While browsing the internet, looking at what seems to be the only thing I look at these days (cryptocurrency), I came across a Medium post that resonated strongly with me. If you want to read the original article, you can view it via this link.
The article talks about decentralized exchanges and how ironic it is that such a large majority of decentralized assets are held on centralized exchanges. I think it is important for people to recognize the power that decentralized exchanges provide compared to centralized exchanges.
Decentralized exchanges, unlike their counterparts, don't abide by the Know Your Customer regulations, allowing for much more anonymity. Of course, as an aspiring CPA I have to say you should always pay your taxes! However, if one wants to avoid paying taxes to a centralized government that uses the money to disempower its people, decentralized exchanges should be used as much as possible. This said, be careful to not throw around your personal identification if this is your intent. If your public key somehow gets linked to your personal identification, there is no hiding your transactions.
Additionally, decentralized exchanges provide much-needed protection from malevolent governments and other third party actors. As there is no central control point, it is impossible to take control of the entire system and/or seize all user's assets. The same can't be said about centralized exchanges which are susceptible to corrupt governments and hackers.
One thing the author mentioned I do, however, disagree with. He states that one downside to decentralized exchanges are their speed. Most everyone here can agree that not all decentralized exchanges are slow - just take a look at Bitshares! Bitshares can complete a transaction in just 1 second on average, that doesn't seem slow to me!
I would like to see what you guys think, thus I will leave you with a few questions:
- Do you primarily use a centralized or decentralized exchange?
- If you answered centralized what would it take for you to convert primarily to a decentralized exchange?
- When, if ever, do you think we will see the masses transition to using decentralized exchanges?
I look forward to your comments, have a wonderful day!
Join the BeyondBitcoin Communities
Please join in the discussions with us by becoming a member in ANY or ALL of the BeyondBitcoin and EOSTalk communities. We have a wealth of knowledge and information waiting for you.
Morte et Tributa Discord
MET related community and topic discussions.
https://discord.gg/PnhRA3
EOSTalk Discord
EOS.IO related community and topic discussions.
https://discord.gg/WaN27D2
Whaleshares Discord
Steemit community discussions, contests and events.
https://discord.gg/rQ5a9w
Project Milkbox Discord [NEW]
Project Milkbox community and topic discussions.
https://discord.gg/dw58678
Bitshares Discord
Bitshares development community and discussions.
https://discord.gg/z2MSfWg
DEX > CEX, no doubt about that!
I'd recommend anyone to pick the BTS DEX over CEX anyday!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@cm-steem 100% agreed! Hopefully we will see the masses shift to DEXs in the near future. I would like to hear the opinions from those who solely use CEXs. I definitely can see. It is all about identifying the issues people have with DEXs and either fixing them, or if the problem doesn't exist, clearing any misconceptions.
Thanks for the comment!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I would still prefer centralized although there are some advantages we can get from using decentralized like the privacy part. Im using binance and kucoin as my exchange and so far Im really satisfied with what is happening especially in kucoin. Got some pretty good news recently, thought I'd share to you all... https://ambcrypto.com/kucoin-invests-3-million-in-australias-local-exchange-bitcoin-australia/
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit