If you've been in the crypto space for quite some time we have a saying that goes like,
There's no point with all the gainz, if you'll eventually lose it in the end
And how do people lose their cryptocurrencies?
Through the following 👇
1. They leave it inside exchanges
2. They leave it with private companies The main reason the entire world is going crazy about Bitcoin and its revolutionary blockchain technology is because of decentralization.
What is decentralization?
Decentralization is the process of distributing and dispersing power away from a central authority
So if you are leaving your cryptocurrencies inside exchanges and private companies then you really don't understand the main reason why you are joining the decentralized revolution to begin with. Think of cryptocurrencies like real gold and expensive jewelries, you are meant to keep them and not leave them in the custody of another entity.
So what should you do? A lot has changed through the years and fortunately there's a lot of great DApps, decentralized applications, now that can represent the best of both worlds.
We've explored and used a lot of wallets through the years and none of them can do all of the following:
Locally hosted non-custodial wallets with private keys
Can store multi-currencies
Can trade from wallet direct to a decentralized exchange
Integrate with a highly liquid peer to peer market
Fees more or less around 0.1%
A lot of traders need to trade constantly between their crypto token and USDT or USDC to avoid market volatility, and this is one of the main reason they leave their crypto currencies inside exchanges. I personally experienced through a lot of centralized private exchanges where they are very lenient when you open your account and deposit crypto currencies and later on makes it ultra hard for you to withdraw your tokens and asks for so many documents and identification before they allow the withdrawal.
Imagine owning a low cap altcoin in one of the exchanges and after a few months, you've hit big and your altcoin from being worth a measly thousands are now in millions. You try to withdraw and the exchange starts asking for so many documents before they do you so.
What's the solution? Trust Wallet! It is a decentralized app, meaning you own the wallet and it is local in your mobile phone. It is permission-less, you can transfer your token assets to any address anytime anywhere. The best thing about it is you can trade from your wallet, connects to a decentralized exchange swaps peer to peer with another trader without leaving the safety of your wallet. The best of all, it is FREE! What about a hardware wallets? Hardware wallets are the most secure wallets in the planet, unfortunately they are expensive. They cost at around Php 4,000 to Php 10,000 depending on the model. So if you are just starting with a small amount, we recommend to use something that is free, secure, convenient and no fees, only the normal network fees of the decentralized ecosystem. Official Trust Wallet website: trustwallet.com
Disclaimer: We are not associated in any way shape or form with TrustWallet or Binance. We do not earn a single cent by endorsing them and there are no affiliate links to even monetize anything. We are sharing this info because we personally use them and they are the best solution now both for beginners and advanced crypto investors. Please do your own research and consult with your financial advisor before making any financial investing.