Why store decentralized cryptocurrency in Centralized exchange ?
With the way 2017 ended with so many of my favourite cryptocurrencies at all time highs, sbd was over $5, bitcoin was Looking good, my blockfolio was giving me signal that a good vacation outside Nigeria was around the corner.
I even started setting out plans on some projects to help the poor and needy around my community. My head was just filled with butterflies and big dreams for 2018.
Then came January ending of 2018, things were going smoothly and then February and finally March. Hmmmmm, throughout the month of March in 2017, I'll look at my diary where I wrote all I was going to achieve based on my thoughts on how the growth of cryptocurrency was going, the more I looked at it, the more it looked impossible because my portfolio bled like a lady on her period.
The month of march was a bad month for me personally because I had just little bitcoin and my favorite exchange (binance) then was new to setting stop losses, so I couldn't set stop loss to USDT or bitcoin.
I watched my crypto assets fall before my eyes and all I could do was to uninstall my blockfolio and pay deaf ears to all the FUD.
I remember selling my Ethereum, lisk and monero when they were cheap early last year, because I heard some silly news. If I'd kept my 4 eth, I'd have made so much more from them by early 2018.
The FUD won't end anytime soon, but those who HODL, will smile at the end. This is one of the reasons why it's necessary to have multiple streams of income.
Having multiple sources of income will save you from selling off your cryptocurrency just to survive.
BITHUMB HACK
I'm not a cryptocurrency or Blockchain expert. I've only been in this space since 2016, but up till now, I'm still wondering why we still choose centralized exchanges over decentralized Exchanges.
Because volumes are low on centralized exchanges, we who love decentralized Exchanges and think it should replace centralized exchanges are forced unwilling to use centralized exchanges because of their high volume.
Although centralized exchanges like binance which is actually my favourite exchange currently are planning on becoming a decentralized exchange soon. I wish wish those decentralized exchanges we have now could make their GUI better and more user friendly.
I know for sure that in the future, decentralized exchanges will rule the market......... it will take time for that to happen.
In order to prevent yourself from issues faced by centralized exchanges, just get a bitshares account.
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