Exchanges will definitely not disappear because some people are just not technically adept enough to make use of atomic swaps.
Think about how many people only use Coinbase or other exchanges to hold their Bitcoins and altcoins.
I'm sure that there are many other reasons why people will continue to use centralized exchanges, aside from ease of use for newbies.
That said, I really hope atomic swaps will arrive sooner rather than later. At least lightning network is further than I originally thought.
Topic: Will atomic swap cut exchanges participation in he cryptosystem? (Read 182 times)
December 12, 2017, 09:31:06 AM
I don't expect exchanges to be replaced any time soon:
- Atomic Swaps are very promising, but they aren't used yet (except for some experiments, I know).
- Once it's actually working, each and every altcoin would need to implement it before it can be used. This may or may not be easier than getting listed on an exchange.
- Many traders keep "their" coins on exchanges, without ever installing hundreds of different wallets. To use Atomic Swaps on any altcoin, you'll at least need to install it's wallet, and maybe even download it's complete blockchain. Unless a new wallet service pops up that allows you to do all this from one wallet again.
- This can be safer, as you'll actually own your own private keys and exchanges often get hacked, but many people have lost their coins from their own computer too.
- I'm not an active trader, but in my experience exchanges don't charge much in fees. 0.25% is usually less than the price difference between different exchanges. So it'll depend on the order book which one I'll choose. I welcome competition though!
I think the need to have wallets for each coin is the strongest argument. Maybe an application will really be developed for that.
Also, the need to update the code. I can see a lot of hassle in the communities this would cause.
Would be nice anyway to have a fully implemented atomic swap protocol.
December 12, 2017, 09:14:21 AM
I personally wouldn't care about the fees when I'm sure that my funds are secure and that's the case in Atomic swaps case, It may take some time but the end of centralized exchanges is definitely there and you can check altcoin.io, It should launch in Q1 2018.
December 12, 2017, 08:58:36 AM
If Atomic Swaps are successful in creating a decentralized system for exchanging coins, would that mean that exchanges are not needed anymore? At least to the extention they are today.
I don't have much of the technical knowledge to fully comprehend atomic swaps, but I assume that exchanges would be simply a place to anounce your offers, pretty much like a marketplace for bartering. Maybe they'll charge so that you can be a member, but in the end they will not hold your assets anymore.
Is that possible? Am I understanding this correctly?
I don't have much of the technical knowledge to fully comprehend atomic swaps, but I assume that exchanges would be simply a place to anounce your offers, pretty much like a marketplace for bartering. Maybe they'll charge so that you can be a member, but in the end they will not hold your assets anymore.
Is that possible? Am I understanding this correctly?
Exchange platfrorms might really turn into something like an "crypto Craigslist" or "crypto eBay",but the average user will still have to pay listing fees to list their offers.They will still be needed as a "middle man" on the marketplace.Atomic swaps are a good idea,but they doesn`t look very user-friendly for the less experienced users.
December 12, 2017, 08:33:58 AM
I don't expect exchanges to be replaced any time soon:
- Atomic Swaps are very promising, but they aren't used yet (except for some experiments, I know).
- Once it's actually working, each and every altcoin would need to implement it before it can be used. This may or may not be easier than getting listed on an exchange.
- Many traders keep "their" coins on exchanges, without ever installing hundreds of different wallets. To use Atomic Swaps on any altcoin, you'll at least need to install it's wallet, and maybe even download it's complete blockchain. Unless a new wallet service pops up that allows you to do all this from one wallet again.
- This can be safer, as you'll actually own your own private keys and exchanges often get hacked, but many people have lost their coins from their own computer too.
- I'm not an active trader, but in my experience exchanges don't charge much in fees. 0.25% is usually less than the price difference between different exchanges. So it'll depend on the order book which one I'll choose. I welcome competition though!
December 12, 2017, 08:02:30 AM
If Atomic Swaps are successful in creating a decentralized system for exchanging coins, would that mean that exchanges are not needed anymore? At least to the extention they are today.
I don't have much of the technical knowledge to fully comprehend atomic swaps, but I assume that exchanges would be simply a place to anounce your offers, pretty much like a marketplace for bartering. Maybe they'll charge so that you can be a member, but in the end they will not hold your assets anymore.
Is that possible? Am I understanding this correctly?
I don't have much of the technical knowledge to fully comprehend atomic swaps, but I assume that exchanges would be simply a place to anounce your offers, pretty much like a marketplace for bartering. Maybe they'll charge so that you can be a member, but in the end they will not hold your assets anymore.
Is that possible? Am I understanding this correctly?
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