Elon Musk incentivizes people to abandon cryptocurrency platforms

Elon Musk continues to “revolutionize” the crypto community on Twitter. After starring in an energetic exchange of tweets with Binance CEO Changpeng Zhao, the South African-born tycoon fired a message that could be interpreted as an encouragement to people leave the platforms of cryptocurrencies (exchanges).

A Twitter user, an advocate of the Shiba Inu, pronounced about the need to “break dependency” on cryptocurrency exchange platforms such as CEX, Binance and Robinhood. Somebody he quoted that tweet adding the phrase “they are not your keys, they are not your cryptocurrencies“, to which Elon Musk replied” exactly. “

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

When users buy cryptocurrencies through platforms such as Binance or Robinhood, they do not have possession of the keys. They also do not have a virtual wallet with them. The storage and protection of the keys are left to these platforms in exchange for a friendly operating environment.

That said, based on Elon Musk’s tweet, it’s not that hard to guess what his position really is. It seems that the manager supports the idea of ​​abandoning the exchange platforms that, today, have millions of users.

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