Why don't you use DEX? - page 3. | Bitcointalksearch.org

tyz

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Quote from: JustineCollins09 on January 16, 2024, 10:53:48 AM

I have read on the forum that people can still exchange their money for crypto currencies without kyc with bisq and robosats. then why many peoples don't buy their crypto's this way? Can't people withdraw them or what?

Decentralized exchanges usually do have higher fees and are not quite as easy to use as centralized exchanges. The freedom and independence comes at a cost, both in terms of fees and effort. Many do not want to accept this and their lower sensitivity for privacy are the causes they prefer to go to Binance and others.

Xal0lex

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Quote from: JustineCollins09 on January 16, 2024, 03:40:57 PM

any advantage over it which can out perform most of the advantages given by CEX?

The most important advantage of DEX over CEX is anonymity. Those who do not want to undergo KYC and want to maintain confidentiality usually use DEX. But this is not such an advantage, as there are CEXs that do not require KYC. And DEX is usually more expensive than CEX. You have to pay for anonymity.

JustineCollins09

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I got it. CEX is way easier to use and other things as said above by the respectable members. but Is there any reason to use DEX then, Would be considering they should be shut now? any advantage over it which can out perform most of the advantages given by CEX?

KingsDen

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Quote from: JustineCollins09 on January 16, 2024, 10:53:48 AM

I have read on the forum that people can still exchange their money for crypto currencies without kyc with bisq and robosats. then why many peoples don't buy their crypto's this way? Can't people withdraw them or what?

DEXs are not as popular as CEXs. Just like you mentioned only 2 DEX but you can mention upto 10 CEXs
DEXs are not user friendly. I mean the interface
You can easily be scammed on DEXs
CEX may help you recover your hacked or stolen coins

These and other reasons are why people patronizes CEXs more than DEXs. But then, people who are overly private will do anything to remain private.

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Quote from: Marvelman on January 16, 2024, 02:13:51 PM

In addition to everything others have already mentioned, I should point out that most new investors who buy crypto for the first time do not have a problem with their personal information for KYC because they are not doing anything illegal. Buying cryptocurrencies is not even taxable in most countries. Besides, there's no point in seeking anonymity if you're using a credit card to buy cryptocurrencies.

most people are getting acquianted first with CEX trading platforms before learning DEX. because that is true, most newcomers are using their credit/debit cards to purchase their first crypto, thus, submitting their kyc in the process. and most actually are not very cautious with their privacy when they are just starting in this market. they will understand more how to take care of their privacy later on.

Quote from: blckhawk on January 16, 2024, 12:36:06 PM

Quote from: OmegaStarScream on January 16, 2024, 10:56:08 AM

Because people find DEXes, when dealing with fiat at least to be less convenient, slower, and have a lack of liquidity so they don't mind giving up their identity if that means being able to buy and sell within a couple of minutes.

This is definitely my reason for why I still use CEX for when I'm dealing with my cryptocurrency or bitcoin in general, it's much faster as they've got the money to quickly do it and they've got more advertisements compared to DEX out there so you don't know which one's do a really good job not to mention that I feel like it's more easy to use CEX than DEX but that's just me, maybe I'm just too lazy to try out DEX.

liquidity is indeed important, especially if you are trading with other top alts. though there are some tokens that you can easily swap via DEX but in most cases, there are many traders in CEXs. giving a better room for executing your order in a fast manner, incurring small trading fees. the credibility is important when using trading platforms. this is why not many p2p platforms are known to traders.

Dr.Bitcoin_Strange

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People gets to know about DEX, like bisq, later after they might have started using centralized exchanges to trade their crypto currency. A very significant number of newbies who join the crypto space don't usually know about the risk of passing KYCs, so they just give off their identity information and would only realize the risk after spending time to learn more about crypto currency security and privacy. Again, from their thoughts it is easier for them to use decentralized exchanges.

When I got into crypto, the first few exchanges that my mentor directed me to use to buy my coins were about three tier one exchanges. I only got to know the importance of using DEX a few years after joining the space.

Marvelman

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In addition to everything others have already mentioned, I should point out that most new investors who buy crypto for the first time do not have a problem with their personal information for KYC because they are not doing anything illegal. Buying cryptocurrencies is not even taxable in most countries. Besides, there's no point in seeking anonymity if you're using a credit card to buy cryptocurrencies.

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Quote from: OmegaStarScream on January 16, 2024, 10:56:08 AM

Because people find DEXes, when dealing with fiat at least to be less convenient, slower, and have a lack of liquidity so they don't mind giving up their identity if that means being able to buy and sell within a couple of minutes.

Definitely true and this is in fact the reality on which people wont really be minding on exposing up their identity just for the sake of convenience on where CEX is really that giving.
Even myself would really be that much prefer on using up CEX all the time, the only thing that what you should really be minding on is on how you would really be storing up your coins
on which its never been that recommended that you would really be doing such thing considering that we dont possess the keys of such wallet and this is the main risks when dealing
up with these platforms on which on the time that they would really be hacked then there's no way that you could be able to take or get those coins back.

This is the only cons that i do see when it comes to hacking incident, plus also those possible lock up when you do able to hit up or violate something on which they could easily
block you up but when it comes to overall utility and usage and convenience then i could say that CEX is best.

blckhawk

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Quote from: OmegaStarScream on January 16, 2024, 10:56:08 AM

Because people find DEXes, when dealing with fiat at least to be less convenient, slower, and have a lack of liquidity so they don't mind giving up their identity if that means being able to buy and sell within a couple of minutes.

This is definitely my reason for why I still use CEX for when I'm dealing with my cryptocurrency or bitcoin in general, it's much faster as they've got the money to quickly do it and they've got more advertisements compared to DEX out there so you don't know which one's do a really good job not to mention that I feel like it's more easy to use CEX than DEX but that's just me, maybe I'm just too lazy to try out DEX.

mk4

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Very simple: Centralized exchanges are far easier to use, better bang for buck, and the fact that the masses barely know that these "DEXs" exist. Far more money to be made with centralized exchanges hence why they have a far higher advertising budget.

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Quote from: JustineCollins09 on January 16, 2024, 10:53:48 AM

I have read on the forum that people can still exchange their money for crypto currencies without kyc with bisq and robosats. then why many peoples don't buy their crypto's this way? Can't people withdraw them or what?

Centralized exchanges are mostly government approved exchanges, they are mostly trusted when it comes to exchanging your crypto for fiat because of their reputation and some governments has approved some of them; while DEXs are not mostly recognized by government because of their decentralized nature which include lack of KYC.
And the trading volume and Liquidity is also one of the main reasons just as others have clearly stated.

But when it comes to saving of crypto, avoid both of them and save your crypto in your wallet you can control and protect your private key.

348Judah

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Quote from: JustineCollins09 on January 16, 2024, 10:53:48 AM

I have read on the forum that people can still exchange their money for crypto currencies without kyc with bisq and robosats. then why many peoples don't buy their crypto's this way? Can't people withdraw them or what?

Most of the reputable decentralized exchanges like bisq don't advertise themselves like the way the centralized exchanges do, also, you can see another reason that they hardly enlist anyhow coin on their exchange unlike the way centralized exchanges do, so you can imagine a platform that has about 500 currency pairs for trading compared to where you could only discover 50 that alone is more convincing to them to use a centralized exchange because they can have varieties of choices to make with the kind of coins they wanted, other reason have been stated above like having comparison on their liquidity, history and background check of the developers, some were actually afraid they don't know much about decentralized exchanges, they had rather prefer a centralized one at the expense of their privacy.

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Quote from: dothebeats on January 16, 2024, 10:57:47 AM

2. People trust CEXs more because they've been around far more than DEXs. With CEXs, at least they can go after someone should worse comes to worst.

This is not one of the reasons. I do not even know the one that have been existing before another. Trading volume on centralized exchanges are far greater and people like to use something that government approved. Centralized exchanges looks more like brokers in Forex and people like such a thing as they abide to anti-money laundry and counter terrorism financing. People are ignorant and prefer what government move towards to.

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Quote from: JustineCollins09 on January 16, 2024, 10:53:48 AM

I have read on the forum that people can still exchange their money for crypto currencies without kyc with bisq and robosats. then why many peoples don't buy their crypto's this way? Can't people withdraw them or what?

Another thing aside what was mentioned in the first post is; most people always come across cex and before they get to know about cex they must have already done kyc and might see no reason to leave their cex account and move to a Dex.

This was what happened to me, I saw binance first and was already using it before I came to the forum and read about DEX and since I’ve already completed my kyc there’s no need for me to just abandon the account and migrate to a different exchange^{based on my experience, others might have a different reason.}

ImThour

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Lack of liquidity is one reason, not access to many shitcoins which people love to buy these days which exchanges can provide. Also, the fee on the DEX for Balance fill via Credit Card / Debit Card is way too much as compared to any CEX. I am sure CEX will stay strong if they keep adding features which makes life easier for a normie.

dothebeats

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Quote from: JustineCollins09 on January 16, 2024, 10:53:48 AM

I have read on the forum that people can still exchange their money for crypto currencies without kyc with bisq and robosats. then why many peoples don't buy their crypto's this way? Can't people withdraw them or what?

1. They are low on volume. Only a few people really utilize DEX since liquidity on such platforms are low.

2. People trust CEXs more because they've been around far more than DEXs. With CEXs, at least they can go after someone should worse comes to worst.

3. DEX platforms, while pretty straightforward, could confuse a lot of newbies who are used to CEXs.

OmegaStarScream

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Because people find DEXes, when dealing with fiat at least to be less convenient, slower, and have a lack of liquidity so they don't mind giving up their identity if that means being able to buy and sell within a couple of minutes.

JustineCollins09

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I have read on the forum that people can still exchange their money for crypto currencies without kyc with bisq and robosats. then why many peoples don't buy their crypto's this way? Can't people withdraw them or what?

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