Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Claus on October 15, 2018, 11:50:09 PM
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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?
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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.
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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.
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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
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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.
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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.
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I think there is no any similar side of exchanges and banks. You are joining exchanges to doing exchange :D. 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.
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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
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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.
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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
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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
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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.
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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
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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.
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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.
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There are lots of differences, with banks, your transaction is exposed while in crypto. Banks are able to loan while crypto do not. With crypto transaction is anonymous while in the bank this is not so.
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I don't have problems with DEX or CEX, they have their respective advantages. The main problems are fees and minimum transactions. In fact, I doubt that DEX can be said to be a centralized solution to the ugliness of the system but will add to the problems in each individual. Bitcoin was made in protest against the monopoly of the monetary system at the central bank, but at the moment bitcoin also has the same problem, namely there are those who can monopolize bitcoin. Everything happens because bitcoin is sold based on fiat value.
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As an online business, it exchanges electronically transferred money and digital currencies.[1] Often, the digital currency exchanges operate outside the Western countries to avoid regulation and prosecution.
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Being decentralized does not translate to being a non-profit organization. It only means there is no central body controlling their activities. Having fiat currencies is different from having crypto currencies. If you want both you might just have to endure the cost of each.
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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.
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Yes, of course there are a lot of big differences between banks and cryptocurrency exchange, because banks can provide loans to someone in need and while digital currency exchange cannot. because in crypto exchanges we can set prices to sell or buy, while on the other hand banks do not have them.
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I agree that it's really making more than to those banks that we all know but on exchange I believed that there's still an opportunity to ask to have a profit by trading which is we can't or hard to do on the real banks.
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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.
I agree. This statement covers some of the major differences between bank and cryptocurrencies banks. It is more stable to invest the money in banks than in cryptocurrencies full of surprises.
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tentu saja, banyak perbedaan antara bank dan pertukaran cryptococurrancy adalah yang utama, antara lain, jika kita menyimpan uang kita di bank untuk masa depan tidak ada nilai dan untuk transaksi yang akan dilakukan di masyarakat sementara di criptococurrancy sebaliknya adalah dari Bank
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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?
decentralized exchange lack of liquidity and only a few of coin will listed on there.
Bank and cryptocurrency exchange of course not same. You save your fiat currency in bank and it value will be like that. not change at all.
If you buy in cryptocurrency, your coin value will up or down depending on the market situation.
and talk about the fee, Bank will charge you monthly fee too like administration fee and card fee too.
so both of them need a fee to pay for the operational cost.
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I think cryptocurrency exchange is like a market where people do buying and selling business, while bank is where money is been stored.