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Are Exchanges Safer than Private Wallets?

cryptodaily

1mon ago

Which are safer? Cryptocurrency platforms or storing your own keys?

Everyone’s different when it comes to their assets. Whether you want to keep them safe in a platform or safe under your own protection is your business, however, the CEO of Binance, Changpeng Zhao has made the argument that it is safer to put them in a exchange.

Speaking at the end of last week, Zhao made his comments after the infamous goldbug, Peter Schiff posted about him losing his Bitcoin that he kept in his wallet.

The CEO said:

“Many hardcore crypto [organizations] advocate storing your own keys. But the truth is, today most people are not able to secure a key even from themselves (losing it). A trusted centralized exchange is #SAFUer for most people. The numbers speak for themselves. Need to work on wallets.”

It’s hard to take what Zhao has to say seriously. Given that he is the CEO of one of the biggest cryptocurrency platforms in the world, it’s not all that unlikely that CZ is just trying to plug his own company under a tweet that gained a lot of traction.

Interestingly, the co-founder of Ethereum, Vitalik Buterin doesn’t agree with Zhao. he argued the point that users should be the ones in charge of keeping their cryptocurrency safe with them keeping ahold of their own keys rather than hand over their digital assets to an exchange.

“Disappointed at people replying to this with ‘crypto is what it is, it's your job to be super-careful and write down backup seeds in three places.’ We can and should create better wallet tech to make security easier.”

It will be interesting to see how this plays out with Schiff and his ‘locked’ account. For more news on this and other crypto updates, keep it with CryptoDaily!

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