Banks, Exchanges and your Privacy

[uneng]

at the end of the day, it depends on the priority of the trader what to use in terms of trading platforms.

I agree with you, because centralized exchanges offer extra features that may be interesting for traders and investors, such as staking and investment programs for altcoins and bitcoin, plus debit/credit cards, completely replacing the function of banks in someone's life. The fact they exist as a regulated business also means an extra security layer for customers, as this business can't just scam everyone without consequences for the managers behind the company. Both kinds of exchanges, centralized and decentralized ones, have positive and negative aspects which should be taken in consideration in a case by case basis. Something good for me, might not be good for you, so individual discernment is a must.

[coupable]

at the end of the day, it depends on the priority of the trader what to use in terms of trading platforms.

I agree with you, because centralized exchanges offer extra features that may be interesting for traders and investors, such as staking and investment programs for altcoins and bitcoin, plus debit/credit cards, completely replacing the function of banks in someone's life. The fact they exist as a regulated business also means an extra security layer for customers, as this business can't just scam everyone without consequences for the managers behind the company. Both kinds of exchanges, centralized and decentralized ones, have positive and negative aspects which should be taken in consideration in a case by case basis. Something good for me, might not be good for you, so individual discernment is a must.

Additionally, take the example of someone who get scammed by such an exchange who is regulated

[uneng]

Additionally, take the example of someone who get scammed by such an exchange who is regulated

There are those who were scammed by Mt. Gox exchange in 2014 and are going to receive their money back probably this year. That is what it's expected accordingly to the last news and accordingly to the CEO Mark Karpeles. However, as bitcoin became too valuable along the years, these investors aren't going to receive the same amount of bitcoins they had back then. It's really not the perfect ending, but at least they are going to receive more money in fiat than they had invested in bitcoin in 2014. After all investors are going to make some profit anyway...

Not putting all your eggs on the same basket, it's fine to use centralized exchanges.

[perfect999]

Securing one's privacy is one of the major concern of individuals in cryptocurrency, it can be noticed that some exchanges do make use of commercial banks or vise-versal the banks making use of exchanges and this has impose lot of loopholes of security bridge into one's personal life and privacy.

I think the first driving force of Bitcoin and Crypto is its decentralized nature, to take that away will take away its value. This is why it is important to make your research and understand the rules written out by these exchanges in their T&C before you start trading your coins. If want your privacy secured I will implore you to use peer to peer based exchanges to ensure that you are not exposing your identity or anything. These days, there are enough P2P platforms are available everywhere and you you can choose one based on real time reviews by trusted high rank forum members.

[michellee]

Securing one's privacy is one of the major concern of individuals in cryptocurrency, it can be noticed that some exchanges do make use of commercial banks or vise-versal the banks making use of exchanges and this has impose lot of loopholes of security bridge into one's personal life and privacy.

I think the first driving force of Bitcoin and Crypto is its decentralized nature, to take that away will take away its value. This is why it is important to make your research and understand the rules written out by these exchanges in their T&C before you start trading your coins. If want your privacy secured I will implore you to use peer to peer based exchanges to ensure that you are not exposing your identity or anything. These days, there are enough P2P platforms are available everywhere and you you can choose one based on real time reviews by trusted high rank forum members.

But using this way will have a risk, same as the CEX so you need to think about which one you can feel accepted. But I will choose CEX from DEX because CEX can help the member's privacy and we can still use local sellers that can help us be the bridge when we make a transaction. They can send the money without us being involved in the banks and the banks only know that the money comes from someone's account. So before you get involved deeper in crypto, you can search for more info about how to use the exchange for your security and privacy.

[Taskford]

Securing one's privacy is one of the major concern of individuals in cryptocurrency, it can be noticed that some exchanges do make use of commercial banks or vise-versal the banks making use of exchanges and this has impose lot of loopholes of security bridge into one's personal life and privacy.

I think the first driving force of Bitcoin and Crypto is its decentralized nature, to take that away will take away its value. This is why it is important to make your research and understand the rules written out by these exchanges in their T&C before you start trading your coins. If want your privacy secured I will implore you to use peer to peer based exchanges to ensure that you are not exposing your identity or anything. These days, there are enough P2P platforms are available everywhere and you you can choose one based on real time reviews by trusted high rank forum members.

But using this way will have a risk, same as the CEX so you need to think about which one you can feel accepted. But I will choose CEX from DEX because CEX can help the member's privacy and we can still use local sellers that can help us be the bridge when we make a transaction. They can send the money without us being involved in the banks and the banks only know that the money comes from someone's account. So before you get involved deeper in crypto, you can search for more info about how to use the exchange for your security and privacy.

Although Dex gives quite convenient but we know this is more riskier than CEX so I also rather choose this even if they require KYC since I really don't get a damn asking my personal information if the exchange is reputable since I don't have anything to hide nor do any bad from the past so for me its good that an exchange comply with the law if government required this to them since this give us additional layer of security that this exchange will scam their costumers.

[jaberwock]

Although Dex gives quite convenient but we know this is more riskier than CEX so I also rather choose this even if they require KYC since I really don't get a damn asking my personal information if the exchange is reputable since I don't have anything to hide nor do any bad from the past so for me its good that an exchange comply with the law if government required this to them since this give us additional layer of security that this exchange will scam their costumers.

It is only a matter of choice. If your fine to give your personal details then go and use cex but if not then go on dex. As simple as that, no need to stress yourself. I have used a couple of dex's on the past like etherdelta and forkdelta but I think they do not exist anymore. Right now, I am not updated if which dexe's are best to use and I think majority of the people right now are sticking with cex.

CEX like binance and  kuckoin because this two are the biggest among other cex and users feels confident with them to give their personals. I think cex store's this important details away from their server so that in case of hacks, the details of the costumers are still safe and sound.