My gut is telling me that I am missing a part here - page 2.

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Quote from: Crypt0Gore on November 30, 2022, 01:34:16 AM

Binance exchange is a centralised exchange right? But they provide P2P, is it ok to say P2P is decentralized?

No.
P2P is a feature on most exchanges which allows people to trade directly with another party, without having to put up a sell it buy order and wait for it be taken or buy at the market value, where the exchange would match them up with a seller or buyer.

Decentralized and Centralized platforms alike can have a P2P system, the difference is that in a DEX, they do not hold your funds and you would be trading directly from your personal wallet to the buyers address. This is not the case in a CEX where you need to find an address which is owned by the exchange and then trade directly from their with another peer.

Pmalek

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No part of Binance is decentralized, not even the P2P trading feature. When you deposit funds on the address Binance tells you to, the coins are under their control, not yours. If you compare that with Bisq for example, Bisq generates a seed that you need to make a backup of like an ordinary non-custodial wallet. Those coins are yours until they get deposited in an escrow address and become part of a trade between you and a different party.

Various scams take place on Binance with people unfamiliar with this way of trading. The most common one is tricking the BTC seller into believing that the fiat was deposited into their account with fake messages. You should always check this yourself by looking at the balance of your bank account and not rely on what the other party is saying. The crypto must only be released after you have checked and ensured the fiat was transferred properly and fully. It's recommended to trade only with users who have merchant marks and a decent history of successful trades and not with random newbies with no trading history.

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Quote from: Crypt0Gore on November 30, 2022, 01:34:16 AM

Binance exchange is a centralised exchange right? But they provide P2P, is it ok to say P2P is decentralized? If yes, doesn't that makes Binance 2 in 1, CEX and Dex? Because I use the P2P part more than the CEX part

Binance is a centralized exchange and nothing changes about that, if it undergoes p2p doesn't mean the exchange you perform that with a a decentralized, that is why you can also have bitcoin which is meant to be a decentralized p2p currency on a centralized exchanges, now p2p is different, centralized exchange is different as well, not until you have your bitcoin in a wallet that is decentralized or you run the bitcoincore client through Tor you aren't decentralized, even other cryptocurrencies engage p2p but being centralized, once you're privacy conscious then your bitcoin must be decentralized from any third party authorization and control and the only means to this is by running a full node most preferably.

yazher

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I guess what you are missing is the experience of trading in some Decentralized exchanges there are lots to try out there and you can distinguish between these two once you already experience trading in Decentralized exchanges also you can try to see videos on youtube on how to trade in Forkdelta and see the difference. Without spending anything, I recommend just watching some videos such as this one and you will gonna be able to tell the differences.

https://www.youtube.com/watch?v=cr-hw4IxdB4&ab_channel=AllAboutSafeZoneAASZ

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Quote from: Crypt0Gore on November 30, 2022, 01:34:16 AM

But they provide P2P, is it ok to say P2P is decentralized?

No. In a DEX, you should be able to trade without relying on any third party and without KYC while in binance P2P exchange, binance acts a third party and you have to verify your identity.
Binance P2P may have some advantages like giving you more payment method options, but as said it's not decentralized.

Charles-Tim

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Binance is completely centralized, there is nothing decentralized about the exchanges, Binance has the control of all their customers coins, they can freeze customers account or do whatever they want with it. If you need a decentralized exchange, you will think of exchanges like Bisq which do not require any KYC and in a way escrow does not need any central authority like Binance that has complete control over their customers coins.

Crypt0Gore

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I am trying to understand something about binance exchange and the other likes of it.

Binance exchange is a centralised exchange right? But they provide P2P, is it ok to say P2P is decentralized? If yes, doesn't that makes Binance 2 in 1, CEX and Dex? Because I use the P2P part more than the CEX part..

Endow me with knowledge this morning, tell me what I don't know.

Topic: My gut is telling me that I am missing a part here - page 2. (Read 316 times)