Centralised Exchanges are still Important
This time when more people are talking about non-custodial wallets and decentralised exchanges and this is because of the kind of situations we have seen in the market. I mean nobody wants to lose their money because of some unfair practices followed by the centralised exchanges. Although its been a long time the year 2022 has shown some examples where some companies did not follow fair practise. They are known as some biggest brands for crypto exchanges in the market but because of whatever has happened in the market lot of people lost their funds.
Having said that it is sometimes risky to keep the funds in the centralised wallet but still, we just can't go away from the centralised crypto exchanges. We have multiple options to choose from in the decentralised exchanges but the problem is the overall functionality and user experience.
I also believe in non-custodial wallets because we own the key however there is also a risk that if in case we lose the key then we will never be able to recover our funds. When we go with centralised exchanges wallet then this option is given to us where we can recover the password and get access back to funds. Some of the trading features and many other lending options are well integrated and designed on these centralised exchanges and this is the reason why I believe we need it.
We get multiple interfaces including the website mobile application and much more to access these exchanges however with decentralised exchanges it's not that much easy. This time when we are expecting mass adoption then using a decentralised exchange might not be easy for many people who are new to the crypto ecosystem. Maybe in the future things will improve but for now, it is difficult for new users who are not so tech-savvy and do not understand crypto much.
I do understand that things will improve over time but it might take a couple of years and in between we cannot say a complete goodbye to these centralised exchanges because we need them to have more people onboarded to crypto.
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Your article is very good. Nicely explained about Centralised Exchanges importance. I hope you write articles like this in the future.Thank you.
appreciate your reply
Yes , i am also agree with you . And thank you so much for explain this topic very beautifully.
thanks for comment
Although non-custodial wallets have their own keys, they have several limitations and some risks. But in many cases, centralized exchanges are quite convenient. Thank you which you have discussed very nicely.
thanks
Centralized exchanges are good because they provide great features Also centralized exchanges and decentralized exchanges bothare important because users should have multiple choices.
thank you mate
good job friend, you have just provided very important knowledge for all of us.
thanks
Great update, indeed centralised exchange importance is that it provides the much needed liquidity for cryptocurrencies asset to be traded easily and converted to fiat.
yes you are right