Business Activity || Why Decentralized Exchange Is Better. || @divinemercy || 10% Payout To @businessactivity

You need paperwork to create a bank account, right? After you create an account, you deposit your funds and hand over control to the bank, which can choose when you can withdraw, the lowest amount you can withdraw, and the maximum amount you can withdraw. The same is true for centralized exchanges.

Satoshi Nakamuto designed bitcoin because he wanted it to be decentralized and anonymous, inaccessible to the authorities. Before the introduction of centralized exchanges, the only way to obtain bitcoin was through peer-to-peer trades. On peer-to-peer, you must identify someone in your area whom you can trust to transfer you bitcoin in exchange for fiat, or someone to whom you send bitcoin in exchange for money. All of this was done anonymously, and I'm not sure whether there was an escrow system in place at the time, but now, with the assistance of centralized exchanges, buying and selling bitcoin has become a breeze. You may buy or sell bitcoin or other cryptocurrency with a single click of a button.

However, this procedure is no longer anonymous; we now have crypto banks. These crypto banks are banks, but instead of dealing in fiat, they deal in cryptocurrency. All of the centralized exchanges you're familiar with are examples of these banks. Binance, Coinbase, Huobi, FTX, and others are undermining the purpose of decentralization and anonymity. Some of these centralized exchanges eventually turned out to be a hoax; we've heard of centralized exchanges taking people's money and disappearing. Remember the words "not your keys, not your coins" once again.

What distinguishes these crypto banks from banks is that they can't function if regulatory authorities instruct them not to, making them the most centralized institution. While banks' products and services rely on fiat currency, crypto exchanges' products and services rely on cryptocurrency.

This is why DEXs (Decentralized Exchanges) are recommended; they are completely different. Transactions are made anonymously using DEX wallets such as trust wallet, metamask, and other DEX wallets; you do not need to have a KYC to use a wallet, and there is no restriction to how much you may withdraw or deposit. There are no regulatory agencies in charge of this, and liquidity is provided by liquidity providers who are compensated.

The sole drawback is that it uses a hot wallet, which is vulnerable to hacking. As a result, cold wallets are recommended for optimal crypto security. Your keys, and most likely your currency, because no one but you has access to your wallet. You can only utilize centralized exchanges to acquire your coins or tokens; leaving and holding them in your wallet is not recommended since it gives these centralized exchanges too much power.

Steem is also a DEX (Decentralized Exchange), so you don't have to worry about a central authority managing your account if you leave your money there. On Hive engine, you may trade Hive for any accessible token. You are not limited in the amount of data you can transmit or receive, and Hive is decentralized; no one controls it, and the government cannot seize it and shut it down.

Business name:	Divine Nylon
Owner's name:	@divinemercy
Business address:	Lagos, Nigeria.
About us:	Link to presentation