This was originally going to be a poll but @dpoll.xyz screwed up with an error and I couldn't repost again through it so making a regular post instead. Poll options are the bottom so kindly vote in the comments.
Binance as you know has been working on a decentralised exchange for quite sometime and they have no released an initial version of their dex which you can view here
It seems like in the world of decentralised exchanges or DEX as they are known, Binance will attempt to become the biggest name as it has in the centralised scheme of things.
Many people I know are quite okay with centralised exchanges if it offers a great trading experience along with good security and customer service. Binance has proven to be a huge success in many of these areas.
Instant or near-instant order matching is also very important and so is liquidity which is where DEXs usually lose out to these centralised options amongst many other features.
However, if you want to trade more anonymously then the former is a better option generally.
However, common advice in crypto space is to own private keys to any wallet you use to store cryptocurrencies. This isn't possible with these centralised exchanges because you don't own your crypto when you hold it with them.
They are indeed prone to many issues as we've seen over the years.
In case of Binance DEX, it will be a direct competitor to it's centralised version. But it's likely that this may take off as a great new option for those who prefer a DEX.
“Binance Chain has near-instant transaction finality, with one-second block times. This is faster than other blockchains today,” said Binance CEO Changpeng “CZ” Zhao in a statement. “With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
I'm quite curious to find out what your opinions are on this matter.
Please take a moment too pick one of the following:
- Yes, I prefer a DEX (Bitshares, Etherdelta, Cryptobridge etc)
- No, I prefer centralised exchanges (Binance, Bittrex, Kraken, Bitmex etc)
- I will use both and keep switching as I see fit
- I don't like KYC and hence DEX is my choice
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DEX is so much more preferred.
But all the named does not come even close to BLOCKNET DEX.
No one is nearly as much decentralized as BLOCKDX is.
Do and learn this yourself
Yes, I prefer a DEX (Bitshares, Etherdelta, Cryptobridge etc)
Thanks @firepower for sharing this; seeking for our opinions means that decentralization is always better than giving power to a single entity (centralized system)
People should have control if their assets.
I'm going with "I will use both and keep switching as I see fit."
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As of now i am only using centralised exchange and till date have not used a decentralised one but in near future will definitely give it a try.
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Option 3. I use both.
I prefer DEX and even Binance knows they are the future. For now most DEX have low volume, really bad support, host scam coins. Someone needs to hurry up and make one dex to rule the all. I have my bets on stellar.
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But I'm curiuous how decentralized ones work
I will use both and keep switching as I see fit.
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