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Author Topic: Decentralized Vs Centralized Exchanges  (Read 224 times)
jaaeeeyyyy
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July 13, 2018, 01:15:42 PM
 #41

Hello guys, hope you are doing well  Smiley

With the rise of ICOs and new projects working on Decentralized exchanges (DEX) and raising millions, I'm wondered how people in the crypto community perceive it and why a lot prefers DEX rather than centralized exchanges. Indeed we have seen many interesting projects with hype, such as IDEX, Waves or Stellar, and some looks really promising like NEONEX.

Decentralized Vs Centralized exchanges: Where do you stand? And why?
I bet on centralized exchanges because it has third party service to extra protect our funds even with more fees to pay.  Decentralized exchanges are prone to hacker attacks since it has only a main system to hold their customer's funds. Centralized exchanges limits our move because they want their customer to be secure and no conflicts between the buyer and seller.

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July 13, 2018, 02:30:10 PM
 #42

The average Joe doesn't find decentralized exchanges really user-friendly and find it difficult to use. With the regulations increasing people should take a look on DEX more closely because in some years they may be more used that centralized exchanges

May be centralised are best in terms of your security and safety too.

Most of the popular exchanges have been hacked once and surely more than the DEXs so I am not sure if it's right to say centralized are the best in terms of security...

That is true. The friendliest one I've experienced is WAVES Dex, although I have seen some other DEX demonstration on a beta app that looked really attractive, with simple cross-chain swap functions, but yeah, easy to speculate on how great your product is but it means little until it's a working product. Whatever else I've tried is clunky and inspires no confidence for the regular person afraid to make mistakes and lose funds.

Bancor recently got hacked, and if I'm not mistaken, aren't they supposed to be a sort of decentralised exchange? Or liquidity platform or something?

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July 13, 2018, 03:15:10 PM
 #43

I prefer decentralized exchanges as it is less prone to hacks and are truly p2p. Centralized exchanges on the other hand are target of hackers, has high trading and withdrawal fees, doesn't guarantee a solid security and cost high to list other coins. CEX are the very entity that cryptocurrencies are trying to defeat but sadly, it is more used by the people.

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July 13, 2018, 03:26:49 PM
 #44

The attractive value of cryptocurrency is the fact that its decentralized, Its free to roam, earn profits, and the control of its value is based on the market forces, when it comes to exchanges however, its better for the exchanges to be centralized as this is the only way to ensure that only credible coins are listed, if not then there will be a disadvantage as even the scam projects will be enlisted, regulation ensures only high quality coins are included in the exchange platforms
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July 13, 2018, 03:30:39 PM
 #45

Some persons prefer decentralized exchanges because there are no KYC requirements before you can make a trade, it helps preserve anonymity of traders.I think it is nice too.I however prefer vcentralized exchanges pure because the currently have more volume of trade and careless about anonymity
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July 13, 2018, 03:33:21 PM
 #46

I prefer decentralized exchanges as it is less prone to hacks and are truly p2p. Centralized exchanges on the other hand are target of hackers, has high trading and withdrawal fees, doesn't guarantee a solid security and cost high to list other coins. CEX are the very entity that cryptocurrencies are trying to defeat but sadly, it is more used by the people.
My thought actually,someone actually implied the contrary(above) that decentralized exchanges are prone to hacks, much of the hacks we have had in the past are on centralized exchanges.
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July 13, 2018, 03:39:06 PM
 #47

Hello guys, hope you are doing well  Smiley

With the rise of ICOs and new projects working on Decentralized exchanges (DEX) and raising millions, I'm wondered how people in the crypto community perceive it and why a lot prefers DEX rather than centralized exchanges. Indeed we have seen many interesting projects with hype, such as IDEX, Waves or Stellar, and some looks really promising like NEONEX.

Decentralized Vs Centralized exchanges: Where do you stand? And why?
I bet on centralized exchanges because it has third party service to extra protect our funds even with more fees to pay.  Decentralized exchanges are prone to hacker attacks since it has only a main system to hold their customer's funds. Centralized exchanges limits our move because they want their customer to be secure and no conflicts between the buyer and seller.

To be honest some decentralized exchanges like fork delta A.K.A etherdelta are abused by those pump and dump groups because you can manipulate and control your buy and sell order, for example you can manipulate to pump the price by buying your own sell orders with high price and this system are really abused by those greedy people(But I'm not telling all DEX are not good to use). I agree with you about Centralized exchangers, they are better than those decentralized exchangers in terms of security issues and gives you more assurance that your coins or tokens are safe in their platform.  Cool

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July 14, 2018, 09:49:16 PM
 #48

Hello guys, hope you are doing well  Smiley

With the rise of ICOs and new projects working on Decentralized exchanges (DEX) and raising millions, I'm wondered how people in the crypto community perceive it and why a lot prefers DEX rather than centralized exchanges. Indeed we have seen many interesting projects with hype, such as IDEX, Waves or Stellar, and some looks really promising like NEONEX.

Decentralized Vs Centralized exchanges: Where do you stand? And why?
I prefer decentralized exchange because it has more security and privacy compare to centralized exchanges it every difficult to used more to hacker on decentralized exchange because all the coin are in our personal wallet or exchange wallent.

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July 14, 2018, 10:24:31 PM
 #49

As for me, I totally prefer the centralized exchanges. They are somewhat easier to maneuver and I also have this feeling that my funds are better secured with the centralized exchanges. I really don't trust the decentralized exchanges. One of the reason why I don't ever import my private keys to their platforms.
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July 15, 2018, 06:54:57 PM
 #50

I can see a couple of issues with decentralized exchanges. One of which there is a higher chance of loss if the platform is hacked. This have been shown numerous of times already, and such platforms would either have to come out of pocket or call it a bust if they were hacked. With centralized exchanges, they are usually backed by higher funds as well as insurance in the event of anything happening. Decentralized exchanges may be the way to go but it has a very long way to go before it is even recommended. Privacy and true p2p would be seen with a decentralized exchange but I also see hackers attempting to funneling funds through these exchanges very easily as well in attempts to high their footprints, and also see a higher restriction on cryptocurrency in most countries if problems increase with a decentralized exchange.
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July 15, 2018, 09:14:19 PM
 #51

Quote
 why a lot prefers DEX rather than centralized exchanges.

 
You mean Why alot of people prefer Centralized exchange rather than Decentralized exchanges?
It would be wonderful  if more people are really beginning to use Decentralized exchanges than Centralized ones but I doubt this is the case.


I think it is possible though with the number of Ethereum based DEXs available today.




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July 16, 2018, 11:25:52 AM
 #52

Decentrilized exchanges are good to protect identities but users maybe prone to scams. Andthe recent hacking are in decentralized exchanges.
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July 16, 2018, 11:49:56 AM
 #53

The biggest benefit to decentralized exchanges, Decentralized ex are the same as with all decentralized applications:

no central governance (individual nodes can go down but the rest of the network will keep the work with no pause)
no central point of control and failure (no censorship)
no single point of regulation which is important for possible shut downs of exchanges by regulators which could lead to loss of funds
and most importantly DEX empowers users to control their keys, preserves privacy, and introduces far less risk that centralized exchanges.
Having said all that, the DEX technology still has a long way to go, technology-wise.

Centralized exchanges are currently the necessary evil, they are the gateway and on/off ramp for the time being.
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July 16, 2018, 12:08:13 PM
 #54

It is true today to prefer a decentralized exchange because it may be safer than a centralized exchange that is sometimes attacked by hackers.
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July 17, 2018, 05:47:52 AM
 #55

It is true today to prefer a decentralized exchange because it may be safer than a centralized exchange that is sometimes attacked by hackers.


Safety is the major concern these day. every moth there is a news about exchange hacked and lost funds. In india same happened with coinsecure.
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July 17, 2018, 10:53:13 AM
 #56

A decentralized exchange is an exchange market that does not rely on a third party service to hold the customer's funds. Instead, trades occur directly between users (peer to peer) through an automated process. This system can be achieved by creating proxy tokens (crypto assets that represent a certain fiat or crypto currency) or assets (that can represent shares in a company for example) or through a decentralized multi-signature escrow system, among other solutions that are currently being developed.

This system contrasts with the current centralized model in which users deposit their funds and the exchange issues an IOU that can be freely traded on the platform. When a user asks to withdraw his funds, these are converted back into the cryptocurrency they represent and sent to their owner.

Centralized exchanges are easy to use, easy to access and they provide advanced trading functionalities like margin trading and others. However, they also represent a security risk for your funds. While some exchanges are better guarded than others, hacks are not an uncommon event in the cryptocurrency scene, and some like the recent Bitfinex hack have led thousands of users losing their savings.

The most obvious benefit to using a decentralized exchange over a centralized one is their "trustless" nature. You are not required to trust the security or honesty of the exchange since the funds are held by you in your personal wallet and not by a third party.

Another advantage to the decentralized model is the privacy it provides. Users are not required to disclose their personal details to anyone, except if the exchange method involves bank transfers, in which case your identity is revealed only to the person that is selling or buying from you.

Furthermore, the hosting of decentralized exchanges is distributed through nodes meaning that there is no risk of server downtime.

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August 06, 2018, 12:22:41 PM
 #57

CCurrently, I'm working only with centralized and well-known exchanges, my favorite one is CEX.  Actually, never dealt with decentralized exchange, coz for me convenience of interface remains on being very important criteria. So, I think I’m gonna use only centralized exchanges. At least until I’ll get more experience in crypto.
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August 06, 2018, 01:07:41 PM
 #58

I stand on DEX, Decentralized exchanges. For me it's more simple without many regulation that managed by government or authority party. I have the freedom to join and participate trading on many DEX exchanges even if i not lived where DEX country was operating.
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August 06, 2018, 01:13:29 PM
 #59

A decentralized exchange would be the logical choice in the crypto world, but today they still have much to improve. The attack of hackers and the inclusion of Scams are two critical points, not counting the liquidity and possible manipulations of market. But over time and improvements I believe that they can take the place of traditional exchanges, with implementation of voting mechanisms, where the community chooses the projects that will be listed and does exchange management.

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August 06, 2018, 01:13:34 PM
 #60

I do not see any particular difference. On the contrary, it is more convenient to trade on centralized exchanges.

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