Imagine holding a cryptocurrency that has already earned you +100% profit. But the question is: where to store it and how to trade so that this +100% does not turn into -100%? This is where three "whales" of crypto manipulation come into play: centralized exchanges (CB), decentralized exchanges (DB) and wallets. What should Ukrainians choose in 2024, when the BTC rate is already at $98,000, and war, sanctions, and legislation are making adjustments?
Centralized exchanges: a fabulous banking crypto paradise
Central Bank is your Binance, Coinbase or Kraken. They work like banks: you sign up, go through KYC (say hello Diya!) and trust them with your funds. Convenient, right? But remember that these exchanges are the realm of centralization. If Binance has a “server crash” (or a regulator remembers your account) tomorrow, your cryptocurrencies could evaporate.
Pros: fast trading, simplicity, high liquidity.
Cons: KYC, ability to block accounts, your keys are not your coins.
For Ukrainians, Central Bank is ideal for those who do not want to bother with technical details. But under the current conditions, it is worth choosing exchanges that are not too afraid of sanctions.
Decentralized exchanges: crypto-freedom for the paranoid
DB is Uniswap, PancakeSwap, and a bunch of other "swaps". No accounts, passports or promises. You simply log in from your wallet and exchange crypto for crypto. This sounds like an ideal option for those who want to remain anonymous, especially in situations where your financial information may end up in third hands.
Pros: Freedom, no KYC, your keys are your coins.
Cons: complex interface, risk of encountering fake tokens, higher commissions (especially on Ethereum).
For Ukrainians, DB is a must-have if you are worried about your anonymity. But you will have to learn not to get angry because you bought not BTC, but some ShibaDogeBabyMoon.
Crypto wallets: your fortress or your trap?
Crypto wallets are software or hardware solutions that store your keys. The wallet can be custodial (you trust the exchange or service) or non-custodial (you trust yourself).
Pros: Maximum security if you know what you're doing.
Cons: forget the seed phrase - forget your money.
I recommend Ukrainians to open a non-custodial wallet, such as Trust Wallet or Ledger. Keep your main savings there, and keep a minimum of stock exchanges for trading.
What should Ukrainians choose in 2024?
1. Central Bank: for trading and withdrawing money in fiat (but only on verified exchanges that are not afraid of sanctions).
2. DB: for fast exchanges, privacy and participation in DeFi.
3. Wallets: for long-term storage.
If you want to sleep peacefully, combine everything. Crypto wallets for "stockpiling", centralized exchanges for trading, and decentralized - for privacy. And remember: cryptocurrency is freedom, but only for those who know how to be responsible for it. You will not study - you will lose more than you will earn.
