WARNING: TAKE ALL OF YOUR MONEY OFF CENTRALIZED EXCHANGES

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Издатель May 16, 2024

Here's a major warning for everyone who holds their money on centralized exchanges: you should not be passively investing in crypto. This is the most volatile asset class in the world, and it's the wild west of finance. One of the biggest mistakes newcomers make is leaving all their money on centralized exchanges. This is very foolish. One of the biggest Ponzi schemes in history was the FTX Exchange going bankrupt and taking everyone down with them. It's not safe to keep your money on centralized exchanges because you don't actually own your assets. Legally, these exchanges can take your money if they go bankrupt and not pay you back, defeating the purpose of cryptocurrency, which is to own your assets and private key.

Centralized exchanges often go down due to an overload in demand during pivotal times for buying or selling, like when the market is pumping or dumping. This makes them not only unsafe but also unreliable. In contrast, decentralized exchanges like Metamask and Uniswap allow you to trade anytime, regardless of demand, and are much less likely to go down. So, please take your money off centralized exchanges. Though it's difficult and requires learning something new, it's worth every second of your educational experience in crypto. Stop passively investing, or you're likely to lose money.