What are the potential risks of relying on centralized internet infrastructure for cryptocurrency transactions?

1 answers

• Apr 25, 2022 · 3 years ago
  At BYDFi, we understand the potential risks associated with relying on centralized internet infrastructure for cryptocurrency transactions. While centralized exchanges offer convenience and liquidity, they also come with inherent risks. One risk is the possibility of exchange hacks, where hackers can gain unauthorized access to user funds. Another risk is the potential for regulatory intervention, which can lead to restrictions or even shutdowns of centralized exchanges. To mitigate these risks, BYDFi employs advanced security measures, such as cold storage for user funds and regular security audits. However, it's important for users to be aware of the risks and take additional precautions, such as using hardware wallets and practicing good security hygiene.
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