From my point of view I believe that Centralized Exchanges (CEX) own your cryptocurrencies, but in order for you to understand this I have to mention something that you should know actually, when you deposit cryptocurrencies in a wallet, this wallet has some keys, in other occasions it can be a seed phrase as for example, when you create an account in Hive you have to keep all your keys and these keys can be:
- Posting Key
- Active Key
- Master Key
Memo KeyOwner Key
Stay to show you a little bit about my personal opinion about the hidden business of the CEX and how they profit with their big companies all over the world, but first of all I want to mention that this is a personal opinion and not a financial advice, also I do not do this for racism purposes or to offend a third party, thank you very much for your understanding.
How do CEX benefit from your cryptocurrencies?
Really to understand this you have to have some clear points, I think these CEX like most of the big companies benefit from a database of users and keep everything centralized and they can also sell personal information, as is the case of facebook the company of Meta Inc. I am only giving my personal opinion about this, but many Web 3.0 users know very well that this company sells personal information to third parties for an economic profit.
Another thing you should have clear is that in the algorithm of these systems is high quality AI and really this AI can know what you are looking for or what you are listening and many other things, even something that I will comment is that the CEX can know when you deposit cryptocurrencies, when you withdraw cryptocurrencies, when you open a transaction in BTC/HIVE for example and many other things like your ip address, is there really a problem with this? Stay a little longer and I will continue to tell you my personal opinion.
What if CEX or other companies know our movements and even our ip address? What can happen if this continues is simply serious, but why? What can happen is that many people will be affected by the hands of a hacker and that hacker will steal their personal data.
If a hacker steals your personal data they can simply break into your PC and spy on you until they get access to all your wallets and you know what can happen, that's why I simply stay away from CEXs to make large deposits or just store my cryptocurrencies.
Conclusion
To conclude this article I want to mention that we can simply create a wallet in hive-engine and if we can't do it from hive-engine, you can do it in leofinance.io and I also recommend using hiveonboard.com and with this I want to emphasize that we can simply make our cryptocurrency wallet decentralized and be the owners of our cryptocurrencies.
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