the best advantage of bitcoin and its power as it is decentralized coin - peer to peer - so you can send
BTC with no third party so no banks - no government - no one only you and recipient so it is all your control .
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Have to go looking for the next hidden gem altcoins outside of bittrex and binance
and also you can get it by mining which you do it also with no control of any other third party
But Now with huge demand of bitcoin and other cryptocurrency it lost this great advantage so it is very difficult to mine bitcoin and you need to buy it in exchanges and also when you want to get any other cryptocurrency you get from exchanges
So we become depending on third party so we lost decentralization as these exchanges is centralized
- so you need to give them your full personal details to verify your account
- you need to deposit and store your coins then trade in their platform
- so no direct contact between buyer and seller
so it is called centralized which also controlled by its country law but with advantage of easy use and advanced options as margin
so you now know what is centralized exchanges and its opposite is decentralized
so decentralized exchanges
- no need to store your coins to start trade
- so no third party store your funds
- you make direct transactions so it is direct contact between buyer and seller
the main advantages also for decentralized exchanges is it is more secure than centralized as it stored in nodes
so no fear of hacker attacks as what happened before with many centralized exchanges as poloniex
but decentralized exchanges is simple no advanced options as margin can't handle huge number of trades
centrilized exchanges as : binance
decentrilized exchanges as : bitshares