Who can refuse, when you want to convert Bitcoin to Fiat or vice versa, you need to use the services offered by intermediaries or more widely known in the world of Crypto Exchange. Why can Binance become one of the biggest platforms in the Crypto world because almost all of the world's crypto users use its services.
The functions and benefits offered by intermediaries cannot be eliminated, especially in crypto activities, imagine if there were no intermediaries, how could you exchange Bitcoin into Fiat (a simple example like that).
Topic: No choice but to use the unavoidable middle man, the exchange companies. - page 3. (Read 853 times)
August 25, 2023, 08:51:06 AM
August 25, 2023, 06:02:10 AM
Direct transactions without intermediaries in the real world are easy to do. But direct transactions without third-party intermediaries on the internet with people you don't know are much more difficult. Because this is about trust. I personally feel comfortable with the p2p provided by centralized exchanges which are highly rated which also means having a high level of trust. Because when we sell crypto, we will not be afraid of being deceived because the buyer will transfer money to our account first. After they have successfully transferred, then we can release our crypto to the buyer. But yeah, everyone has a different opinion on this. But the point is sometimes a trusted third party is needed to achieve a safer transaction.
August 25, 2023, 05:01:26 AM
The presence of cryptocurrencies is certainly the most profitable business place for exchange companies, even Binance is now getting bigger and becoming a company with a very large turnover, several top exchanges such as crypto.com, coinbase and so on continue to expand and promote in world's top events such as football, UFC and so on.
Companies that serve the field of exchange are like markets that can sell and exchange goods as seen by many people in life so that they are very suitable to develop and be present among the world's people who continue to like crypto currency more and more. And for promotional matters and the cooperation they tie up with several major sporting events, I think this is just their way or technique to make the company more famous so that there is a lot of trust from the public to use it. 
August 25, 2023, 04:04:27 AM
There some most cases where you may deal without involving the middle man, which we can call it escrow because that is the function of p2p trade on any exchange. They hold the funds in between and when is initiated and the receiver confirm his payment then the escrow holder releases for the sender, but from my little research over here I noticed there are some reputable members you can deal without having to go through escrow service for them to hold funds while the business transaction is settled. So partially people across this forum can deal with each others after haven developed trust.
August 24, 2023, 06:26:00 PM
In this case, it's not only the exchange that benefits, you also benefit from the services they offer, it's simpler that you and the exchange are equally profitable. You cannot ignore intermediaries in processing crypto assets, for example you want to convert Bitcoin to fiat and then withdraw it through conventional banks.
Their existence has made it easier for Crypto asset users in every way, intermediaries in business have helped many people with the services offered. Exchanges like Binance have made a lot of profit from the services they offer as intermediaries. It's only natural that they gain a lot because they have helped many users of Crypto assets in making various transactions.
Their existence has made it easier for Crypto asset users in every way, intermediaries in business have helped many people with the services offered. Exchanges like Binance have made a lot of profit from the services they offer as intermediaries. It's only natural that they gain a lot because they have helped many users of Crypto assets in making various transactions.
Mediation is one of the revenue items of exchanges. You can hardly do without it. But the exchange somehow guarantees that you will receive your funds - and you have to pay for guarantees. In general, it is unrealistic to do without intermediaries - this is only a dream, the reality is somewhat different
August 24, 2023, 07:01:47 AM
I think that exchanges simply play a different role and thus are very likely to stay. A person can send BTC from one address to another, and there's zero need for an exchange in that situation. But if you're a trader, you need an exchange, and centralized exchanges might be convenient for that. If you want to buy or sell BTC for fiat, that also often requires an exchange, although it doesn't have to be a place like Binance where they store your money. I, for one, usually use local exchanges where you, for example, send BTC to a certain address from your wallet and get a transfer onto a bank account, so nobody is storing anyone else's funds in this situation.
Also, if we're talking about active use of Bitcoin for payments, a custodial wallet can be more convenient if it's widely used because that allows 'instant payments' and very low fees.
I think it should just be accepted that there are some use cases for intermediaries, and that they are not going to disappear.
I don't either see the possibility of centralized exchanges going away soon because of the role that they play in the industry in terms of trading future contracts/leverage, They play the role that the forex brokers play in the forex industry, and taking them out of the picture regardless makes no sense, we have decentralized exchanges and self custody wallet, people can always run transaction without third-party. Also, if we're talking about active use of Bitcoin for payments, a custodial wallet can be more convenient if it's widely used because that allows 'instant payments' and very low fees.
I think it should just be accepted that there are some use cases for intermediaries, and that they are not going to disappear.
August 24, 2023, 04:52:18 AM
The presence of cryptocurrencies is certainly the most profitable business place for exchange companies, even Binance is now getting bigger and becoming a company with a very large turnover, several top exchanges such as crypto.com, coinbase and so on continue to expand and promote in world's top events such as football, UFC and so on.
August 23, 2023, 09:08:29 AM
In this case, it's not only the exchange that benefits, you also benefit from the services they offer, it's simpler that you and the exchange are equally profitable. You cannot ignore intermediaries in processing crypto assets, for example you want to convert Bitcoin to fiat and then withdraw it through conventional banks.
Their existence has made it easier for Crypto asset users in every way, intermediaries in business have helped many people with the services offered. Exchanges like Binance have made a lot of profit from the services they offer as intermediaries. It's only natural that they gain a lot because they have helped many users of Crypto assets in making various transactions.
Their existence has made it easier for Crypto asset users in every way, intermediaries in business have helped many people with the services offered. Exchanges like Binance have made a lot of profit from the services they offer as intermediaries. It's only natural that they gain a lot because they have helped many users of Crypto assets in making various transactions.
August 23, 2023, 08:13:02 AM
You can not eliminate the middle man in businesses, especially in this digital age, be it fiat or cryptocurrencies, because they have come to stay. Big exchanges like Binance, are cashing in on being the middle man in businesses, an unavoidable indirect business associates, in your face, waiting for you to go through them.
Going by what p2p is, we can make use of decentralized exchages as well in getting our needs, centralized exchages to some is the last option they could recommend in which one can use to acquire bitcoin which isn't, however if we must then use any, there must be this understanding that our asset must be moved to a personal wallet for safety, some actually depends on these middlemen functions to earn a living because that's how their own way of making business comes in, we should know that we can also do without them in cryptocurrency.
August 23, 2023, 06:46:02 AM
For me, the safest way to make an online or even an actual transaction using fiat or Bitcoin is through a middleman.
You cannot risk your Bitcoin in an online transaction with a total stranger that you've known online that wants to buy or sell Bitcoin to you in exchange of fiat. I'd rather spend using a reputable middleman than to risk my money even though I know I have a lot of choices to make the transaction safe as much as possible.
Don't be a cheap person when it comes to the security of your own money in any kind of transactions unless you know the person who you're transacting with.
You cannot risk your Bitcoin in an online transaction with a total stranger that you've known online that wants to buy or sell Bitcoin to you in exchange of fiat. I'd rather spend using a reputable middleman than to risk my money even though I know I have a lot of choices to make the transaction safe as much as possible.
Don't be a cheap person when it comes to the security of your own money in any kind of transactions unless you know the person who you're transacting with.
August 23, 2023, 04:52:23 AM
Some businesses don't want to hold Bitcoin so they use intermediaries that receive Bitcoin for them and convert it to fiat. But not all businesses are like that, some don't mind keeping BTC, so they get they full decentralized experience.
The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
The solution to eliminating the middleman, as you have stated is to have mass adoption of bitcoin, but that is yet to happen, so the exchange middleman still keeps his job. I think that to attain this mass adoption will not be easy because fiat currencies is the identities of countries, so if a single digital currency were to replace or reduce the power of local fiat, then they'll make sure that it doesn't happen. I commend El Salvador, for adopting bitcoin, as their currency, hoping that other nations will see the advantages of bitcoin and adopt it too. I believe that the adoption is attainable because I hear that in some countries that they have bitcoin ATM's, so maybe if every country can adopt it, then it's a way to go.
Costa Rica? They deserve praise for having the fortitude to look to the future. But why wait until a Bitcoin ATM is available in every nation? Small thinking, that. We wouldn't be waiting for change if I were in charge; we would be demanding it. Let nations maintain their antiquated fiat currencies if they so choose! We're about to see a financial revolution, and I can assure you that a few bureaucrats won't be able to stop it
August 22, 2023, 07:31:23 AM
Some businesses don't want to hold Bitcoin so they use intermediaries that receive Bitcoin for them and convert it to fiat. But not all businesses are like that, some don't mind keeping BTC, so they get they full decentralized experience.
The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
The solution to eliminating the middleman, as you have stated is to have mass adoption of bitcoin, but that is yet to happen, so the exchange middleman still keeps his job. I think that to attain this mass adoption will not be easy because fiat currencies is the identities of countries, so if a single digital currency were to replace or reduce the power of local fiat, then they'll make sure that it doesn't happen. I commend El Salvador, for adopting bitcoin, as their currency, hoping that other nations will see the advantages of bitcoin and adopt it too. I believe that the adoption is attainable because I hear that in some countries that they have bitcoin ATM's, so maybe if every country can adopt it, then it's a way to go.
August 21, 2023, 01:10:33 PM
Have you thought about a world were Bitcoin adoption is massive and people now accept transaction using Bitcoin for goods and services, that's the world we are heading towards and yes it's very possible, this would be a world without any middle man. But till then you have to use the opinion that is safest to you, there are people who have been using peer to peer and has never had any issues with it and there are those that uses exchanges. The priority is security and I believe that is what everyone is looking for
August 21, 2023, 12:55:16 PM
I believe that most business owners will prefer to transact money transfers with their customers directly without using an exchange, that will be a third party, and you'll have to pay this third party or middle man money for his services, whether you like it or not. I also believe that nothing beats transacting money directly with your clients or customers, no third party whatsoever. One of the reasons why I like bitcoin is that it's decentralized, and you can do a P2P transaction with another bitcoin holder without any exchange being involved. But for convenience, transparency and scams that are associated with P2P, you don't have much choice but to patronize the services of these exchanges.
You can not eliminate the middle man in businesses, especially in this digital age, be it fiat or cryptocurrencies, because they have come to stay. Big exchanges like Binance, are cashing in on being the middle man in businesses, an unavoidable indirect business associates, in your face, waiting for you to go through them.
It's the tradeoff really. It's either you push for decentralization and risk getting scammed or losing your money, or you submit to exchanges and do your business with them, decentralized exchanges seem to solve this but they are just not that massive in the industry just yet. So people are really stuck between these two things without any choice. You can not eliminate the middle man in businesses, especially in this digital age, be it fiat or cryptocurrencies, because they have come to stay. Big exchanges like Binance, are cashing in on being the middle man in businesses, an unavoidable indirect business associates, in your face, waiting for you to go through them.
Although this could change in the future. New forms of exchanges and ways for people to transact could be formulated in such a way that it would be as secure as doing your businesses with exchanges, with the added benefit of being able to use your money however you like. Till then, we can only hope.
August 21, 2023, 12:20:18 PM
As they say, your privacy is how you keep it safe. It's a personal choice on how you are going to do those transactions and what you are going to use. There are many more options than centralized exchanges. It is not necessary to use centralized exchanges as a middleman for every transaction. P2P is a great way to do it and this cuts off every tie with CEX.
Every transaction in the Bitcoin blockchain is irreversible. Once it's done, it's done. So I don't know how people are going to scam with this. If you know how it works, you can easily understand what is a scam and what is not. But if you choose other assets or cryptocurrencies, I have no idea about them. Transactions can be canceled or not who knows? And why should you do trades if the transaction in not completed? Confirm it first then do business with that client.
There's no need for centralized exchanges if you know how to manage your assets and make safe transactions with them.
Every transaction in the Bitcoin blockchain is irreversible. Once it's done, it's done. So I don't know how people are going to scam with this. If you know how it works, you can easily understand what is a scam and what is not. But if you choose other assets or cryptocurrencies, I have no idea about them. Transactions can be canceled or not who knows? And why should you do trades if the transaction in not completed? Confirm it first then do business with that client.
There's no need for centralized exchanges if you know how to manage your assets and make safe transactions with them.
August 19, 2023, 04:39:29 PM
This is the reason on why cryptocurrencies exist- they focus on eliminating the need to resort to any middlemen with regard with all the transactions. If they have utilized this feature, then the blockchain made it all possible due to this creation.
Companies would therefore use cryptocurrencies (or BTC) as their main medium channel and transact with anyone who is willing and everything would be posted on a public ledger. This totally eliminates the need for any middlemen or any third-party consensus as the public ledger is being checked and corrected via miners.
Companies would therefore use cryptocurrencies (or BTC) as their main medium channel and transact with anyone who is willing and everything would be posted on a public ledger. This totally eliminates the need for any middlemen or any third-party consensus as the public ledger is being checked and corrected via miners.
August 19, 2023, 04:07:18 PM
Some businesses don't want to hold Bitcoin so they use intermediaries that receive Bitcoin for them and convert it to fiat. But not all businesses are like that, some don't mind keeping BTC, so they get they full decentralized experience.
The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
During the 2017 bull run people were incredibly positive about the idea that mass adoption was around the corner, which is one of the reasons the price went so high so fast, however since then we have learned that mass adoption is going to take a long time, however even if it is slow bitcoin is making some progress, it is just that people are too comfortable with fiat and they still do not understand why they need bitcoin, but someday they will understand and the adoption of bitcoin will finally reach levels in which we will be able to use bitcoin almost everywhere. The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
August 16, 2023, 10:05:14 AM
~snip~
We do prefer this way but are you that willing on making that p2p transactions with other people personally or would be going direct exchange online with other people? You are really that prone on getting scammed plus we know that in speaking about convenience then these platforms or 3rd party do really give out that kind of services which gives out that good user experience which is something that less hassle.
Plus, not all platforms does require KYC (for now) on making out these kind of transactions which is related to fiat specially on having that conversion of your crypto to fiat, for some which before you could be
able to make out some p2p transactions which it would really be that requiring that kind of verification first before you can proceed.
Regulation and centralization is something that would really be inevitable in speaking about services that being offered and as long it is really that attached into some other centralized services
then it would be no shocking that they would really be touching up that regulation aspect.
Will you look at the past? People who promise ease and comfort have often led their followers astray in every society and every step of technology progress. How about regulation? The same thing? They're not just "inevitable"; they're part of a plan to trap and control people. After all the betrayals and broken vows in human history, one would hope that our minds would change. We still fall for the same tricks, though, don't we?
August 15, 2023, 06:57:32 PM
I believe that most business owners will prefer to transact money transfers with their customers directly without using an exchange, that will be a third party, and you'll have to pay this third party or middle man money for his services, whether you like it or not.
In cryptocurrency, we have many ways to safely resist ay third party influence in what we do as long as we have the knowledge on how to go about it, bitcoin is not what we can just assume to be thesame as the way we treat other cryptocurrencies which are centralized, using bitcoin privately begin with the kind of wallet we use, many people will create a crypto account and take that as wallet from the exchanges they use, while some will rely on other people in helping them through what they would have learnt to know by themselves.
I think that for a person who uses bitcoin the best thing to do is to make these exchanges by himself, without the need for help from a third party, because I consider that this would be a bit counterproductive for said individual. It is true that these platforms provide very striking features, but there is no way to avoid this type of method, for the simple fact that it might not be as safe as you think, although I am also clear that if you are not knowledgeable or skilled in doing it on your own, You could choose this other option yourself, that is, it could be taken as plan B. In any case, they are not bad, and as all services of this type have their risk, so it is best to use something with which you feel comfortable, and Of course, they have a decent reputation to avoid bad times, without lowering their guard, since a failure can exist at any moment... so, in conclusion, the use of an intermediary is based on choice and how the person feels with said platform.
plus we know that in speaking about convenience then these platforms or 3rd party do really give out that kind of services which gives out that good user experience which is something that less hassle.
Plus, not all platforms does require KYC (for now) on making out these kind of transactions which is related to fiat specially on having that conversion of your crypto to fiat, for some which before you could be
able to make out some p2p transactions which it would really be that requiring that kind of verification first before you can proceed.
Regulation and centralization is something that would really be inevitable in speaking about services that being offered and as long it is really that attached into some other centralized services
then it would be no shocking that they would really be touching up that regulation aspect.
August 15, 2023, 06:39:06 PM
Some businesses don't want to hold Bitcoin so they use intermediaries that receive Bitcoin for them and convert it to fiat. But not all businesses are like that, some don't mind keeping BTC, so they get they full decentralized experience.
The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
The bigger problem that if you want to use Bitcoin, often you just can't, because you can't pay with it, so you have to sell it for fiat. In the past there was a lot of hope that soon mass adoption will come and it will change, but that "soon" never came so far.
Jump to: