There is a popular saying in the crypto industry—”Not your keys, not your coins.” Ledger CEO recently reiterated the same saying, as he warns investors about trusting others with their coins. He said that unless people start using decentralized tech, the power of data and assets will always stay with big companies. So, if you are investing in crypto, the right way to store your coins would be in a hardware wallet. The bare minimum is a software wallet if you do not have a lot invested in the market.
Ledger CEO on decentralization
In this bear market, we have seen many investors lose their coins to hacks, fraud exchanges, and bankrupt companies. This is a major problem, and the only way to address it is to take control of one’s funds. Ledger CEO Pascal Gauthier said that we should no longer rely on intermediaries and embrace decentralization.
He also cited the example of the Celsius exchange that stopped investors from withdrawing funds and has now filed for bankruptcy. In times like this, where the economy is going down and we are in a bear market, such situations are inevitable. So, if investors want to keep their funds safe, the only way is to be in control.
Now all this might sound just what the CEO of a hardware wallet company would say to promote their business. And that is undeniable. But we still need to address the fact that these statements are absolutely correct, and investors are also slowly understanding the same, which has increased the ledger’s business.
The shift to decentralization won’t be easy
Pascal said something interesting that caught my attention. He explained that web3 would not be so easily adopted because everyone is content with the speed and ease of web2 services. In fact, it is much easier to let the companies handle everything once you agree to their terms and conditions. It gives you the feeling that you are free while you aren’t making life easier for you. However, that is not the right way to be free; rather, one should take control over their assets and data by embracing decentralization.
What are your thoughts as the Ledger CEO warns investors about trusting others with their coins? And do you agree with the reason why web3 adoption is slow? Let us know in the comment below. And, if you found our content informative, share it with your friends and family.