Why there should be decentralized exchanges for decentralized cryptocurrencies
After recent post of @penguinpablo on Bittrex's suspicious activity Bittrex is disabling accounts for no apparent reason made me realize that there are still some influencing factors remaining for cryptocurrencies.
As crypto enthusiasts already that know there is not one governing body in decentralized environment and no external influence of big financial organizations. Mostly every cryptocurrency is decentralized in its operating network but what about exchanges which are primary source of buying and selling for these cryptocurrencies.
There are many popular names like Kraken, Coinbase, Bittrex, Bitstamp, Bitfinex etc but they are not decentralized. It means they can change their terms and rules whenever they want to.
Below are some pros and cons of traditional and decentralized exchanges
There are some decentralized exchanges right now but not so popular yet like Bisq and OpenLedger.
Great point!
As long as the world is looking for the need for a leader, convinced that without someone lighting the road we would be dead.
Let's start decentralizing ourselves, our soul.
And soon we will not need anybody who directs our lives.
Decentralize our lives and it will be easier to understand the importance of the Crypto world
Interesting. Common sense says that decentralised set-ups are not very safe . They are like tiny dictatorships. They cannot be made accountable for their rules and actions. I don't know. I am not well versed in this department. But should some kind of uniform structure or guideline code not be there for crypto and decentralised technologies ? Something to make it safer and smoother for users ?
Rules are present in both environments but there is no monopoly in decentralized. If you take example steemit, if there is some new rule proposed for next hard fork then it can be rejected if majority of witnesses disapprove it..
Just power sharing is divided into smaller portions.
This makes decentralisation seem more democratic and user friendly. thank you for explaining, @bluemist :)
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Yes my brother is also facing problem in Bittrex. He is facing account type issue. Yes some decentralized exchanges are not popular yet. Thanks for sharing useful and informative post.
thanks for the information..
You are welcome
Thank you.
friend please support me always, i really need support in steemit.
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