Post
Topic
Board Service Discussion
Merits 6 from 3 users
Re: What after localbitcoins.com shutting down
by
Z-tight
on 15/02/2023, 08:07:19 UTC
⭐ Merited by o_e_l_e_o (4) ,EarnOnVictor (1) ,Charles-Tim (1)
but i wish you would simply understand the difference between a peer-to-peer crypto exchange to a centralized exchange,
If you have to give up the custody of your coins to an exchange before you trade it, then that is 'fake' p2p, p2p involves trading crypto without any third party, so every centralized exchange isn't really a p2p exchange because you have to give up the custody of your funds to the exchange before thet would allow you trade.
moreover every exchange in the world will protect its right when it comes to fraud, so every exchange or platform have the right to ban/freeze bad actors...
You do no even have to be a bad actor for a centralized exchange to ban or freeze your money. They will do that for many reasons, if they don't like you or where your money is coming from, if they think your money is "tainted", if the government says they should, heck they don't even have to ban or freeze you, they can just take your money and put it in another investment and lose it, or they get hacked and lose your money. There are so many ways you can lose your money in a centralized exchange.
This exchange does not popped out yesterday or day before..its been there for more than 2 years now ...and still going good
FTX, Voyager, Celsius, 3AC, Genesis...all didn't pop out 'yesterday', they have been in the market for sometime, it doesn't matter how long a centralized exchange has been in the market, it can collapse at anytime, even Binance isn't safe from collapse, so do not trust any exchange