Self -control is a key factor in extreme market conditions: this is what
Self -preservation experts say is what cryptocurrency was created for, but bear markets are not news for bitcoin and other cryptocurrencies, the industry leaders say.
The ongoing crisis of cryptocurrency lending and the related fall in the cryptocurrency market once again confirm the importance of self -preservation or “true possession” of the cryptocurrency by its holder, according to several industry experts. In June, the capitalization of the cryptocurrency market fell below 1 trillion dollars, and Bitcoin (BTC) approached the worst monthly losses since 2011. It is still unclear whether cryptocreditation can survive the current cryptosim. Nevertheless, several industry leaders agree that investors can forever protect their assets by simply transferring them to wallets under independent storage or not subject to storage. According to Iva Longchampa, the head of the Swiss Cryptobank of SEBA, it is important to remember that such suppliers of crypto -financial services as Celsius or Babel are centralized financing platforms, unlike decentralized financing applications (Defi). "Based on these data, the CEFI platforms should be better adjusted with an accent for risk management. It is difficult to adjust Defi because you cannot put a smart contract to the prison or simply close the Defi application," Longshamp said in a statement for Cointelegraph on Wednesday. One way to regulate the entire cryptocurrency market is the regulation of cryptocurrency users primarily by providing education and instruments for protecting investors along with reliable products from an independent source, the executive director said, adding: adding: "In the spirit of the blockchain, self -government is a key point: cryptocurrency holders should own their coins in wallets that are not subject to storage. If the user wants to make reasonable decisions, he must be well informed about the risks that he takes on." Longchamp also argued that algorithmic stablecoins, such as Terrausd (UST), are "unstable" and "should be avoided." CEFI should focus on transparent stable coins provided with assets, he said. According to Brian Norton, the chief operating director of Myetherwallet, crypto -investors now have enough tools to understand that they do not need to rely solely on CEFI to make transactions and reduce risks. Norton noted that crypto winter gives people the time and the opportunity to find out how independent storage is carried out, adding: "If you rely exclusively on centralized platforms, even when the profitability is high, you still abandon a significant share of control over your digital assets. [...] Independent storage is what the cryptocurrency was created for and what we see Now, is not something unusual. " According to Adam Low, the director of products and innovations of the ARCULUS cryptocurrency wallet, the independent storage of cryptocurrencies is the provision of the opportunity to fully control their keys and the fate of their cryptocurrencies.
"Self -confidence supports balance and self -regulation, and this is useful for the entire ecosystem of digital assets" - said Low in a statement for Cointelegraph.