00:00Welcome back to Decentralized News. So I just caught up on a new news story that I thought I'd update you guys on.
00:10Apparently Bitstamp did try to launch what they call an inactivity fee and they ended up cancelling this due to some backlash from the crypto community.
00:22So the crypto exchange actually announced its plans to charge a 10 euro which is about $10.17 monthly fee to inactive users outside of the US and those users who had account balances below 200 euros or about $203 thereabouts.
00:46So the exchange explained that keeping inactive accounts on the books is actually a cost that users could buy or sell crypto, make deposits or sign up for staking to avoid this fee.
01:01So the plans did end up enraging users who called the company a scam and questioned the decision to charge only the users with the least funds following the backlash.
01:15Bitstamp ended up walking back on the decision to impose this fee.
01:20So let me know if you're one of those guys that uses Bitstamp.
01:24I do have a Bitstamp account.
01:26I've used Bitstamp pretty much for a long time since this is one of the first cryptocurrency exchanges that ever got into the market but I don't use it actively at all.
01:39And if they were to impose such a fee I would certainly never use this exchange again.
01:47There's so many alternatives and much better alternatives in fact that I think the idea is just a pretty silly one.
01:56And it's a good thing that they had to walk back on this because it completely just wasn't going to help them retain users because at the end of the day this market is still developing.
02:08Some people might dabble here and there and ultimately people always go back to the same exchanges that they've always used.
02:15Even if they might have been inactive for quite some time.
02:19So I think just pushing a fee onto people would have actually had them losing people altogether.
02:28And I hope this whole story doesn't actually affect people just closing down their accounts out of fear that this is something that might go ahead with at some point in the future.
02:38Let me know if you're a user of Bitstamp.
02:40If you want to check out the full review to Bitstamp Cryptocurrency Exchange you can go to decentralize.news.
02:46I will also leave a link in the description so you can go check that out and if you want to sign up there will be an affiliate link as well for you to jump onto Bitstamp.
02:58You can also go check out all the platforms that we actually recommend people trade on on our ecosystems tab.
03:04So make sure you go to our main site whenever you can.
03:08Don't forget to check out the links in the description as well to my books Talking to Australians and Blockchain Applied.
03:14And like, share, subscribe, turn on that notification bell.
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