Reasons I dislike centralized exchange

I read a post yesterday by a friend who hinted that he is getting tired of centralized exchange. He gave us a lot of reason why he is tired of centralized system and he is thinking of finding a way of doing without them 100%. Before someone speak like that, it means he has been bitten a lot of times and that is what really lead to the frustration of thinking about giving up on such system. After reading through his post I understand his concern as that is what lead me into writing this post.

Currently, the centralized and the decentralised blockchain are what we have serving us, but between both, it is the centralized system that it is the first. Decentralised system came into place when people started giving numerous complains about the shady ways of the centralized exchange. It is to this motive that the decentralised system was birthed. Those old hands in cryptocurrency will atteast to using those different centralized exchange but at some point in time one thing led to another and the need for another ways of exchange was birthed. Who knows, we might have another type of exchange soon.

I read about how he complained about the
frustration he has from centralized exchange and to crown it all, the rate of scam scares him further more. We all knows that when it comes to fund, we all knows working for it is not always easy not to talk of loosing it. It won't be funny seeing that the money you have been working for all these years got stolen just within a twinkle of an eye. Nobody will wants to take that at all.

Something about centralised exchange

• When it comes to centralized exchange you will need to deposit your fund to it before you can start making use of it. This is where people don't love the idea of centralized exchange. You can't carry out any transaction without getting to deposit your fund first, this is unlike the decentralised exchange like Uniswap where you just connect your wallet and start trading.

• Another thing about the centralized exchange is that It is centralized. What I mean by centralized is that it is controlled by some body. We knows how something like this works, the owner can decide how and when he loves to take decisions. A lot of people hates this as decisions taken by team is final. This can't happen in a decentralised system or exchange.

• Airdrop: In a situation where tokens are airdroped to centralized exchange wallet, they can decide not to share it to eligible wallet owners. They can claim it to their selves. We all knows that this doesn't happens in a decentralised exchange. If your wallet is eligible for an airdroped, you will surely receive it with your wallet.

• Verification: Many centralized exchange requires you to get verified. This requires you to submit your identity card or whatsoever plus maybe take a snap shot of yourself. Many people don't like this idea at all, the funniest thing is that at times you are told to write the exchange name in a piece of paper, that day date, plus your signature. This is really childish I must admit.

Conclusion

After seeing my friend venting his frustration then I decide to talk about some of the things I hate about the centralized exchange. I am so happy that despite all this odds about centralised exchange, we can boast of having the decentralised exchange in place. If you have any odd moment about centralized exchange please drop it under this post.

            Tfame3865  
           signed out

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There is a decentralized finance project currently running. If you want to make good reward from your stake or Liquidity mining you should take a look at this project called Woxdefi . For more information about woxdefi you can check the different links below.

If you love my post, feel free to comment and also support me, it will help to get me motivated. Remain bless as you read the post. Thanks