Binance will disappear? I don't give a damn.
but with your strong positioning in yoiur bitcoin holding and caring nothing about exchanger ?
now I can see what comes to you In the next couple of years
Topic: People are giving too much importance to exchanges (Read 1225 times)
Binance will disappear? I don't give a damn.
but with your strong positioning in yoiur bitcoin holding and caring nothing about exchanger ?
now I can see what comes to you In the next couple of years
Banking as we've known it for millennia has taught us to put our money in the hands of others. Many people find it unsettling to consider the idea of "being your own bank," which is central to the cryptocurrency movement.
Time and learning are necessities for this transformation, and we must accept that. As leaders in the crypto community, it is our duty to help neophytes learn the ropes. Thats the only way to bring about the necessary adjustment toward greater individual ownership and less reliance on market forces.
Proponents of Bitcoin and other cryptocurrencies need to keep stressing the advantages of decentralization and being there for people as they make this massive financial change.
Time and learning are necessities for this transformation, and we must accept that. As leaders in the crypto community, it is our duty to help neophytes learn the ropes. Thats the only way to bring about the necessary adjustment toward greater individual ownership and less reliance on market forces.
Proponents of Bitcoin and other cryptocurrencies need to keep stressing the advantages of decentralization and being there for people as they make this massive financial change.
Most people are greedy, so they don't mind about CEXs taking control over the industry as long as they get convenience in return. If people are used to trusting a bank with their money, then why wouldn't they do the same with a CEX? Fortunately, not all hope is lost thanks to the inception of decentralized exchanges (DEXs) and trading protocols. CEXs may come and go, but DEXs will always be there no matter what. They will be the ones that will keep the market flowing in the midst of time.
One thing for sure is that CEXs are the gateways between the Fiat and crypto worlds. That's because they're regulatory-compliant, whereas DEXs are not. This explains why crypto goes down the drain when a CEX collapses or faces trouble with the regulators. I wouldn't mind about this, as long as crypto (mainly Bitcoin) stays decentralized. Who knows what the future holds for the industry? Just my thoughts
Binance will disappear? I don't give a damn.
but with your strong positioning in yoiur bitcoin holding and caring nothing about exchanger ?
now I can see what comes to you In the next couple of years
The p2p in exchange is very good to use.
The "P2P" in usual exchanges is a gimmick. There very much exists an intermediary in CEX like Binance, and as usual, it lies about being P2P exchange. If it was actually peer-to-peer, it wouldn't require you to create an account, give KYC etc. For truly peer-to-peer exchange, look on Bisq. Sam Bankmanfried or whatever his name is failed many but he is not CZ, or Brain Armstrong, this is the type of excuse you will be hearing from people
Lol. You can't believe how accurate this feels. I heard like, quite the exact same words from a friend of mine. 
I don't really trust exchanges so I don't hold my crypto these, but you can't deny that exchanges is a great thing for newbies that want to invest in crypto.
I think exchanges play a huge role in the adoption and promotion of crypto. Who is working with the government to legalize crypto trading? Exchanges. Who is working with Lugano and El Salvador to adopt crypto? Exchanges.
So I think they play an important role in the crypto game and every person should decide for himself if he should take the risk and hold money on an exchange.
I think exchanges play a huge role in the adoption and promotion of crypto. Who is working with the government to legalize crypto trading? Exchanges. Who is working with Lugano and El Salvador to adopt crypto? Exchanges.
So I think they play an important role in the crypto game and every person should decide for himself if he should take the risk and hold money on an exchange.
~snip~
Besides, their participation and existence make help gain more attention and traders. In fact, this is also the reason why cryptocurrency becomes known globally due to ads that flooded the internet. Yes, without them, I couldn't think it will survive and even if we think about P2P transactions, I know they are also reliant on exchanges. These exchanges play an important role in the crypto space whether it was DEX or CEX, they are really making the crypto space alive.
Besides, their participation and existence make help gain more attention and traders. In fact, this is also the reason why cryptocurrency becomes known globally due to ads that flooded the internet. Yes, without them, I couldn't think it will survive and even if we think about P2P transactions, I know they are also reliant on exchanges. These exchanges play an important role in the crypto space whether it was DEX or CEX, they are really making the crypto space alive.
That is a good point, the companies that produce these exchanges have a lot of money, and they pour it to ads all around, making people more Bitcoin aware than ever.
It might be that the first encounter of people with Bitcoin is through buying some at an exchange. But it goes way deeper than that. At least it's a good start for them to not be a no-coiner anymore.
At this point in time, what I have found with the SECs pursuit of Binance is that it's dividing the crypto exchange with the US/western exchange, EDX Markets. When the division is complete, EDX will take the markers that Binance are unable to operate in (US, Canada, Australia, UK and probably Europe) while Binance will take the east.
The reason I say this in response to the OP is because the situation isn't entirely the same as FTX.
On a similar note, I've recently learnt that Binance's reserves are not on par with their exchange balances. This is concerning...
The reason I say this in response to the OP is because the situation isn't entirely the same as FTX.
On a similar note, I've recently learnt that Binance's reserves are not on par with their exchange balances. This is concerning...
~snip~
You don't need an exchange to buy Bitcoin. At least centralized ones like Binance. There are a lot of P2P exchanges.
You don't need an exchange to buy Bitcoin. At least centralized ones like Binance. There are a lot of P2P exchanges.
You literally need an exchange to buy Bitcoin with another form of money. That's what an exchange is.
It can be centralized or decentralized, that doesn't matter. We will need exchanges in one way or another as long as most people get paid in fiat for their goods and services.
I like the word you used; "down", not "gone". As far as you didn't sell your Bitcoin when the price went down, your savings is not gone, the value just dropped and it will get back up again, it might just take time.
I don't think anyone would consider their investment "gone" whenever its market value drops. It looks like you took and twisted an old saying that "you don't lose until you sell" (which is blatantly false).
Saving coins with exchanges is technically the same thing as saving money in the bank. A centralized system stores your money in the bank, while a centralized system stores your coin in a CEX. I wonder why people don't get this.
Who doesn't get this actually? Are you saying that people don't realise that centralised exchanges are centralised? I think they do and I think many don't mind that, just as they don't mind keeping their fiat money in a bank account rather than stashing cash under the mattress.
I am not entirely against centralized exchanges but it is very wrong to save your coins in them. It ends badly most of the time. I don't know how much this needs to be stressed before people get it.
Used the exchanges to trade, if you want, but you shouldn't save in them.
Used the exchanges to trade, if you want, but you shouldn't save in them.
Throwing blanket statement like that makes no sense. It's all about assessing risk and reward.
Also, if keeping funds on CEX for saving is too risky, then why would you say it's OK to keep them there for the purpose of trading (which itself bears additional risk of a loss).
There's
I like the word you used; "down", not "gone". As far as you didn't sell your Bitcoin when the price went down, your savings is not gone, the value just dropped and it will get back up again, it might just take time.
Saving coins with exchanges is technically the same thing as saving money in the bank. A centralized system stores your money in the bank, while a centralized system stores your coin in a CEX. I wonder why people don't get this. I am not entirely against centralized exchanges but it is very wrong to save your coins in them. It ends badly most of the time. I don't know how much this needs to be stressed before people get it.
Used the exchanges to trade, if you want, but you shouldn't save in them.
Saving coins with exchanges is technically the same thing as saving money in the bank. A centralized system stores your money in the bank, while a centralized system stores your coin in a CEX. I wonder why people don't get this. I am not entirely against centralized exchanges but it is very wrong to save your coins in them. It ends badly most of the time. I don't know how much this needs to be stressed before people get it.
Used the exchanges to trade, if you want, but you shouldn't save in them.
The p2p in exchange is very good to use.
The "P2P" in usual exchanges is a gimmick. There very much exists an intermediary in CEX like Binance, and as usual, it lies about being P2P exchange. If it was actually peer-to-peer, it wouldn't require you to create an account, give KYC etc. For truly peer-to-peer exchange, look on Bisq. Sam Bankmanfried or whatever his name is failed many but he is not CZ, or Brain Armstrong, this is the type of excuse you will be hearing from people
Lol. You can't believe how accurate this feels. I heard like, quite the exact same words from a friend of mine. Yes, exchanges and bitcoin are two completely separate things. But it affects investor psychology, anyone is bewildered when an exchange has Fud, speculators will immediately take profits or cut losses to minimize risks.
Although they are a different thing, as long as fiat remains the main method of payment, then people will need exchanges to obtain Bitcoin.There's no way around it. The moment Bitcoin is used for most goods and services will be the time when exchanges are not needed any more.
Indeed, as long as FIAT remains the dominant currency, we must exchange it either through exchanges or peer-to-peer transactions. And currently, the easiest route is through exchanges. However, many underestimate the significance of peer-to-peer services, despite it being the only way to truly safeguard our privacy.
To this day, exchanges continue to perplex me and occupy my thoughts whenever I power up my computer.
The reason why people are giving wayyy too much importance to exchanges is because people are lazy and do not want to claim responsibility for their own actions and especially, their own money. Not everyone is comfortable with the idea of "being their own bank" until something bad happens to convince them otherwise. And eventually it will happen, whether in the form of a bank unjustly freezing their accounts or the government plainly confiscating their money on whatever ground they deem fit.
Its frustrating because we have all the decentralized and unregulatable ways to buy Bitcoin or other cryptocurrency. But people cannot shake off the feeling that they need a third party to hold their money for them.
Banking as we've known it for millennia has taught us to put our money in the hands of others. Many people find it unsettling to consider the idea of "being your own bank," which is central to the cryptocurrency movement.Its frustrating because we have all the decentralized and unregulatable ways to buy Bitcoin or other cryptocurrency. But people cannot shake off the feeling that they need a third party to hold their money for them.
Time and learning are necessities for this transformation, and we must accept that. As leaders in the crypto community, it is our duty to help neophytes learn the ropes. Thats the only way to bring about the necessary adjustment toward greater individual ownership and less reliance on market forces.
Proponents of Bitcoin and other cryptocurrencies need to keep stressing the advantages of decentralization and being there for people as they make this massive financial change.
So what are we going to do about it? Can you control the minds of millions of people that are using crypto exchanges? Even with the crazy crashes happening with centralized exchnages these peole are not ready to take responsibility of their assets themselves.
Imagine people telling you that they still keep their Bitcoin on Coinbase in 2023, some people trust others easily and its the same with entrusting their assets with centralized exchanges.
Sam Bankmanfried or whatever his name is failed many but he is not CZ, or Brain Armstrong, this is the type of excuse you will be hearing from people, some are so lazy that they don't want to hold Bitcoin in a wallet that they control, they want others to control it for them, so that they can blame them easily if something happens to their Bitcoin.
Aside from traders using exchanges for trading, some prefer leaving their assets on exchanges than keeping their assets themselves.
Imagine people telling you that they still keep their Bitcoin on Coinbase in 2023, some people trust others easily and its the same with entrusting their assets with centralized exchanges.
Sam Bankmanfried or whatever his name is failed many but he is not CZ, or Brain Armstrong, this is the type of excuse you will be hearing from people, some are so lazy that they don't want to hold Bitcoin in a wallet that they control, they want others to control it for them, so that they can blame them easily if something happens to their Bitcoin.
Aside from traders using exchanges for trading, some prefer leaving their assets on exchanges than keeping their assets themselves.
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
There has big connection with Bitcoin and Crypto Exchangers. Because most of the crypto traders and holders use Exchanger. You are not using FTX or Binance or any kinds of exchanger but 99% traders and investors doing it through Exchanger. Binance is largest crypto exchanger. Today in Binance Exchanger trading volume is $9471005836. How we avoid impact from it. When Binance will affected then BTC will also affect there has no doubt. So i think it is normal that people will give importance to exchanger. Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
~snip~
You don't need an exchange to buy Bitcoin. At least centralized ones like Binance. There are a lot of P2P exchanges.
You don't need an exchange to buy Bitcoin. At least centralized ones like Binance. There are a lot of P2P exchanges.
You literally need an exchange to buy Bitcoin with another form of money. That's what an exchange is.
It can be centralized or decentralized, that doesn't matter. We will need exchanges in one way or another as long as most people get paid in fiat for their goods and services.
Companies, like exchanges, come and go over time.
Bitcoin, on the other hand, is here to stay for the long term.
If you keep your bitcoin in your own cold wallet, it will be there tomorrow, and in the next few years.
If you trust your bitcoin with a third party, well, anything can happen, and you are not guaranteed to see it tomorrow, or in the next few years. The reason why the company doesn't have your bitcoins will be irrelevant, it can be many things.
Bitcoin, on the other hand, is here to stay for the long term.
If you keep your bitcoin in your own cold wallet, it will be there tomorrow, and in the next few years.
If you trust your bitcoin with a third party, well, anything can happen, and you are not guaranteed to see it tomorrow, or in the next few years. The reason why the company doesn't have your bitcoins will be irrelevant, it can be many things.
And that's what people don't understand these days. They believe Bitcoin has a "CEO" or someone behind it. The public usually associates mainstream exchanges' success with the success of Bitcoin itself. If an exchange goes all the way down the drain, there will be panic all around the world. Market prices will drop, albeit for a short period of time. That's the way it works.
At least, not everyone thinks the same way. There's a small minority that believes in decentralization and Bitcoin's ability to be used as digital money regardless of what happens with CEXs. What's important is that the main BTC blockchain keeps running as usual no matter the circumstances. As long as there's more than 2 nodes on the network, don't count on Bitcoin going away soon. Maybe it will live alongside CBDCs (digital Fiat) in the future? Just my thoughts
Bitcoin and exchanges are different, but there is a need of a platform through which the market for the bitcoin is built. If exchanges weren't available, what would've happened. Everyone who have got bitcoin will be holding it and there won't be any trading practice which keeps the market stable. If not we could've got moved to the ancient days or to the paper and pen on trading. Exchanges are part of the development. Everything can't be cent percent perfect, so is the service provided through the exchanges. The cryptomarket have got some connectivity with the exchanges, just because of that we were able experience downfall in the market when something good happens.
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If exchanges weren't available, what would've happened
I think that it would not have stagnated, but its progress in the virtual market would have been slower, I consider that thanks to the exchanges everything developed almost perfectly, I wonder more…. How could you invest in bitcoin without the option of being able to buy with fiat currency? ……..I know that there are ways to access this asset, but with this action it could be said that it is easier, since it allows both the use and acquisition of this currency, unfortunately, since it is not legal tender in many parts of the world , people are forced to obtain an asset that they can manage, and with which they can cancel what they want to buy, since despite the fact that there is an establishment where they receive bitcoin, this option is still not global.
So that the exchanges are not so necessary, all the countries of the seven continents would have to accept their use, and therefore allow it to be received as a form of payment in any business, whether large or small, implementing applications where the transaction can be carried out. , like a bank transfer, but it is something that at the moment is difficult to see.
Because exchange makes things easy for them to use. It is through exchange the true meaning of crypto is manifesting. Through exchange people buy and sell Cryptocurrencies easily. The p2p in exchange is very good to use. So people patronize them more than any other ways of getting and selling cryptos.
If you are not interested in the exchange, you should not create this topic you should continue to hold your bitcoins. Everyone has the right to choose, you can't force everyone to follow your opinion. i'm not a fan of centralized exchanges, but I don't hate them either, but to be fair, they're not as bad as you say. they really have many utilities and benefits for us, I think without them, the crypto industry wouldn't be as strong as it is today.
We don’t need to hate centralized exchanges as without them, decentralized exchanges will never come to its existence. So let just people decide whether they’ll use the centralized or decentralized ones. After all it’s their coins they are going to spend. However, I only use centralized exchanges when trading but never when it comes to long term storage of my coins. That is to protect my coins from its sudden loss especially if they’re place on centralized exchanges.Aside from that centralized exchanges are also partly responsible for the cryptocurrency's fast adoption. Without these centralized exchanges, it will be hard for the cryptocurrency trader to exchange their holding. Decentralized exchanges sure can also be used to trade our cryptocurrency but it is much more convenient to use centralized exchanges because they have more pairs than decentralized exchanges. Though I would suggest that we must only use centralized exchanges as trading platforms and not as storing platforms.
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