Why We Need Decentralized Exchange Moving Forward In Crypto by alexkidding

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hive-167922 · @alexkidding · Nov 13 '22

$0.04

Why We Need Decentralized Exchange Moving Forward In Crypto



![Screenshot_20221113031435.jpg](https://i.imgur.com/x2ata3E.jpg)

In the early days of cryptocurrency, there were few exchanges and most were centralized. This made sense at the time as the industry was new and small. However, as the industry has grown, the need for decentralized exchanges has become more apparent. Here are four reasons why centralized exchanges are no longer the best option for storing cryptocurrency.

<center>**Security**</center>

Centralized exchanges hold the private keys to customer accounts and are therefore a prime target for hackers. In fact, centralized exchanges have been hacked numerous times, leading to the loss of millions of dollars worth of cryptocurrency.



<center>**Counterparty Risk**</center>


When you store your cryptocurrency on a centralized exchange, you are trusting that the exchange will not disappear with your funds. This is known as counterparty risk. We've seen this happen before with the Mt. Gox exchange, which filed for bankruptcy after losing 850,000 BTC of customer funds. 

<center>**Lack of Control**</center>

When you store your cryptocurrency on a centralized exchange, you are giving up control of your private keys. This means that you are trusting the exchange to keep your funds safe and to not interfere with your account.

<center>**Poor Customer Support**</center>

Centralized exchanges typically have poor customer support. This is because they are decentralized and there is no one central point of contact. If you have an issue with your account, you may not be able to get any help.

The cryptocurrency industry has come a long way since the early days of centralized exchanges. However, centralized exchanges are no longer the best option for storing cryptocurrency. They are insecure, come with counterparty risk, and lack customer support. It's time to move to a decentralized exchange.

*Thanks for reading my blog*

[Img source](https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQ2_19xZnA9O3K83v8HHKdzKSOVS6hOBBRHng&usqp=CAU)

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@alexkidding/why-we-need-decentralized-exchange-moving-forward-in-crypto)

👍 imacryptogeek, hivebuzz, magic.cent, waivio.welcome, waivio.com, magic.ctp

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@hivebuzz · Nov 13 '22

Congratulations @alexkidding! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):

<table><tr><td><img src="https://images.hive.blog/60x70/http://hivebuzz.me/@alexkidding/upvotes.png?202211130927"></td><td>You distributed more than 10 upvotes.<br>Your next target is to reach 50 upvotes.</td></tr>
</table>

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<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>


To support your work, I also upvoted your post!


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@hivebuzz · Nov 22 '22

Congratulations @alexkidding! You received a personal badge!

<table><tr><td>https://images.hive.blog/70x70/http://hivebuzz.me/badges/worldcup-2022.png?202211212016</td><td><p>You successfully registered for the HiveBuzz World Cup 2022 Contest.</p><p>We hope you will enjoy this event and will have fun. Good luck!</p></td></tr></table>

<sub>_You can view your badges on [your board](https://hivebuzz.me/@alexkidding) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>


###### Support the HiveBuzz project. [Vote](https://hivesigner.com/sign/update_proposal_votes?proposal_ids=%5B%22199%22%5D&approve=true) for [our proposal](https://peakd.com/me/proposals/199)!

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@hivebuzz · Nov 25 '22

<table><tr><td><a href="https://hivebuzz.me/@alexkidding"><img src="https://images.hive.blog/70x70/https://hivebuzz.me/badges/wc2022/wc2022-16.s1.png"></a></td><td>Well done @alexkidding! You successfully guessed the match result and unlocked your badge!<br><sub>Click on the badge to view your board. Click [here](https://hivebuzz.me/rankingWC) to check your ranking.</sub></td></tr></table>

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@hivebuzz · Nov 25 '22

<table><tr><td><a href="https://hivebuzz.me/@alexkidding"><img src="https://images.hive.blog/70x70/https://hivebuzz.me/badges/wc2022/wc2022-18.s2.png"></a></td><td>Well done @alexkidding! You successfully guessed the match result and unlocked your badge!<br><sub>Click on the badge to view your board. Click [here](https://hivebuzz.me/rankingWC) to check your ranking.</sub></td></tr></table>

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@hivebuzz · Nov 26 '22

<table><tr><td><a href="https://hivebuzz.me/@alexkidding"><img src="https://images.hive.blog/70x70/https://hivebuzz.me/badges/wc2022/wc2022-23.s1.png"></a></td><td>Well done @alexkidding! You successfully guessed the match result and unlocked your badge!<br><sub>Click on the badge to view your board. Click [here](https://hivebuzz.me/rankingWC) to check your ranking.</sub></td></tr></table>

Thank you to our sponsors. Please consider supporting them.
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|![](https://images.hive.blog/32x32/https://images.hive.blog/u/arcange/avatar) **@arcange**|![](https://images.hive.blog/32x32/https://images.hive.blog/u/leofinance/avatar) **@leofinance**|![](https://images.hive.blog/32x32/https://i.imgur.com/Zhlrijh.png) **@threespeak**|![](https://images.hive.blog/32x32/https://i.imgur.com/fNLIiXE.png) **@wrestorgonline**|

**Check out the last post from @hivebuzz:**
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@hivebuzz · Nov 26 '22

<table><tr><td><a href="https://hivebuzz.me/@alexkidding"><img src="https://images.hive.blog/70x70/https://hivebuzz.me/badges/wc2022/wc2022-24.s1.png"></a></td><td>Well done @alexkidding! You successfully guessed the match result and unlocked your badge!<br><sub>Click on the badge to view your board. Click [here](https://hivebuzz.me/rankingWC) to check your ranking.</sub></td></tr></table>

Thank you to our sponsors. Please consider supporting them.
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|![](https://images.hive.blog/32x32/https://images.hive.blog/u/arcange/avatar) **@arcange**|![](https://images.hive.blog/32x32/https://images.hive.blog/u/leofinance/avatar) **@leofinance**|![](https://images.hive.blog/32x32/https://i.imgur.com/Zhlrijh.png) **@threespeak**|![](https://images.hive.blog/32x32/https://i.imgur.com/fNLIiXE.png) **@wrestorgonline**|

**Check out the last post from @hivebuzz:**
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@hivebuzz · Nov 27 '22

<table><tr><td><a href="https://hivebuzz.me/@alexkidding"><img src="https://images.hive.blog/70x70/https://hivebuzz.me/badges/wc2022/wc2022-28.s3.png"></a></td><td>Well done @alexkidding! You successfully guessed the match result and unlocked your badge!<br><sub>Click on the badge to view your board. Click [here](https://hivebuzz.me/rankingWC) to check your ranking.</sub></td></tr></table>

Thank you to our sponsors. Please consider supporting them.
|||||
|-|-|-|-|
|![](https://images.hive.blog/32x32/https://images.hive.blog/u/arcange/avatar) **@arcange**|![](https://images.hive.blog/32x32/https://images.hive.blog/u/leofinance/avatar) **@leofinance**|![](https://images.hive.blog/32x32/https://i.imgur.com/Zhlrijh.png) **@threespeak**|![](https://images.hive.blog/32x32/https://i.imgur.com/fNLIiXE.png) **@wrestorgonline**|

**Check out the last post from @hivebuzz:**
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@hivebuzz · Nov 28 '22

<table><tr><td><a href="https://hivebuzz.me/@alexkidding"><img src="https://images.hive.blog/70x70/https://hivebuzz.me/badges/wc2022/wc2022-29.s3.png"></a></td><td>Well done @alexkidding! You successfully guessed the match result and unlocked your badge!<br><sub>Click on the badge to view your board. Click [here](https://hivebuzz.me/rankingWC) to check your ranking.</sub></td></tr></table>

Thank you to our sponsors. Please consider supporting them.
|||||
|-|-|-|-|
|![](https://images.hive.blog/32x32/https://images.hive.blog/u/arcange/avatar) **@arcange**|![](https://images.hive.blog/32x32/https://images.hive.blog/u/leofinance/avatar) **@leofinance**|![](https://images.hive.blog/32x32/https://i.imgur.com/Zhlrijh.png) **@threespeak**|![](https://images.hive.blog/32x32/https://i.imgur.com/fNLIiXE.png) **@wrestorgonline**|

**Check out the last post from @hivebuzz:**
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