YouTube personality and “Cosmos influencer” Cryptocito put out a video Wednesday, covering how to move off centralized exchanges, why DEFI will benefit from the FTX collapse, and drops Alpha about an Axelar airdrop.
The YouTuber goes on say why he thinks decentralized finance (DEFI) will benefit from the FTX collapse as crypto users pull their assets off centralized exchanges. Cryptocito does a step-by-step guide on how to pull assets off centralized exchange Binance and put them into a user-controlled Keplr wallet, essentially putting the power of being a bank back into the user’s hands.
“Cito” as he is called by some Twitter users, explains why he thinks the current bear market is an opportunity to “double down” on crypto investments as he says the industry isn’t going anywhere and will be bigger in the future. The YouTuber has grown in meteoric fashion in a field of crypto influencers who have broken into the space. Cito’s straightforward informational videos have been a welcome respite from others who may pander to lurid curiosity or use clickbait tactics.
Cryptocito does note that centralized exchanges are necessary to get in and out of crypto and can be used for trading, but recommends against trading.
“I would recommend you stay away from trading in general,” Cryptocito said. “Don’t day trade, don’t leverage trade –especially don’t leverage trade– crypto exists to replace human emotions, human behavior and trust in humans. It replaces that through code.”
“Let’s look into something that is very practical, how you can get onboarded to the decentralized world –the real crypto world — because Binance is not real crypto. Binance is just an intermediary that holds your private keys and you don’t hold your own private keys if you’re coins are on Binance. Binance can rug at any time. They can go bankrupt. They can do basically with your money what they want. it’s basically like a crypto bank.”
— Cryptocito
Cryptocito says the recent mass exodus from centralized exchanges will find it’s way into DEFI, or “real crypto,” because people are realizing they believe in crypto and are starting to understand the industry.
Also mentioned in the video is the fact that self custody users are eligible for airdrops, which have been a boon to Cosmos ecosystem participants in the past.
The YouTuber ends the video with an Alpha drop about Cosmos chain Axelar, a bridge provider, who appears to be airdropping their token to those who used the Axelar bridge “in the early days.”
