Tracing the Movement of a Large Bitcoin Transaction from Binance Exchange
- Shams ul Zoha
- December 30, 2022
- 9:50 am
WHAT YOU SHOULD KNOW
- The most secure way to store Bitcoin is to use a hardware wallet.
- Many hardware wallets also offer additional features such as two-factor authentication and multi-signature transactions.
A large Bitcoin transaction was recently sent from Binance, with 33,670,962 worth of BTC being transferred to the address bc1qc2g6v7h5ppzp8szmfgq4z2qkdh58dpnujpmsws. This address is believed to belong to a Bitcoin whale, as the amount of money sent is indicative of a large investor.
Investors who own substantial amounts of Bitcoin (known as whales) often take extra precautions when dealing with their funds. One of these is to move their funds from exchanges to hardware wallets they control. This is done to minimize the risk of theft, as exchange wallets are often targeted by hackers. The recent transaction from Binance is likely an example of this, with a whale taking their funds off the exchange for safekeeping.
The most secure way to store Bitcoin is to use a hardware wallet. These wallets store your private keys offline, meaning they cannot be hacked via the internet. Additionally, they are generally more secure than paper wallets, as they are more difficult to lose or damage. Furthermore, many hardware wallets also offer additional features such as two-factor authentication and multi-signature transactions.
When an exchange removes Bitcoin (BTC) from its platform, it reduces the potential for sell-side pressure, which makes it easier for the price of Bitcoin to go up.
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