Topic: Bringing it back to your ears: Not your keys, not your coins - page 2. (Read 334 times)

The major reason why DEX is not favoured by many is cause most have low liquidity when compared with bugger centralized exchanges, and this is a result of most users opting to use such centralized exchanges, boosting the userbase and its liquidity.

Having more people shift to decentralized platforms would make then more profitable to operate and run and also make them more attractive to other traders.

And I can say that OP your topic can not be over emphasized enough, still we have people who still go against all that, Binance are part of the bad tooth in Crypto-currency that slowly may affect the ecosystem negatively.
I was asked by a colleague of mine to teach him how to trade I don’t have full knowledge of trading but willing to help asked him to move his coin to an exchange he feels comfortable he acted shocked like how can someone own a wallet that’s not on an exchange. It’s now this bad people having their Crypto-currency portfolio on exchanges. If you consider your safety then You need to own your private wallet.

Noted, I am very much aware of all these crypto wallet / centralized exchanges warning but my goal now is a Decentralized trading platform that works just like a centralised exchange, a crypto trader still have no choice but to use cex for trading and this will make them to send their BTC to CEX.

I hope future crypto developers are already on this, we need to move away from CEX completely. The moment someone sends their BTC to an exchange anything can happen, that's why CEX needs to go.

So far, I've only connected my wallet to AMM (pancakeswap, Uniswap) for altcoins, and have never imported my bitcoin account into any 3rd party wallet. I better send btc when I need to send for withdrawal, and keep it in a trusted wallet (the one I use, electrum). If there is such an wallet integration feature on Binance, users need to create another wallet that is specifically designed to receive only a certain amount. Don't integrate a primary wallet which has big money value in it to any exchange even with seed phrase import feature, learn from any hacked exchange in history, when people lost their asset from this case. and we never know, where 3rd party saving our seed phrase, if it stored on server, its mean your account not really save.

That was typo. I’m very much familiar with passphrase and is different from seed phrase. It has been modified.

You probably mean seed phrase, not passphrase.
Seed phrase (also called recovery phrase or mnemonic seed) is different from passphrase. Seed phrase is a series of words, usually 12 or 24 words. Passphrase is the additional word(s) or characters which is added to the seed phrase for more security.  

I'm reminding everyone here of the frequent collapse of centralized exchanges, which has resulted in many assets and wallets being drained and dried for trusting their money on centralized exchanges despite many warnings of not your keys, not your coins. I have a message for everyone, and I hope they take it seriously, especially those who have yet to withdraw their coins from centralized exchanges or custodial services.

The new designs of exchanges share a similar pattern and there is something I have noticed, Defi wallet integrated into Binance exchange wallets as a sub wallet and very soon, other exchanges will imitate the same style just to acquire more liquidity from users or traders.




Binance has integrated a Defi sub-wallet into their exchange, the option requires you to add a recovery phrase from your wallet to interact with its own BSC blockchain, we all know how important seed phrases or recovery phrases are meant to be with you, no third party. It should be with you alone because that way, no one can get to your coins, they want you to keep your recovery phrase on their exchange please don't do that, care less of their policy whether they save it or not, centralized exchanges are element of the same company that cannot be trusted. Your seed phrase or recovery phrase is intended for you and only you.

Some of the things you need to know:
1. Not your keys, it’s not your coins.
2. Don’t paste your recovery phrase on any exchange, I know very soon other exchanges will follow the same pattern which will result in the stealing of funds.
3. Do not rely on centralized exchanges/ leave your coins on centralized exchanges.
4. Don’t share your private keys with people
5. Back up your recovery phrase and make sure they are properly secured and safe from threats and thieves.