Bitcoin Forum

I have created this post to discuss and comment generally about exchange decentralization



What are the benefits of  decentralized exchanges?



BTCDo you know any?



BTCHow has been your experience with them?



BTCWhat benefits / extras do they offer?



BTCHave you heard of some new exchanges projects that got your attention? and why?



Personally I made my research and read about one called BitHemoth, it is on its initial phase and what they are going to offer is quite unique, such as their own hardware wallet, and debit cards to use you assets without converting them to fiat first here I leave the links https://bithemoth.com/ (https://bithemoth.com/)  https://youtu.be/gI2pGcuAaIY (https://youtu.be/gI2pGcuAaIY) let me read your opinions

We need decentralized exchanges; to avoid a single point of failure (More like redundancy), we need decentralized exchanges to reduce the rate of Hacks and theft of funds, We need decentralized exchanges to maintain our  privacy! We need decentralized exchanges for faster more secure trades, We need decentralized exchanges to avoid issues of identity theft resulting from mismanagement of personal data by centralized exchanges. We need decentralized exchanges to drive a decentralzed technology "Blockchain" we need decenralized exchanges to revolutionalize   our world!

A decentralized system is more secure so its much better if we have one exchange that is not controlled by a single entity. Fraud is rampant in a centralized system that's why satoshi created this blockchain technology to correct the errors of a centralized system and might as well eliminate fraud caused by people.

We are moving forward to the digital future and there will be more hacking incidents that will happen and for us to avoid those we need more decentralized system of exchanges for our own security.

decentralization is the spirit of blockchain that is the vision of satoshi when he created the bitcoin, to avoid central authorities and have control on how we spend our money, or on ow we decide on everything that how important decentralization is, if not with that bitcoin will be useless..

 There are quite a number of decentralized forms available in the Cryptocurrency market. I have worked for some ICO projects and it is usually quite successful. The benefits of decentralization are decentralization and any person can participate and make a great profit. But the risk is low because there are too many people involved and the systems are vulnerable to technical errors.

Centralized exchanges take too much fees and community based projects do not have much funds to spare so they kinda never get the attention they deserve. Secondly, decentralized exchanges have more security compared to centralized ones.

Seems there are quite a few small decentralized exchanges but none of them seem to make it yet to the top 10. I really look forward to seeing finally a DEX with strong liquidity. Binance's DEX seems to be still in pre-alpha stage.

People use decentralized exchanges because they offer better security. A hacker or a government will not be able to shutdown the service with a single attack on a centralized entity. Most centralized exchanges have to adhere to stupid regulations and if they do not adhere to it, the government shuts them down. <This will not be easy with a decentralized exchange>

My personal experience with decentralized exchanges are that they are a bit too complex for the average user. Also, if you are used to traditional financial services, where you can deal directly with the entity and have great customer protection, then you will be disappointed with some of these services.  ::)

Cryptobridge seems to go okay. The main problem seems to be the bots that manipulate the market.

The 3 big problem i see with centralized exchanges are:

1) Security: The whole security of your coins on this exchanges relies on the exchange itself being safe. Since you don't have control over the private keys, you can't do anything to protect your coins (since you essentially don't own any coins at this moment).

2) Monopoly: A big exchange (e.g. coinbase, bittrex, binance) have a lot of power in the market. And that's extremely bad for a decentralized eco system. The people behind these exchanges can easily manipulate the price of an asset in both directions (for example: insider trading before a listing on on of these exchanges can make a shit ton of money).

3) Trust: I don't know how to justify that these exchanges have control over such a big portion of the circulating supply. A lot of people are completely trusting them their money. I wouldn't want to trust anyone to hold my money. I'd rather have full control myself (over the money AND the trades happening).


In the end, a proper, user-friendly and decentralized solution is inevitable. At least if the whole eco system wants to move forward.

In centralized exchanges all of your coins were controlled by them so in case if there is hack attack all your funds can be stolen by someone and you can't do anything about it so if there were decentralized exchange you have the access to your coin and your coins can't be hacked except your exposure of private keys.We don't have much decentralized exchange for now but in future there will be.

Cryptobridge seems to go okay. ;)

Personally, I prefer to use decentralized exchanges. Because in my opinion, decentralized exchanges tend to be safer, besides, they charge a small fee

Decentralized exchanges are simply the best. Such that you take control of everything yourself. Like Idex . but I think people dont really use them like the centralized ones.

Decentralized exchanges differ from centralized ones in that they allow users to control their funds by managing their most important functions on the blockchain: they use the technology of the cryptocurrencies themselves, thereby ensuring the security and transparency of trading. DEX solves the main problems that cryptocurrency markets face:
-there is no need to trust users' funds to third parties: this means that the funds are safe;
-confidential data is stored in a secure environment.,
since they do not have a single point of failure. This is due to the power of technology blockchain. I can say unequivocally that the future is for DEX.

In terms of security, decentralized exchanges are preferred, but we cannot make any profit because of the volume. People's priority is not security, unfortunately. If so, the volume of the centralized exchanges would be high.

https://bithemoth.com/?page_id=48 (https://bithemoth.com/?page_id=48) 

What do you think about this exchange and all they will be offering

Decentralize exchange is the best to use to buy and sell all my ERC 20 tokens. It is very fast without many hustles and many verifications. Just getting your price got filled for your purchase. The bad side is lack of immediate customer support it lack.

For keeping crypto independent decentralization is an important element of crypto currencies. To keep away crypto from central authorities to have control on our money, bitcoin is a unique tool.

There are many, perhaps over 50 right now. "What benefits / extras do they offer?" Well... euh... decentralization first...
The problem is we need more people using it for the sake of ...decentralization!

POWER !

I had experience working with the Bancor decentralized exchange. However, a few months ago, the exchange suffered from a hacker attack and I also had in connection with this financial loss, which has not yet been compensated.

The decentralization exchanges are just doing one of the purposes for the existence of cryptocurrencies which is simply to put you directly in charge of your money. There are so many such as TokenStore, Idex, ForkDelta, EtherDelta, and so on.

In my opinion decentralized exchange is very easy to use and also they are anonymous to users. You don't need to provide personal data and don't even need to show your email.

We need decentralize exchange to fully control our cryptocurrency. Centralize exchange are like banks, they control our coins inside their platform. They also have the key to our cryptocurrency. If they decide not to an access with your account you can't do anything about it.

I think, that decentralized security exchanges are safer and better. and hosting of decentralized exchanges is sent through nodes to nodes, I mean, that there is no risk of server downtime.

I usually trade on Ddexs because of low fees and they don't need any registration or ask for KYC.
Besides, all blockchain's applications should be decentralized, that's the purpose from creating this technology.

until now there has been no pure decentralized exchange
IDEX recently banned IP from New York to access the exchange
how sad they say they are decentralized exchange but they can control who can access the exchange
we really need decentralized exchange so that the activities of users remain anonymous

Firstly, decentralization was the tradition of cryptocurrency and blockchain as it was implemented by Satoshi in other to make everyone equal, give people liberation from the government power and errors but give the community the power to control crypto sphere.
Therefore, the benefit of decentralized exchange is to make their users anonymous instead of collecting some private information which could expose their users to hacker or online theft because we had an issues where the people in charge of customers data link and sold their customers information which we both know could back fire the data owner.

Have alot of exchanges and projects (https://bitplay.club/) that caught my attention simply because they are fast with their services, have good customers support and they decentralized.

I think that this will be very difficult to do, decentralizing exchange is impossible. This is because each exchange must have a different service.
Each exchange has its own interests and it is not easy to put together in a centralized system.

There must be support from all parties and that is a matter that needs struggle, maybe the opportunity is only 20 percent.

Well, cryptocurrency and exchanges site are meant to decentralized because the reason behind cryptocurrency creation was to make people financial freedom, save us from the government failure and to give the world total liberation from the world economic problem. However, any exchange which are not decentralized are definitely trying to please the government instead of the crypto community which are the reason why they exist in the first place.
Nexybit (https://nexybit.com) is the exchange that got my attention because they are good, fast , decentralized and it the first revenue sharing exchange.

I think the benefit of decentralized exchange is the data statistic is real. For example the volume. It is hard to fabricating the volume in decentralized exchange with a fake volumes. And the decentralized exchange is not required for us to create account other than our wallet itself.

Decentralized exchange is what we really need for blockchain economy the problem however is that when it comes to decentralized exchange there are pretty much low volume from it to make the prices of these tokens go up. Traders prefer to stick on bigger exchanges that they can hit the floor when trading. There are several decentralized exchagne right now that aims to have big volumes, I think their success will help the economy of each tokens listed.

Decentralized exchanges are the future and there are many reasons for that, to begin with you are the one that is always in control of your coins and not the exchange, this is something very important because as we know there have been many hacks in the past to exchanges and they could lose your coins and while losing your coins is already a terrible experience, losing your coins because of the mistake of someone else is even more devastating.

Another advantage of decentralized exchanges is that is going to be a lot harder for governments to regulate them so we can expect to keep our privacy in those exchanges for a very long time, but there are problems as well and one of those at the moment is the lack of volume in such exchanges.

Decentralized behaviour of bitcoin,made them sustained for 9 long years. If the bitcoin price is Centralized one ,then it value is controlled by the individual.We are investing our money.If it's centralised,the person having the power of control of bitcoin price.Will get your bitcoin,by reducing it price.And the new trader will sell their bitcoin due to panic.

Really Decentralized exchanges is what we need. Why because?

This is going to cub or regulate the way people quickly dump most of their coins if not all almost immediately a particular coin is been listed.

I believe a decentralized exchange will be free from fraud. The transaction fees are less compared to others. And people love the idea of decentralization.

Anything that is distributed or decentralized has huge benefits to offer. A decentralized system is usually fail proof. It also ensures robust security. This exchanges should gain popularity in upcoming days due to its decentralized nature.

We need decentralized exchanges because they are safe. Any person can participate in this and it will always be se secured. Also the charge is low.

Decentralized exchanges are meant to protect the users involved in the transactions from unnecessary intrusions. It also helps in keeping privacy.

Decentralized exchanges offer more security and as it has no regulations to follow the government can't shut it down easily. But these exchanges are a bit harder to use for general users.

Some countries are clamping down with regulation so they require strict KYC documentation. To avoid that they can instead switch to a decentralised exchange and trade p2p

i think decentralization is much safer in many ways than non decentral thinks.
There is no admin how can make what ever he whants or stops working when he wants.
decentralization is the future of many thinks now.



regards

could be nice yes, but it will never happen.countries and families who controls the economies wont let this happen.maybe they let us play in playground for make us think "yea we did it, world is getting better now" but no, i dont think its possible.

Decentralization will bring power back to the people! meaning taking the power from corporations to real people! it is necessary to create a big program for education because until now there are so many people that don't have any idea about the importance and meaning of decentralization with blockchain!

I have made my own research and they will be offering to users to deposit crypto or fiat currency to the Bithemoth exchange through a variety of means such as E-wallet, credit card, SWIFT transfer, SEPA transfer or local bank deposits. Users will have the option to convert fiat currencies into cryptocurrency and be able to turn cryptocurrency into fiat in large quantities. Personally for me this feature will be a huge! for the community and provide a gateway into the crypto world for new users and institutional investors.

They will have a Bithemoth debit card, that will make spending our holdings in crypto very easy, According to the project development they will have thei own Hardware wallets offering a new level of security for the users.



I also found this article posted in Nasdaq website:

https://www.nasdaq.com/press-release/bithemoth-exchange-bridging-the-gap-between-reality--the-crypto-world-to-ease-trading-20181025-01370 (https://www.nasdaq.com/press-release/bithemoth-exchange-bridging-the-gap-between-reality--the-crypto-world-to-ease-trading-20181025-01370)

the very best will be

blocknet
komodo

they still need a little polish and such but soon I think these will be the dominant dex's in this arena

But most exchange now are centralized like Bittrex, Binance, Okex, coinbene, that requiring KYC. Then I also believe that Decentralized id more secured because you're the only one who is able to control it and have access on it. But sometimes there is risk like Etherdelta or Forkdelta this platform is an example of decentralize exchange but its not good for me because this platform is asking private key and eth address too, and faced issues several times in terms of hacking the account of their client users. In short, I would rather choose centralize exchange than decentralized exchange. And besides, most of the top 10 exchange was centralized exchange too.

Exactly. In summary, the power of our money goes back to us. It will benefit businesses as well because it will revolutionize ecommerce.

this is exactly the biggest problem that decentralized exchanges are facing: people prefer to stick to centralized ones and don't use decentralized exchanges! at the same time they expect a perfect solution!

well that won't work because if you and I don't use them, they won't improve because they need to be tried out so that the bugs can be found or at the very least they can improve their platform using our suggestions. not to mention that the volume won't go up as long as everyone sticks to centralized exchanges while getting scammed by them!

Aside the fact that Decentralised Exchanges actually preaches the concept of Bitcoin, they also:

1. Have low transaction fees
2. It is automated
3. You have full control of your assets
4. Kyc is not needed

When the cryptocurrency just begins to hype, we all heard that decentralisation is the key and the future, so it needs to be here!

Hi there! I'm rather prefer Decentralized Exchanges against the centralized ones, and i found a new Decentralized Exchange yesterday : https://trex.org/ 


Let's try it and share some experience here, so.. I like it so far.  Sure will be a great success in the future!  :)