Where do you keep your crypto?

Binance has been undergoing a day of server maintenance and database synchronising, leaving traders waiting. As of now, the service is planned to be up and going at 4 a.m. UTC on February 9.

This should serve as a gentle reminder to cryptocurrency investors that private keys must be stored in a wallet under the user's direct control in order for one to have possession of one's currency. Currencies stored on Binance, or any other exchange, are vulnerable to outages, hacks, and theft. Instead, store your currencies on a hardware wallet, a paper wallet, or even a hot wallet, which is at least more secure than an exchange, in that you control the private keys.

Having said that, this does not appear to be anything more than an unplanned outage due to issues with the database synchronisation process. Binance has been in constant communication with customers throughout the outage and has even proven that the Binance wallets are indeed safe by revealing the wallet addresses of the exchange for anyone to examine for themselves. Nonetheless, traders have been unable to take advantage of today's market movements and have been expressing frustration at the surprise maintenance process.

It should be interesting to see the market's response once Binance is back up and running. A few coins are heavily traded on Binance in particular, such as Tronix, so volumes of such coins ought to spike once things are back to operational. Of course, high volume doesn't necessarily equate an increase in price. In fact, the opposite could happen if people are drawn to competing currencies and instead liquidate their Tronix as it has remained relatively stagnant during the broader market recovery. I'm guessing we will see a good jump in Tronix activity with a bit of a pump in price due to recent social media PR activity from Justin Sun and Tron.

Other newly added currencies such as Steem and Nano (formerly Raiblocks) may also see a boost in activity once things are back up and running. These coins have also experienced substantial volume in trading on the Binance platform.

*This is not professional trading advice - it's just my opinion!

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BTC: 1FadQUp6PxQcbt1sicLRDE3f7v2kQPpVBq

BCH: 13Gb1p2m9evD6jaR2ZEs1dyVPRWojKFEfY

ETH: 0x3edfc32dd4d8daf4ec31663d7b90911127b35d9f

VTC: VeipQV2i8bzcecTo8MghDrb63L6MhmjRWM

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image source:

https://thenextweb.com/hardfork/2018/02/08/binance-cryptocurrency-trading-users/