How important are exchanges? - page 9.

wxa7115

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

It would be shortsighted to not recognize that exchanges have accelerated the rate at which bitcoin was adopted and they have increased its popularity as an asset to hold and to trade all over the world.

But we cannot deny that centralized exchanges have also brought their fair share of issues, one of the most obvious ones is that now many people prefer to keep their coins at exchanges so they can trade and invest as soon as there is a big news, but this compromises significantly their privacy and the true ownership of their coins, two aspects which are incredibly important and which are disregarded by a great deal of traders now.

Wexnident

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I'd probably consider CEXs for cases where a user is pretty new at it? They're pretty friendly imo in terms of letting users know how to transfer/convert their crypto to other currencies as well as transfer. It basically made stuff easier for your average joe. DEXs can also function the same albeit a bit more towards people with more knowhows (since they'd be a lot more confident compared to someone new). In most cases as well if someone has found a pretty comfortable service to use, they'd often stick with it and CEXs do this more often imo than DEXs especially on new users.

adpinbr

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Yes, one of the thing that has really facilitates the growth of bitcoin is that individuals can be able to withdraw money from their wallets by converting dear bitcoin to USDT and withdraw directly to your bank account so it’s just amazing with that alone so many people usually keep money on using USDT.
And we must tell our self the truth about bitcoin so many patients usually stock money in USDT it’s maybe money laundry it’s maybe any kind of money that he or she doesn’t want someone to know like the government knew about it, so the person decided to keep it in any of the bitcoin wallets so bitcoin has really affected us a lot in a positive way.

I may be an example of what I mean because I don’t usually keep money in my bank account. I usually draw every week what I want to use for the week for groceries for gas and other bills.
I know bitcoin is just like a choice for now, but a few years to come so many people that is running away from bitcoin we run no more That is the truth. You got a new way from it

Oceat

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Quote from: Minecache on October 22, 2022, 06:34:59 PM

Quote from: Antonas1 on October 22, 2022, 06:15:22 AM

In Indonesia (my country), exchange is very important, because we cannot make transactions using cryptocurrencies at will. There are government regulations that have been set. In our place, cryptocurrencies are just assets that should only be traded on exchanges.
In Indonesia, you cannot buy a cup of coffee and then pay using Bitcoin or altcoins, if you do you can be jailed for at least 1 year or pay a fine of 200 million Rupiah ($12,872.33 today's rate).
That's why a crypto exchange/marketplace is important, at least in my country.

Not only in your country but I think the exchange is very necessary for all places. Assuming bitcoin becomes legal and becomes a method of payment but fiat remains the main currency of the world and the need to use fiat doesn't go away, then an exchange is always necessary. Nowadays there are so many unusable bitcoin cases where we are forced to use fiat.

The CEX exchange is also important in making it easier for newbies to access the market, CEX is much simpler to use than DEX so it is not too difficult for beginners.

I think it's not always as what is happening in the other countries because it looks like that not every replies are having the same experience with your country since they were on a different country than yours. So, it depends on what country you are in or what regulation your country has with Bitcoin/exchanges unlike the other countries they can easily trade or use Bitcoin the way they want it too without using a third party.

And with the rampant scamming of the cryptocurrency plus a vast report of incident of scamming and losing their investment to a specific coin it's just normal that your government would release a regulation to protect their citizens from being scammed.

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Quote from: Antonas1 on October 22, 2022, 06:15:22 AM

In Indonesia, you cannot buy a cup of coffee and then pay using Bitcoin or altcoins, if you do you can be jailed for at least 1 year or pay a fine of 200 million Rupiah ($12,872.33 today's rate).
That's why a crypto exchange/marketplace is important, at least in my country.

Hmmm. Interesting regulation. Is this regulation is only for physical stores? Or you are not allowed to use bitcoin buying any kind of digital goods on your country too? Is there any way your government knows that people or you are using bitcoin particularly an app only for indonesian people? To track whether you use it buying anything else other than trading it? Or it is illegal ^{(buying things with bitcoin)} just if they caught you on hand?

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

The launching of centralized exchanges speeds up Bitcoin adoption, IMO. These services make cryptocurrency nearer or more accessible to people. They are among the first ones that promotes and advertise cryptocurrency since they made cryptocurrency a business, they have to market their service and it somehow promulgates information about the cryptocurrency industry.

This might be debatable but I believe the existence of centralized services contributes more in the popularity of Bitcoin.

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Quote from: Antonas1 on October 22, 2022, 06:15:22 AM

In Indonesia (my country), exchange is very important, because we cannot make transactions using cryptocurrencies at will. There are government regulations that have been set. In our place, cryptocurrencies are just assets that should only be traded on exchanges.
In Indonesia, you cannot buy a cup of coffee and then pay using Bitcoin or altcoins, if you do you can be jailed for at least 1 year or pay a fine of 200 million Rupiah ($12,872.33 today's rate).
That's why a crypto exchange/marketplace is important, at least in my country.

Not only in your country but I think the exchange is very necessary for all places. Assuming bitcoin becomes legal and becomes a method of payment but fiat remains the main currency of the world and the need to use fiat doesn't go away, then an exchange is always necessary. Nowadays there are so many unusable bitcoin cases where we are forced to use fiat.

The CEX exchange is also important in making it easier for newbies to access the market, CEX is much simpler to use than DEX so it is not too difficult for beginners.

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

Exchanges are for trading and i can't imagine how the altcoin will be valued with the exchanges. If we do not have any exchange, we cannot buy sell altcoins, making them worthless. The crypto currencies eco system resolves around exchanges and hence it is difficult to eliminate this major part.

Secondly, there are other features lke P2P, buying selling crypo and staking of coins at the exchanges, making them a must for crypto investors. I don't think anyone would be holding bitcoin and do not have an account on any crypto exchange. Some people even do the mistake of using exchange for storing their long terms assets on the centralized exchange.

DoublerHunter

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

^Exchanges have a big impact on the BTC whether it is a decentralized or centralized exchange. When people do trading or buy on an exchange for altcoins, they bought first BTC. So exchnage is very important when purchasing crypto, they are a third party of the buyer and the seller which makes the transaction safe. It means the exchange acted as an escrow for transactions to anyone who want to buy and sell. I think that is why crypto exchnage is very important to us, you cannot directly make a transaction with anyone, it could be hacked and scams are everywhere if without this exchange.

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

Exchanges have an important role in the development of Bitcoin popularity. With exchanges, people are easy in buying or selling Bitcoin. I can't imagine if we have no exchanges, people may get difficulty in trading Bitcoin. Bitcoin is also difficult to be popular since people may not trust Bitcoin if it is not traded easily. Some people may also think Bitcoin will disappear soon once the demand is getting less and less.

Quote from: bitcampaign on October 21, 2022, 09:37:09 AM

clearly bitcoin needs an exchange, especially the CEX exchange is very important to create trading volume as well as facilitating investors or traders to buy and sell bitcoin of course, also delivering miners who sell their bitcoins to investors so that bitcoin circulation continues to circulate to the public and with the exchange that is the beginning of popularity bitcoin started until today

Both CEX and DEX have the same function. Investors, traders, and miners need both CEX and DEX to trade Bitcoin. Some of them may prefer to use CEX, while others may choose DEX. Having 2 options should be better than having 1 type of exchange only.

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When Bitcoin was discovered there weren't any exchanges, so it's pretty sure Bitcoin will exist even if there is no exchange. Now you may ask how can survive without exchange, it's true it will be hard but can survive. The price will be too low. We can't ignore exchanges that help Bitcoin to become more popular. It's free marketing for Bitcoin where all the exchange accepts Bitcoin as a mother coin for trading. In case if all the exchange stop accepting Bitcoin there will be huge dump. People only can use p2p exchange then.

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Quote from: Antonas1 on October 22, 2022, 06:15:22 AM

In Indonesia (my country), exchange is very important, because we cannot make transactions using cryptocurrencies at will. There are government regulations that have been set. In our place, cryptocurrencies are just assets that should only be traded on exchanges.
In Indonesia, you cannot buy a cup of coffee and then pay using Bitcoin or altcoins, if you do you can be jailed for at least 1 year or pay a fine of 200 million Rupiah ($12,872.33 today's rate).
That's why a crypto exchange/marketplace is important, at least in my country.

Regarding Bitcoin and Altcoin still not legal currency transaction, exchange is most important thing how to cash out Bitcoin or cryptocurrency fund to be cash or fiat money, I think not only with country have legalize with Bitcoin need an exchange but also all trader have to cash out their money trough exchange market and not enough to spent as payment currency only. But several countries have changed with regulation about exchange market, beside still not legal as payment currency in my country, need to pay taxes every transaction made or trade in exchange market.

Irony with my country happening one side Bitcoin is not legal transaction but government have been adopt with taxes have to pay each time I make trade.

jinxing

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

Yes, the existence of exchanges affects the interest of many people in Bitcoin. Bitcoin without exchange will not exist until now, people are interested in Bitcoin because it can be traded in addition to being an investment asset or making it easier for transactions

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The exchange is very important for Cryptocurrency/Bitcoin and all other Coins, imagine if the exchange didn't exist, surely everyone wouldn't want to sell Bitcoin using individuals, what's more, there are scams and have to use third parties, of course it will take quite a while , and again there is no price retrieval in deciding the price per coin, stocks only need an exchange to find out how much their shares are worth on world exchanges, gold also has its exchanges in their respective fields, so basically whatever it is, it will certainly require an exchange in terms of selling or buy something we want to invest..

KaliLinux

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Quote from: Hamza2424 on October 22, 2022, 07:30:46 AM

BTC, This is the fact that BTC is a P2P asset. The answer to your question as per my own perspective is that actually, crypto needs exchanges, not BTC, Alts do need exchanges and open markets for trading and to survive. The case is not for the BTC as Bitcoiners are not interested in the exchanges but traders do as they need other options as to trade there exchanges play important role.

I understand your sentiment buddy, but Bitcoin too needs exchange even though I agree that P2P was the original idea for Satoshi. I bet your first purchase of Bitcoin was through an exchange and so are most of us. The importance of exchanges in the cryptocurrency ecosystem now can no longer be underestimated. I bet if I tell you I want to buy Bitcoin from you and send you my wallet to send the BTC before I send you your cash you wouldn't agree, but the exchange has made that easy.

Henrobakkara

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

Of cause, if the exchange were not important whether it is Centralised or Decentralised they wouldn't have survived the system. It has become much easier for bitcoin traders to interact among themselves through these exchanges. Even though the original idea for Bitcoins was peer-to-peer, without the exchanges that I can say now saves as escrows, how easy would transactions be?

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

Thanks to exchanges, bitcoin has turned from a tool for enthusiasts into a super liquid asset for millions of people and has become an attractive financial instrument both from the point of view of technology and from the point of view of trading and long-term investment.

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

Definitely yes, I want you to see Exchanges as Banks.
What banks are to fiat currency is what exchanges are to Bitcoin. The usage of Fiat currency wouldn't have been easy, friendly and adoptable if the banks we are not available.
With the availability of the banks, Fiat currency has a very nice domination of every economy. That is the same with exchanges. Exchanges are the banks of Bitcoin and altcoins. As long as crypto industry lasts, exchanges will exist.

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BTC, This is the fact that BTC is a P2P asset. The answer to your question as per my own perspective is that actually, crypto needs exchanges, not BTC, Alts do need exchanges and open markets for trading and to survive. The case is not for the BTC as Bitcoiners are not interested in the exchanges but traders do as they need other options as to trade there exchanges play important role.

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Quote from: Queentoshi on October 21, 2022, 09:10:05 AM

Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?

CEX has come to provide an opportunity for those out there who want to own Bitcoin but with some trepidation towards p2p where reputation is at stake. But regardless of the advantages and disadvantages, any risk will always exist. Some people trust CEX to trade because they leave the guarantee to the exchange. In other words an exchange that may be trusted in the eyes of today's public. Only make transactions when needed. Bitcoin certainly will not be fast if there is no CEX contribution, but again CEX is still CEX with all binding regulations. For this reason, always use the portion you need when trading on the exchange.

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