Community post
Should we be worried about exchanges?
In the past I lost some investments in Cryptsy. Bittrex seems reliable, however I would prefer to have it in my own wallet. I got a good amount of STEEM I would like to withdraw from Bittrex...Do I need to exchange it to Bitcoin first and then deposit here...is there any other way?
Replies (4)
You do not need to exchange it to bitcoin first. You can simply withdraw STEEM straight from bittrex to here by using your account name.
That's it!
On top of what @str11ngfello posted I would like to add that you should always be worried about exchange. Any coins that you don't have yourself are at risk. You never know if there will be any hacks or bankruptcy.
That being said a lot of people don't feel comfortable or aren't confident about storing the coins by themselves. It's kind of an analysis that you need to do for yourself. I have some coins on exchanges but most of my Bitcoin for example I keep in a Trezor (hardware wallet).
Thanx, I can see the following in Bittrex:
Memo
Registered Acct
where do I enter the username? what is memo
Registered Acct would be your account name (for me str11ngfello) and I've not used memo - I leave it blank. Do a small test with a few STEEM to see how it works!