Topic: DEX must take over - page 4. (Read 789 times)
Everyone wants this but it needs a lot of improvements. We have already IDEX, remember? People used to list similar token with fake contract before actual token gets listed. If DEX can avoid/prevent such scams, it will be adopted by masses. Otherwise, when even crypto-centric people don't trust them, how on earth normal people will perform their very first trade on DEX?
Dex is the future for real, Dex makes crypto more fitting than centralized, government and the law shouldn't be able to control crypto at all but centralized exchanges are giving them the power to control or spy on crypto users, dex will take over in the future I believe, satoshi nakamoto went into hidden because bitcoin is decentralized, if he expose himself bitcoin been dex won't make any sense
Decentralized exchanges need to take over centralized exchanges in the future, going fully decentralized is what makes more sense around crypto, centralized exchanges can be controlled by the law and government, I heard court is asking users data from centralized exchanges too, just imagine if all exchanges in crypto space are all DEXs, I know that DEX has its flaws too but it's safer than centralized exchanges
DEX is the future!
The fear of the government is that they cannot control everything.
There will be only a few DEX that can be successful.
But we will only see this in time ...
Dex performance worries me more than centralized exchanges, high fee, lack of volume, to hard interface, etc, I thing dex has more disadvantages than centralized exchanges, it's better that DEX and CEX co-exists, about the data leak on Centralized exchanges you can still avoid it because not all centralized exchanges make KYC compulsory for their users, binance is a perfect example
I somewhat disagree.
It all depends on whether or not DEXs will evolve to a point to somehow support cross platform transactions. Trading ERC20 tokens on the ETH network on a DEX is easy, but when it comes to trading ETH for BTC or any cryptocurrency with fiat, it'll be incredibly difficult.
Even USDT and other representative tokens probably wouldn't help much, since they are not "the real deal".
This is another reason why I believe that it'll be probable P2P and DEX will continue to coexist as very sizable alternatives to centralised exchanges, but will probably never replace them outright.
It all depends on whether or not DEXs will evolve to a point to somehow support cross platform transactions. Trading ERC20 tokens on the ETH network on a DEX is easy, but when it comes to trading ETH for BTC or any cryptocurrency with fiat, it'll be incredibly difficult.
Even USDT and other representative tokens probably wouldn't help much, since they are not "the real deal".
This is another reason why I believe that it'll be probable P2P and DEX will continue to coexist as very sizable alternatives to centralised exchanges, but will probably never replace them outright.
This issue of asking of users data or the security of users data is what made many people to hardly trade on most centralized exchanges, at the same time, some centralized exchanges were smart enough to allow users to trade and withdraw without KYC but for a limited amount, in this way, they try as much as possible to accommodate all users. Another shortcoming which can be seen in centralized exchanges is the aspect of security, many has been hacked even the top exchanges. However, they have good volume, advanced interface, features and so on.
On the other hand, in as much as decentralized exchanges do not require users data, their major shortcoming is volume; however, they have good security which can be seen as the most important.
Therefore, it can be seen that, both category of exchanges have their limitations as well as advantages, hence it will be difficult for one to takeover from the other, thereby I think it's better both co-exist and let it be left for users to choose the one they want.
On the other hand, in as much as decentralized exchanges do not require users data, their major shortcoming is volume; however, they have good security which can be seen as the most important.
Therefore, it can be seen that, both category of exchanges have their limitations as well as advantages, hence it will be difficult for one to takeover from the other, thereby I think it's better both co-exist and let it be left for users to choose the one they want.
Decentralized exchanges need to take over centralized exchanges in the future, going fully decentralized is what makes more sense around crypto, centralized exchanges can be controlled by the law and government, I heard court is asking users data from centralized exchanges too, just imagine if all exchanges in crypto space are all DEXs, I know that DEX has its flaws too but it's safer than centralized exchanges
if using DEX one of the obstacles is the high fees,
yesterday when using Uniswap the fees I have to spend for one transaction can be up to $ 10,
of course this makes me feel disappointed, even though it's safe but if the fee is expensive it is very uncomfortable.
If future dex platforms can do the following I will gladly switch completely from centralized exchanges to dex exchanges for good
1. Make dex platform more easier to operate, the dashboards of many dex are so complicated to understand, newbies can easily rum off from the platform because of this.
2. Volume issue is why I don't do trading on dex exchanges, Centralised exchanges are ruling big time over dex because of enough liquidity and volumes
1. Make dex platform more easier to operate, the dashboards of many dex are so complicated to understand, newbies can easily rum off from the platform because of this.
2. Volume issue is why I don't do trading on dex exchanges, Centralised exchanges are ruling big time over dex because of enough liquidity and volumes
Decentralized exchanges need to take over centralized exchanges in the future, going fully decentralized is what makes more sense around crypto, centralized exchanges can be controlled by the law and government, I heard court is asking users data from centralized exchanges too, just imagine if all exchanges in crypto space are all DEXs, I know that DEX has its flaws too but it's safer than centralized exchanges
IMO, the DeX is more secure compared to CeX but the problem is the trading volume because the decentralized exchange is not that attractive to many users because it's not users friendly, and low trading volume, These is the most common issue that DeX users were talking about. On the KYC issue, it's okay with me as long as it was legitimate because as law-abiding citizens we must follow our laws in our respective countries, you dont to be afraid about KYC as long as you didn't do illegal or against the law.
Decentralized exchanges has its flaws too mate that's why I prefer centralized exchanges, dex are not easy to understand like centralized exchanges and it's more confusing for newbies, what I need from future upcoming dex is to try to learn from centralized exchanges while still maintaining the decentralized rules
They are not going to remain newbie after a week of exploring a dex. I have seen some dex without any difference from cex, they still have the onchain and native chain which is like having a wallet, trading wallet, and futures wallet.
DEX are still developing and I think it will be easy for users later on.
Decentralized exchanges has its flaws too mate that's why I prefer centralized exchanges, dex are not easy to understand like centralized exchanges and it's more confusing for newbies, what I need from future upcoming dex is to try to learn from centralized exchanges while still maintaining the decentralized rules
both decentralized exchange and centralized exchange has their own flaws. Using dex is just too technical for most of average joe and that's the main reason why the liquidity is so low in many of decentralized exchange meanwhile centralized exchange always designed to be convenient.
Like it or not but people right now could choose freely between decentralized or centralized exchange as they see fit to their need so I think there's just no need to take over centralized exchange or even wipe them off the market becasue we could get the best of both worlds.
It's not like you are forced to use centralized exchange anyway.
Like it or not but people right now could choose freely between decentralized or centralized exchange as they see fit to their need so I think there's just no need to take over centralized exchange or even wipe them off the market becasue we could get the best of both worlds.
It's not like you are forced to use centralized exchange anyway.
Decentralized exchanges need to take over centralized exchanges in the future, going fully decentralized is what makes more sense around crypto, centralized exchanges can be controlled by the law and government, I heard court is asking users data from centralized exchanges too, just imagine if all exchanges in crypto space are all DEXs, I know that DEX has its flaws too but it's safer than centralized exchanges
There are some limitations when we use decentralized exchanges like we can't exchange cryptos with different blockchain and also it will increase the network traffic a lot if everyone using decentralized exchanges. Well we don't need crypto exchange whether it is centralized or decentralized if we use cryptos for payments.
The KYC idea before withdrawing is what makes me stay away from centralized exchanges, right now you can see why my decision isn't bad at all, if the law is asking centralized exchanges to drop every user data to them it's not impossible, law has power over centralized platforms and organisations, I'm glad I stick with my rules
Decentralized exchanges need to take over centralized exchanges in the future, going fully decentralized is what makes more sense around crypto, centralized exchanges can be controlled by the law and government, I heard court is asking users data from centralized exchanges too, just imagine if all exchanges in crypto space are all DEXs, I know that DEX has its flaws too but it's safer than centralized exchanges
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