Do you really own your Bitcoin?
When you buy Bitcoin on Binance, Coinbase or any other leading centralized exchanges, do you really own it even if it is there in your “Asset Account” or “Wallet”?
The answer is, sadly, NO. Not until you withdraw the Bitcoin to a wallet that you are the only one who has access to with your private key.
The Custodial Problem
Actually the exchange where you store your tokens has custody of your assets, which means you have to trust them to keep your assets safe.
The centralized exchanges are “custodial” because they are the custodians of your assets. All the tradings are done off-chain and cannot be verified on the blockchain. This way the transactions are completed pretty fast but it can also lead to lack of transparency and these exchanges can easily become the targets of hackers.
There are quite many cases when the assets stored in centralized exchanges are stolen even from those big giant ones, remember? Does “Notice of Temporary System Maintenance” sound familiar?
Non-Custodial is the Solution
Decentralized exchanges (DEXes), on the other hand, aim at being “non-custodial” and “trustless”.
They never control any of your assets. You can trade directly on DEXes simply by connecting your crypto wallet.
For example, Leverj allows you to trade right away after registration (for one-time) and connecting your MetaMask wallet. No need to implement 2FA, email/phone authentication nor KYC.
Non-custodial exchanges empower immense flexibility, transparency and security to their users. Having control over your own funds is by far the best way to secure them.
The future is going to be decentralized and non-custodial. Embrace the revolutionary technology today starting on live.leverj.io.
