Topic: Why don't you use DEX? - page 2. (Read 530 times)

Only 2 Real DEX's out atm with every component decentralized including orderbooks, no middlmen services

Katomic Dex ----> aka Komodo Wallet, aka atomic dex, aka hyperdex, aka barrrterdex, aka ....   been made aged a fine wine over the years
Qortal ---->  new and working now

Both use Real Atomic Swap Tech, even though qortal has not opened the ability yet to crosschain trade directly from x coin to y coin the ability is their so dont let the platforms coin fool you it dont work the same like all these bullony dex's that claim to be decentralized...   

Cexs just offers beginner friendly environment. It's primary advantage is the ease of use and wide variety of features compared to dexs. DEX is more expensive compared to CEX, every move need gas fee, the cost depends on the blockchain that you are using but generally it is more expensive than CEX. I think we need more user friendly DEX to be made next bull market, popular dexes has a good UI but I believe we need better.

Well first of is convenience I think or they are trading other altcoins that arent listed on bisq. Many people are doing more trading on alts than simply bitcoin thats why they prefer some big exchange with different  shitcoins, meme or different L2s.

Also the restriction maybe on their country they are required to use certain exchanges or the one aligned with the SEC or government ruling.

Nice question op. On my own opinion, many people are not using Decentralized Exchange because of the Price differences. The vendors in decentralized exchanges buy Bitcoin with a lower  than the vendors in centralized exchanges. If I sell 0.001 Bitcoin as the rate $45 in Binance then the decentralized exchanges would reduce that amount and sellers of Bitcoin like to sell them in higher prices so most people would like patronize centralized exchanges more than decentralized exchanges base on Price differences.

For some people, it's a different stroke. Some people prefer trading crypto without going through KYC above the high liquidity, a wide range of supported cryptocurrencies, additional features, ease of trading execution of crypto to fiat, and fast time frame of trading execution of CEX since DEX often operates on blockchain networks.

I don't know the exchanges you use, but If the exchange is truly decentralized, then it is great for peer to peer trade. When you use a decentralized exchange for p2p, you basically trade with the other party directly, without submitting any KYC documents and without the exchange hodling your funds as a third party. Mind you that when you use the "p2p" option in a centralized exchange, you aren't actually trading p2p since the exchange acts as the intermediary and hodls the funds before the trade is complete, thus it isn't truly p2p.

Here are a couple of reasons from the top of my head:

- There are no shitcoins, and usually people get into cryptos for getting rich quickly.
- They've spread their personal documents in quite a lot of places already, so they don't care doing it again.
- They don't know KYC might pose them a threat.
- There is less liquidity.
- There is no marketing, as with affiliate links and advertisements, which draws the attention.

yeah. people really are willing to give up on their identity because of little convenience but I think it is a natural thing. humans are natually impatience specially when there are alternative and faster ways they don't see the bigger picture.
and the lack of convenient in DEX is also a problem. I wish they could've solved that. then it would've been a lot better for everyone to get rid of CEX and completely live on DEX exchanges. I mean no one like KYC. everyone do that because of that particular reason.
I myself use DEX whenever I can. they are good source for trading/swaping tokens. they just not good for P2p.

I think that the same users who know about the subject tend to externalize based on their knowledge and the reality is that people are in CEX because they are better advertised and other users who are in Dex because they got there, from that group of users, only a few have the knowledge that It means a Dex or Cex.

Finally, the issue is not whether I use them or not, It is understanding, then take advantages.

You know what? Even if you have a reliable source that says centralized exchanges X is going to collapse tomorrow and this indeed is confirmed to be true, some people will prefer to keep the rest of their coins on centralized exchanges X until they confirmed that the source before they will withdraw their money. That shows you how condemned the centralized exchanges has capture the attention of everyone, they just don't care about privacy nor what happened if these exchange run off one day.

Many people that come to crypto today are been introduce to centralized exchanges even before they learn about bitcoin and other coins because the first thing they think of is how to buy and sell and when they eventually get money, that's the place they go, that said.

Now. We have very few Dexes and most of them aren't interoperable, you can't just buy all the type of coins in a single chain. If you want to buy a coin that is having it's own native chain, you have to buy it on the dedicated decentralized exchange or you have to go extra mile to use a bridge or switch of the chain is EVM compatible and these process looks complex for newbies. Some centralized exchanges operate like brokers which are the conventional way of trading but Dexes don't operate on oder book system but on liquidity pools. This might look complex for a new person that is new to crypto.

those who are very serious about privacy certainly use DEX. no problem with withdrawals or deposits that take quite a long time if dealing with fiat. if the interest is only selling or buying, you may still be comfortable using DEX. but for those who want to trade with better trading volumes, of course, there is another option by using CEX. although it requires submitting their data for KYC verification.
and for trading, perhaps DEX users will experience higher fees than those trading on CEX.

everyone has their own choice. I think nowadays users also have both. especially for some assets that have just been listed on DEX. while perhaps for CEX users, there are several other reasons such as convenience that make them not use DEX.

This is true, word of mouth has been effective way of advertisement from the centralized exchanges. Like if someone has received some airdrop from a particular exchange, he'd spread that out to his friends and will say that it was a better compared to the decentralized exchanges.

I've known a lot of people that are like that. They don't have an idea about the actual movement of crypto and they're stuck to what they've been doing like that with P2E games and just by simply doing airdrops. It's a repetitive cycle that they've been doing and known for it and staying only to centralized exchanges where they're focused with for those rewards that they might receive because that is where the money is going for most of them.

While this may be true, I'm afraid the real reason why the huge majority, the masses, are using CEx rather than DEx is that CEx brands are popular. They're the ones that are noticed everywhere, recommended, talked about, and so on.

I have a number of friends and acquaintances who are using Binance because it is the only exchange they know. As a matter of fact I talked to somebody who is playing a pay-to-earn blockchain game who is so ignorant about Bitcoin that he hasn't heard about SegWit and Lightning and DEx but has an account in Binance. The power of word of mouth.

I'm not sure but I could imagine so? transacting significantly huge amounts could be a problem though. While it is geared for people wanting more security and privacy during trades there are a couple of drawbacks like lower liquidity, not so competitive prices and not so beginner friendly interface.

I wouldn't call robosats a dex though since it's not decentralized and they never claim this too afaik. However it is a def a privacy/security oriented platform.

Aside from liquidity, there are various reasons like comfortability and that's why people prefer the cexes instead the dexes.

It is a good option if you don't like to pass on KYC which is mostly being asked by the cexes and if there are still some cexes that don't ask for KYC, they are very few nowadays. As for the dark web and stuff, how did you conclude with that matter? It doesn't makes sense because DEXes are for everyone too.

To my understanding why people dont use Dex is because of liquidity problem. Most times when you want to swap your coin it will require a higher fee to swap it especially shitcoin somtimes you will set the tolerance at higher number yet it wouldn't still swap. And also in trust wallet if You don't have bnb coin as a transaction fee you won't be able to send or swap your coin. but in Cex you can sell your coin in an instant without hesitation or send to another wallet. In Cex you can sell for Fiat while on Dex you will need to send from Dex to cex for Fiat exchange. So Cex is far better than Dex but due to kyc on cex and the total coin held on cex is controed by Cex and makes it more risky for the participants. Due to high level of insecurity because it can shutdown at anytime anyday, that made people not to put their mind on it. If not Cex is far better than DEX.

   DEX does not have alot of personal information which makes it difficult to constantly watching over transactions ,they don't accept KYC's verification and its not easily used because of its little problems unlike CEX.
 
  In terms of DEX working ability of fund its smaller than a mainstream exchange bringing about lower cash across it and its focused at rounding up transaction very cheaper and faster than CEX, their crypto exchange is never equal to individual seller,rather they get potential market makers or AMMS to get coin for you. 

It's funny how you can make such conclusion, so any person who want to protect his privacy is a criminal?

DEX is good to escape from dictatorship where the government always ask every people to report all of their earnings, but there are a lot people take advantage over someone wealth e.g. criminal who want to rob your money, government who want to tax your wealth, etc.

So, people among dark web use this? Is it a good option?

Well, I would say, the advantages are obvious. DEX stands for decentralized exchange, it means that there is no central entity that controls the funds. DEXs are hard to shut down or hack. You can use them anonymously without kyc verifications and other legal hassles. No one will block or freeze your funds. And very often, people use them to trade coins and tokens that are otherwise not available on centralized exchanges