world’s largest cryptocurrency exchange Binance’s CEO Changpeng Zhao bitcoin with the explanation trust Wallet Token (TWT) A sudden movement started in the altcoin price.
Bitcoin Recommendation From Binance CEO Regarding Ukrainian Asylum
Zhao responded to a news broadcast by CNBC. The article was about an asylum seeker fleeing the Ukraine-Russia war, hiding $2,000 in Bitcoin on a USB stick and going to Poland.
Binance CEO responded to the news by saying, “If it used a mobile wallet like Trust Wallet or a centralized exchange (CEX) like Binance, it wouldn’t need a USB stick.”
After CZ’s tweet, the TWT altcoin price climbed from $1.62 to $1.74.
He didn’t need the USB drive. He could have use a mobile phone wallet (@TrustWallet), or a CEX (@Binance).
— CZ 🔶 Binance (@cz_binance) January 30, 2023
After the collapse of the FTX cryptocurrency exchange, a wave of suspicion began about centralized exchanges. Subsequently, multiple cryptocurrency exchanges, including Binance, launched the Proof of Reserves system, designed as proof that their customers are fully holding their funds in cold wallets. Numerous exchanges now publish a monthly Proof of Reserves report.
Despite this, many experts recommend that users keep their Bitcoin and crypto assets in their own cold wallets. Binance CEO Changpeng Zhao is among those who welcome the idea.
Many people are more likely to lose money when they manage their own wallets, according to Zhao. Zhao cites the complexity of cold wallet applications and the risks of losing funds, which can be dangerous for regular users, and argues that users may be better off holding crypto on the Binance exchange.
*Not investment advice.
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