Topic: Bitcoin still Bitcoin (Read 175 times)

Bitcoin go always be bitcoin as OP talk, because despite di negative things wey people don attribute am to, di currency still de wax stronger, di adoption still de grow and investors and traders still de make profit untop am. So for instance if any major exchange wey de popular like binance come crash, people wey no too de informed about crypto matters go think say na cryptocurrency crash, unto say na crypto matters dem take know di exchange. Even di development sef go bring propaganda wey fit result in bear run wey price of bitcoin go dump, but if dat one happen na still normal thing for bitcoin, because if that season pass  e go became business as usual, as na one event go still happen to change di situation to bull run.

Bitcoin don withstand di test of time, because since im creation despite di volatility wey im carry come, people still de make profit for im investment and trading. Unlike most altcoins wey go come today and vanish tomorrow, and come de give crypt coins bad names.

Bitcoin will always be Bitcoin no matter what, their are some events that happened in the past people thought that it will affect Bitcoin but still bitcoin keeps getting stronger, gaining more awareness.  In the last bear market people thought bitcoin will crash and never come up again and they never knew the price of bitcoin going low then was just an opportunity for bitcoin to bitcoin to invest and hodl for the bull market. Bitcoin is unique that it can't be affected by things related to it, bitcoin is just on it own . The failure of exchange can not destroy bitcoin.

Fact, I remember when I came into crypto space my trust was in CEX, saw no issues with KYC until my eye opener hereWhy KYC de very very dangerous – and useless. Binance really has good marketing and they will continue to capture more Newbies

It's true regulation is inevitable because of all the scam and shit crypto projects. I may not be wrong saying 90% of cryptocurrency are of no value/use. If it was only bitcoin then it would be easier but I guess in the long almost all bitcoiners will opt for non-custodial wallet.
So trustwallet is no longer a DEX?

Omo Comrade, pidgin dope sha make man lie, E dey make LB dey sweet sha

Definitely any exchange that incure such lost will definitely affect the crypto currency at large all coin affected both Bitcoin, etherium and others.

I don't think people will stop using CEX. mismanagement of one person will not affect another. Although DEX wallet is more preferable than CEX I would have said Binance is more secured but I just remainberd that even Binance was once hacked. So the point there is that there is no need putting all your fund in CEX rather put in a non custodiall wallet. Whenever you fell the need of making a coin withdrawal you send to CEX and withdrawal that is my own opinion.

For the Bitcoin aspect, Bitcoin is Bitcoin according to op. No matter what happens to crypto market Bitcoin can not fall to the ground. If the pillar of a house falls definitely the building will collapse. meaning if Bitcoin fall to the ground all that ends crypto currency. Thats why it's the father or mother of cryto according according to some people.

Unarguably, what you said might be through, in the aspect of navigation. Cex is much easier to use than the Dex that is for the only reason I see it is being compared to Dex.
But I will say safety first, I can't imagine loosing my funds or waking up to hear that this or that Cex has crash, I don't think I can bare such 😅

Op I no go lie for you, CEX is very much simple to use than DEX. Even the interface of CEX is very clear that it is easy to use than the Dex. I have tried to use dex. So I don't think people can leave CEX for dex. Though Dex is good for well security purpose and for easy navigation to trade is not as simple as CEX. Any CEX that launched today and I visit it I can useit to make some transaction but it is not as easy as the opposite exchange platforms.

The crash of FTX really affect the bitcoin ecosystem/space last year. But bitcoin over come it and came out stronger. Bitcoin will never die again and im don come to stay.

Exactly @sokani Bitcoin don build better legacy so e go hard well well for am to fall like other shit coins.even this government Dem de involved in Bitcoin matter sef but Dem de hide am with de name say Dem de against am but true true Dem no want make Bitcoin crumble

If any person been talk say Bitcoin go die as a result of FTX crash, no be something wey any person wey truly know bitcoin go worry about, because both of them no relate. FTX na just exchange wey you fit buy Bitcoin and the worst wey e fit do na to crash the market for a while. If Mt. Gox go fit go bankrupt and Bitcoin still dey stand gidi gbam, while FTX go dey any different?

CEX is here to stay. With DEX, government no get power or control, but with CEX dem go fit force regulatory compliance on crypto users, so them go do everything to make sure regulation still dey go on. BTW, na only CEX wey dey support crypto to fiat transaction, so how CEX wan take disappear?

Bitcoin no crash but na centralized exchange crash so our hopes were still in Bitcoin, the crash of FTX no be get anything to do with Bitcoin. The price crash out of panic and unto say we dey bear market wey be say the market dey wait for may negative news to take a dip and that's what FTX with other projects wey crash during dat period cause to just make every where scatter but still the crash no reach other bear market correction wey the market dun get before. We need to understand say any centralized services or project wey dey the industry go fail one day. Dem go either fail from hack or one team member selling out the project. Human being dey greedy and this market no dey regulated so if dem plan am wey dey can get away with most crimes.


.
To be honest, not likely anytime soon but e no mean say e no fit happen. With the way I dey see this industry dey go wey be say everybody just dey ask for regulations, e go increase the need of centralized exchanges and wallet providers because na one of the ways wey the government go fit regulate the industry be dat (by regulating the exchanges and wallets provides wey dey centralization like dem Binance and trust wallet). So if we want DEX to shine wey no suppose dey follow ask for regulation, make we allow the industry dey like this but work on decentralized ways to make the market more secure as scammers just dey feast for this side as na people's wey no know how to handle demselfs full here.

OP, FTX collapsed around November 2022, and there was no way anyone thought that Bitcoin was going to die just because of the collapse of a centralized exchange. Although the incident caused the price of Bitcoin to plunge, no one thought it was going to kill Bitcoin. Have you ever looked through the great crash of Bitcoin some years ago, which almost got most Bitcoiners then to believe that Bitcoin would die, but it never did? If Bitcoin did not die, then it's not just the massive collapse of a CEX that's going to cause it to die.

Although it is very recommended to use DEX because one is not required to carry out KYC, I do use CEX mostly for P2P, trading my bitcoin or some stable coin.

The criticism of bitcoin didn't start today. There have been the bubble and disappearance story of bitcoin from people like Warren Buffett and his likes but bitcoin is here already.

Moreover, the FTX wasn't particular about bitcoin, it was a scam of an exchange that was predicted to affect the trust in the crypto market and yes it did at the time which is normal and crypto is back because all those are past like others before FTX.

And FTX scam didn't affect forex market, I don't think it had any effect on the largest market with a daily volume of about $6 trillion.



Nope. The two exchanges will exist side by side if at all the total active users of DEX will equal half of exchange users. For now, CEX is the most popular. Some newbies see binance as the only crypto exchange. But be sure to store your coins on your personal wallet.

Those users who mind their privacy and the real nature of decentralized cryptocurrency look forward to DEX.

Lol....I just remember. I don even 4get say na home I dey self, I 4 dey blow my pidgin dey go. The tin dey sweet my skull.  

What we should refer to that it affected is crypto market.

I did not have any money on FTX and it was a bear market time, what that was predicted was what that happened, which is bear market.

People that want privacy are going for decentralized exchanges, most people today that are just knowing about cryptocurrencies do not know the privacy that we are referring. Centralized exchanges are very good in marketing and more of the newbies are using the exchanges.

---

As for noncustodial wallets, best to move your coins out of exchanges into noncustodial wallet to have full control over your coins.

The FTX issue and the other CEX hacks affected the cryptocurrency market in general and not just Bitcoin even though Bitcoin have been the major asset targeted during those events. They never put doubts as to the authenticity and reliability of Bitcoin because the problem is with those platforms and not the assets stolen. So, in line with the caption of this thread,  Bitcoin will always be Bitcoin.

As for the future of CEX, they will continue to be there because they play key role in the entire cryptocureenxy ecosystem. As  a matter of fact, the percentage of people using DEX is still smaller than those using CEX. The only advice that should be taken serious is that CEX should not be used as place to store your assets; it should just be a place to buy and sell, then withdraw to a wallet where you control the private keys.

It's been a year now since the whole FTX crash, which affected stock, forex and crypto market. Alot of people said bitcoin will die follow up the dip by bitcoin after the crash now is a year and bitcoin is still bitcoin beating every challenges to prove others wrong. CEX really has helped us in p2p but it's as cost more harm than good aside from the FTX crash other CEX has crash which has affected the crypto space but bitcoin is constantly showing reasons why its bigger than them. In the long run I believe everyone will go back to DEX and using custodian wallet or maybe if SEC gives a proper regulation to CEX because though they are called crash most has been more of a scam or foolish decision by the founder.
Questions :

• During the FTX crisis what your belief on bitcoin?  As for me at that time I was not an active member of the forum or know anything about bitcoin and so I believe those false claims
• Do you think will soon stop using CEX and opt for DEX and non custodian wallet?