Topic: CEX deserves all criticism but not the hate - page 4. (Read 484 times)

You are correct that centralized exchanges (CEX) have played a significant role in the growth and development of the bitcoin and crypto space, despite some issues that have affected the industry in recent years. Centralized exchanges have provided a convenient and accessible way for people to buy and sell cryptocurrencies, which has helped to increase the number of investors in the space. However, it's important to be aware of the risks associated with using centralized exchanges, such as the potential for hacking or mismanagement of funds.
The issues that have affected the crypto space in recent years have led to increased government regulation and more transparency from exchanges. This will help to ensure that customers' assets are protected and that exchanges are held accountable for their actions.
As you pointed out, it's important to be cautious when choosing a centralized exchange to use. Some of the most trusted exchanges include Binance, Coinbase, Kucoin, Kraken, and Bybit. However, it's important to do your own research and only use exchanges that you trust.
Another point you made is the importance of not storing all your funds on centralized exchanges, but instead using decentralized exchanges (DEX) for holding your assets. This can reduce the risk of funds being lost or stolen, but it's important to note that DEXs may not have the same level of liquidity or user-friendly experience as CEXs.

In summary, it's important to be aware of the risks associated with using centralized exchanges, but also not to overlook the benefits they have provided to the crypto space. It's crucial to be cautious and selective when choosing an exchange to use and to be aware of the best practices for safeguarding your assets.

Why it should be adviseable after Just because of the FTX incident because it should be avoided all the time that centralized exchangers should not hold large funds. Because this is not the first collapse that has happened to the FTX exchanger, this has also happened to the cryptocurrency world, if we think back to mt.gox in 2014. That happened there too.
Moreover, I think that the original purpose of Bitcoin is not complete by centralized exchanges because its control is not managed in a decentralized way. I would suggest using a centralized exchanger just to exchange currencies, which will only be temporary. Because even before the Collapse, FTX Exchange was in a very good position in terms of ranking and usage So we should learn from FTX exchanger incident and also from the previous incidents before it is too late.

There is no convincing me that CEX centralized exchange hasn’t been bad for Crypto-currency, we has seen how centralized exchanges has affect the ecosystem in ways that are right now not redeemable.

I am not sure of the year but there was a year centralized exchanges were locking up people’s funds without any concrete reasons and government of countries who are against Crypto-currency where using centralized exchange as a pivotal point to get Crypto-currency enthusiast.

Storing your funds in any exchange, either centralized or decentralized exchange isn't safe; exchanges are platforms for trading cryptocurrencies, and funds should be transferred immediately into your self custody wallet afterwards. Long term holders should use hardware wallets or set up Electrum wallet as a cold storage on an air-gapped device, while if you have a small amount of BTC you want to use for spending daily or weekly, you can just hold it on electrum as a hot wallet, and spend when you want to.

CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it  instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.