"Exchanges are the safest for cryptocurrency holders"
After the statements of Peter Schiff in which he complained of having lost his cryptocurrencies, the Binance CEO posted his opinion on his Twitter.
Exchanges vs own keys
Binance co-founder and CEO, Changpeng Zhao, posted on his official Twitter account a reflection that ensures that cryptocurrency exchanges are a safer instrument for crypto assets than own private keys. Zhao's tweet was published after Peter Schiff, an investor who has proclaimed himself as skeptical about the potential of cryptocurrencies, publicly complained that he had lost his private keys and, consequently, access to his Bitcoins (BTC).
Zhao shared the following opinion on his official Twitter: “Many hardcore cryptocurrency organizations defend the storage of their own keys. However, the truth is that today most people are not able to secure the keys themselves (because they lose them). A reliable centralized exchange is #SAFUer (safer) for most people. The numbers speak for themselves. You have to work in the purses". Remember that the phrase "SAFU" is a term used in the crypto community that means "safe".
Vitalik Buterin, co-founder of Ethereum, has strongly criticized the idea that users must take responsibility for the custody of their private keys due to the large number of investors who have lost their savings as a result of the mismanagement of their keys. According to Buterin, it is necessary to "create a better purse technology to facilitate security." One option that Buterin considers is the idea of "social recovery" that would allow several trusted people to use their keys in combination to recover the funds, however some commentators claim that this system would greatly facilitate hacker attacks.