This is one of the reasons why we need to start embracing Decentralized Exchanges

samstickkz (65)in #stach • 6 years ago (edited)

Buying Cryptocurrency early is one of the best ways of investing in your future and preparing for retirement. most of us know that already and that is why we are buying these assets.

The only challenge for most people is how to secure these crypto assets for long term. When I started learning about cryptocurrencies and blockchain, one of the first things I was told was never to store my cryptocurrencies in an exchange or wallet that I don't own the private keys like LUNO(i still use luno for buying ETH and BTC but I don't use it as wallet, I buy and move them out).

It's sad to know people still use exchanges as a wallet and some don't even some of these popular exchanges are centralized: meaning its owned and managed by an individual or group of persons and they can decide to do anything with your money if they want to.

If you don't have the private keys to the wallet of your cryptocurrency, then those cryptocurrencies ain't yours.

I repeat, if you don't have the private keys to the location of your cryptocurrency, then that crypto is not yours.

This is one of the reasons why we should embrace decentralized Exchanges like BITSHARES

If you're buying cryptocurrencies for long-term, please make sure you get the wallet for that crypto and keep it safe. Don't use centralized exchanges for storing cryptocurrencies long term.

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