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RE: How You Can Make A STEEM Difference
Great idea!
I would especially love if steem was listed on more decentralised exchanges.
Do you know on which decentralised exchanges steem is already listed?
And count me in ;)
Thank you. I appreciate your support.
There is OpenLedger DEX, RuDEX, and our own internal market.
I can appreciate the desire to get STEEM listed on more decentralized exchanges, but keep in mind that it would never foster growth in STEEM.
Here is an example.
If we compare the last 24 hours of trading volume, RuDEX had a staggering $978 worth of trading. Compared to the last 24 hours of STEEM trading on Binance (a centralized exchange), we would need to have STEEM listed on 1271 decentralized exchanges of the same size as RuDEX.
In order to reach the trading volume of Bitcoin, STEEM would need to be listed on over 5 million Decentralized exchanges of the same size as RuDEX.
I understand. And appreciate your answer! :)
What can we do to strengthen decentralised exchanges?
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The core of the lack of use in decentralized exchanges is speed... or lack of speed.
When a coin takes minutes to hours to transfer, then this renders the decentralized exchanges useless for reasonable volume. Even if a coin that takes 3 seconds to transfer like STEEM or SBD, that is still at least a thousand times too slow.
In order for decentralized exchanges to become significant, first the coins need to have millisecond transactions. That doesn't exist.
How centralized exchanges accomplish this is by creating a virtual currency within their own exchange to trade with. You as a user of a centralized exchange first deposit some currency in the exchange's wallet. They then create a virtual currency and supply your account wallet within the exchange. Think of it like buying arcade tokens when you go to an arcade. The games don't take credit cards or dollar bills or other types of currency. First you must buy the arcade tokens then you can go play the games.