So last night I thought I would try out sending some Steem to my Binance account. It all seemed so simple to start with... I followed the same basic steps as set out on many youtube vlogs and steemit blogs and thought it was a fantastic and easy process. Now, 17 hours later I am yet to receive the funds in my Binance account and something is smelling a bit fishy! Due to the meager nature of the transfer part of me is like BLAHHH who cares!? But deep down, I'm fuming! This technology is meant to be the future! Why then have the funds gone missing?
The mystery which surrounds the loss of funds, in cases like mine, is unacceptable, especially if those who believe in the tech and the supposed impending paradigm shift continue to harp on about how these currencies will one day supersede traditional fiat currency. There is no safety net protecting "Joe Blogs" from losing his entire life savings in a single faulty transaction and whilst this is a reality I remain skeptical about the mass widespread adoption and use of Crypto Currencies.
Sure, I have made a substantial amount of money through speculating upon various alt-coins but when the daily use of these currencies depends on a quick, easy and flawless transaction process we seem to be a long way off the mass adoption of these currencies. It is simply not good enough to have to lodge a support ticket with your exchange every time your funds go missing, I sure as hell don't have to do this every time I swipe my credit card. The unreliable nature of some of these currencies and the volatility of the core value of most coins provides perhaps only a modest stepping stone into the future. These currencies are exciting and they are being used currently but they also have a long way to go in terms of development if we ever should rely on them for daily life.
I will keep you updated on whether this transfer of value ever reaches completion and lands in my Binance account!
For those who are yet to sign up with Binance, please do so using my referral link! https://www.binance.com/?ref=13937993
Have you ever sent a currency to an exchange or friends address only for it to disappear into the darkness of the blockchain? Hit me up in the comments with your horror stories!
Cheers guys!
-WhyOhBeE