Decentralized Exchanges Are Going To Get More Attention
I am not saying that centralized exchanges are going to disappear completely but the purpose of sharing this post is to give information regarding DEX's popularity. Even though everyone has been saying for a long time that we should join DEX, we do not join it until something unfortunate happens to us. Unfortunate incidents like FTX collapse and there are many more examples. FTX used users' funds and this is a bad practice I condemn it and the whole crypto community condemns this thing.
But we have given the authority to these centralized exchange owners by keeping our funds in their exchanges. Because the wallet you are using in CEX is not your wallet and the exchange does not provide you keys for it this is clear evidence that it is not your wallet also not your assets. So you must own your wallet so that you can protect your fund on your own and that does not matter you get low features in decentralized exchanges but at least your funds will be safe from scams, bankruptcy, and hacking. CEXs are good in terms of features and functionalities, good trading experience with higher volume, and more.
Limited functionalities Is The Problem
Once people turn towards decentralized exchanges, the functionality will improve for sure. The lack of features and functionalities is the issue because there is no owner working behind these decentralized exchanges while in centralized exchanges, a company or person owns and manages the platform. CEX owners make huge money from the exchanges and that is why they improve their products.
It is okay to trade here but for the long-term holding these exchanges is not good and this is applicable for big Centralized exchanges as well. Even if you get fewer functionalities at least you have full access to your fund and you can secure funds I think this is more important than features.
Authorities Threats And Scams
In 2017, the Bittrex exchange was the biggest exchange but now it is shutting down due to regulatory issues in the United States similarly there are many exchanges targeted by authorities and it is difficult for centralized exchanges to run successfully. This is not only the case but there is scam and fraud issue and just above I have shared an example of an FTX exchange. The regulatory process is very difficult for these exchanges now come into India and here the problem is taxation.
Because of higher tax imposition, the volume goes outside of India, and Indian centralized exchanges lose their value. 30% tax and 1% TDS are not tolerable for both users and centralized exchanges. Indian users prefer international exchanges and decentralized exchanges to trade. Now they are going to impose new rules and Indian exchanges are under the PMLA Act.
However, crypto users now understand these threats, hacks, and scams and that is why they are going towards decentralized exchanges. Authorities will lose control if you are holding on decentralized exchanges also you will be responsible for your fund because you have the keys and you are the owner of your fund. This year we have seen many centralized exchanges shut down and many cryptocurrency users have lost the funds in these dramas.
Share this post on social media and also do a comment below Have a good day.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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dear i agree with you 100% cex exchange are going to face very much hard time, we should use dex for holding the coin, it is also bad news that bittrex is going to shut down, now future is dex exchange, but i came to know in news that binance has web3 decentralized option, what about it, how to use it ?
Yes, binance dex is good to use bro.
To secure our fund, we need DEX.
By the way friend, I saw you had started and made some points in the ongoing Zealy Marketing campaign. You know what? You can recover your XP by completing tasks and today we are going t know how the prize pool will be distributed. Come back mate.
Ya, bro I was busy with some stuff Today I came back to the hive.