Topic: What is the benefit of decentralized exchange? (Read 170 times)
The benefit of decentralized exchange is that sometimes ICO took a long time to list their token on centralized exchanges but there are people who eagerly wants to sell their tokens so people can trade their ERC20 tokens on decentralized exchanges by just entering a smart contract address of a token. Usually, you can also get the token at a very cheap price on decentralized exchanges if the token is not listed on centralized exchanges. Some good decentralized exchanges are forkdelta & IdeX. Avoid Etherdelta as it was hacked in past.
The biggest benefit of decentralized exchange is that it leads to the elimination of unwanted intermediaries. This means there is no need of any central authority which controls and regulates everything. This in turn enables the users of such an exchange to stay anonymous and the price is also affected by the users only and there is no regulation and manipulation. Even the withdrawals and deposits fees are just the network fees which is too cheap. But as they are not regulated so the interface too is a bit laggy.
When we say it is decentralized, it means no one is in control of it. It may sound dangerous since we are used to being control, but actually for the first time, we would like to bring change. We should not let our government control us all the time.
Decentralization is not dangerous if it is implemented correctly to use Proof of Work (PoS) and a reasonable number of confirmations... instead, it is more secure.
It is however dangerous if you are unlocking your funds in an un-safe environment (mobile device, vulnerable OS or compromised malicious application that will log your passphrase and steal your funds).
THe most important part about decentralized Exchange is no one will be holding any of your asset while trading .
When we say it is decentralized, it means no one is in control of it. It may sound dangerous since we are used to being control, but actually for the first time, we would like to bring change. We should not let our government control us all the time.
As an addition to what other members said, centralization is against what bitcoin was originally created for. I'm against using a cryptocurrency that is run and controlled by a single organization.
I'm into privacy cryptos because there is always a market for privacy. If you combine a privacy coin with a decentralized exchange, your transactions can be truly private. I'm supporting a crypto that uses Tor to protect the identity of users. DeepOnion uses OBFS4/MEEK to circumvent government censorship. They were first to release DeepVault, a Blockchain File Signatures verification where file hashes can be stored on the blockchain forever.
If the developers continue to deliver new features every week, DeepOnion will become very popular in the privacy market. They already released a mobile wallet and VoteCentral where community members can vote on the project development. Stealth Addresses will be activated next week and DeepSend is scheduled for end of may.
DeepOnion was airdropped to the public for free and the price is still low so this is a good chance to invest if you are interested in privacy.
I'm into privacy cryptos because there is always a market for privacy. If you combine a privacy coin with a decentralized exchange, your transactions can be truly private. I'm supporting a crypto that uses Tor to protect the identity of users. DeepOnion uses OBFS4/MEEK to circumvent government censorship. They were first to release DeepVault, a Blockchain File Signatures verification where file hashes can be stored on the blockchain forever.
If the developers continue to deliver new features every week, DeepOnion will become very popular in the privacy market. They already released a mobile wallet and VoteCentral where community members can vote on the project development. Stealth Addresses will be activated next week and DeepSend is scheduled for end of may.
DeepOnion was airdropped to the public for free and the price is still low so this is a good chance to invest if you are interested in privacy.
What is the difference between decentralized exchange and other exchange.
Which is the best decentralized exchange?
The difference is clear and simple. On a decentralized exchange there is no owner and all trades go along the network ethereum. And in the centralized already there are owners and traded any coins. The best now is IDEX because there are the largest volumes and most coins. Which is the best decentralized exchange?
I like decentralized exchanges because they allow me to trade my altcoins without any listing, just using the token contract address. And though they don't have big volume they are good enough for small deposits and for beginners. I hope to see more DEXes soon, they need competition, as competition brings quality.
Decentralized exchange doesn't have control over your coin, you own your private key, if there's any loop holes in your wallet you are solely responsible for it
Decentralized exchanges are free of interference from owner or team so they are running solely on smart contracts, even login and wallet ids are created or entered through smart contracts, so these exchanges automate crypto trading and reduce risk of fraud, the only issue is lagging and slow pace and secondly poor user interface, among the current decentralized exchnages i think idex is better but they too need massive improvements.
The main advantage of Decentralized Exchanges is that they usually don't take any money for listing, thus you can trade almost all coins just after unfreezing. Another benefit is that they have very low fees. Unfortunately they have many disadvantages, and the main of them is low trading volume. All DEXes together has 5 times lower daily volume then Binance. So that the main reason why they are not so popular among big traders.
Decentralized exchanges are growing in popularity among crypto users who are disillusioned with the conflicting 'centralized' nature of crypto that has overcome the market. Furthermore, since the advantages have been laid out perfectly by everyone who has posted so far, I thought I'd include a couple of decentralized platforms that you can look into: OX protocol and OmiseGO. As cryptorTUX said, however, these platforms are still going through significant growing pains related to low trade volume, limited functionality/order types and overall a subpar user interface. That said, if you are one who holds privacy and security above all these factors then by all means do some research and use them.
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if an exchange run on the decentralized network then there won't be a centralized authority interpreting the system and involving the exchange that why crypto currency exchange is decentralised where is govt run exchange in stock market are centralised exchangers
Hello man! You have many centralized exchanges that are operating within crypto currency space alone. There are some decentralized exchanges but so far they are not perfect or they are having trouble with really low volumes where you can end up that your orders are not being filled or that you are unable to fill others.
So far there exists decentralized exchanges for Ethereum and it's tokens that work pretty good.
DEX os the way as it offers no verification needed and the ability to freely trade. I don't even mind if it has a bit higher fees as long as I know and am I sure that my funds are safe.
of course, decentralized exchanges have many advantages. But I'm afraid to trade on Etherdelta, since there were some problems. Well there is the Idex and Forkdelta. I hope that the OAX will be a great decentralized exchange.
Decentralization in general is an opportunity that is not just given to people, thanks to it you can honestly take part in trading on the exchange there will be no walls for sale and purchase, we all know that such things happen and very often. Therefore, one must strive to still accept and work on decentralization.
if an exchange run on the decentralized network then there won't be a centralized authority interpreting the system and involving the exchange that why crypto currency exchange is decentralised where is govt run exchange in stock market are centralised exchangers
I think the main advantage of decentralized exchanges is that they satisfy the basic principle of a decentralized currency, because there is no point in using a decentralized currency or asset in a centralized environment. The centralization of the exchange is contrary to the goals of using crypto currency. Decentralized exchanges in turn leave full control for users in the matter of owning their own currency.
Decentralized exchanges are the large market, we can sell our coin or token just using the smart contract only. So, no need to wait for listed on centralized exchanger for us to buy or sell token. We can buy a cheaper token also.
For decentralized exchanges, I used Fork Delta and Ether Delta
For decentralized exchanges, I used Fork Delta and Ether Delta
Decentralized exchanges arent really decentralized because theres still people who are handling the exchange,they can easily manipulate the prices for their own benefit,there are more downsides using these exchanges,the support doesnt exist if you have sent your assets into wrong wallet you are going to lose everything,which is why i prefered centralized than decentralized exchanges.
One clear benefit (there are other benefits too) is that you don't have a regulatory entity.
Bitcoin and the other altcoins are decentralized currencies: they eliminate the need to have an intermediary, one central entity which regulates everything.
In line with that idea, why would you need a centralized exchange where there is a third party that regulates everything related to exchanging currencies?
Decentralized exchanges are certainly the future step to eliminate this unnecessary intermediary.
Bitcoin and the other altcoins are decentralized currencies: they eliminate the need to have an intermediary, one central entity which regulates everything.
In line with that idea, why would you need a centralized exchange where there is a third party that regulates everything related to exchanging currencies?
Decentralized exchanges are certainly the future step to eliminate this unnecessary intermediary.
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