Post
Topic
Board Beginners & Help
Re: Exchanges lie to you!
by
Lucius
on 08/01/2023, 14:41:46 UTC
I feel like this is a new trend where exchanges are trying to make users feel like holding coins on their own devices is risky.
~snip~

Then maybe this is a sign that more and more ordinary people who invest in cryptocurrencies are starting to realize that CEX are ordinary exchanges, and not at all what their owners promote them to be, i.e. that they are some kind of crypto banks. However, as much as I think it is wrong to store cryptocurrencies on CEX, for some investors it is still the simplest thing, considering that all they need is to create an ordinary account, which is no different from, say, creating an e-mail or something similar.

It would be ideal if people understood what they are investing in, and if they don't, then they are easy targets for fake crypto wallets, seed stealers or clipboard malware. We've all seen how big the risk of storing coins on CEX is recently, but it's still the method that many use because of its simplicity.

However, people need to be educated to understand the risks that threaten them, and how they can safely be their own bank, which is actually one of the ideas that came with Bitcoin.