Asset Security: Decentralized or Centralized platform?

avatar
(Edited)

Hello and welcome to ML-BLOG
It's the weekend, and I hope you're all having a wonderful time at your various locations. When it comes to crypto asset security, I will discuss the preferable option in terms of security.


62ad64891243db145442bead.jpeg
Background image


Recent events in the world of centralized exchangers have shown certain potentially serious flaws, implying that consumers' valuables are not adequately protected. Many debates have erupted, some of which have been sparked by the terms and conditions of these controlled trading platforms. As we can see from the instance of Celsius, traders' assets appear to be at risk once they aren't saved on a decentralized network, but doubts about how secure assets are on decentralized networks can also be posed.

Most of these centralized exchangers contain a clause in their terms and conditions that gives them the right to own the customer's assets in the event of a negative situation, such as bankruptcy. This provision can only be understood in one way: your assets aren't yours as long as they're stored on a centralized platform.

%What makes Decentralized network better for securing your assets%
This is a straightforward one. The benefit of a decentralized network is that it guarantees you ownership of your assets by the use of your private keys. Only you and anyone with access to your private keys may decide what happens to your asset in a decentralized network. The hive platform, as we all know, is a decentralized system and a great place to save with a high annual percentage yield of 20%.

I recognize that many people are aware of these facts, but they still choose to maintain their assets in a centralized network. In any case, there is a rationale for everything, and anyone interested in trading different types of crypto will almost surely save money by using centralized exchangers.

While we trust decentralized networks more, there is a risk of losing your investment if the system goes down or if the project behind the coin fails. You might just have access to a coin that is already useless in this situation.

To be clear, a decentralized network is best for asset security, but if you're a multi-coin trader, you'll most likely end up on a centralized exchange network. These two platforms cannot be ignored by a trader because, whether you like it or not, you will almost certainly find yourself in both centralized and decentralized networks; however, decentralized networks are best for asset security.

Even the biggest Centralized exchanger Binance can deny you access to your asset if an ugly situation arises. But be it as it may, the world of a crypto trader must include the two platform if you're really in for business. Just choose the systems to trust because while decentralized network is best for securing your assets, both networks have their flaws.


Thanks for reading
Keep visiting my page for more intriguing posts

o1AJ9qDyyJNSg3izbZJuAx9SfuAeMXu2WDFgoidzVzxy7sYRk.png


Contact & Support
Discord: martinlazizi#2242
Twitter:https://twitter.com/martinlazizi


623cffdbaa24d406204a2d7e.jpeg


Content belongs to ML-blog

martinlazizi ©2022

Posted Using LeoFinance Beta



0
0
0.000
0 comments