Ability to burn coins on YoBit

[AkaCrafterCZ 1140]

Hello Cryptotalk, I recently found out there are many altcoins laying in my YoBit account and I wanted to get rid of them. Every Satoshi counts. Unluckily, I noticed the minimum order size limit:

 

Even though 10 thousand satoshis isn't much, many of the coins I wanted to get rid of were below 10 thousand. I also noticed YoBit doesn't have the feature to burn coins. Coin burning exchanges is the process where you exchange your bought coins you have left to the exchange's official coin. There isn't any minimal amount for this, but YoBit sadly doesn't support this feature yet and I think it would be good to see it added.

 

Here's an example of me burning some fractions of my remaining coins I had on Crex:

 

So what do you think about this feature? Should YoBit allow us to burn remaining coins?

[malik6314193 5449]

Yes this feature should be in yobit. I have also many coins which have not value at all. And now i can't exchange these coins. Such feature help us to get rid from it. 

[Whited35 15285]

You can make a suggestion on  the Yobit exchange to add this feature. Burning low performing coins on the exchange can give us the best chance to cut the loss. Traders may not get more benefits from the low performing cryptocurrencies. 

[AkaCrafterCZ 1140]

On 4/28/2020 at 8:01 PM, Kgn78690 said:

This is very sad to see that your small coins are totally worthless I can say that those coin which has low price are available on free coins section that's why I never use that service because it is worthless to use 

Well yes, the coins I could collect from the free coins section are insanely worthless and it's a waste of time, but I'm speaking about other coins I had in my wallet, that I for example exchanged with and bought a little over what I needed as a reserve for fees or anything that could happen. But now I don't need them anymore and I couldn't get rid of them easily.

On 4/28/2020 at 8:02 PM, malik6314193 said:

Yes this feature should be in yobit. I have also many coins which have not value at all. And now i can't exchange these coins. Such feature help us to get rid from it. 

Well I guess if the coins have no value, just don't deposit or earn them. It's your decision lol. I'm speaking about coins that were laying with my wallet and they weren't from the free sections category. Sometimes if I trade or deposit, I buy/deposit a little over what I need as a reserve.

[BTC Future 3946]

You will have to live with it and don't care about the worthless coins you have gathered from the freecoins faucets. Although sometimes these faucets offer really good deals. I remember on time I got 700 Doge and many RUR from them.

[kadayakito 765]

I don't use this feature, there are lots of coins here that are useless, or extremely valuable, it's not worth it, it's like wasting my time. And with your description it means, you must have a balance of 10,000 satoshi, if there is not enough you cannot do anything with it.

[magd 5231]

The minimum exchange between currency pairs is not a problem and is not completely similar between currencies. You may find these limits on other platforms, but if you try less expensive currencies, the minimum will be less, this is related to the extent of the high price of currencies.

[AkaCrafterCZ 1140]

7 hours ago, BTC Future said:

You will have to live with it and don't care about the worthless coins you have gathered from the freecoins faucets. Although sometimes these faucets offer really good deals. I remember on time I got 700 Doge and many RUR from them.

I don't think you could earn any significant amount of cryptocurrencies from the freecoins section. But that's not what I meant, I just feel like I'm only repeating myself, the coins I had there were earned from buying a little over I needed if I wanted to make an exchange or similar. I've never earned even a few satoshis worth in FreeCoins - it's absolutely useless for me. Can you tell me the story of how you earned all of those?

[BTC Future 3946]

12 hours ago, AkaCrafterCZ said:

I don't think you could earn any significant amount of cryptocurrencies from the freecoins section. But that's not what I meant, I just feel like I'm only repeating myself, the coins I had there were earned from buying a little over I needed if I wanted to make an exchange or similar. I've never earned even a few satoshis worth in FreeCoins - it's absolutely useless for me. Can you tell me the story of how you earned all of those?

It's not a story. In fact I forgoten to add that it was two times they offered Doge, first being 700 Doge and a couple of weeks later 500 more. This happened a few months ago. Most older members got this. I wasn't looking freecoins at all, but found it because they sent notification in the yobit telegram.

[AkaCrafterCZ 1140]

On 4/30/2020 at 12:39 PM, kadayakito said:

I don't use this feature, there are lots of coins here that are useless, or extremely valuable, it's not worth it, it's like wasting my time. And with your description it means, you must have a balance of 10,000 satoshi, if there is not enough you cannot do anything with it.

I understood the popup. My suggestion was if it would be a good idea if YoBit implemented a feature about burning (instant exchanging) any amount do coins to the exchange's official coin (YODA). I already found a solution to this - you can often exchange the limited coins to an other altcoin, such as Doge, where are much lower minimum orders.

 

20 hours ago, magd said:

The minimum exchange between currency pairs is not a problem and is not completely similar between currencies. You may find these limits on other platforms, but if you try less expensive currencies, the minimum will be less, this is related to the extent of the high price of currencies.

I already found that, but an expensive currency doesn't have to increase the minimum order volume.

23 hours ago, DoboniAyuuii said:

How can the feature to be on yobit, they do not have access to burn coin unless they are the owner. What they can do I do delist the coin if they want to. 

I'm not talking about proof of Burn coins, this is a feature just with the name of "burning", but in fact it's an instant swap of currencies to the exchange's coin.

[scorpiali 5626]

We really need this feature in yobit exchange because many exchange has this just to exchange or burn low value coins and there are a lot in yobit i hope they can work for that 

[rekter 8129]

I don't think that exchange uses burn process for them but they just rather give you the the market value share of from that coin dust in the form of exchange tokens. In that way it doesn't even cost them anything, and they get keep the dust that eventyally cumulates up to something.

[Shahud 1319]

having some coins which is not having any vlaue that should be burn.and every exchange should have that feature to utilize it if needed.may be yobit also going to provide us same feature which we all require

[Honny143 13612]

Well dear every exchange listed this useless are prices less coins, but some exchange have the facility to burn this coins, but yobit exchange have no this feature, but I don't think its big issue because don't receive this coins are store in your wallet.

[AkaCrafterCZ 1140]

3 hours ago, UT2001 said:

I would love to trade my qubix and mio that I have sitting in my yobit wallet for some yo token or some yoda token or simply something that I can do something with as at the moment all I can do with these free coins is watch them.

I already found a solution to my question about this limit. It will probably also work for you. Try selecting an other market to trade the coins with. DOGE worked for me. You can sell the coins for a different coin, that has much lower limits. But I'm still saying the coins from the freecoins sections are worthless.

[Rickso 768]

On 4/27/2020 at 12:58 PM, AkaCrafterCZ said:

Hello Cryptotalk, I recently found out there are many altcoins laying in my YoBit account and I wanted to get rid of them. Every Satoshi counts. Unluckily, I noticed the minimum order size limit:

 

 

Even though 10 thousand satoshis isn't much, many of the coins I wanted to get rid of were below 10 thousand. I also noticed YoBit doesn't have the feature to burn coins. Coin burning exchanges is the process where you exchange your bought coins you have left to the exchange's official coin. There isn't any minimal amount for this, but YoBit sadly doesn't support this feature yet and I think it would be good to see it added.

 

Here's an example of me burning some fractions of my remaining coins I had on Crex:

 

 

So what do you think about this feature? Should YoBit allow us to burn remaining coins?

oh, you mean the dust sweep not the "real" burns coin. "burn" and "sweep dust" are 2 different things in crypto.

 

sweep dust is that you are asking, for example, on binance, you can swap your dust coins with BNB.

burn happen when you want literally burn your coin, like on EOS or TRON, when you burn the coins those coins will no longer exist

[Calvinpriva 17296]

This will be a great feature because there are many coins that has 0 value and many traders don't know about that so they keep buying those coins and have faith that they will grow! It will be good if we can burn coins like those from yobit.

[gourav789 2834]

I also see that we need minimum 10300 satoshi ( including fees ) for making a trade in yobit , yobit also provides us free coin through faucets but I Think there was is useless and dead coin in free coin section . this is better if we see that's kind of options ( mentioned in your attachment ) .

[Cammer 4609]

The remaining coins in Yobit cannot be withdrawn because it has not reached the minimum amount as you saw. I don't think you can do anything with them. 

[bitcoinb 1359]

@Cammer  i think the author wanted to exchange the little amounts of crypto here or there for Yo. For example at Binance, you can exchanges all your little amounts of money to BNB.

[Cammer 4609]

On 6/3/2020 at 6:06 PM, bitcoinb said:

@Cammer  i think the author wanted to exchange the little amounts of crypto here or there for Yo. For example at Binance, you can exchanges all your little amounts of money to BNB.

That can not be done ob Yobit platform because there is a fee and a minimum amount for the order so that it can be placed. 

[AkaCrafterCZ 1140]

1 hour ago, Cammer said:

That can not be done ob Yobit platform because there is a fee and a minimum amount for the order so that it can be placed. 

That's why I was thinking of this feature being added to YoBit. However, I already found some solutions to my problem. I managed to sell some coins to a different paid. For example, you need to sell DASH for at least 10,000 satoshis, but for DASH-DOGE pair the limit is much lower (didn't test how low though). That's the solution I found.

[Cammer 4609]

1 minute ago, AkaCrafterCZ said:

That's why I was thinking of this feature being added to YoBit. However, I already found some solutions to my problem. I managed to sell some coins to a different paid. For example, you need to sell DASH for at least 10,000 satoshis, but for DASH-DOGE pair the limit is much lower (didn't test how low though). That's the solution I found.

Great solution. Thank you for sharing this and I think you should create a separate topic about this to ensure all members see it and get help !

[Jessica Karren 1242]

It's very good features to get rid of your low valued and useless coins and have some official coin of that exchange so that you can use those official coins in many ways. I hope Yobit will soon launch this feature.

[Yomose 3704]

I do mot think it is necessary, in all exchanges, i have only seen binance to have this feature. If yobit can let us convert to Your token or Yoda will although be good but not necessary.