Is there difference between bank and cryptocurrency exchange?

[Claus]

Come to think of it, we said blockchain is bringing decentralized to the world by cryptocurrency and save us from banks , but have we really gotten the decentralized we talking about because I can't imagine exchange taking so much from us by buying the tokens and still not save by keeping our funds in their cares , this makes me think that are we really in decentralized world we talking about or just a mere thinking.

These exchange makes money even more than banks from us, which mean we are enriching someone by doing so,

Do we really need to pay that much for exchanging of token for BTC or any other cryptocurrency if some exchange is charging 0.25% and one is charging 0.15% and even offer 50% discount if their token is used to pay for the fees and still record millions as a profit every month and also take more than what miner takes as charge fees when sending out from their wallet like 0.0005 which is equal to 3$ compare with regular fee which is less to 1$ , and if anything happens to your fund they are less concern , don't you think we are in centralized crypto market even if we can gain from those token we bought and what do you guys think is the best way to really curb this centralized thing from the world ?

Do we need DEX to stop this and are we save in DEX also has some were hacked just of recent?

What do you guys think is the best solution for the fees and how can we decentralized crypto world?

[tamango]

Main problem that all decentralized exchange have is the lack of a decent liqudiity for most of coins. THat's why I still prefer to pay something in fees in well known primary centralized exchange like Binance because if liqudiity is low you will pay more because of big bid-ask spread.
Also in decentralized exchange you will pay GAS as fee for every order you make, so I hope someone will find a solution to create a decent DEX with good liquidity even if I think this will not be easy to do.

[hungry]

of course it's a really big difference, bank can make loans for someone that need it meanwhile cryptocurrency exchange can't. on the crypto exchange we can set the price for sell or buy, on the other hand bank doesn't have it.

[Chomzzy]

There are many differences between a bank and a cryptocurrency exchange.

Banks can give you credit facilities while crypto exchanges can't.

In banks when you deposit money, the interest rate (profit) is fixed while in cryptocurrency exchanges you can determine your profit.
Etc

[Lucky Stone]

Of course, the difference is very far between Bank and Crypto. Banks are the safest place to save money and a place to borrow money. And if Crypto is the best place to invest. But it cannot be used to borrow money.

[BlockBuster9]

Bank and Cryptocurrency are very different, I take the example of bank remittances and Cryptocurrency. If the bank sends money to another country, it must make an official statement to the bank institution to get approval, and when the delivery occurs, the bank will cut the cost considerably. While Crypto is easier and cheaper when we are going to send money between countries without any institution, so in my opinion that's the difference between Bank and Crypto.

[WWoF]

I think there is no any similar side of exchanges and banks. You are joining exchanges to doing exchange . But banks provide you to keep your money safe and debts and some monthly gains etc. You can only change your tokens in exchanges. There are too many dex's you can choose one of these decentralised exchanges but i love binance. Binance is not dex i know but i love to trust somebody and their system is way better than dex's so there is no way to use idex forkdelta or etc for now. If these exchanges have good volume in future yes we can start to use them but i am happy to give some fee's to cz. and they are providing us that amazing exchange which name is binance. and the other point is why exchanges need to be decentralised ?  currencies need to be decentralised because they are valuable etc etc and they need to be decentralised.

[gribble]

in my opinion, of course, of course there is a very big difference between banks and exchanging cryptocurrency that is because banks can provide loans to someone who needs them while digital currency exchanges cannot. on crypto exchanges we can set prices to sell or buy, while on the other hand banks do not have them

[Taufiq-yy1]

Of course, the difference is very far between Bank and Crypto. Banks are the safest place to save money and a place to borrow money. And if Crypto is the best place to invest.

[pelana vreo]

Bank and crypto exchanges are very different, if we transfer money between different countries we have to exchange fiat with state money and there we are required to pay foreign exchange, but if we send BTC from one exchange to our wallet, usually the exchange will burden us to vary the costs depending on the type of exchange, the cost of exchanging for a BTC withdrawal transaction reaches 0,0005 I think this is better than making a withdrawal of money at the bank

[Dinid]

Thanks for your critical analysis.

That's right, Mate. Cryptocurrency which is claimed to be fully dezentralized turns out to only give benefit for one side peoples/group.
I don't know yet what is the solution. Maybe, the more exchanges available, the more intense the competition will be. So the fee might be reduced

[Valerizza]

Just read interesting article about banking system and crypto.Basically if we take into account banks, here are the main + and -:
The advantages and disadvantages of the traditional banking system are below:

Advantages
Already an established system.
Bank Cards are accepted nearly everywhere.
Ability to charge your money back in the event of fraud (although this feature can also be used for fraud).
Use of cash does not require a network connection or electricity.

Disadvantages
Open to manipulation of figures.
Fractional reserve banking makes this a higher risk option.
Inflation slowly can erode value of held cash.
Lack of transparency about how the system runs.
Bank fees can be expensive, especially for businesses.
Banks in different countries often work differently and linking them can be tedious, and many use different currencies.

So crypto exchange can't be really compared cause crypto is always quick, easy, for dex users also it eliminates the need to pass registration, kyc and fees. But! If banks will cooperate with crypto more, I am sure it will be a great alliance.

[PreshB]

At times you  fine  out  so much crowd in the bank,  you can even stand for  2 to 3 hours before they  will  attend to you,  and you will see  customers getting angry which  will  result to  exchanging  of  words  with  the  bankers,  most  time  the  encounter  failure  in providing financial services to the individual and  businesses.  But cryptocurrency soldiers remain on, cryptocurrency  wallet enables users to remain in full control over their funds.  To pay in  is a problem,  to collect  your own money  is  problem too. Base on this few point the difference is very clear

[trauchot]

Do not forget that in the banks your funds are protected and at any time if you have any problem you can come in the bank and solve this problem, but for now there is no such thing with cryptocurrency exchanges, but everything can change soon.

[comer]

its a big difference buddy!
few reasons here.
1. volatility - when you put your money to banks you are assure of the interest rate and your money will eventually increase as time passes by. While putting your money to cryptocurrency exchange it could triple in just few days or worst you would loss its value and your money will be worthless.
2. Market condition - banks are not affected by market condition whatever market condition they are fixed value. Meaning you borrowed money you will fee to them plus the interest. It does not lowered. While cryptocurrency is so different. Market condition plays a big role to your investment. Putting it in bear market would surely loss your capital.
3. Security - I would say, banks are more secured than cryptocurrency in terms of keeping your money.