Imagine being such a Degenerate you put XMR on a Centralized Exchange (monero.town)

submitted 4 months ago by CharliePrime@monero.town to c/monero@monero.town

17 comments fedilink hide all child comments

I mean, really.

It's like some people don't even know Atomic Swaps exist.

you are viewing a single comment's thread
view the rest of the comments

[-] jet@hackertalks.com 8 points 4 months ago* (last edited 4 months ago)

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

[-] shortwavesurfer@monero.town 7 points 4 months ago

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.

[-] VolunTerry@monero.town 1 points 4 months ago

I've been imagining it for a long time. I look forward very much to that point arriving.

[-] nabio@monero.town 5 points 4 months ago

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.

[-] Exolix@monero.town 4 points 4 months ago

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.