The crypto industry is growing rapidly day by day, Many People still didn't know how they can make their investment safe...
There area only 4 ways on which you can store your crypto.
Cold storage (Hardware wallet/ledger).
Hot storage (software wallet).
Dex Decentralize Exchange.
Cex Centralize Exchange like #Binance
1. Cold wallet:
There are very fewer people who use hardware wallet cold storage to keep there investment safe, As it is expensive and often cost more than there portfolio, But it is best to store your crypto, because it is not hackable.
But like every other thing it also have some disadvantage in this type wallet you store your private key, if you lost it once you can not access your crypto until you find that ledger.
2. Hot Storage:
Almost every other Cex has initiated there Hot storage name as web3 wallet that is a decentralize wallet, it also not hack able until you let somebody have access to your private key or give them the parent access of your cold wallet. Example of cold wallets are trust wallet.
3. Decentralize Exchange:
A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that
connects cryptocurrency buyers and sellers. In contrast to centralized
exchanges (CEXs), decentralized platforms are non-custodial, meaning a
user remains in control of their private keys when transacting on a DEX
platform. In the absence of a central authority, DEXs employ smart contracts
that self-execute under set conditions and record each transaction to
the blockchain. These trustless, secure transactions represent an
accelerating segment of the digital asset market, and are pioneering new
financial products. Example of Dex are uniswap, pancake swap.
4. CEx Centralize Exchange:
If you would ask any professional trader, where do they they keep there investment, Or to sign up on a centralize exchange like binance pr coinbase, they willl never do this the reason behind it is that they ask of KYC verification that could create big problem. And also all of them had witness the collapse of big exchanges like Mt.gox and bitcoin.com and recent collapse of FTX they often misused the user funds and often run away with the user investment. And all the professional traders never keep there funnds on any centralize exchange, they only transfer or keep the tradeable funds on any centralize exchange coz of the fear off being collappse of the exchanges
There are only two exchange whom i have quite trust the one is binancce after they have launch #safu and #PoR it make my trust on binance stronger and Binance operates in multiple jurisdictions and strives to comply with relevant regulations in those areas. This can provide users with confidence that the exchange is operating legally and ethically within the regulatory framework. Binance implements various security measures to protect users' funds and data, including two-factor authentication (2FA), cold storage for the majority of funds, encryption protocols, and regular security audits. These measures aim to reduce the risk of hacks or unauthorized access.
And the other exchange is Coinbase, Coinbase is one of the most well-known and widely used cryptocurrency exchanges globally, offering a user-friendly platform for buying, selling, and storing various digital assets. Founded in 2012, Coinbase has played a significant role in popularizing cryptocurrencies and facilitating their adoption by providing a secure and accessible gateway for both novice and experienced users to enter the crypto market. With a strong emphasis on regulatory compliance, robust security measures, and a range of services including trading, custody, and education, Coinbase has earned a reputation for reliability and trustworthiness in the cryptocurrency ecosystem.
Well, all of this i have wrote is just my personal opinion, always must do your own research before making investment in any platform. Remember, your financial security is paramount, so always exercise caution and diligence when engaging with cryptocurrency exchanges or any investment opportunity.
#beyoglu #StartInvestingInCrypto
