Imagine being such a Degenerate you put XMR on a Centralized Exchange
Imagine being such a Degenerate you put XMR on a Centralized Exchange
I mean, really.
It's like some people don't even know Atomic Swaps exist.
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I'm a big believer in fungible digital money. But even I must use central exchanges from time to time. Especially when onboarding and offboarding. When introducing new people to the economy.
They have a role. And that is Fiat to digital bridging. Yes they're are alternatives, but they add friction.
Not to mention atomic swaps add friction, take a small commission as well. I'll be at probably less than the central exchange does. But every step adds friction. And makes the economy slower
The good thing is that at some point we will hit a critical mass where anybody who wants to join into the crypto economy will know somebody who already is and can show them these decentralized alternatives and give them a walk through the first couple of times. Imagine not needing Coinbase to be simple and easy and take your identity because your friend down the street showed you exactly how to use local Monero.
I've been imagining it for a long time. I look forward very much to that point arriving.
OP seems to miss the whole picture. For many people a CEX like binance was an easy way to onboard xmr and then send to wallet, not using the CEX for keeping xmr as op implies.
You are right, but on some centralized exchanges, the KYC process can be more time-consuming and carry more risks than spending 5-10 minutes to buy cryptocurrency through alternative methods.