We all should knows that when it comes to the cryptocurrency ecosystem whatsoever thing that happens here we all will be held accountable for it, this is holding to the fact that we are matured to know what is good and what exactly is bad. Just like the message that I am trying to pass above, we all should knows that we are not kids at all. Cryptocurrency despite all thick and slim has proven to be one of the best thing that has happened to humanity and it has also proven to be the future. Painfully many people at this stage in time still compares cryptocurrency to ponzi. Well, there is nothing good that doesn't carries critics so seeing cryptocurrency facing all levels of backlash is something that I am not bothered about.
For some years now I have been hearing the word not your keys not your cryptocurrency but despite this daily reminder we still find ourselves falling prey into the hands of those scammers out there. What the above is showing or trying to portray is that we are not learning at all. It all boils to the fact that we are not ready to take full responsibility or full custody of our cryptocurrency investment at all. If we knows how vital money is we won't be showing this kind of level of experience. For your information cryptocurrency is more than what you should be toiling with, it is your key to financial freedom in the nearest future. This is the more reason why you should never toil with it for any reason.
Well, I will treat this topic afresh and with that I will be urging every newbies in the cryptocurrency ecosystem to take and treat it with all levels of seriousness. Don't wait to fall into such category before you will learn from it. Life should not shows you how to run things before you should be able to knows what is good or bad. As per the newbies you should knows that a token that you don't have custody of is just like mirage, it is not your token at all. This is why when you are using a centralized exchange the best thing to do or note is to make sure that you are just using it for trading. Since your tokens needs to be deposited into such exchange before it can be traded or used, it shows that you definitely did not have custody of your token, it is now the owner of the centralized exchange that will be responsible for whatsoever decision that comes to their mind. We all knows that a decentralised exchange has it short comings but the good things about it is that unlike a centralized exchange your money does not need to leave your cryptocurrency wallet before it can be traded. We have popular exchange like Uniswap, Paraswap, Pancakefinance and host of others that are Decentralized.
Not like the centralized exchange are the worse but it is just that we need to apply every sense of cautiousness or safety when we are dealing with anything that deals or relate to money. Many people find the centralized exchange very easy to use because you can simply swap tokens to different tokens with easy and they are a lot of tokens in the centralized exchange when being compared to the decentralized exchange. In the centralized exchange you can easily report an issue if you are having a problem, most of the centralized exchange has good customer care support service in place to deal with any issues but you might not be privilege to see that in a decentralised system but nonetheless and despite that, the decentralized system is still the best as you can simply link your account to any of those exchange and swap your token immediately.
Well, I have stated the little that I wanted to say, we should draw our mind back to what is on ground and to be vigilant all the time. We all knows that in all we do, safety is the first thing that we should think of all the time. To be safe from issues when it comes to cryptocurrency it is advisable you make sure that your cryptocurrency tokens are kept safe from a centralized exchange. Don't save your money in a cryptocurrency exchange where you don't have keys to your account. We all have seen the issues with the FTX exchange recently, if your cryptocurrency fund is in their custody and there is an issue, that your money can get lost.
With the little I have said I am using this post to draw our mind back to the fact that we should not be carried away, we should knows that a system where we don't have our keys to, it is definitely not the best way to store our precious cryptocurrency tokens.