them hold your money.  I just read that people have been trying for months to get their Doge out of HitBTC.  Personally, I would probably suck it up and convert my Doge to Ether and get the hell out of HitBTC but I can understand why someone might not want to sell especially if they have ridiculous capital gains.

Here is my guess.  HitBTC never owned the Doge it let its customers trade.  When Doge went up, they were caught with their pants down because they didn't own it and now it was too expensive to buy.  They probably needed a billion dollars worth and instead of sucking it up and buying the missing Doge, they are preventing clients from making withdrawals.  That is my guess, but if anyone from HitBTC would like to email and set the record straight I am happy to also set the record straight.

There must be some kind of bullshit for an exchange to block the withdrawal of a major coin.  Does it have something to do with Coinbase adding it?

So how does one avoid having their Doge coin frozen?  Put it in a fucking wallet!  If you hold your Doge on the actual blockchain and use a wallet, you are not subject to the whims of HitBTC staff.  You are also not subject to the rules of Android, or Apple or anyone.  Even if your wallet company goes out of business, if you are using a standard wallet with BIP39 recovery, you can just use your recovery phrase to open it up on another one.

People don't understand how much control you can gain over your finance when you get a wallet.  Citibank can't freeze your funds.  Bank of American can't touch you.  The IRS can put you in jail but they can't get your crypto if you don't give them access.

Your exwife can take the car, the kids, and even the dog but no court of law can force you to give over your crypto.  Again, you might get thrown in jail, but you will still have your wallet with your crypto.

If you get sued, they can't take your crypto.  If you get a city fine, they can't take your crypto.  You get the idea.  Crypto is one of the few things that no one can take from you if you save it properly.  Your ability to have free thought and your ability to own crypto are two things that are very hard to take away.

If you are looking for freedom from government and corporations, than a wallet with some crypto is just what you need.

Leave a comment

Please note, comments must be approved before they are published