Recently we see many centralized exchanges asking too much information for solely buying or selling crypto assets. They are forced to comply with policies, very strict regulations and they need to know their customers.
Never forget the centralized exchanges are not the best option in the long term. We have the right to exchange values without the need of complicated registration and cumbersome process.
Sexy technologies on the way
Now we have emerging technologies to exchange value without passing by centralized exchanges.
These technologies are:
1- Atomic swap
You can exchange assets between public blockchains that use the same technology. For example with the lightning network, it will be possible to trade Litecoin and Bitcoin directly in one operation.
This technology will allow you to trade between any different blockchain protocol. The trade will be possible without a trading centralized exchange.
Is a trading exchange to trade crypto to crypto without the cumbersome of withdrawing fee and commission on each trade.
Another crypto to crypto exchange like Changelly. The beauty of this one is that you do not need an account on the website to exchange the crypto of your choice.
These services work when you exchange one asset for another one.
The advantages of using decentralized exchanges are:
- Do not need to comply with the excessive registration process like to provide your passport or licensed driver.
- You pay less fee during the process.
- You have more control over your privacy.
- Less chance to be hacked and lose your precious coins.
- Less chance to be vulnerable of government check of what you can do.
We have the right to trade privately and be in control of our assets. Also, we do not need the permission of any governments to do what we want in the cryptoland.
This is a trend in the crypto world recently and new technologies will innovate into this space. I see a beautiful future for decentralized exchanges for a strong crypto community.
What do you think about this trend?