Amid the extended crypto market downturn, the Dogecoin community has issued a reminder to all its members and cryptocurrency enthusiasts at large. The message underscores the growing necessity of securing digital assets in an environment marred by dubious activities. It serves as a call to action, urging users to remain vigilant in protecting their cryptocurrencies.
The prolonged “crypto winter” has raised concerns within the crypto community, particularly regarding central exchanges and decentralized swap platforms. These concerns are not unfounded, as there has been an increase in questionable activities surrounding central exchanges. Additionally, many decentralized swap setups unwittingly expose users to the risk of funding illicit, controversial sociopolitical, or criminal schemes.
As a cryptocurrency that has always embodied the spirit of levity, memes, altruism, and accessibility for everyone, Dogecoin’s message has been consistent: users should have control over their digital assets. The community champions the notion that “if you don’t hold the keys (or phrase), those dogecoins aren’t actually yours.”
Maintaining Custody of Assets
The Dogecoin community places a strong emphasis on the significance of retaining custody of one’s digital assets and provides services to assist users in accomplishing this objective. The community places a strong emphasis on decentralized exchanges, often known as DEXs, as a more secure alternative to centralized exchanges. Before selecting a DEX to use for trading, Shibes are strongly recommended to carry out extensive study in this area.
SuchDEX and dYdX are two notable examples of DEXs that have been discussed. Both SuchDEX and dYdX Exchange provide customers with decentralized trading alternatives; however, SuchDEX is mostly known for its decentralized trading platform.
The message that the Dogecoin community wants to convey is quite clear: the person has the authority to protect and control their own digital assets. Shibes may continue to enjoy the spirit of Dogecoin while also ensuring their financial future in an environment where the cryptocurrency landscape is constantly developing if they keep control over their keys and coins. Keep in mind that in the realm of cryptocurrencies, the only way for your assets to be legitimately yours is if you own the keys.
