What does Bitcoin mean to you?
Bitcoin means different things to different people. If you look at the current times than a lot of the news around Bitcoin is associated with the Bitcoin ETF.
The irony of the situation is that the bitcoin ETF is an instrument that lets users trade or ride the asset called Bitcoin without actually holding it.
Why ETF holders do not get to hold their Bitcoins?
Crypto in general and bitcoin works on the principle of not your keys not your crypto.
So if you do not hold the keys in your own wallet and you do not have the private keys you are not the master of the asset.
Sorry to break your heart, ETF investors!
However that is the bitter reality of crypto and of any asset class.The guy who holds your crypto on your behalf actually owns it.
This is true for money as well. When you give your money to a bank the smooth talking guys give you a paper receipt.
The receipt is only a promise to pay. Now what happens if there is a bank run?
You may end up holding a worthless piece of paper in the name of receipt.
For this precise reason Bitccoin was designed.
If you read the Bitcoin whitepaper nowhere does it say it was designed to be used as an asset that you should not be able to own in your own wallet or there should be a KYC to hold it or trade it.
In fact the idea of BTC as it evolved was to become people's money that was backed by proof of work that cannot be tempered with.
It cannot be printed endlessly like paper money that lacks true value.
The idea that Bitcoin brings to the table is of your wallet giving you to send your bitcoins to anyone without you having to take permission from anyone.
The earlier wallets has built in node software. So everytime a new user downloaded it and ran the node it made the bitcoin blockchain and network more decentralized and stable.
So much so that from the birth of Bitcoin to the present day there have been numerous attempts by various governments to shut down the bitcoin project.
However not even the most powerful nations have succeeded in doing so.
Instead everytime the idea behind bitcoin is suppressed it springs up stronger and spreads even further.
Trading Bitcoin and crypto without a Cenralized Exchange
A centralized exchange can offer some value to a user. However the idea of a user having to do a KYC share his documents and seeking permission of a centralized exchange before he can deposit his funds or trade is the tricky part.
Why should a user have to deposit and send his crypto to a centralized exchange wallet and lose control over his crypto?
Do remember that the KYC is a one way street where you as the owner of crypto have to furnish your identity and the taker of your funds does not have to.
Have you seen any centralized exchanges which lists the name of all their employes and owners and tells you their address and photographs before they accept money from you?
Leodex comes to the rescue
Leofex.io is a decentralized exchange based on the idea of HAT or the Hive aggregator technology.
Leodex has been built by the inleo.io team and is a platform which a crypto user can use to swap funds from the Hive blockchain to the tokens and coins listed on the Maya Protocol.
The maya protocol being a friendly fork of the thorchain and also a decentralized exchange.
What can one do with Leodex?
If you have any asset on the hive blockchain then it gives you the option to swap it to assets like Bitcoin, Ethereum, Rune, cacao and many more.
Currently at the time of writing this post the starting point of transactions on Leodex from the hive side is the hive token.
However very soon users would be able to swap their SPS, DEC or HBD directly into Bitcoin, ETH etc.
If the idea is difficult to understand then let us say we have hive and want to get some BTC
One way of doing this trade would be to send your funds to a centralized exchange that trades hive.
Here the user needs to open an account and do KYC formalities. Once the account is approved the user can deposit his hive.
However there is another thing the exchange should be ready to provide its services in your country.
Once all this documentation is sorted out then a user can deposit his hive tokens into the centralized exchanges wallet and then do a trade.
The traded BTC remain in the centralized exchanges account and there is a fee to take out your own BTC.
With Leodex thing are different.
There is no need to send your hive to a centralized exchange. The hive stays in your wallet and only leave at the time of the actual swap into the asset you want to receive. The asset you have opted for gets automatically credited into your wallet as soon as the swap is completed and would show up under your wallet after the required number of transactions on the respective blockchain.
Let us say you want to trade your Hive for BTC
So use leodex.io instead of a centralized exchange.
If you want to get ETH for your Hive you can do it too.
As a user of leodex you can swap your Hive to any asset listed on the Maya Protocol.
That is not all if you want to trade your BTC an get Hive in return them you can do that too using leodex.io
To understand What leodex is doing step back and visulize this
All these swap are enabled to happen seamlessly on leodex as you read this.
How can you do non KYC swaps on leodex?
If the swap involves hive then it is a good idea to have a hive wallet which you can create for free using the inleo link here
To connect to leodex.io and store your assets you need a wallet. Either you can use a keystore wallet or a XDEFI wallet.
The keystore wallet can be created right from the leodex.io interface by clicking the create keystore button.
The XDeFi wallet can be installed as a browser extension from here
source
Make sure you install the extension based on your browser.
Both wallets work chose one that you like.
Once you have the wallet of your choice created, you can use the connect wallet button and connect your wallet to leodex.
First time use would prompt you to enter a hive username. Make sure you enter it correctly.
Once you are connected you are ready to start swapping assets at a very reasonable fee.
Finals thoughts
If you trade crypto specially hive do give leodex.io a try it is an efficient DEX with a nominal fee.
Posted Using InLeo Alpha
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Wow bade bhai , bahut he badiya apne kafi aache se explain kr diya sab kuch. I am sure ye bhut se logo ke lea helpful hoga.
haan bhai post curate karte time jo logon ke doubts samne aate hain unko clear karne ki koshish ki hai
bahut he badiya explain krte ho aap, thanks
!bbh
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