Mika
VIP Contributor
The Crypto market is in a bear run for almost a year and within this year a lot of bad things happened to the crypto market which lead the market to crash even further. However, people don’t seem to learn a lesson.
When Celsius Network went bankrupt, crypto investors should have learned a lesson and withdrawn their funds from centralized exchanges, but they continued to use centralized exchanges. When your assets are in centralized exchanges, you don’t own your cryptos. If FTX, once the world’s third-biggest exchange, can collapse, what makes you believe Binance and Coinbase will not collapse? These are also centralized exchanges and when you are using these funds, you do not have any control over your funds. One bad decision by these exchanges and your funds will be at risk.
Therefore, instead of centralized exchanges, use decentralized exchanges or wallets. The best way to store your assets is by using a hardware wallet or desktop wallet.
When Celsius Network went bankrupt, crypto investors should have learned a lesson and withdrawn their funds from centralized exchanges, but they continued to use centralized exchanges. When your assets are in centralized exchanges, you don’t own your cryptos. If FTX, once the world’s third-biggest exchange, can collapse, what makes you believe Binance and Coinbase will not collapse? These are also centralized exchanges and when you are using these funds, you do not have any control over your funds. One bad decision by these exchanges and your funds will be at risk.
Therefore, instead of centralized exchanges, use decentralized exchanges or wallets. The best way to store your assets is by using a hardware wallet or desktop wallet.
