So, why do so many of people still rely on exchanges? Is it convenience? Lack of knowledge? Or something else?
I think it has to do with taking responsibilities and been accountable.
Most people, especially those who store their assets on exchanges puts their responsibility (securing their funds) on exchanges, thereby making them accountable.
They believe they can hold them(exchanges) accountable whenever their funds goes missing, which the reverse can sometimes be the case, especially when a warning has been passed by the exchange without the knowledge of the supposed customer.
Last year, our government targeted exchanges operating in the country, causing sudden shutdowns without warning. Many users lost their coins as a result.
I never knew that some people lost their funds,
But this is what I talking about when an exchange decides to pass a quick info without the knowledge of customers. It's quite sad though.
Having your own wallet is safer and more secure. You control your coins and their safety. Writing down your seed phrase and storing it securely isn't difficult.Unfortunately, some users store their seed phrases in their Gmail accounts, believing it's safer.
Which makes all these boils down to taking responsibility and being accountable.
Most people are just scared of taking their own responsibilities.