Why are centralized exchanges still dominating the crypto space? - page 6.

taratorly

member

Activity: 258

Merit: 10

Quote from: Abiky on April 11, 2019, 08:02:11 PM

Ever since Bitcoin launched back in 2009, the rise of centralized exchanges has been inevitable. A few years later, and now the whole crypto market is dominated by centralized exchanges. While there have been many alternatives to the solution (such as decentralized exchanges), people are still performing trades at centralized entities.

Now the real question is why this is happening, since after all, Satoshi intended Bitcoin to be free from middleman or third parties? Depending on an exchange or custodian, greatly defeats the purpose of true decentralization. Knowing how oppressive some governments are, it'll be easier for them to stop usage of crypto whenever they want to by just targeting centralized exchanges.

Nonetheless, what are your thoughts about this? Huh

I think people always care about having a conversation. You know, there's no one in DEX. Just confront buyers and sellers. In fact, the future of the business is definitely in the DEX. But places that need to be very careful during trade.

BusWay18

jr. member

Activity: 154

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I think is psychology trader cause when first crypto exchange is central no dex...cause easy to use...but now binance wat to change to dex...is good sign for dex...people slow Will learn to use dex for security their asset

Emmy92

jr. member

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You are entirely right, decentralized exchanges is the main motive but time changed everything. The reason most people always go for centralized exchanges is due its User Interface, User friendliness, efficient trading tools and most have high trading volumes etc.

Abiky

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Quote from: mrdeposit on April 12, 2019, 05:48:37 PM

Firstly, centralized exchanges are more useful than slower decentralized ones. Secondly, this is our own mistake. It seems that centralized exchanges have influenced the psychology of the majority and everyone wants the coin to be listed in them.

That's certainly true, mate. Centralized exchanges have greater performance, better trust, and ease of use than decentralized exchanges. That's the main reason why most people prefer to use them on top of decentralized solutions. What I've noticed is that people prefer to use what's easier for them, instead of what's safer. It's a matter of convenience than safety in most occasions. But the hard truth is that centralized exchanges are susceptible to hacks and government manipulation anytime.

Because of the facts said, I believe that we will continue to trade crypto in a centralized manner. After all, the liquidity is much higher on centralized exchanges than decentralized ones. The only reason I see for people to use decentralized exchanges altogether, is that all the governments worldwide take oppressive action against centralized entities. Other than that, people will continue to use centralized solutions on top of decentralized ones for a long time.

Nonetheless, a truly decentralized world is very unlikely to become a reality in the future. Just my opinion

thd26bct

member

Activity: 300

Merit: 93

For crypto new comers, centralized exchanges are better for them, and are their favorite choices.
Some potential reasons are: They don't have knowledge and skills to secure their own private keys, their wallets, and recover their wallets from private keys. They (me too) in early days in crypto, even don't know how to activate 2FA. I do not shamed to admit that. So, it turns to be so complicated for them to join decentralized exchanges at their first days in crypto.
Over time, they tend to familiar with centralized exchanges, and sticked to them, not care about switching to DEX.
For investors, or traders who don't have interests to diversify and spread their money out to other exchanges to find out chances for their investments, I don't think they have reasons to move from centralized to decentralized exchanges.

Chomsy

copper member

Activity: 364

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Quote from: coffeeastronaut on April 11, 2019, 08:46:40 PM

habit of old traders and marketing power I assume

Hahaha.. Sometimes I get confused on which is centralised and decentralised exchange. I really do not care these days, once I can make my trade and get fiat, then am good.

JeffBrad12

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Leading Crypto Sports Betting & Casino Platform

Quote from: glendall on April 12, 2019, 01:11:10 AM

in my opinion why many people prefer centralized because they don't have to bother having to fill in the wallet key code,
and other reasons because exchange centralized is already considered like a wallet for storing assets

it's not because i have seen some people are asking for the wallet because they don't know how to store it. that's why they are still keeping their crypto in the centralized exchange site wallet. centralized exchange site ease for use that should the main reason why they still prefer using centralized exchange site.

mrdeposit

hero member

Activity: 1358

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Firstly, centralized exchanges are more useful than slower decentralized ones. Secondly, this is our own mistake. It seems that centralized exchanges have influenced the psychology of the majority and everyone wants the coin to be listed in them.

glendall

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in my opinion why many people prefer centralized because they don't have to bother having to fill in the wallet key code,
and other reasons because exchange centralized is already considered like a wallet for storing assets

Yudhisthir

full member

Activity: 1060

Merit: 103

There are many reasons why people prefer centralized exchange to decentralized one.
Ease of use, people are used to the UI and UX. There is a learning curve for dex.
Lower fees and higher volume in centralized exchange.
Proper support to look at any technical or manual problems.
But all of them can be improved with stiffer competition.

coffeeastronaut

newbie

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habit of old traders and marketing power I assume

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Ever since Bitcoin launched back in 2009, the rise of centralized exchanges has been inevitable. A few years later, and now the whole crypto market is dominated by centralized exchanges. While there have been many alternatives to the solution (such as decentralized exchanges), people are still performing trades at centralized entities.

Now the real question is why this is happening, since after all, Satoshi intended Bitcoin to be free from middleman or third parties? Depending on an exchange or custodian, greatly defeats the purpose of true decentralization. Knowing how oppressive some governments are, it'll be easier for them to stop usage of crypto whenever they want to by just targeting centralized exchanges.

Nonetheless, what are your thoughts about this? Huh

Topic: Why are centralized exchanges still dominating the crypto space? - page 6. (Read 13127 times)