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Author Topic: Why non-trader beginners prefer to leave their BTC on CEX?  (Read 427 times)
KingsDen
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July 28, 2023, 11:24:22 AM
 #61

All right, OP. Most people are lazy...

People are not only lazy, they are irresponsible...

In some cases people are neither lazy nor irresponsible!
I don't know how to best explain this to the understanding of many, but I have to try. There is an African adage which says "A child knows only the way through which his Father passed to give him a land site for building". In some African culture, when a male child is upto an adult and wants to build a house, his father and kinsmen will have to show him a portion of bush to build. The adage emphasised that, that very track through which the child's father showed him the site, will be the track the child will use even after building the house.

How does this relate?
This means that, the very path through which a newbie is introduced into cryptocurrency will be the track they will follow and it will need hard work and strong campaign to convince the newbie that they are on the wrong track.
What do I mean?
More than 80% of newbies in cryptocurrency joined from exchanges. I mean their first wallet is an exchange. It will be difficult to leave the exchange. Another African adage supports this, that, "No one learns how to use the left hand at old age"

R


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July 28, 2023, 11:30:13 AM
 #62

What do I mean?
More than 80% of newbies in cryptocurrency joined from exchanges. I mean their first wallet is an exchange. It will be difficult to leave the exchange. Another African adage supports this, that, "No one learns how to use the left hand at old age"

Of course, but by educating themselves on the subject, people can still consider owning their own private keys, even if they started out using a CEX as a wallet.

"We've always done it this way" is probably one of the worst mottos possible to have in mind in the cryptocurrencies world. Keeping yourself informed, and understanding what you're doing is more than important when it comes to crypto or finance.

A part of the essence of Bitcoin is to own your funds for real. So even if you're just starting out on a CEX, if you do the minimum amount of researches on the subject, you'll quickly understand that it's neither smart to persist in this way, nor in your own best interests.

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