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RE: After The FTX Collapse DEXs Are On The Rises | Data On PancakeSwap

in LeoFinance • 2 years ago

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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2 years ago in LeoFinance by
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     2 years ago  

    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

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       2 years ago  

      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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       2 years ago  

      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

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         2 years ago  

        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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