Mihika Saraf
Sep 6, 2018 · 3 min read
Centralized exchanges!

Pain Points of Centralized Exchanges.

Centralized cryptocurrency exchanges are commonly used to buy and sell cryptocurrencies. These exchanges are extremely important for majority of the investors dealing with crypto currency. However, the digital currencies that are being exchanged on these platforms, are decentralized and traders face serious problems while trading on certain platforms. Example, Slovenian bitcoin mining marketplace, NiceHash, was hacked in December 2017 and 4,700 BTC (approximately $65 million worth of cryptocurrency) was stolen.
Centralized cryptocurrency exchanges have countless issues but there are some major pain points of these platforms that are being talked about the most.

· Security:

According to CNBC’s report in June 2018, “$1.1 billion in cryptocurrency has been stolen this year, and it was apparently easy to do”. Centralized cryptocurrency platforms run on trust which forces us to be at the mercy of these platforms. Satoshi Nakamoto, the creator of Bitcoin says, “The root problem with conventional currency is all the trust that’s required to make it work.” You trust these exchanges with your personal data without being sure whether it is safe or can easily be hacked or even let out for that matter. Cases of data being stolen have become a common site now.

· Higher Trading Fee:

Traders are familiar with centralized exchanges charging extremely high transaction fee. Popular centralized crypto exchanges charge between 0.25% to 3% in fee, whereas a decentralized exchange mostly requires a small fixed fee, or in some cases like MoonX, no fee at all. Paying a higher transaction fee for one’s own assets makes room for eliminating such exchanges and adopting decentralized platforms.

· Decentralization:

Conventional currency has a lot of involvement of the government/third parties which takes away the ownership from oneself causing loopholes in the system. Despite all the competition various cryptocurrency platforms face, they have is something in common, the hatred towards centralized exchanges. The agenda of decentralized platforms is to eliminate the centralized ones that manipulate its customers and invade their privacy. MoonX, the world’s first truly decentralized platform is giving its users the best trading experience by giving its users full ownership of their assets.

· Freedom to trade in different cryptocurrencies:

This literally is, the pressing need in the trading world! No platforms today gives ist users the freedom to trade in different cryptocurrencies, a trader cannot trade from one cryptocurrency to the other without having to go through the base pair conversion. MoonX’s implication engine, gives its users the freedom to trade from any coin/fiat to any coin within the platform. This will be a lot easier for traders to trade in. This will not only increase the liquidity in the market but will also support the high-volume issue faced by the current exchanges.

MoonX, has come with a single platform having the capability of eliminating all the major pain points of the centralized exchanges by providing its users the most user-friendly platform. Their technology is undoubtedly the best so far and can give a tough competition to the existing platforms, both centralized as well as the decentralized.

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