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Author Topic: Is there difference between bank and cryptocurrency exchange  (Read 1068 times)
Elachious12
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July 17, 2018, 11:54:43 AM
 #21

Wow, you have a point here, I think crypto Exchanges truely makes more money from us than Banks, you can imagine how much most exchanges charge for transaction.
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July 18, 2018, 10:20:06 AM
 #22

The banking System works with the Fiat money whereas cryptocurrency exchanges deals with cryptocurrencies such as Bitcoins and other Altcoins.The former one is completely centralized with nobody having any idea of what is being done with their money by the Bank and the Government.But when it comes to cryptocurrency exchanges,it is an Online Platform where a cryptocurrency can be exchanged for other cryptocurrency or Fiat currency.Cryptocurrency exchanges work with a pre-programmed software with no human intermediaries.They charge some processing fee and make the exchange easier.
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July 18, 2018, 02:27:46 PM
 #23

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.
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July 18, 2018, 02:34:46 PM
 #24

of course it's a really big difference, bank can make loans for someone that need it meanwhile cryptocurrency exchange can't. on the crypto exchange we can set the price for sell or buy, on the other hand bank doesn't have it

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July 18, 2018, 02:54:43 PM
 #25

bank is for transactions where cryptocurrency exchange is for asset exchange and storage of digital asset banks are crypto are completely different model in financial world
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July 18, 2018, 03:02:58 PM
 #26

Wow, you have a point here, I think crypto Exchanges truely makes more money from us than Banks, you can imagine how much most exchanges charge for transaction.

That is obvious and just imagine how much investments does the owner of that crypto currency exchange has. Having an exchange is not that easy to have since there are a lot exchanges in the internet. Banks hold tangible currency while Exchange has intangible currencies. Banks are places where people saves their money while exchange is a site where people usually sold and buy crypto currencies.

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July 18, 2018, 03:03:57 PM
 #27

While we cannot deny that there are similarities in the operations and activities of both exchanges, it is certain that there are differences in the exchange platforms. Primarily bitcoin, deals in assets based on electricity and hash power of the coin available for use on the exchange. Thus the more the patronising index the coin sees, the higher the valuer and vice versa. this clearly indicates that the prices of the assets on the crypto exchange varies significantly from that of banks. There are still other major differences such as trading time and (24/7) and transfer scalability.

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July 19, 2018, 04:12:08 AM
 #28

Banks are different from exchanger because banks use our money by lending our money to others while exchanger simply get profit by exchanging our cryptocurrency to other altcoins and fiat. Don't get confused with this two because crypto exchange is not different from a traditional fiat local exchanger that gets more % profit if you exchange $ to other local currency.

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July 19, 2018, 04:25:11 AM
 #29

Bank is a company or office controlled by the government, while cryptocurrency Exchange not. in addition Bank need a personal data to store or withdraw money but if cryptocurrency does not require any personal data (that is why cryptocurrency have advantages protection privacy) and much difference other.
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July 19, 2018, 04:33:03 AM
 #30

its totally different between bank and cryptocurrencies exchange or network, because as we can see that bank is centralized system and the bitcoin or blockchain is a decentralized system, its mean that bitcoin don't have any central and work by 100% system

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July 19, 2018, 05:27:57 AM
 #31

There is no correlation between cryptocurrencies and trading/exchange platforms where you can buy cryptos without having to resort to those platforms or pay a fee.
I bought most of my coins without resorting to those platforms.
When we use the current financial system or banks, we are forced to show identification and verification before any transaction which is entirely different from cryptocurrencies "decentralized one."
The best thing is free exchange away from those platforms? Forums like this forum may form decentralized markets cannot be restricted.

Is there a difference between bank and cryptocurrency exchange?
You can keep your money safely in banks, which is different in the case of cryptocurrency exchange

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July 19, 2018, 05:30:56 AM
 #32

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 ?




I think you're thinking about investment accounts and not banks. Banks are where people store their money, keep it in there and let it grow for a while. Investment accounts are where you can actually trade with your account balance. In those regards, I'd say that overall, investment accounts and services for stock markets are a lot more secure as of now. They're on a much larger scale, and so many more people use them over crypto exchange sites. We still see hacks and security vulnerabilities in some of these exchange sites, and a few might not be as legitimate as people think. I doubt the same thing can be said about brokerage accounts and banks in general.

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July 19, 2018, 05:37:14 AM
 #33

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 ?



The centralized exchanges are the same as banks in crypto industry of you ask me and that's so wrong of the exchanges to charge such high fees from the people but the people have no where to go as the dex are having low volume and it takes time to fill an order there and also there is a pretty high difference between buy and sell price on the decentralized exchanges sometimes, so these are the main reason why the exchanges dominate the decentralized ones.


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Kakmakr
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July 19, 2018, 05:54:46 AM
 #34

Unfortunately governments wants a regulated entity to manage the conversion from Fiat to BTC and back, so these centralized exchanges are the solution for the people who needs that. Believe it or not, some businesses wants to follow the legal route, so they have to follow the guidelines provided by the government.

There are many other methods to do this, but a lot of these methods are not ideally suited for a business that needs a paper trail and detailed documents and reports for tax purposes.  Wink

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July 19, 2018, 06:07:05 AM
 #35

The centralized exchanges are the same as banks in crypto industry of you ask me and that's so wrong of the exchanges to charge such high fees from the people but the people have no where to go as the dex are having low volume and it takes time to fill an order there and also there is a pretty high difference between buy and sell price on the decentralized exchanges sometimes, so these are the main reason why the exchanges dominate the decentralized ones.

well centralized exchanges were also small once with their orderbooks thin and a big spread between their bids and ask orders. but people started using them and little by little the number of users grow so did the orderbook size.
and I feel like that is the same problem with decentralized exchanges these days. everyone is afraid of using them because of this reason and that reason and since they have the alternative (meaning centralized exchanges) they are not forced to go there either. but at the same time they expect these exchanges to grow on their own!!!
we need to start from ourselves. these are DECENTRALIZED projects, if  we don't contribute, nobody else will.

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July 31, 2018, 02:34:06 AM
 #36

There is, Difference about value
The exchange of cryptocurrency is not regulated at all by the bank or Government but is governed by supply and demand, while the Bank is governed by the government ...

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July 31, 2018, 02:39:13 AM
 #37

there are bunch of difference between banks and cryptpcurrency. we wouldn't be able to elaborate one by one all of them here and it is already been talked here over and over again, so if you want to find answers about your questions just try to look around in this forum there are plenty of answers that might answer your questions and clarifications.

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September 23, 2018, 10:43:51 AM
 #38

Exchanges usually come with a purse. This wallet is controlled by you but "owned" by them. That's why most people recommend you create wallets with the example MyEtherWallet where you have total control. You need to exchange or interface to send or buy electronic money. You do not even need to be online. The more people who need the interface to send you. In the past, this system was completely centralized, and nobody knew what was being done by the Bank and the Government. Electronic money exchanges operate with a pre-programmed software that does not have human intermediates.
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September 23, 2018, 12:08:49 PM
 #39

Bank exchanges are easy to track, they can be identified, the transactor can be identified, the bank takes the responsibility of being a platform of exchange and capturing the identity of people making exchanges and are more reliable. Bitcoin is totally anonymous though they are more faster and easy to use. Bitcoin has no owner and you really never know who all could be involved in your exchange.
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September 23, 2018, 02:01:25 PM
 #40

Banks work under the government while the cryptocurrency exchange is owned by the company. Banks work on physical currency while cryptocurrency exchange operates on digital currency.
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