Crypto has a trust issue

xuanling11
Coinmonks
Published in
3 min readDec 30, 2022

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Photo by Bernard Hermant on Unsplash

There are several reasons why cryptocurrencies may be perceived as having a trust issue. One reason is that they are a relatively new and rapidly evolving technology, and many people may not fully understand how they work or may be hesitant to invest in something they do not fully understand. Additionally, cryptocurrencies are decentralized and not regulated by any government or financial institution, which can make some people hesitant to trust them.

Another reason for the trust issue is the possibility of fraud or scams. The cryptocurrency market has seen a number of fraudulent schemes and scams in the past, and this can make people wary of investing in cryptocurrencies.

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Finally, there have been instances of hacks and security breaches in the cryptocurrency space, which can also contribute to a lack of trust. While efforts are being made to improve the security of cryptocurrency systems, it is important for individuals to carefully research and educate themselves before investing in any cryptocurrency.

The year of 2022 gives a lesson that crypto exchange is untrustable.

Like any financial service, cryptocurrency exchanges can vary in terms of their security, reliability, and trustworthiness. It is important for individuals to do their due diligence and research a cryptocurrency exchange before using it, particularly if they are considering making a large investment.

There are a few key factors to consider when evaluating the trustworthiness of a cryptocurrency exchange. One factor is the exchange’s security measures, such as whether it has implemented measures such as two-factor authentication and cold storage for its digital assets. Another factor to consider is the exchange’s reputation and track record, including any past security breaches or instances of fraud. It is also a good idea to research the exchange’s fees and policies, as well as the level of customer support it provides.

It is generally recommended to use a well-established and reputable cryptocurrency exchange rather than a newer or lesser-known one. It is also a good idea to diversify your investments by using multiple exchanges…

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