Good question! My only concern with Binance and similar exchanges are that they are centralized. Although unlikely, they have the capability to hold your funds in certain extreme situations (which have happened with some other companies). Decentralized exchanges and ownership of your own wallet prevent this possibility, and leave all responsibility in your hands, with less tracings of whatever you choose to do with your own cryptocurrency. It is up to you to use your own cryptocurrency responsibly and honestly, and you can claim to be the true owner of your assets. 😊
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Indeed, the centralized exchange can do whatever they want with my crypto, most possibly, but I wonder what happenes if the not centralized exchange collapse?! In both cases I can loose everything. What is safer?
Indeed, that's why I don't keep my funds on any exchanges (except a small amount to cover fees). I use a hardware wallet! What I used in this post was, indeed, a Ledger hardware wallet. You're essentially your own bank.
WoW! That sounds nice! How big investment is this hardware ledger wallet?
The model that I purchased cost $79 plus tax. I purchased it before I even looked into which exchanges I'd be using, because the concept of self-custody was essential to me. Just be sure that you read carefully about how to use it, because you'll be the owner and accountable for any errors you might make (hopefully none). Once you get the hang of it, it becomes very simple!
OK, thanks! I'll read again your post too. Good luck with crypto!