Unfortunately market is not going to change bit. Though we had bad experiences about the centralized exchanges and which is nothing new, people have always invested heavily into them and only use them for the purpose of volume, quick payment methods, staking features and high liquidity. They know that these features can not be provided by the decentralized exchangers. If they do then they are mostly shitty and not up to the standards of centralized exchangers. Obviously the second one has high roller investments, they can easily put money into the feature addition and do it with hired employees working around the clock for them. Considering all these facts I hate to say, decentralized exchanges won't be around in the future. May be centralized one will get stronger, will give more freebies to attract more commission and investors.
Topic: What's your opinion on the future of Decentralised exchanges - page 6. (Read 1383 times)
For me, Centralized Exchange will stay and Decentralized Exchange will too. There will be more adjustments,s especially in trading volume, if the issue just like what happened to FTX Exchange will continue with other exchanges, I believe that people will start not to trust centralized exchanges anymore, they will just deposit on centralized when they want to use and for sure volume of decentralized exchanges will increase massively.
Even decentralized cryptocurrency exchanges' own tokens or defi projects' own tokens are competing to be on Binance. We really live in a great contradiction... Of course, there are several logical reasons for this, but by now decentralized exchanges should have been more popular and had market dominance. However, there is no such image in the market. I want decentralized exchanges to be in a better position, but I don't have optimistic forecasts about them when I'm realistic...
let's face the reality that we still need the services of CEXs. we can't get it all from DEXs. but when you deal with any CEX, make sure the platform is reputable. at least you can get in and out your money without any trouble. also, there are services in CEX that you can't find in DEX, like p2p services, where you can convert your crypto directly to your own fiat. mostly DEX are offering USDT or other stable coin. definitely, the need for DEX is always there, however, it depends on the platform itself how they will survive with the competition, just like with CEXs.
Even decentralized cryptocurrency exchanges' own tokens or defi projects' own tokens are competing to be on Binance. We really live in a great contradiction... Of course, there are several logical reasons for this, but by now decentralized exchanges should have been more popular and had market dominance. However, there is no such image in the market. I want decentralized exchanges to be in a better position, but I don't have optimistic forecasts about them when I'm realistic...
let's face the reality that we still need the services of CEXs. we can't get it all from DEXs. but when you deal with any CEX, make sure the platform is reputable. at least you can get in and out your money without any trouble. also, there are services in CEX that you can't find in DEX, like p2p services, where you can convert your crypto directly to your own fiat. mostly DEX are offering USDT or other stable coin. definitely, the need for DEX is always there, however, it depends on the platform itself how they will survive with the competition, just like with CEXs.
Even decentralized cryptocurrency exchanges' own tokens or defi projects' own tokens are competing to be on Binance. We really live in a great contradiction... Of course, there are several logical reasons for this, but by now decentralized exchanges should have been more popular and had market dominance. However, there is no such image in the market. I want decentralized exchanges to be in a better position, but I don't have optimistic forecasts about them when I'm realistic...
even though some exchanges like binance and any similar platform was said to be relatively unsafe mainly because there has been so many incidents involving similar platform and causes the masses to lose their money, I think the average people would just stick with this platform because of simplicity and convenient, the thing is, the flow of exchange like uniswap is still quite confusing for some people which don't really know technology very well.
even though i'm sure that even in the future both platform will still coexists just like right now.
even though i'm sure that even in the future both platform will still coexists just like right now.
Will decentralised exchanges get more attention now that FTX secrets is all out? Will people now trust decentralised exchanges more than centralised exchanges? Cos the only thing still standing tall right now is Binance, I believe this is the only CEX people still give full face 😂 but it seems like Uniswap and Pancake will take the lead in near future?
The attention given to decentralized exchanges is shortlive. People are still int centralized exchanges because of the ease of using and the availability of tokens to be traded. Aside from that there is also an issue with liquidity because I personally experienced that trading in centralized exchanges gives better profit than trading on decentralized exchanges.
As a trader, I would go where there is more profit and that is using centralized exchanges.
yes, most important fact is kucoin doesn't require to ask kyc that is a big reason it is my most favorite exchange even sometime it is my first priority than binance. lowest transaction fees and opportunity to trade minimum 5$, it’s right peoples still trust centralized exchange over decentralized exchange in various reasons.
Binance was like that before, actually, they're bought popular but it just so happen that Binance has taken the spotlight and became more popular. But until kucoin becomes on the eyes of the regulators, it's not going to be long that they'll start asking for KYC for all of their level 1 customers. Just as binance, they have enforced it to all of their customers and if you don't, you'll be asked to just withdraw your money and that's the only feature that will be allowed if you're not kyced complete.
Will decentralised exchanges get more attention now that FTX secrets is all out? Will people now trust decentralised exchanges more than centralised exchanges? Cos the only thing still standing tall right now is Binance, I believe this is the only CEX people still give full face 😂 but it seems like Uniswap and Pancake will take the lead in near future?
It is undeniable that the FTX incident really rocked. especially now that there are several issues related to centralized exchanges that are associated with various regulations and laws in a particular place or country. This is really going to be troublesome and worrying. Indeed, nothing is safe in centralized exchanges because of this incident. With this, that's why at this time it's possible that many people are finally starting to study and explore Decentralized Exchanges where we can be more flexible to manage ourselves there without having certain conditions like in CEX. Not only that, DEX is not regulated by the government so that it is possible not to have significant problems with various government regulations so far. 
Decentralized exchanges are the future IMO, as people have lost faith in centralized exchanges. Yes, you have to pay the gas fee on every transaction but it is still good at least these funds will be in the wallet whose private key you have. Because we have seen that people who trusted these centralized exchanges had held their funds in their wallets they lost their funds. And we saw the way the founders of the centralized exchanges Gambled with their user's funds.
They lost it, and they'll find it. Is this the first time? It was so in 2018, now it's lost in 2022. If things worked the way you describe, many altcoins would never be popular again because people lost faith in them. The market is cyclical, so the bearish sentiment will disappear very quickly with the arrival of money in the crypto market. With the money coming in, more trading on the exchanges will start again and people will start making deposits there with the former popularity, and maybe more.
Decentralized exchanges are the future IMO, as people have lost faith in centralized exchanges. Yes, you have to pay the gas fee on every transaction but it is still good at least these funds will be in the wallet whose private key you have. Because we have seen that people who trusted these centralized exchanges had held their funds in their wallets they lost their funds. And we saw the way the founders of the centralized exchanges Gambled with their user's funds.
Not true. There's Kucoin still at large and they don't demand high transaction fees.
That's my number 2 go-to exchange and it doesn't change up until now. I still cannot find a worthy competition to switch to something new after Poloniex failed me before due to customer support issues.
Decentralized exchange had been a big question before on where they keep the seed phrase of their customers, it's also prone to hacking and we don't want that happening.
I don't want to be a hypocrite but that's the truth imho, I'd choose reputable CEX than risk it with DEX.
yes, most important fact is kucoin doesn't require to ask kyc that is a big reason it is my most favorite exchange even sometime it is my first priority than binance. lowest transaction fees and opportunity to trade minimum 5$, it’s right peoples still trust centralized exchange over decentralized exchange in various reasons. That's my number 2 go-to exchange and it doesn't change up until now. I still cannot find a worthy competition to switch to something new after Poloniex failed me before due to customer support issues.
Decentralized exchange had been a big question before on where they keep the seed phrase of their customers, it's also prone to hacking and we don't want that happening.
I don't want to be a hypocrite but that's the truth imho, I'd choose reputable CEX than risk it with DEX.
Not true. There's Kucoin still at large and they don't demand high transaction fees.
That's my number 2 go-to exchange and it doesn't change up until now. I still cannot find a worthy competition to switch to something new after Poloniex failed me before due to customer support issues.
Decentralized exchange had been a big question before on where they keep the seed phrase of their customers, it's also prone to hacking and we don't want that happening.
I don't want to be a hypocrite but that's the truth imho, I'd choose reputable CEX than risk it with DEX.
That's my number 2 go-to exchange and it doesn't change up until now. I still cannot find a worthy competition to switch to something new after Poloniex failed me before due to customer support issues.
Decentralized exchange had been a big question before on where they keep the seed phrase of their customers, it's also prone to hacking and we don't want that happening.
I don't want to be a hypocrite but that's the truth imho, I'd choose reputable CEX than risk it with DEX.
In my opinion, the future of decentralized exchanges is very promising especially when it comes to security. You have the keys to your wallet when you are trading on decentralized exchanges of which centralized exchanges does not offer - which is the main advantage of decentralized exchanges over centralized exchanges. However, decentralized exchanges (DEX) have some limitations when compared to centralized exchanges. Centralized exchanges enables users to trade on many crypto assets while DEX only deals on one blockchain network except for DEX that have bridge capability such that you can trade on different blockchains which is still limited in most bridge DEX platforms. However, Centralized exchanges have their peculiar benefits which will continue to be attractive to users. What is important for traders is to ensure they trade/use only the funds they can afford to lose in centralized exchanges since they don't have the keys to their wallets, while owners of centralized exchange platforms will have to take extra precautionary measures to ensure that investors funds are safe and secure. FTX collapse should be an eye opener for both investors and owners of crypto trading platforms.
Will decentralised exchanges get more attention now that FTX secrets is all out? Will people now trust decentralised exchanges more than centralised exchanges? Cos the only thing still standing tall right now is Binance, I believe this is the only CEX people still give full face 😂 but it seems like Uniswap and Pancake will take the lead in near future?
The FTX issue didn't really kill CEX as a marketplace, it instead killed the idea that exchanges are supposed to be used as wallets, if I were to make it easier, it's like a small part of its entire existence was finally brought to light and was finally realized to be dangerous. It might actually just make other exchanges grow really, and more laws and regulations be placed so as to avoid the same issue from repeating itself. DEX would stay as well imo, there are some people who still like using it and with a market, the business would naturally stay as well.
if you ask about safety of course decentralized exchange over centralized exchanges.
bcoz user's have no control with cex, after will make deposit on the cex btw in the dex user's can anything and there are no need to complete kyc also no registration. only a reason i don’t like dex, bcoz it’s lack of liquidity.
bcoz user's have no control with cex, after will make deposit on the cex btw in the dex user's can anything and there are no need to complete kyc also no registration. only a reason i don’t like dex, bcoz it’s lack of liquidity.
I can also add what makes DEX unique. It's the ability to pay for a transfer and not get the service required. Many people don't want to mess with DEX because the hassle with smart contracts and their calling, which costs money, is sometimes discouraging. CEX is much easier for the average user who doesn't want to deal with all the smart contracts, bridges, blockchains, wallet connections and stuff like that. He just needs to quickly and conveniently exchange one currency for another without any slippage, without any fees for calling up a smart contract and cancelling the exchange due to incorrect or expired quotes.
Fees are a huge problem, especially when people are required to pay each time they perform an action on a DEX. I guess that's why many won't abandon centralized exchanges even though these don't provide self-custody of coins. If developers would've improved the user experience of DEXs, such platforms would've been a big hit by now. Fortunately, there are Layer-Two scaling solutions being built on popular blockchain networks (mainly ETH) to help address the "high fee" issue. I think this may just be the beginning of a long journey for DEXs.
As with any new technology, there will be flaws and many other issues. But things will improve as developers continue to put their time and effort into it. Maybe sometime in the future DEXs will become a viable alternative to CEXs? No one can predict what will happen in the long term, so we can only hope for the best. Just my opinion
I can also add what makes DEX unique. It's the ability to pay for a transfer and not get the service required. Many people don't want to mess with DEX because the hassle with smart contracts and their calling, which costs money, is sometimes discouraging. CEX is much easier for the average user who doesn't want to deal with all the smart contracts, bridges, blockchains, wallet connections and stuff like that. He just needs to quickly and conveniently exchange one currency for another without any slippage, without any fees for calling up a smart contract and cancelling the exchange due to incorrect or expired quotes.
Fees are a huge problem, especially when people are required to pay each time they perform an action on a DEX. I guess that's why many won't abandon centralized exchanges even though these don't provide self-custody of coins. If developers would've improved the user experience of DEXs, such platforms would've been a big hit by now. Fortunately, there are Layer-Two scaling solutions being built on popular blockchain networks (mainly ETH) to help address the "high fee" issue. I think this may just be the beginning of a long journey for DEXs.
As with any new technology, there will be flaws and many other issues. But things will improve as developers continue to put their time and effort into it. Maybe sometime in the future DEXs will become a viable alternative to CEXs? No one can predict what will happen in the long term, so we can only hope for the best. Just my opinion
With increasing regulatory pressure from mainstream governments, developers of DEXs would have no choice but to make KYC mandatory to prevent their project from being shut down for good. Once that happens, there would be virtually no difference between a decentralized and a centralized exchange. What makes a DEX unique is the ability to trade cryptocurrencies without revealing any personally-identifiable information. When you add KYC to a DEX, you'd be introducing a single point of failure (which is something crypto/Blockchain tech was meant to avoid in the first place).
Crypto is heading towards a dark future after the Terra/LUNA and FTX collapse, so we should expect further centralization down the road. Just my opinion.
Crypto is heading towards a dark future after the Terra/LUNA and FTX collapse, so we should expect further centralization down the road. Just my opinion.
I can also add what makes DEX unique. It's the ability to pay for a transfer and not get the service required. Many people don't want to mess with DEX because the hassle with smart contracts and their calling, which costs money, is sometimes discouraging. CEX is much easier for the average user who doesn't want to deal with all the smart contracts, bridges, blockchains, wallet connections and stuff like that. He just needs to quickly and conveniently exchange one currency for another without any slippage, without any fees for calling up a smart contract and cancelling the exchange due to incorrect or expired quotes.
Lack of liquidity means something totally different from what FTX was also having as their main problem. This is why it's clear that we shouldn't really consider doing any business with them, they ended up not with just liquidity problem, but faking the liquidity and the numbers in users accounts as well.
~snip~
^This is the problem with the decentralized exchange, lack of liquidity but I think it has a solution to this problem. If all traders will go to a decentralized exchange and use like they forget to use a centralized exchange, this liquidity problem will be solved. Because there are a lot of traders, the problem is using a decentralized trading platform is not good for beginners because there is no representative or customer support to help you once your money is lost. We are hoping that this will happen, traders should know that it is better to use a decentralized exchange than the centralized exchange that controls our fund. Those centralized wars exposing their shits will really help us. ~snip~
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