Hello Everyone,
I am good and I hope that you are doing well. Today in this video I have talked about the HIVE deposit address on Binance exchange. Many of us use this exchange for HIVE so its an important update that we should know. Binance exchange has changed the deposit address for Hive and its already effective. If you are planning to withdraw some token from your wallet to the exchange wallet then you need to send it out to the new address along with a new memo and the rest of everything remains the same which is the processing time I am trying to say.
The good thing is that even if you send it to the old address then also your funds will not be lost but you will be required to follow some additional steps to claim the deposit in your exchange wallet. If you send the token to your new wallet address then the deposit will happen automatically and no additional steps are required to claim the credit. As per the exchange this has been done for security reasons and they have also released the notification sometime back. Many exchanges follow this practice from time to time.
I observed this change yesterday so did a trial transaction to see how it works and it works the same way on the new wallet address which I have discussed also in this video. I mean to say it is good if we try to send him to the new wallet address because maybe after some time the exchange will discontinue providing the support for the overlay address so it is always recommended to go with the new address to avoid any inconvenience later.
These days already a lot of issues going on with these exchanges but it seems like it is more of the negative environment that has been created by some media channels. Although I'm not sure I still believe that the majority of people on this high platform use finance for their exchange needs. I do not have any data so I can't present that but most of the people I know on this chain use this exchange so this is the reason why I think that the majority of people prefer this exchange for any of the transaction that requires the exchange to be involved.
I have been using it for quite some time and my experience has also been good in terms of advancement and innovations. I have already shown in the video that the login experience is also quite safe and convenient because I am not required to enter my login ID and password. I use the mobile application and using the same I can log in on the web browser which is convenient and saves time even more than that I do not need to remember or key in any information. I just need to scan the QR and authorise the login in the mobile application and it is done.
Here I am not referring anyone to the exchange and the purpose of making this video post is just to share awareness about the change that the exchange has implemented. it is applicable for you if you are the existing user but if you are not part of the exchange and will register now then I am sure they will allocate the new format of wallet address so there is no action will be needed from the new users on the exchange.
I hope you like this video and that the information I have provided is helpful for you.
Thank you so much for your time
Have a great day
▶️ 3Speak
