Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Decentralized Exchanges (DEX) => Topic started by: bitterguy28 on December 05, 2024, 03:28:35 AM
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recently i had to open a new bank account and it made me realize how inconvenient centralized banks really are compared to decentralized exchanges these centralized banks are way too nosy and would ask you too much information such as where you live or what your job/source of income is and there is not even any option in case you do not want to disclose it
it is odd that for how much people trust these banks they do not seem to trust their customers the same
so yes decentralized exchanges ftw it will always be the more superior platform compared to anything else
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Dexes are better than cexes itself, let alone banks.
it is odd that for how much people trust these banks they do not seem to trust their customers the same
Because bank accounts are necessity if you want to live in the world.
If you want your data to be safe, don't give it in first place. Dexes don't require any so you are automatically safe in regards to data.
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recently i had to open a new bank account and it made me realize how inconvenient centralized banks really are compared to decentralized exchanges these centralized banks are way too nosy and would ask you too much information such as where you live or what your job/source of income is and there is not even any option in case you do not want to disclose it
it is odd that for how much people trust these banks they do not seem to trust their customers the same
so yes decentralized exchanges ftw it will always be the more superior platform compared to anything else
It's like comparing apples with oranges.
Every bank operating in a country bust comply with the regulations of the central bank such as KYC to prevent fraud and any other activities that maybe considered as illegal, I know banks may ask too much details but they are simply following what they should do which doesn't mean they don't trust their customers and all because they are here to make money from you.
DEX is like your local loan shark and CEX is what we should be comparing with banks.
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The number one issue with bank opening of account is the kyc challenge, because this has turned a serious issues on so many users with banks, they can find the accurate match to the information required from them not to talk about the length of time taken to verify the while process, the bank take charge of our money and use authority over any decision making process just for them to be able to exercise power on what does not belongs to them.
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That is how banks work, that is how centralized services operate, there is nothing new in that, do you want to open a bank account without submitting details about yourself, that is not possible. BTC and decentralization is a solution to that, you can keep some of your wealth in BTC, however, it is almost impossible to stop using banks, but you can keep a small percentage in there.
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Well it's in the nature of centralized banking system to make sure that they are thorough with you especially when it comes to getting to know their customers in a bid to to avoid fraud and criminals related activities and I don't think that it's bad because it's part of their business to make sure that there's transparency in life there's always an advantage and also disadvantages in every thing that you get involved in so one the problems that you have to encounter using centralized banking system is inconvenience because they follow laid down process that the law stipulates
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the funny part is that you give your money to them and you pay them while your money is with them. infact they deduct from your account when its time to pay.
and you cant get them all at once because theyd suspect you are in trouble when you withdraw them all. you have daily limits of withdrawals.
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Banks can create your account with just the basic information if they want to. The problem is that they have to follow some standards that are set by other organizations and an example of that is the Travel Rule. They have to be nosy or else it will affect their status and could be hit with something negative because of non-compliance.
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Banks can create your account with just the basic information if they want to. The problem is that they have to follow some standards that are set by other organizations and an example of that is the Travel Rule. They have to be nosy or else it will affect their status and could be hit with something negative because of non-compliance.
Unlike DEXs which are operated by smart contracts and solely rely on decentralized networks, banks are obligated to comply with numerous AML regulations. Additionally, banks require a significant amount of customer information to minimize bad debts and various other risks in the financial market.
After completing these complex procedures, customers can access a wide range of services that only banks can currently provide. Furthermore, most people are accustomed to using fiat currency, making the trend of opening bank accounts for savings or easy payments still very popular. In contrast, crypto is still primarily viewed as an investment channel similar to stocks and precious metals.
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I opened a new bank account a few months ago with an app. It's much faster and easier compared to before, assuming you're fine with KYC. I think most banks in my country move to a digital-based system nowadays so the long waiting line if you want to open an account is no longer a problem. You still need to go to their office if you want to do something more though, like withdrawing a ton of money or request a new bank account book.
That being said, exchanges or DEX definitely have faster registration speed. Not sure how long that will last, especially with how the government wants to control crypto as much as possible.
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I live just fine without bank account for more than a year already. But I do have a digital wallet for the local currency we have which is what I use to pay for anything including the bills to pay. Its almost close to having a bank account.
But its still good to have a bank account because by having one you can easily take a loan or invest on secondary market offered by digital wallets.
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~ I think most banks in my country move to a digital-based system nowadays so the long waiting line if you want to open an account is no longer a problem. You still need to go to their office if you want to do something more though, like withdrawing a ton of money or request a new bank account book.
Even the developed countries are doing this move to digital accounts but I just don't know about over the counter withdrawals. I once watch a pod and the guest was saying the banks are making it tough to take physical cash from them. They prefer not to keep fiats and forces their depositors to transact online instead. He even mentioned about the importance of bitcoin because of less interference from middle man.
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I once watch a pod and the guest was saying the banks are making it tough to take physical cash from them. They prefer not to keep fiats and forces their depositors to transact online instead.
Which country is that? I'm not up to date with the latest bank practices in my country but I'm pretty sure banks process cash withdrawals easily, unless you're dealing with large volumes which you never did before. It's also possible that government regulations affect how they process cash withdrawals. I doubt it is that hard to withdraw less than $1000 from your bank unless you live in a country with a crazy inflation value. I do feel like my banks are pushing for digital transactions nowadays, probably because the government wants an easier time monitoring people's accounts.
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I once watch a pod and the guest was saying the banks are making it tough to take physical cash from them. They prefer not to keep fiats and forces their depositors to transact online instead.
Which country is that? I'm not up to date with the latest bank practices in my country but I'm pretty sure banks process cash withdrawals easily, unless you're dealing with large volumes which you never did before. It's also possible that government regulations affect how they process cash withdrawals. I doubt it is that hard to withdraw less than $1000 from your bank unless you live in a country with a crazy inflation value. I do feel like my banks are pushing for digital transactions nowadays, probably because the government wants an easier time monitoring people's accounts.
I can't remember the channel as it just showed in my feed but I'm assuming it's in the US based on the manner they speak. They seem to be well off and doesn't look like it's their first time moving money in huge amounts. I guess they mostly do banking online but tried OTC withdrawal one time and were shocked it's not as simple as they think it would be.
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I opened a new bank account a few months ago with an app. It's much faster and easier compared to before, assuming you're fine with KYC. I think most banks in my country move to a digital-based system nowadays so the long waiting line if you want to open an account is no longer a problem. You still need to go to their office if you want to do something more though, like withdrawing a ton of money or request a new bank account book.
Yep, bank account opening process has gotten much better lately. I opened one digital bank account couple years ago, it was opened in 10 minutes or so with video kyc.
That being said, exchanges or DEX definitely have faster registration speed. Not sure how long that will last, especially with how the government wants to control crypto as much as possible.
Cexes need registration but dexes are so convenient, you just need to connect wallet.
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recently i had to open a new bank account and it made me realize how inconvenient centralized banks really are compared to decentralized exchanges these centralized banks are way too nosy and would ask you too much information such as where you live or what your job/source of income is and there is not even any option in case you do not want to disclose it
it is odd that for how much people trust these banks they do not seem to trust their customers the same
so yes decentralized exchanges ftw it will always be the more superior platform compared to anything else
- I understand and feel what you mean mate on the point you are talking about here in the topic you made, that is what I experienced when I applied to open a bank account here in our country, so many questions were asked.
Then when I mentioned that I trade bitcoin and cryptocurrency they were very negative about it as in promise. It is still really different that decentralized is really us who have full control of the assets we will buy, the only risk we really have with decentralized ones is that if it is compromised,
we really have nothing to go after.