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RE: Steemit Crypto Academy Contest / S1W2 – Reviewing Centralized Exchanges by @bolaji001
Exactly bro, you’ve said it right. That’s the major issue with centralized exchanges.
Exactly bro, you’ve said it right. That’s the major issue with centralized exchanges.
True, but is it not good to know that you can retrieve your keys? I have found so many people on Steemit who lost their keys and had to start all over again.
Last question, do you think Binance will ever be moved from the No.1 spot?
@bolaji001 - great post!
It’s not quite like steemit keys, it’s not that the user loses their keys. The thing is that upon making a purchase, the cryptocurrency you acquire is directly stored in your exchange-hosted wallet, which is custodial, this means the exchange has control of your private keys.
Binance is a really strong and dominant platform, if they keep up their good work of course they can remain top but the have really good competitors.
Thanks for reviewing ma, I really appreciate.
Thank you for the explanation and conformation about Binance!