Science

Elon Musk encourages people to leave Binance, Coinbase and other cryptocurrency platforms

Elon Musk continues to “rock” the crypto community on Twitter. After participating in a heated exchange of tweets with Binance CEO Changpeng Zhao, the South African-born tycoon released a message that could be interpreted as an encouragement to abandon cryptocurrency exchanges.

A Twitter user and Shiba Inu advocate spoke out on the need to “break addiction” to cryptocurrency exchange platforms such as CEX, Binance, and Coinbase. Someone quoted this tweet adding the phrase “these are not your keys, these are not your cryptocurrencies”, to which Elon Musk replied “exactly”.

In the blockchain, public and private keys are the necessary elements for users to manage their cryptocurrencies. These are housed in the virtual wallets of the cryptocurrency owners. However, this scenario does not apply when using certain exchange platforms.

When users buy cryptocurrencies through platforms like Binance or Coinbase, they are not in possession of the keys. They also don’t have a virtual wallet that contains the keys. Key storage and protection is left to these platforms in exchange for an easy-to-use operating environment.

That said, if Elon Musk’s tweet is to be believed, it’s not that hard to guess what his actual position is. It seems to support the idea of ​​ditching the exchange platforms that now have millions of users.

Elon Musk and his tension with the CEO of Binance

As mentioned at the beginning, during the week Elon Musk and Changpeng Zhao had some friction on Twitter. The Tesla CEO said Tuesday that a technical issue affecting Dogecoin owners on Binance was “murky,” prompting the exchange’s CEO to respond emphatically.

“No, it is not suspicious, it is just frustrating and we are working on it,” Changpeng Zhao said on the social network, referring to the situation that Binance said led to the failure of withdrawal operations, suspension of withdrawals for 10 to 14 days and a request for the return of assets by certain users.

Elon Musk did not hesitate to express his dissatisfaction with such a situation. The mogul said: “Doge holders using Binance must be protected from mistakes for which they are not responsible.” Changpeng Zhao responded with a link to a news article about a software problem that led to the recall of 12,000 Tesla cars.

The friction, for now, ended when Elon Musk admitted that he does not use Binance and that he has no personal problems with the platform. Rather, he defended the holders of Dogecoin, the same cryptocurrency that he sponsors and uses in his business.

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