Is there difference between bank and cryptocurrency exchange

[jpnl0005]

There is a who;e lot of difference between bank and cryptocurrency exchange the bank is meant to save money with very little interest while cryptocurrency exchange is for transactions and also to store coins if you do not want to have them in your wallet

[setialovers]

I think, right now there is not much different between banks and crypto exchanger. The different thing is banks can loan you a money. I am believe in the future, banks will accept cryptocurrency deposit and make transaction like on exchanger

[LieTOme]

Most of the people think that cryptocurrency is only for online trading it is good to hear that someone actually asking about its other uses.  bank and cryptocurrency exchanges have many similarities like in cryptocurrency you don't have to follow so much proccedialies like bank have,  exchange process is very simple and quicker.

maybe you are right the striking difference is that the bank must have a management structure and of course the bureaucracy is in it if the crypto currency does not have a binding bureaucracy that binds

[pakhitheboss]

There are three major difference that I am aware of.

1. Bank charge a hefty fee for transfer of funds. Cryptocurrency exchange do not.
2. Bank are controlled by Govermant and Cryptocurrency exchanges are not.
3. Bank have an opening and closing hours , plus they do not work on weekends. Cryptocurrency Exchange are open 24/7 365 days.

There are many more but these are the one where you can see a major difference between both of them

[d0flaming0]

There are three major difference that I am aware of.

1. Bank charge a hefty fee for transfer of funds. Cryptocurrency exchange do not.
2. Bank are controlled by Govermant and Cryptocurrency exchanges are not.
3. Bank have an opening and closing hours , plus they do not work on weekends. Cryptocurrency Exchange are open 24/7 365 days.

There are many more but these are the one where you can see a major difference between both of them

well the second opinion is mostly the reason why people wants to use crypto exchange rather than banking. i agree with you, and aside from thosw stated above some people also feels lore secured in using crypto rather than banking and that is on their reason and choice as well.

[fox.dn]

The traditional banking system works on regular Fait money. The U.S Dollar is the reserve currency, and can be printed at will as/when needed, the supply is not ‘capped’. They work by banks keeping units of account between them of how much has been transferred. Before, it was quite a local system and in times gone by, it was bartering with coins made of precious metals

[coinnumber]

Come to think of it, we said blockchain is bringing decentralized to the world by cryptocurrency and save us from banks , but have we really gotten the decentralized we talking about because I can't imagine exchange taking so much from us through buying the tokens and still not save by keeping our funds in their cares , this makes me think that are we really in decentralized world we talking about or just a mere thinking,

These exchange makes money even more than banks from us, which mean we are enriching someone by doing so,

Do we really need to pay that much for exchanging of token for btc or any other cryptocurrency if some exchange are charging 0.25% and one is charging 0.15% and even offer 50% discount if their token is use to pay for the fees and still record millions as a profit every month and also take more than what miner takes as charge fees when sending out from their wallet like 0.0005 which is equal to 3$ compare with normal fee which is less to 1$ , and if anything happen to your fund they are less concern ,

dont you think we are in centralized crypto market even if we can gain from those token we bought and what do you guys think is the best way to really curb this centralized thing from the world ?

Do we really need DEX to stop this and are we really save in DEX also has some were hacked just of recent .

What do you guys think is the best solution for the fees and how can we really decentralized crypto world ?

Yes there's big difference between cryptocurrency exchange and banks and similarities as well. Cryptocurrency exchange is like a market where investors/traders meet to transact business either to buy or sell cryptocurrencies. Your ETH/BTC WALLET or LEDGER 📒serves as your bank account which you save your coins and been in total control of it. In banks we only send, receive and save fiat currencies. Both cryptocurrency exchange and Banks do collect transaction fees. Crypto exchange is mostly decentralized while bank is total centralized.

[Nathaniel_Jones]

We can see that the bank is centralized and bitcoin or blockchain is hierarchical, meaning that bitcoin does not have a 100% central system and works. I bought most of my coins without going to those platforms. The best thing is to exchange freedom from those platforms? Is there a difference between bank transfer and electronic money? Unfortunately, governments want a managed entity to manage the conversion from Fiat to BTC and vice versa, so centralized exchanges are the solution for those who need it. There are many other methods to do this, but many of these methods are not suitable for businesses that need a paper path and detailed documents and reports for tax purposes.

[bubblebubble]

If you really want know the difference, give a read to policy you accepted when you sign up to your exchange...
After Mt Gox hacking event, all exchanges don't guarantee any deposit... think about it!

[mensahkkofie]

Cryptocurrency exchanges are much faster, cheaper. With banks there are alot of processes before transaction will be finished. Also there is more privacy in cryptos as it is decentralized.

There is a vast difference between the banks and the exchanges. Cryptocurrency exchanges are integral part of  the world of cryptocurrency,  exchange sites play a crucial role in  the successful functioning of the various assets or tokens used. Most people who are into the world of Crypto rely on the effectiveness of exchanges to trade their income which  is usually known as token or asset from one form to the other.

[zolfa]

yes, exchange fees are always a problem, and each exchange has a different cost, and you are right that payment transactions are more expensive than banks. but, I think that we don't need DEX, because the quality of the exchange determines costs.

So, decentralized systems have better security than banks, besides, centralized systems have many bad values, such as monthly administration fees, easy to steal, and others.

[ClassyDancer]

Both are similar, but the technical aspects of cryptocurrencies make the process simpler and easier. For a crypto such as Virie for example, it has a very user-friendly interface which can make exchanges very seamless. And with additional features such as a multi-signature-based escrow, it becomes more secure as well.

[Pattart]

There is a who;e lot of difference between bank and cryptocurrency exchange the bank is meant to save money with very little interest while cryptocurrency exchange is for transactions and also to store coins if you do not want to have them in your wallet

of course there are many differences that exist, like the registration process, you don't need ID verification to be able to open an account in exchange site, different from a bank that requires a lot of processes. but in some parts of the bank it also has similarities with exchange sites such as the limit for withdrawal..

[Wingleness]

Aside the fact that bank is physical while exchanges is digital, I will tender the following:

1. Bank transaction charges are high compared to exchanges
2. Bank got lots of bureaucracy while exchanges don't.
3. Transaction of large she needs approval via the bank while exchanges is automated

[Trinity_boy]

Well, there is this new cryptocurrency called Virie which has just been launched recently as a part of the project called "Virternity". Contrary to DEX, They have DEN (Distributed Exchange Network) which apparently will enable direct purchase and sale of the Virie coins without a need for any brokerage hence removing the cost. Users will be no longer forced to send money to an exchange and wait. It has the potential to be the easiest to use cryptocurrency so it's probably worth giving it a try.

[Bincanet]

Of course there are difference between bank and cryptocurrency exchange. The main difference is bank exchange are centralised but cryptocurrency exchange are decentralised.

That is the major differences between bank and cryptocurrency but i think there is still one more difference is the anonymity. crypto exchange is completely anonymous while bank is not.

[Kakruzo12]

If you are authorized, there's no difference. If you remain anonymous on an exchange, then it's different, but in this case, you have limited withdrawal limit, which is different in size for every exchange (for example, Binance allows the withdrawal limit of 2 btc daily).