Title: [2017-12-15] Decentralizing Centralized Exchanges Post by: CryptoBry on December 15, 2017, 06:32:08 AM Virtual currencies seem to be the way of the future. It offers decentralized freedom from both greedy governments and handsy financial corporations who are ready and willing to take your hard-earned money. Even though this is a common sentiment among crypto enthusiasts, these very same users are actually using centralized exchange platforms to keep their money. It may not be the bank holding their funds, but those funds are still being held, only now by the operators of the exchange. An additional threat to these centralized exchanges are hackers. Security breaches have been reported by many well-known exchanges, including Bitfinex, and more recently, NiceHash. As crypto’s popularity and adoption grows, so too does the need to have a safe and secure decentralized method to convert your fiat to crypto and vice versa. Blockchain seems to be the answer as its completely decentralized, which is one of its selling points, which will allow users complete control over what happens to the funds. Read more of this here... (https://bitconnect.co/bitcoin-news/868/decentralizing-centralized-exchanges/) Decentralized exchanges should now be the norm so that we can get away with the many problems and possible problems encountered by many centralized exchanges. It is quite ironic that we are dealing here with decentralized cryptocurrencies and yet we let our currencies to be stored in centralized platform. The time has come and it is even late for us to promote and use decentralized exchanges. What are the best decentralized exchanges we should use then? Please share if you know one... Title: Re: [2017-12-15] Decentralizing Centralized Exchanges Post by: IconFirm on December 17, 2017, 12:07:34 PM The solution is bisq (formerly bitsquare):
https://bisq.network/ I've been using it since it's inception. Centralized exchanges simply can't be trusted & go against everything crypto was intended for. Title: Re: [2017-12-15] Decentralizing Centralized Exchanges Post by: 1Referee on December 17, 2017, 02:36:23 PM Centralized exchanges simply can't be trusted & go against everything crypto was intended for. I fully agree to that, but the main point for the general public is the difference in convenience. As long as people value convenience over proper security and decentralization, not much will change I guess. Each time I have seen an exchange get hacked or whatever, people say we need decentralized exchanges, but thus far not much has changed in that regard. Sure, there has been a volume increase till where we stand right now, but it's nothing worthy in the way that it should convince people to shift. That there is less convenience is obvious, but how long does it take to execute let's say a Bitcoin to Litecoin trade? And in the same way, a trade concerning Bitcoin to USD? Title: Re: [2017-12-15] Decentralizing Centralized Exchanges Post by: dale1075 on December 18, 2017, 02:41:42 PM When Satoshi conceived the blockchain technology, his objective was to Decentralized all system transactions. To go away with the fees imposed by the banks and other financial institutions.
Title: Re: [2017-12-15] Decentralizing Centralized Exchanges Post by: BitHodler on December 18, 2017, 11:09:02 PM When Satoshi conceived the blockchain technology, his objective was to Decentralized all system transactions. To go away with the fees imposed by the banks and other financial institutions. Bitcoin as per design would cause the fees to increase as block halvings take place. It means that the fees would increase anyway, so the main goal has never been to get rid of the transaction costs imposed by centralized entities.It was just meant as peer to peer transaction tool, and it pretty much succeeded in that aspect. It is much needed in a time where we more than ever are relying on centralized entities to transact. Nowadays in well developed economies the far majority of the conducted payments happen online through centralized platforms, which will only grow further till we for more than 90% depend on these entities. It's a pretty scary thought if you tell me..... Title: Re: [2017-12-15] Decentralizing Centralized Exchanges Post by: vit05 on December 19, 2017, 03:50:44 AM We need to go beyond exchanges. There are several great projects on ethereum that could work as payments channels and exchanges. Things like Kyber, 0x, OMG and many other projects could give more liberty to people USE cryptocurrency.
Unfortunately, Bitcoin is a little more hard to work and use the possibilities of projects like the ones that I mentioned. Bitcoin maximalist tells that everything will be built as layers of Bitcoin, just like the Internet. I do not believe in that. I think Bitcoin will always be the king in a parliament system. Title: Re: [2017-12-15] Decentralizing Centralized Exchanges Post by: IconFirm on December 19, 2017, 10:12:11 AM The solution is bisq (formerly bitsquare): https://bisq.network/ I've been using it since it's inception. Centralized exchanges simply can't be trusted & go against everything crypto was intended for. I forgot to mention LocalBitcoins too. Not only is it more secure & usually faster than any exchange, but you will always get a better rate too. Title: Re: [2017-12-15] Decentralizing Centralized Exchanges Post by: cynical on December 19, 2017, 11:25:22 AM The solution is bisq (formerly bitsquare): https://bisq.network/ I've been using it since it's inception. Centralized exchanges simply can't be trusted & go against everything crypto was intended for. very interesting, I have not heard of this exchange before but after visiting the site it looks very promising. Bisq is an open-source desktop application that allows you to buy and sell bitcoins in exchange for national currencies, or alternative crypto currencies. this is very a very good point: Private – no one except trading partners exchange personally identifying data. All personal data is stored locally. thanks for posting this. I think in general people dont want to be handing over their personal identification documents in order to buy Crypto so going as much decentralised as possible is something we all should be taking further. |