Topic: DECENTRALIZED EXCHANGES: why we need decentralization? - page 3. (Read 629 times)
Cryptobridge seems to go okay.
In centralized exchanges all of your coins were controlled by them so in case if there is hack attack all your funds can be stolen by someone and you can't do anything about it so if there were decentralized exchange you have the access to your coin and your coins can't be hacked except your exposure of private keys.We don't have much decentralized exchange for now but in future there will be.
The 3 big problem i see with centralized exchanges are:
1) Security: The whole security of your coins on this exchanges relies on the exchange itself being safe. Since you don't have control over the private keys, you can't do anything to protect your coins (since you essentially don't own any coins at this moment).
2) Monopoly: A big exchange (e.g. coinbase, bittrex, binance) have a lot of power in the market. And that's extremely bad for a decentralized eco system. The people behind these exchanges can easily manipulate the price of an asset in both directions (for example: insider trading before a listing on on of these exchanges can make a shit ton of money).
3) Trust: I don't know how to justify that these exchanges have control over such a big portion of the circulating supply. A lot of people are completely trusting them their money. I wouldn't want to trust anyone to hold my money. I'd rather have full control myself (over the money AND the trades happening).
In the end, a proper, user-friendly and decentralized solution is inevitable. At least if the whole eco system wants to move forward.
1) Security: The whole security of your coins on this exchanges relies on the exchange itself being safe. Since you don't have control over the private keys, you can't do anything to protect your coins (since you essentially don't own any coins at this moment).
2) Monopoly: A big exchange (e.g. coinbase, bittrex, binance) have a lot of power in the market. And that's extremely bad for a decentralized eco system. The people behind these exchanges can easily manipulate the price of an asset in both directions (for example: insider trading before a listing on on of these exchanges can make a shit ton of money).
3) Trust: I don't know how to justify that these exchanges have control over such a big portion of the circulating supply. A lot of people are completely trusting them their money. I wouldn't want to trust anyone to hold my money. I'd rather have full control myself (over the money AND the trades happening).
In the end, a proper, user-friendly and decentralized solution is inevitable. At least if the whole eco system wants to move forward.
Cryptobridge seems to go okay. The main problem seems to be the bots that manipulate the market.
People use decentralized exchanges because they offer better security. A hacker or a government will not be able to shutdown the service with a single attack on a centralized entity. Most centralized exchanges have to adhere to stupid regulations and if they do not adhere to it, the government shuts them down.
My personal experience with decentralized exchanges are that they are a bit too complex for the average user. Also, if you are used to traditional financial services, where you can deal directly with the entity and have great customer protection, then you will be disappointed with some of these services.
My personal experience with decentralized exchanges are that they are a bit too complex for the average user. Also, if you are used to traditional financial services, where you can deal directly with the entity and have great customer protection, then you will be disappointed with some of these services.
Seems there are quite a few small decentralized exchanges but none of them seem to make it yet to the top 10. I really look forward to seeing finally a DEX with strong liquidity. Binance's DEX seems to be still in pre-alpha stage.
Centralized exchanges take too much fees and community based projects do not have much funds to spare so they kinda never get the attention they deserve. Secondly, decentralized exchanges have more security compared to centralized ones.
There are quite a number of decentralized forms available in the Cryptocurrency market. I have worked for some ICO projects and it is usually quite successful. The benefits of decentralization are decentralization and any person can participate and make a great profit. But the risk is low because there are too many people involved and the systems are vulnerable to technical errors.
I have created this post to discuss and comment generally about exchange decentralization
What are the benefits of decentralized exchanges?
BTCDo you know any?
BTCHow has been your experience with them?
BTCWhat benefits / extras do they offer?
BTCHave you heard of some new exchanges projects that got your attention? and why?
Personally I made my research and read about one called BitHemoth, it is on its initial phase and what they are going to offer is quite unique, such as their own hardware wallet, and debit cards to use you assets without converting them to fiat first here I leave the links https://bithemoth.com/ https://youtu.be/gI2pGcuAaIY let me read your opinions
decentralization is the spirit of blockchain that is the vision of satoshi when he created the bitcoin, to avoid central authorities and have control on how we spend our money, or on ow we decide on everything that how important decentralization is, if not with that bitcoin will be useless.. What are the benefits of decentralized exchanges?
BTCDo you know any?
BTCHow has been your experience with them?
BTCWhat benefits / extras do they offer?
BTCHave you heard of some new exchanges projects that got your attention? and why?
Personally I made my research and read about one called BitHemoth, it is on its initial phase and what they are going to offer is quite unique, such as their own hardware wallet, and debit cards to use you assets without converting them to fiat first here I leave the links https://bithemoth.com/ https://youtu.be/gI2pGcuAaIY let me read your opinions
A decentralized system is more secure so its much better if we have one exchange that is not controlled by a single entity. Fraud is rampant in a centralized system that's why satoshi created this blockchain technology to correct the errors of a centralized system and might as well eliminate fraud caused by people.
We are moving forward to the digital future and there will be more hacking incidents that will happen and for us to avoid those we need more decentralized system of exchanges for our own security.
We are moving forward to the digital future and there will be more hacking incidents that will happen and for us to avoid those we need more decentralized system of exchanges for our own security.
We need decentralized exchanges; to avoid a single point of failure (More like redundancy), we need decentralized exchanges to reduce the rate of Hacks and theft of funds, We need decentralized exchanges to maintain our privacy! We need decentralized exchanges for faster more secure trades, We need decentralized exchanges to avoid issues of identity theft resulting from mismanagement of personal data by centralized exchanges. We need decentralized exchanges to drive a decentralzed technology "Blockchain" we need decenralized exchanges to revolutionalize our world!
I have created this post to discuss and comment generally about exchange decentralization
What are the benefits of decentralized exchanges?
BTCDo you know any?
BTCHow has been your experience with them?
BTCWhat benefits / extras do they offer?
BTCHave you heard of some new exchanges projects that got your attention? and why?
Personally I made my research and read about one called BitHemoth, it is on its initial phase and what they are going to offer is quite unique, such as their own hardware wallet, and debit cards to use you assets without converting them to fiat first here I leave the links https://bithemoth.com/ https://youtu.be/gI2pGcuAaIY let me read your opinions
What are the benefits of decentralized exchanges?
BTCDo you know any?
BTCHow has been your experience with them?
BTCWhat benefits / extras do they offer?
BTCHave you heard of some new exchanges projects that got your attention? and why?
Personally I made my research and read about one called BitHemoth, it is on its initial phase and what they are going to offer is quite unique, such as their own hardware wallet, and debit cards to use you assets without converting them to fiat first here I leave the links https://bithemoth.com/ https://youtu.be/gI2pGcuAaIY let me read your opinions
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