Are centralised exchange still necessary?

[casey15]

We all know that Centralized Exchanges have played a very big role in the growth and adoption of crypto currency, they have acted as the bridge for buying selling sbrbeven trading. Even when decentralized exchange LS have been made available, majority of users still rely so much on CEXs.
But looking at the current growth of crypto today, are CEXs still necessary or are they simply a convenience that is difficult to neglect.

Centralized Exchanges are very convenient as they have features that just make it easy to use. They have made it easy to buy  and sell crypto,  you can even convert easily to your local fiat currency, they have customer care support and they have large liquidity which has made it easy for people to trade with them.  Even with this conveniences, we know that you do not control your private keys and your funds are held by a third party. Sometimes their Rrukes and restrictions can be very control and all these contradicts the core principle of decentralization that crypto is all about. Not to forget that these CEXs have undergone multiple hacks and security breaches, they sometimes restrict withdrawals and government bodies does not even make it any better as it has caused lot of account freezes due to regulatory pressure.

On the other part we have DEXs where we are in control of our funds and no central authority or third party holding them. But they are not as convenient as CEXs. They have limited fiat options, and their user experience tend to be more complex than when using a CEX. Correct me if I'm wrong but I don't think they hold as much liquidity as CEX especially in some markets.
For years a lot of users have to to trust CEX as they are very accessable and tend to bridge the gap between traditional finance and crypto. But as we all know and as we sometimes fight towards decentralization, do you think that CEX will still be necessary, or can the ecosystem evolve to a point where users no longer need to rely on them. Your thoughts on this ...

[promise444c5]

Most Nigerians don’t know what DEX is all about.. All they know are the popular exchanges which are being advertised to them [as a target]. They don’t know the difference between open and closed source wallet either, that’s why we have a lot of people still using Trust wallet.

That apart, P2P plays a big role in this aspect for Nigerians.. Take bisq as example, there’re little to no merchant on it and definitely going to make it hard for Nigerians who know about it to start doing the trade there. If we can storm there  I think it will really change the game for good.

The only problem is government learning about it but giving it another term:P.

[Akaenyi]

In cryptocurrency exchanges are necessities for smooth and convenient transactions and trading, you can choose to use DEX or CEX depending on your preferences. Despite KYC requirements most of us still prefer CEX over DEX which gives users privacy which is how cryptocurrency transactions should be

Centralized exchanges are more popular than decentralized exchanges because of conveniences like their interface, speed, password recovery and customer support. With these features crypto traders don't mind submitting their KYC so I will say that centralized exchanges are still necessary and relevant.

[ColdLava40]

We had a good number of decentralized exchanges before. But most of them have been forced to shift to being centralized.now, people are more focused on centralized platforms because of how flexible they can be, but the risk still remains same.

Not once, not twice. We have seen alot them get hacked with people funds stolen. While some do try to send out users funds, some never got to pay back what was stolen.

It's as simple as you making a choice.

[Charles-Tim]

For years a lot of users have to to trust CEX as they are very accessable and tend to bridge the gap between traditional finance and crypto.

The most reason people trust decentralized exchanges is because they are centralized. People like what is centralized. They are now working with the government and people also trust that. People are the problem because they are afraid of decentralization by nature, only people that want privacy prefer decentralized exchanges but most people do not even know what that privacy is.

[Dareo]

Honestly CEX and DEX are not really alternatives to each other, but rather serve two different purposes. CEX is still very useful for new users, because it is the first easy way to get from fiat to crypto this bridge has not yet been completely replaced. And CEX is best for trading.

However, once someone gets used to it, the importance of DEX is understood especially for control over one's own funds. So in my opinion, the future will not be such that CEX will completely disappear, but rather people will use both according to the situation.

[casey15]

The most reason people trust decentralized exchanges is because they are centralized. People like what is centralized. They are now working with the government and people also trust that. People are the problem because they are afraid of decentralization by nature, only people that want privacy prefer decentralized exchanges but most people do not even know what that privacy is.

I agree. People are the problem, they tend to choose convenience over security and then they complain when the security doesn't holds up. I think if people really tend to prioritize decentralization as they claim, then CEX  wouldn't used as much as it is now. Let's just say that people are still confused as to where they stand