With a plethora of centralized exchanges monopolizing the crypto markets, BitMax will offer a unique and superior alternative to the existing status quo.

Over the past couple of weeks, I have written articles providing an explanation and showcase of the BitMax project. I have provided a project overview and a further analysis of the problems within currently centralized exchanges that BitMax aims to solve. This article will continue the theme of highlighting BitMax’s strengths by further discussing the many advantages BitMax will bring as a decentralized exchange.

What Does BitMax Aim To Do?

BitMax will be a community based decentralized autonomous ecosystem. By placing emphasis on a community-driven and shared economy, BitMax aims to achieve the optimal security, privacy, and transparency for its members. What BitMax envisions is a crypto sphere where currently centralized exchanges are replaced with the high-level services offered by BitMax. Ideally, the project will aim to tackle the many weaknesses within the architecture of existing centralized systems while allowing users to greatly benefit from the uniform transparent services of BitMax.

What Are The Advantages Of A Decentralized Exchange Like BitMax?

Through the implementation of a fully decentralized ecosystem, BitMax will enable several advantages for its members to have, these include:

➳Decentralized Servers ⛅

One of the common and most obvious complaints leveled at centralized exchanges is that by relying on a single point of entry, they are much more susceptible for crashes and data theft if attacked by hackers. However, with BitMax, all of their servers aren’t located within a singular location and spread out globally. If in the future BitMax decided to hosts servers in the cloud, then these servers can be even more decentralized; as this method of hosting makes it inherently harder to hack compared to their centralized counterparts- as a result, funds and sensitive user’s data will be far more secure.

➳Increased Privacy 👀

While the vast majority of centralized exchanges will require user’s official documents such as passport and driving licenses to confirm user’s identities and allow for a complete access of services, decentralized exchanges do not require such information. BitMax will allow users to open accounts with any name they want with no approval required for such processes. By having this anonymity, it will be greatly beneficial to users who particularly value their privacy and are wary of summiting such personal information to third parties.

➳Simpler Integration with Hardware Wallets 📱

An added feature of decentralized exchanges is the more efficient nature in which a variety of hardware wallets such Trezor and Nano can integrate with the UI. The ease at which users can perform transactions via their integrated hardware on the exchange allows for more secure and faster transactions.

➳The Promotion of Faster and Cheaper Transactions ✔️

Due to the removal of costly middlemen involved in trades, the speed of execution will be much faster than centralized exchanges. As users do not have to pay fees or commission for authorization or authenticating transactions, there will be a positive saving for many crypto participants.

As you can see the advantages of a project like BitMax is numerous. The blockchain and cryptocurrency sphere has been built on values of decentralization and the advantages it brings. But unfortunately, this same philosophy has not been translated into how the majority of users are executing trades within the ecosystem. BitMax will offer significantly enhanced trading and platform capabilities over its centralized rivals. With the continued development of decentralized exchanges, and more specifically BitMax, the time has arrived for a shift in crypto exchange culture.

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions 🤓

♂️ Hi, my name’s Sal.
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