Musk wants users keep their criptomonedas in exchanges as Binance or Robinhood because “You own currencies.”
Elon Musk has reignited the controversy on his social networks after hinting that users should stay away from the most popular cryptocurrency exchanges .
Everything that happened after a defender of the currency Shiba Inu noted on Twitter that it is necessary to “break the dependency” of creditors of criptomonedas with markets such as CEX, Binance or Robinhood .
Another user replied: “If they are not your keys, they are not your cryptocurrencies”, to which Musk replied “Indeed”.
— Elon Musk (@elonmusk) November 24, 2021
Elon Musk recently got into controversy directly with Binance CEO Changpeng Zhao after the crypto market has problems with the exchange of Dogecoin , a meme currency that the eccentric character endorses .
What does all this mean?
In simple terms, a wallet of criptomonedas contains public and private cryptographic keys. As their names suggest, one type is known to others, while the other is not. Only the private key can unlock your funds.
These exchanges can facilitate the process of buying, owning and trading cryptocurrencies, perhaps the most important reason for their continued success, but they do not issue real credentials to clients.
Common case is that of Robinhood, which does not give users a wallet criptomonedas and performs exchange market on behalf of clients. The company has been criticized for it, so it is working on a feature so that they can host their own assets without being dependent on the platform.
Of course, the vast majority of these markets are responsible for safeguarding your cryptocurrencies and giving you the confidence to back up.