Newbies: Make una no dey use exchanges wey be centralized!

[Chilwell]

Original Topic: Newbies: Don't use centralized exchanges!
Author: BlackHatCoiner

Whether you come here to learn many things about Bitcoin, or na trade you wan do and make a small bucks, agbe make you read the text wey dey below. 

Translations: Greek, German

In addition on how we go take create new ideas or things for payment system wey dey work without borders, wey go dey more efficiently and dey practical, Bitcoin don dey here to make you sound. E go dey give you wetin corrupted governments dey try constantly to take away from you: Financial sovereignty and self-control.

But, make you no expect am say e go make only gain. Bitcoin na just currency e be, which means say na apolitical e be. All this kind ideals wey come from fact that you go take time to take understand the drawbacks for traditional banking system and how disastrous a central point of failure go be.

Make una no use exchange wey be centralized , for number of reasons.

• You dey about to be dictated to where your money to go. [1][2]
• You dey about to be charged unbearably high fees. [3]
• You dey about to be "blackmailed" to deliver private information to have your coins unfreezed. [4]
• You dey about to be censored. [5]
• You no get privacy. [6]
• The exchange go fit go bankrupt and everything go lost. [7]
• You don dey make the Bitcoin economy susceptible to manipulation. [8]

[1] Coinbase says e don dey block 25,000 Russia-linked crypto addresses
[2] Binance go Ban Singapore Users For Crypto Trading And Dey go Buy am for Global Platform
[3] Binance Dey make wetin pass $20,000 for one Day dey to dey charge for Transaction Fees
[4] popular exchange extortion and blackmail
[5] Re: Centralised Exchanges na them be the Biggest Enemies for Bitcoin
[6] Goodbye, privacy, goodbye, E dey nice while e dey last.
[7] Wen Crypto-Exchanges no get money again, we go lose everything wey we get there
[8] Re: Newbies: Make una no dey use exchanges wey be centralized!

Instead, exchange decentrally.

We dey encourage make una dey use decentralized exchanges such as Bisq (or others)wey dey operate transparently. Dey no get KYC, no danger from centralized exchanges' hacks, no oppression by a third party; E dey private, secure and censorship-resistant the way wey e go be. Escape the arbitrary ruling enforcement of the corrupted Binance, Coinbase, KuCoin etc., today!

You go defend your rights the moment wey you start to dey use am. Educate yourself: Why Bisq dey exists.

[Charles-Tim]

Some exchanges that people even thought are decentralized are not. Only few are decentralized.

An example is exch.cx which many people thought are decentralized but it is an instant exchange. Instant exchanges are centralized. But exch has a good reputation. It is not seizing customers fund and also allow Tor unlike the common instant exchanges. That is the reason I like to use it. If you make in-depth research, you will found out that some exchanges are nonKYC but they are centralized. Some have excellent reputation.

Before Agoradesk and LocalMonero closed down, they were also central but P2P in a way that no complaints of seized coin. Many of them have excellent reputation.

Among the exchanges, the ones that I have used before that was decentralized is bisq.network. It is P2P. Not depending on just a central server but has nodes. It will also generate your own wallet which consists of bitcoin addresses and their corresponding private keys.

 

[Alphakilo]

I get the message. The thing is that for Nigeria how many persons dey use decentralized exchanges. If them plenty well well the time wey the president pursue Binance, and Kucoin comot, we for no reason am too much because of the decentralized exchange option but not be so.

The majority of Nigerians dey use centralized exchanges and the thing be say Dem dey use their head take follow them. Dem sabi say anything fit happen to these centralized exchanges so Dem nor dey too put plenty money there.

Dem dey use run quick P2plP matter then comot.

[Igebotz]

Some exchanges that people even thought are decentralized are not. Only few are decentralized.

An example is exch.cx which many people thought are decentralized but it is an instant exchange. Instant exchanges are centralized. But exch has a good reputation. It is not seizing customers fund and also allow Tor unlike the common instant exchanges. That is the reason I like to use it. If you make in-depth research, you will found out that some exchanges are nonKYC but they are centralized. Some have excellent reputation.

exch.cx has not yet begun confiscating customer funds, but this does not indicate they will not do so in the future; they are centralized, and you must handle them as you would other centralized exchanges; do not leave your savings, and do not use too much funds on instant swap exchanges. None of those centralized exchanges started confiscating customer assets at an early stage; instead, they built a reputation for themselves, just as exch.cx is doing, and no one knows what they will do with the reputation once it is earned. I noticed you've been talking more about exch.cx in your recent posts; if you use it, that's OK, but you shouldn't urge people to put too much reliance in them.


OP What's the point of translating an English post into an English and Pidgin English board when we can all read it in both languages? We want the board to be organic so lazy users don't start translating people's topics from the English board to our local board in order to gain merits (that's how I see it). If you want to conduct an organic translation, go to a Russian or other native speaking board and translate some of their major posts to Pidgin. That is how to translate.

We have a dedicated thread for translations for those who still want to translate here https://bitcointalk.org/index.php?topic=5475815.0. no translation will be allowed on the main board moving forward.

[Charles-Tim]

exch.cx has not yet begun confiscating customer funds, but this does not indicate they will not do so in the future; they are centralized, and you must handle them as you would other centralized exchanges; do not leave your savings, and do not use too much funds on instant swap exchanges.

What I guess about the exchange is that more regulation may only lead their close down. Although, we do not know the future. But as for now, I like what their representative posted recently about Ukrainian service AMLBot and exchange WhiteBIT (registered in Lithuania with ukrainian and ex-russian citizen shareholders) have decided to start a malicious campaign against eXch.

You can read about it from here: https://bitcointalk.org/index.php?topic=577207.msg64389731#msg64389731

I also like that they still remain as nonKYC.

At this point eXch remains:

• The centralized non-KYC exchange #1 with daily trading volumes approximating at 150-200 BTC (which indicates a top-30 or even a top-20 rank in centralized exchanges)
• The centralized non-KYC exchange #1 with the on-chain capital estimating at ~15.000.000 USD (now with a proper support team also)
• The only fully non-KYC exchange with genuine and authentic on-chain trading data and volumes being continuously ignored on purpose by CoinMarketCap, CoinGecko and DefiLlama because their holders believe privacy is a crime, even that they perfectly know that their market data and statistics are incomplete without exchanges like ours.

                                                                       

We therefore declare that privacy is NOT a crime.

[Doan9269]

The only thing i see with the use of of exchanges is when the one we are considering for use is a decentralized one and also require no kyc for using it, the first advantage is that you don't have to worry about any of your information with the exchange being at stake at any point in life, secondly, i will also advise that when choosing an exchange, we have to be sure that we know the possible danger associated with the use of a centralized exchange, because some CEX will require for kyc while some were not demanding for kyc and they are still centralized exchange, which obviously does not make them a decentralized one, lastly, we can always have it in mind that once its not your keys, then its as possible being not your coins.

[DaNNy001]

The only thing i see with the use of of exchanges is when the one we are considering for use is a decentralized one and also require no kyc for using it, the first advantage is that you don't have to worry about any of your information with the exchange being at stake at any point in life, secondly, i will also advise that when choosing an exchange, we have to be sure that we know the possible danger associated with the use of a centralized exchange, because some CEX will require for kyc while some were not demanding for kyc and they are still centralized exchange, which obviously does not make them a decentralized one, lastly, we can always have it in mind that once its not your keys, then its as possible being not your coins.

The thing is that not every crypto enthusiast can actually identify CEX or DEX that are hiding some kind evil intentions. For me I have no problem using any CEX but it's only the reputable one's that am sure of and besides I don't use it for anything other than actually trading my coins because over the years the story of CEX playing with customers information and coins is alarming to that point that as a crypto enthusiast one should be careful enough to make some research on the particular exchange.

[Chilwell]

OP What's the point of translating an English post into an English and Pidgin English board when we can all read it in both languages? We want the board to be organic so lazy users don't start translating people's topics from the English board to our local board in order to gain merits (that's how I see it). If you want to conduct an organic translation, go to a Russian or other native speaking board and translate some of their major posts to Pidgin. That is how to translate.

I understood your concern sir about users that will start engaging in it, and I know how dedicated you are in doing a very good job here but most of the translation are from other languages, I make sure I see those topics translated from other languages before I engage in doing it, so pardon my manners.

We have a dedicated thread for translations for those who still want to translate here https://bitcointalk.org/index.php?topic=5475815.0. no translation will be allowed on the main board moving forward.

Am aware of this thread sir but I thought Hatchy created it just to put together all the translated topics in one place, Maybe he may decide to change it to translation thread where all translations will be posted.

[Hatchy]

OP What's the point of translating an English post into an English and Pidgin English board when we can all read it in both languages? We want the board to be organic so lazy users don't start translating people's topics from the English board to our local board in order to gain merits (that's how I see it). If you want to conduct an organic translation, go to a Russian or other native speaking board and translate some of their major posts to Pidgin. That is how to translate.

We have a dedicated thread for translations for those who still want to translate here https://bitcointalk.org/index.php?topic=5475815.0. no translation will be allowed on the main board moving forward.

@Igebotz, I understand your point, but I don't think it's necessary to remove the translations from the main board. The translation thread I created is meant to compile all translations links on the Nija board, making it easy for Localboard members to locate any translation if they're interested. Just because we translate posts doesn't mean we can't read them in English.

Many members on other local boards also speak English. Translations help raise awareness about important topics or threads that might be hard to find on the English board. We had a general translation thread in the past, but it was decided to move translations out of the thread to reach a wider audience. I'm asking you to reconsider your decision on translations. They don't harm the Localboard, and if I see any useless translations, I'll report them to you for deletion or removal to the off-topic section.

Am aware of this thread sir but I thought Hatchy created it just to put together all the translated topics in one place, Maybe he may decide to change it to translation thread where all translations will be posted.

No I didn't, my thread has it own usefulness.

[Igebotz]

exch.cx has not yet begun confiscating customer funds, but this does not indicate they will not do so in the future; they are centralized, and you must handle them as you would other centralized exchanges; do not leave your savings, and do not use too much funds on instant swap exchanges.

What I guess about the exchange is that more regulation may only lead their close down. Although, we do not know the future. But as for now, I like what their representative posted recently about Ukrainian service AMLBot and exchange WhiteBIT (registered in Lithuania with ukrainian and ex-russian citizen shareholders) have decided to start a malicious campaign against eXch.

They operate same/similar swap with Jokerchange , The main difference is that eXch has its own reserve and does the swap out of their own pocket, and they are also liable for their clients' funds whereas Jokerchange uses a third-party API and just acts as a middleman. They do not have access to customer funds. I used Jokerchange for a USDT/ETH swap, and the fee was around $7 if I recall right. Both are NonKYC centralized exchanges.

[Amphenomenon]

Among the exchanges, the ones that I have used before that was decentralized is bisq.network. It is P2P. Not depending on just a central server but has nodes. It will also generate your own wallet which consists of bitcoin addresses and their corresponding private keys.

Your sentence here makes it seems like Bisq exchange is no longer decentralized which I doubt going through their website.

Also I'm curious as anyone here been able to use Peach Bitcoin for p2p, I tried it one time but I guessed there wasn't any Nigerian using it at that time or trying interested in the amount I was selling?

[Charles-Tim]

Among the exchanges, the ones that I have used before that was decentralized is bisq.network. It is P2P. Not depending on just a central server but has nodes. It will also generate your own wallet which consists of bitcoin addresses and their corresponding private keys.

Your sentence here makes it seems like Bisq exchange is no longer decentralized which I doubt going through their website.

Also I'm curious as anyone here been able to use Peach Bitcoin for p2p, I tried it one time but I guessed there wasn't any Nigerian using it at that time or trying interested in the amount I was selling?

Not that it 'was', I meant that it is. I understood what you meant. But Bisq is still decentralized was what I meant. I meant that it has been the only one that I have used before that is decentralized.

I have not used Peach wallet before. The last time I tried it, it showed 0 offers for all transactions that I wanted to use it for. I think the wallets needs marketing. Also that reminds me that the wallet is also like a decentralized exchange in makeup.

[Amphenomenon]

Among the exchanges, the ones that I have used before that was decentralized is bisq.network. It is P2P. Not depending on just a central server but has nodes. It will also generate your own wallet which consists of bitcoin addresses and their corresponding private keys.

Your sentence here makes it seems like Bisq exchange is no longer decentralized which I doubt going through their website.

Also I'm curious as anyone here been able to use Peach Bitcoin for p2p, I tried it one time but I guessed there wasn't any Nigerian using it at that time or trying interested in the amount I was selling?

Not that it 'was', I meant that it is. I understood what you meant. But Bisq is still decentralized was what I meant. I meant that it has been the only one that I have used before that is decentralized.

I guess so earlier but wanted to get clarification so that some members may not misinterpret it, though I guessed it may be better to just edit it but is not really a big deal since it as been clarified here.
 

I have not used Peach wallet before. The last time I tried it, it showed 0 offers for all transactions that I wanted to use it for. I think the wallets needs marketing. Also that reminds me that the wallet is also like a decentralized exchange in makeup.

This is the same situation I faced and that was last month, I think they really need to do more marketing that will influence many especially we Nigerians to use see need to try their platform since we already have an alternative.
Though I didn't consider them earlier as DEX rather Non-Kyc exchange since that was among main reason I wanted to test it and from the fact that it as a mobile version and not like Bisq whose Mobile app has limited features. 

[Igebotz]

Am aware of this thread sir but I thought Hatchy created it just to put together all the translated topics in one place, Maybe he may decide to change it to translation thread where all translations will be posted.

Pardon me, I quoted the wrong thread, this is the general translation thread Info-thread: Translation of Useful English topics to Pidgin {mix images} it's been in use since 2022 and it has many great translations and translators. It was initially locked by the OP but I just opened it today.

I'm going to have it pinned on the main board so all translations can go in and for more visibilities.

@Hatchy posted the main thread

[Agbamoni]

I get the message. The thing is that for Nigeria how many persons dey use decentralized exchanges. If them plenty well well the time wey the president pursue Binance, and Kucoin comot, we for no reason am too much because of the decentralized exchange option but not be so.

The majority of Nigerians dey use centralized exchanges and the thing be say Dem dey use their head take follow them. Dem sabi say anything fit happen to these centralized exchanges so Dem nor dey too put plenty money there.

Dem dey use run quick P2plP matter then comot.

Omor e no easy to see people wey dey use decentralised exchange and e done too they normal for use wey they use centralised excahnge they trade. The thing be say make we just pray say one day nothing go happen to our funds. Sha e no completely bad say we they use centralised excahnge they buy our coin wetin go bad be say we they keep our coin for the centralised excahnge. E make sense say after we buy make we commot am for their keep am for our non custodian wallet.

[promise444c5]

Omor e no easy to see people wey dey use decentralised exchange and e done too they normal for use wey they use centralised excahnge they trade. The thing be say make we just pray say one day nothing go happen to our funds. Sha e no completely bad say we they use centralised excahnge they buy our coin wetin go bad be say we they keep our coin for the centralised excahnge. E make sense say after we buy make we commot am for their keep am for our non custodian wallet.

Not easy actually because to exchange tokens from one to  another isn't that easy especially in Nigeria where most people only buy shitcoins, it willl be hard to find a shit coin on a decentralised exchange (can't say how hard it can be and i might be wrong about this )...On a normal centralised  exchange it's easy to get those stuff and when it yields profit theres's also a easy click exchange to convert to maybe stable coin without extra stress like decentralised exchange and that's if they support it in the first place(i think the stress is the sole purpose) but generally for privacy it's still good to use a decentralised exchage expecially when you want to buy or sell your Bitcoin

[CryptoHeadlineNews]

If you want to conduct an organic translation, go to a Russian or other native speaking board and translate some of their major posts to Pidgin. That is how to translate.

I'm sorry to ask this my Oga, but in regards to this suggestion you just made above, I will love to ask, how could one go about this? Or is Google translate acceptable as a means of translation? Or if one is interested in translating a thread, they should go hire a Russian to English translator?

I will like you to hint us more on this, so that people don't go about making same mistakes. Thanks

Not easy actually because to exchange tokens from one to  another isn't that easy especially in Nigeria where most people only buy shitcoins, it willl be hard to find a shit coin on a decentralised exchange

No, is not like that my friend, because if you can understand how to use decentralized exchanges such as PancakeSwap and Uniswap, you will notice that those are even the best and surest place to buy shitcoins or any newly launched coins at a more cheaper rate, before it gets listed on major centralized exchanges such as Binance, OKX and Kucoin. But what you could talk about is the simplicity Centralized exchanges offer against Decentralized exchanges, which most times, it's features do look complex a bit.

[Charles-Tim]

No, is not like that my friend, because if you can understand how to use decentralized exchanges such as PancakeSwap and Uniswap, you will notice that those are even the best and surest place to buy shitcoins or any newly launched coins at a more cheaper rate, before it gets listed on major centralized exchanges such as Binance, OKX and Kucoin. But what you could talk about is the simplicity Centralized exchanges offer against Decentralized exchanges, which most times, it's features do look complex a bit.

Promise444c5 is correct.

I wanted to correct Promise444c5 before but I noticed that it will only be a misinformation. Those Web3 that you think are decentralized exchanges are only called decentralized exchanges but they are not. They make use of central servers which is enough to define them as centralized exchanges. If the government wants them to start providing KYC, they will have no option than to comply. A good decentralized exchange is Bisq.network that makes use of decentralized nodes which are not a central server. Nodes means several people having the node/server from different countries in the world having the profit if the business but those that made the Web3 exchanges will prefer to have all the profit and they prefer centralized server instead.