Are there currently Decentralized Exchanges?

Keskitalo77

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Quote from: rodskee on March 04, 2018, 04:08:25 PM

Quote from: Keskitalo77 on March 03, 2018, 04:38:48 PM

I am dismayed at the zeal the exchanges have for KYC/AML, and I have read on this forum that decentralized exchanges may be the answer. Are there currently any decentralized exchanges, and if so, what is the best one?

i am also aware of this issue about using of kyc/AML, because i heard about the disadvantage of kyc registration are have bad effect for the user's
i use exchange not requering to use kyc for my security purposes. i choose a secured and realiable exchange for my investment where i stored.

You're storing your Bitcoin on the exchange? I don't believe any exchange is secure or reliable enough for that. The whole point of Bitcoin was to get away from having to trust any third parties. That's why I also can't wait for decentralized exchanges to rival the centralized exchanges. I doubt Satoshi meant for Bitcoin users to be turning in selfies and passport info when envisioned Bitcoin.

rodskee

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Quote from: Keskitalo77 on March 03, 2018, 04:38:48 PM

I am dismayed at the zeal the exchanges have for KYC/AML, and I have read on this forum that decentralized exchanges may be the answer. Are there currently any decentralized exchanges, and if so, what is the best one?

i am also aware of this issue about using of kyc/AML, because i heard about the disadvantage of kyc registration are have bad effect for the user's
i use exchange not requering to use kyc for my security purposes. i choose a secured and realiable exchange for my investment where i stored.

richardsNY

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Quote from: agustina2 on March 04, 2018, 03:02:14 PM

Im not also favor for too much KYC but we can't hide the fact that volume is more way better on centralized exchanges that's why at some exchanges I just did some verification and now enjoying the advantage and smooth withdrawals.

Volumes aren't necessarily what makes people use centralized exchanges over decentralized exchanges. It's the fact that you can instantly buy and sell coins through a centralized environment that makes current exchanges to keep holding their dominant position in this market. I am however sure that this will change in the coming years, especially with the help of LN. In that case all the attention will be pointed at how atomic swaps will transform how people transact and trade through decentralized exchanges. It will definitely transform decentralized exchanges into solid competitors of the centralized exchanges. I seriously can't wait for this to be the norm in the coming years -- moving away from government controlled services should be the main goal.

Keskitalo77

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I opened an account on Poloniex, but they request your social security number, which is something I would prefer not to hand out. I've left my account unverified as a result.

agustina2

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Quote from: Keskitalo77 on March 03, 2018, 04:38:48 PM

I am dismayed at the zeal the exchanges have for KYC/AML, and I have read on this forum that decentralized exchanges may be the answer. Are there currently any decentralized exchanges, and if so, what is the best one?

Im not also favor for too much KYC but we can't hide the fact that volume is more way better on centralized exchanges that's why at some exchanges I just did some verification and now enjoying the advantage and smooth withdrawals.

Just stay away from those big exchanges who are strict against the KYC like Bittrex (Im a verified user here). Poloniex can still do withdraw as Basic account as I just did recently although Im not sure if that will applied on new accounts.

Keskitalo77

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I have checked out Bisq since it was recommended here, and I think if a system like this were able to gain a lot of traction, that might be the remedy to what I consider to be a real problem for the Bitcoin community.

crazy-pilot, if I understand your comment correctly, the reason DEX is not more successful is because they can't handle a large enough number of transactions per second? Isn't that a problem throughout Bitcoin though? I thought that is what the Lightning network was trying to solve.

If DEX gains wider adoption, don't you think issues with the interface etc. would be worked out over time? I have read that decentralized exchanges are fighting for the soul of Bitcoin, and I agree. I hope they gain more widespread adoption.

Let speculators keep the centralized exchanges...

crazy-pilot

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SmartFi - EARN, LEND & TRADE

That is not decentralize exchange because we have one big problem , nobody can do block chain like with 100k trans per second , binance ceo told that they have about 70k trans per sec on binance and they will move to decentralize exchange when somebody realize this project

ahmad21

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Quote from: Keskitalo77 on March 03, 2018, 04:38:48 PM

I am dismayed at the zeal the exchanges have for KYC/AML, and I have read on this forum that decentralized exchanges may be the answer. Are there currently any decentralized exchanges, and if so, what is the best one?

There are certainly some decentralized exchanges but due to being decentralized many of them work terribly. Etherdelta and DEX are the biggest decentralized exchange which are happy to let you trade without any KYC. But their interface is really terrible. The volume remains low most of the times. The customer support too is kind of obsolete. So you will have a hard time trading on such exchanges.

Keskitalo77

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Thank you, I will check that. If they will allow me to purchase even a small amount of Bitcoin with fiat then it will help me out!

h0lybyte

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As someone has already suggested you a few decentralized exchanges above, i would like to remind that if incase you find trading on binance expensive, you can move to livecoin.net. They also have not KYC requirements yet and very affordable in trading fee and customer support

Keskitalo77

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That's very helpful, thank you!

Everything I've read has made mining sound like a waste of time and money for the average person. I have always considered it something I might try if I ever have enough money.

I will check out the DEX you mention. Unfortunately, LocalBitcoins only has sellers that are outside my price range.

Thanks again!

Lionel

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Quote from: Keskitalo77 on March 03, 2018, 05:23:09 PM

Thank you for your help! I opened an account on Binance and learned that I cannot convert fiat to crypto there. That is probably what is causing the most issues, is that I need to make my initial purchase using fiat, and KYC and fiat seem to go hand in hand.

Do you know if there is a DEX that accepts fiat?

Thanks again!

Use FIAT to buy some GPUs and mine crypto with them.
Then use that crypto on a DEX or Binance if you want.

Alternative: directly buy crypto anonymously from other users with cash ( meet them in person ).
Find these people via announcements on Localbitcoins, Paxful or various BTC forums/reddits

There is a DEX named Streamity that AFAIK has also a section similar to Localbitcoins, that lets users exchange directly FIAT for crypto with each other.
I don't know Streamity well though.
And anyway it's just like Localbitcoins and similar sites, nothing new AFAIK

About example DEX i know: Waves or Streamity

Keskitalo77

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I think if you are right about that then the whole point of Bitcoin is defeated.

Thank you setifien19 for that article. This looks like the answer to me, and the article is very helpful. There's always a catch though isn't there? Bisq requires a small amount of Bitcoin for the security deposit! Lol.

setifien19

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Yes there are plenty of such DEX : Binance , bitstamp , hitbtc , Idex, etherdelta ...

Quote from: Keskitalo77 on March 03, 2018, 05:23:09 PM

Do you know if there is a DEX that accepts fiat?

I used to use yobit ( it supports both USD & ruble ) but leaved it .
You can start from localbitcoin or Bisq ( look at this article; it may help you : Bisq exchange )

Keskitalo77

newbie

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Thank you for your help! I opened an account on Binance and learned that I cannot convert fiat to crypto there. That is probably what is causing the most issues, is that I need to make my initial purchase using fiat, and KYC and fiat seem to go hand in hand.

Do you know if there is a DEX that accepts fiat?

Thanks again!

kimochidesh

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There are many exchanges which do not ask for KYC such as Binance, Bitfinex, HitBTC, Idex etc.
But as govt. of various countries are getting strict on crypto trading, these exchanges may ask for KYC anytime. You may enjoy the trading until that time. May that time never come.

Keskitalo77

newbie

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I am dismayed at the zeal the exchanges have for KYC/AML, and I have read on this forum that decentralized exchanges may be the answer. Are there currently any decentralized exchanges, and if so, what is the best one?

Topic: Are there currently Decentralized Exchanges? (Read 178 times)