this post was submitted on 11 Jun 2024

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Monero

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This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.

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Monero, XMR, crypto, cryptocurrency

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PSA: when getting monero from a centralized exchange, ALWAYS withdraw your funds to your non-custodial wallet when you can (lemmy.dbzer0.com)

submitted 5 months ago by [email protected] to c/[email protected]

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Unless you enjoy holding paper monero, and letting centralized exchanges get away with fractional reserves, always withdraw your crypto!

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[–] [email protected] 0 points 5 months ago (1 children)

This. All the CEX would know is “this guy bought monero and put it in a wallet (I make it a point to never reuse receive addresses). I have some plausible deniability of losing all my monero in a gambling accident or spending it all by never withdrawing it to one wallet, plus i get good prices

[–] [email protected] 0 points 5 months ago* (last edited 5 months ago)

Plus it justifies deposits in case I sell, they won’t be like « where does the crypto come from? »

But yea in an ideal world that shouldn’t be required and we shouldn’t be spied on