Quote from: Rikafip on July 18, 2023, 05:24:50 PM

Quote from: jeremiahrenita on July 18, 2023, 05:30:57 AM

Yes, you may begin by buying Bitcoin through a centralized crypto exchange.

Considering all the options that we have nowadays, using centralized exchanges to buy bitcoin is one of the worst possible options, if not the worst. Especially if they are unknown exchanges like the one you mentioned in your post.

Quote from: Vivageneviv on July 18, 2023, 02:57:28 PM

CEX for me will always have the edge over DEX for obvious reasons be it security needs, support or other services.

How is more secure to give your own crypto to someone else, effectively loosing any control over it? What you are talking about is sense of false security that these centralized platforms give to those that are not capable of taking care of their own crypto.

Don't get me wrong, centralized exchanges have their own advantagea but security isn't one of them.

CEXs may have full control over user funds and data. This means they can potentially be targets for hacks and have a single point of failure. However, CEXs tend to have more resources for security measures and compliance. For instance, the exchange I mentioned has a protection fund of $300m, no DEX can offer you such protection if I'm correct?