Post
Topic
Board Bitcoin Discussion
Re: More secure ways of storing bitcoin?
by
fuguebtc
on 22/10/2023, 08:23:12 UTC
-snip-
Many people also say to stay away from centralized exchanges and only use decentralized exchanges and I don't believe what they say either. I have the feeling that many people are trying to lie to please someone to gain merit rather than telling the truth.
Of course - some of them are lying, but know that they actually believe that storing your assets on centralized exchanges is never safe. Moreover, it is not worth recommending that other people store assets in centralized exchanges or other online accounts - even if you do. They suggest something that is right for others - so it doesn't matter if they don't do it themselves.

Using a centralized exchange is not a mistake - it doesn't matter as long as they understand what potential risks they will be facing. KYC is a frightening threat to anyone who likes privacy - even though their personal data can be leaked in other ways, including due to weak government web security systems that store the data of all its citizens.

As I also mentioned above, I believe that people will not store crypto assets on centralized exchanges. I just don't believe people who say they don't have accounts on those exchanges and never use them to trade or buy, sell, or convert cryptocurrencies to fiat and vice versa. If we use them for the purpose for which they were created, it is not as scary as many people are spreading it. CEX is a place to exchange, buy, sell, trade...it is never a place for us to trust and store assets. Many investors are using it the wrong way.