What is Decentralized Exchange (DEX) || 10% to @tron-fan-club
Today i will Discuss with you What is Decentralized Exchange (DEX) & its Advantage and Disadvantage. i Hope you like my today's post, I always try to share with everyone what I know everything. So in its continuation today I will talk to you briefly about this important subject Decentralized Exchange (DEX).
What is Decentralized Exchange (DEX)
Transactions on decentralized exchange sites take place directly in a peer-to-peer transaction system. It is very secure and can be easily completed by a user without any hassle. We can exchange the cryptocurrencies we have through centralized and decentralized exchange sites. We know that the centralized exchange site is under the control of someone, that is, we are under the control of someone and it has a central authority, whose rules we have to follow. But in a decentralized exchange site, we do not have to be under the control of anyone, that is, there is no central entity in a decentralized exchange site. There is no regulator, we can easily exchange our assets without any control.
We do not need to have any kind of account here to trade or make any transaction on decentralized exchange site. By entering this decentralized exchange site, we can easily transact by selecting the coins or tokens that we want to exchange. No one is controlling our transactions or since there is no central authority, we are not likely to lose our assets here. We can safely exchange our assets.
We also have personal security on the decentralized exchange site. Because we already know that if we want to create an account on a centralized exchange site but we must have our mobile number, email address and in many cases NID card. But decentralized exchange sites do not require us to provide personal information for any type of transaction. Since we have privacy here and personal information is not provided, my information will not reach the decentralized exchange site.
Nowadays we see many decentralized exchange sites in the market and people's interest in decentralized exchange sites is increasing day by day and many decentralized exchange sites are becoming very popular. People get a lot of comfort by exchanging their crypto resources through decentralized exchange sites. Some of the popular decentralized exchange sites are: uniswap, pancakeswap, sunswap etc.
Decentralized Exchange (DEX) Advantage:
- Here we have complete privacy. We do not need to provide any personal information such as: mobile number, email address, NID card to be verified.
- There is no central authority here. So we don't have to be under anyone here. So no lose our Asset.
- It is very easy to exchange from here, newcomers can too.
- You need to save the password for the transaction, but it will not be required.
- Different cryptocurrencies have access to transactions here.
Decentralized Exchange (DEX) Disadvantage:
- Liquidity has some problems but it is constantly improving.
- Fiat currency cannot be traded here.
https://twitter.com/KawsarH67898725/status/1524390305495412738
Thank you so much for explaining everything to all of us.
We have benefited a lot from understanding the truth. Thank you very much.
You have had a very important discussion with us about decentralization. This is actually what we should know. Thank you very much. Good luck to you.
Really this post very nicely. Thank you so much for explaining everything
Some DEX has higher liquidity pool, and the volume are decent PancakeSwap for instance.
Great explanation on dapps. I enjoyed it