Quote from: legiteum on October 27, 2024, 04:08:19 PM

Quote from: BlackBoss_ on October 27, 2024, 04:53:07 AM

Exchange graveyard https://www.cryptowisser.com/exchange-graveyard/
Report on Crypto Exchange Hacks https://cointelegraph.com/magazine/crypto-exchange-hacks/

The problem is, for every sad story about people losing their money with a company helping them, there are just as many stories of people losing their money in self-custodial wallets by accident, theft, extortion, and so on.

As the market matures, there will be more and more big players like Coinbase and Binance and so on who are serious firms with very sophisticated security and financial transparency, and these firms are going to be, on average, far safer than people trying to guard their wealth themselves.

To be fair, every hosting method has its own pros and cons, nothing is perfect, including self-custody. There have been many centralized exchanges and platforms that have collapsed and caused many people to lose their money but there have also been many people who have lost access and lost their bitcoins while storing them in non-custodial wallets.

Storing with a non-custodial wallet only gives us full control over and more proactive with our assets, but there is no guarantee that our assets will be safe and never be attacked. Meanwhile, using third-party services, although they may have better security systems but because financial institutions are often targets of hackers, this is also an issue to consider. So it all depends on each person's choice, we don't need to be biased because everything has pros and cons, nothing is perfect.