Not your keys, not your crypto
- It is a basic core principle of cryptocurrency that you want your crypto, in your wallet, protected by your keys.
- Centralized exchanges like Coinbase or Binance deposit your crypto, in their wallet, protected by their keys.
- Decentralized Exchanges allow you to trade from your wallet to trading pairs on a decentralized exchange, the best of both worlds. The liquidity of a centralized exchange and the protection of your keys like a peer to peer trade.
- I don't hate centralized exchanges, nor do I think cryptocurrency doesn't need them. I merely describe them for what they are, places where conveniemce is balanced with risk. Unfortunately many people do not know the risks until the risk bites them in the butt.
But the true value of Leodex.io doesn't stop at your keys and your crypto... it's the ability to buy and sell Hive without a centralized exchange listing
- Those of you who came over from Steemit to Hive in the beginning remember how important it was to get centralized exchange listings, so people could buy and sell Hive, mainly sell Hive and use the money to live or invest in Bitcoin, Ethereum or other tokens.
- This was the most important job when Hive forst started and it is still important now. After all if you earn Hive, is it really valuable if you can't use it to buy goods and services, nor trade it for things you can use to buy goods and services?
- So once again Centralized Exchanges fulfill this purpose, they provide an onramp or entry ponit for investors into cryptocurrency to invest money. And they provide an offramp, a place where investors can sell their crypto for fiat, so they can withdraw it and spend it.
- Hive is severely limited in it's distribution due to the limited number of exchanges which trade it.
- This hurdle to widespread usage and availability, an exchange listing, is a super important and hard to get..translated expensive.
- And it is another limitation of Centralized exchanges is the limited number of tokens to buy and trade for at each exchange.
- In the words of @leofinance:
HIVE is down to just a handful of CEX listings. Binance being the biggest. Binance already removed HBD from trading. I believe that it is an existential threat to be reliant on Centralized Exchanges.
As a Hiver since the early days of the legacy chain, this has become a mission for me. The INLEO team has tried many iterations to get to this point but we finally have built something that will enable base-layer, native swaps with HIVE.
back to my article...
- One of the biggest attributes of Uniswap and Pancakeswap is the ability for people to create trading pairs there for their tokens.
- One of the biggest values of Leodex.io is that it grants us the ability to trade Hive for other tokens like Bitcoin, Ethereum, Rune, USDC without a centralized exchange listing.
- LEODEX.io allows you to sell/trade Hive for other cryptocurrency via the decentralized exchange cacaoswap.
- This means from your wallet, you can trade Hive for Bitcoin, or Bitcoin for Hive, without an centralied ex
- This is huge... and although there are many steps, you don't have to know or understand it, you just do it and the backend processes take care of the rest.
- In the words of @leofinance account:
LeoDex utilizes aggregation technology alongside the NEW LEO token listing on Maya in order to enable cross-chain, L1 swaps of NATIVE HIVE.
🟢 No Wrapped tokens 🟢 No KYC 🟢 Full Self-Custody 🟢 Incredibly Fast 🟢 Efficiently Priced
last words...
No wraps
No KYC
Self custody in your wallet
Cheap 0.45% fee above $150
Free for swaps less then $150
Fast
This is monumental, and this is the true value of Leodex.io
Posted Using InLeo Alpha
Posted Using InLeo Alpha
Thank you for this information. It is not easy to understand everything which is said here on INLEO, but if I listen to a few different authors I get it.
Now I understand why this is a big deal, and I will invest.
Thanks
I agree, it's not easy to figure out everything you hear. I am happy to read @edicted and @shortsegments for explanations.
@edicted is on a streak of understandable posts with no math symbols in them HA HA
:)
Now your making me blush.
To be in the company of @edicted as great.
Your welcome.
Thank you, I am glad you enjoyed the post.
Wow. This is importan to understand. I have been outside the US and while Binance is the go to exchange for most of the non-US world, if you can't use it, it is getting pretty hard to cash out your hive.
DEXs are definately the answer ad you are right on target with how big this is LEODEX. The funny thing is Hive is such a crazy aggregation of personalities, that instead of celebrating this, some may deride it, or choose more complicated paths in spite of the easy one being prepared for them.
I think this comment underscores the importance of dexs especially to Hive.
Thanks, I try to be honest and point out the good and the bad.
You have been brutally honest with me for sure.
Hey thats what I am good at... no sugar coating here
I get your point. Leofinance is really on the cutting edge of the good things happening in cryptocurrency, which is a good thing, but we need explanations to help us understand them. I know explainer posts aren't as popular as news posts, but luckily some posts like this are both news and explainer.
I appreciate the positive feedback and I am glad you found the article helpful.
thanks, we are in agreement
Thanks, exactly. Few realize what a threat this is to Hive, and without a DEX it cold destroy Hive.
You are 100% right, but most won't see it for what it is and the value of this dex. But keep telling them and some may get it.
#hive #posh
These disclosures must exist so that more people can realize how valuable and advantageous it is to use Leodex.io.
The less we use centralized Exchanges, the better for us. We have more freedom and security with decentralization.
Thank you, I think this is an important thing for all Hivers to understand and then support LEODEX now in the beginning when it is the most important.
Well this is very important to know and understand. I wish to thank you for explaining this in a way we can understand. I hope @easydefi sets up a way for all of us to support this effort.
Thank you.