Good to see folks waking up! DEXs are the way forward. It's cool if anyone wants to use a CEX for ease. They've even got cheaper fees. But Binance shouldn't be the 1st thing we think of when trading crypto. Hope people getting REKT from FTX learned their lesson.
CEX = high risk - low fees
DEX = low risk - high fees
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DEXs are the way forward, indeed, but we can't escape from the CEX yet. If we could bring "cash" onto a DEX, that would be a breakthrough in how people accept cryptocurrency. For now, we bring "cash" into the CEX, buy cryptocurrencies, wait for TX to clear, then move them into wallets we control.
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We can kind of do P2P trades. But it's really very limited. GameFi could help though. Splinterlands accept PayPal. Gamers can get started with crypto without CEX. There's few like https://transak.co They've got huge fees. But it's another way to skip CEX.
Nothing beats EARNING crypto though. Hive is leading the way 🚀 !CTP !PIZZA
P2P is always an option, especially when people know each other or know how to find each other.
The final sticking point is still how to convert cryptocurrency into "cash" in a way lets us maintain our privacy. Centralize exchanges can be tied to bank accounts, and both require KYC. How can we achieve the same thing with a DEX?
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Best solution is to get businesses to accept Dash, XMR, ZCash etc. There's always P2P trades for to buy cash. Gift cards could be useful. But probably not all that great for privacy. I'm hoping for adoption to get better. !LUV
@magnacarta, @d-zero(1/1) sent you LUV.
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As long as we still have to deal with fiat currencies, the endgame is to cash out to fiat. Turning cryptocurrency into dollars/euros/yen/naira/pesos. etc. is still something most people will want to do. As always, P2P is an option here, it's just not an ideal option given the processes involved.
While both are difficult, it's easier to buy cryptocurrency with cash than it is to cash out to local currency. We're getting there, but we're not there yet.
There no KYC when we do ForEx on a personal individual basis. We just walk into a bureau, hand over one currency, and get back another (less any fees, of course). No KYC, no fuss, no nonsense. This is how the on-ramp and off-ramp need to work between cash and cryptocurrency.
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