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Steve
@stevebeachy
Learning Crypto with /sense What are the cons of using a centralized crypto exchange ? Lack of Full Control Over Your Funds When you use a centralized exchange, you don’t actually hold your crypto, the exchange does. Security Risks Centralized exchanges are popular targets for hackers because they manage large amounts of crypto in one place. Censorship and Freezing of Accounts Because they follow government regulations, CEXs require ( KYC - Know Your Customer ) and can block transactions or freeze your account. Regulatory Risk Centralized exchanges must follow local and international laws. If a government bans or regulates crypto suddenly, the exchange could be shut down or restricted. Lack of Transparency Some exchanges have poor internal controls, mismanage user funds, or even engage in fraudulent activity. Downtime and Performance Issues During periods of high market activity (like crashes or pumps), centralized exchanges can slow down or go offline, causing trade delays or withdrawals.
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Natalia🎩💜
@tashacrypt.eth
good morning dear Steve🥰🥰🫶 thanks for the lesson
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Steve
@stevebeachy
Thanks for reading Tasha and responding ! 🥰🥰🥰
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