Decentralized Crypto Exchanges The Future Of Cryptocurrencies?
Crypto means freedom and in other way you can say your money in your hand. You are using paper money that is actually not your own because the government can ban this paper money any time.
Recent demonetization is a fresh example for everyone. However, today i want to share information regarding decentralized exchanges. Centralized crypto exchanges are not safe for your crypto.
If you know this then congratulations to you and if you don't know that then you will understand everything after this post.
As I said above, you are the bank of your crypto. You have to take care of your crypto. However, This slogan will totally change when you use centralized exchange.
Suppose, you sent some crypto to any centralized exchange so now that centralized exchange becomes a custodian of your crypto, and you are no longer in charge.
They keep your all crypto wallet private keys in a centralized database. Even, normal failure can be a reason for big hacking attempt.
I have shred information regarding private keys and the biggest bitcoin hacks in the history and i hope you must have read these posts.
So now you can ask about the solution. So the solution is decentralized crypto exchanges. Uniswap, binance dex and idex are the best example of decentralized exchanges.
How to identify Decentralized exchanges ? here are some points
- Respects the privacy of users & does not ask for KYC verifications & numerous registrations.
- Does not have a single point of failure like centralized databases or else server hostings that are prone to hacks.
- Allows holders to control their crypto coins.
- It must not trusted third party setups.
- No government or organization can shut down it like the Indian & Chinese exchange shutdowns anytime.
- It must not controlled by a group of companies or single person.
Centralized exchanges providing many better features. It is easy to use, provides advanced tools, high liquidity, user-friendly and many more things.
Because of many loopholes users prefer centralized exchange first but Decentralized exchanges are the future of cryptocurrency. You know india published crypto ban bill to ban bitcoin and crypto.
So in this difficult time DEX will be definitely helpful for all of us. Now i hope you understand the importance of decentralized exchanges. If you have any better decentralized exchange in your mind, then you can share it below. Have a good day.
Don't forget to fill this forum to support crypto community
#IndiaWantsBitcoin : https://indiawantsbitcoin.org/
You just have to select your state and district and ready template to send mail to your area MP.
Without a doubt, decentralized exchange houses are the future, and I think that in a very short time to be massively adopted by countries like India and others.
For example, in Venezuela they have been a great solution to the great economic crisis that we suffer, since a huge number of people have been interested in the world of cryptocurrencies,generating extra income on platforms how is it, video games that pay in crypto, and that can then be exchanged for Fiat currency when the user requires it I also see that it is you who gives a lot of confidence because each one handles their money in the best way they see fit, so it's a very great idea.
wOW that's nice. Let's adopt decentralized exchanges together.
Yes
hmm
@tipu curate
Upvoted 👌 (Mana: 2/3) Passive income - now with TRON rewards! || Compare APR
thanks