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he Bitcoin blockchain was created in 2008, in conjunction with the global financial crisis. As banks and big financial institutions were criticized for being reckless with people’s assets, Satoshi came up with a decentralized solution for currency exchange. The blockchain relies on a peer-to-peer technology and does not involve a third party as an intermediate to transfer value. The system is completely separate from the bank and relies only on the Internet. Decentralization is one of the main reasons bitcoin is so popular.
Yet, nowadays, a majority of cryptoasset trading platforms are centralized, which might seem to negate the purpose of a decentralized form of money. Let’s take a quick look at how centralized and decentralized exchanges work and their respective benefits.
Most crypto-exchange platforms rely on centralized technology
Centralized exchanges (CEXs) are online platforms providing third party technology to operate transactions between crypto or fiat currencies. Users do not own the private keys of the wallets securing their funds and the transactions are executed through a centralized server.
The greatest benefit to centralized platforms is trading cryptocurrencies with shorter delays and higher liquidity.
A relatively short pending transaction is the №1 reason why most users favor centralized exchanges. In order to generate a new block, each and every bitcoin transaction needs to be confirmed in the blockchain. For the sake of algorithmic security, a transaction requires at least 6 blocks to be confirmed. Since each new bitcoin block takes approximately 10 minutes to generate, at least 1 hour is needed before any transaction can be confirmed. With CEX technology, traders trust a third party technology with their coins to benefit from internal account transfers which are executed within seconds.
A high trading volume and a high liquidity are additional reasons. Until now, most of the exchange market has been based on centralized technology, therefore these platforms have a very large user base. CEXs have high liquidity making it easy to find a counterparty for any trades made.
In addition, centralized exchanges can support fiat payment, which is not the case with decentralized platforms.
In spite of these 3 main benefits (liquidity, delay shortening and the possibility to exchange fiat currencies), there is one problem with CEXs: they are much easier to hack than decentralized exchanges.
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