Topic: More exchanges shutting down, Hold your Asset with You - page 4. (Read 520 times)
People should use exchanges for what they were made for which is trading not to store their coins. But your examples are not really related to the risks involved with the centralized exchanges in general. If you check the name of these so called exchanges you realize that they weren't even known among the cryptocurrency users. Even the domain name looks super shady (eg. 100btc[dot]pro). Not to mention that these were obvious scam services that were created to rip people off.
I got the motivation to write on this from Recent events should make you withdraw all your coins to your own wallet: Part 3 when i came across the news on crypto exchanges shutdown in Ukraine, if you're still using a centralized exchange, then read about this recent event happening in Ukraine as the US Cyber security Personnels bring down about nine (9) cryptocurrency exchanges for lack of being regulated along with other deformities in compliance to the government policy for their operations https://news.bitcoin.com/ukraine-us-shut-down-9-cryptocurrency-exchanges/ come to think of it if you have your bitcoin or any other cryptocurrency with any of this exchanges, all will definitely go lost because you have no access to control over them, this makes it ore very crucial and paramount that we make use of crypto wallet that gives us control over the private keys to the wallet we are use.
Why you should avoid Centralized exchange
1. They can be attacked by hackers
2. Your privacy is not guaranteed in them
3. They are third party/centralized institutions and work policies for their own interest
4. You will be subjected to KYC, AML and other governments cyber operational agencies
5. You can be traces and tracked down through the information provided for your KYC
6. They have same functions and disadvantage as using a centralized financial institutions (banks).
7. They can go bankrupt and you loose your entire investment with them
Recommendations for the storage of your cryptocurrency assets
1. I will recommend an Open Source Hardware Wallets, find below some good examples below from threads created and discussed on the forum here https://bitcointalksearch.org/topic/list-open-source-hardware-wallets-5288971
2 . Bitcoincore is very good for your security measures over your asset and you can connect the software to run bitcoin node, for more details, check the link below
https://bitcoin.org/en/bitcoin-core/
Additional informations on these are high welcome from experienced members of this community.
Why you should avoid Centralized exchange
1. They can be attacked by hackers
2. Your privacy is not guaranteed in them
3. They are third party/centralized institutions and work policies for their own interest
4. You will be subjected to KYC, AML and other governments cyber operational agencies
5. You can be traces and tracked down through the information provided for your KYC
6. They have same functions and disadvantage as using a centralized financial institutions (banks).
7. They can go bankrupt and you loose your entire investment with them
Recommendations for the storage of your cryptocurrency assets
1. I will recommend an Open Source Hardware Wallets, find below some good examples below from threads created and discussed on the forum here https://bitcointalksearch.org/topic/list-open-source-hardware-wallets-5288971
2 . Bitcoincore is very good for your security measures over your asset and you can connect the software to run bitcoin node, for more details, check the link below
https://bitcoin.org/en/bitcoin-core/
Additional informations on these are high welcome from experienced members of this community.
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